Jun 18 ,2024
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures pointing to opening gains in Japan and Hong Kong and flat start in Australia. US contracts little changed afterhours (US markets closed Wednesday for public holiday). Bonds strengthening with New Zealand yields pulling lower following remarks by RBNZ's Conway. FX markets steady with dollar range bound. Oil rallied to highest since early May. Copper and gold rebounded from overnight lows. Bitcoin down to one-month low.
Making news, RBNZ chief economist Conway expects disinflation to broaden but reiterated need to continue with restrictive policy. US reportedly lobbying Japan and Netherlands to tighten curbs on China's ability to develop high-end semiconductors. CSRC vowed to strengthen financial oversight and stamp out illegal activity while preventing systemic risks. Nintendo announced new Zelda and Mario games at Nintendo Direct.
Latest Fedspeak acknowledged encouraging signs from softer US May CPI, but stressed need for more evidence inflation is slowing before considering rate cuts. Other speakers this week have backed Fed's updated projection of just one rate cut in 2024. Comes as soft US retail sales added to signs of softening consumer activity while lending support for soft landing narrative. Futures pricing in two Fed rate cuts this year with first occurring in September.
Pre-open Company News:
4568.JP -- Daiichi Sankyo's two mRNA vaccines are selected for large-scale clinical trials project by MHLW
C6L.SP -- Singapore Airlines reports May traffic +10.2% y/y
836.HK -- China Resources Power Holdings reports May net generation 16.0M MWh, +6.7% y/y
543526.IN -- Life Insurance Corporation of India denies report that it is looking to raise $6-7B from real estate sale
500087.IN -- Cipla Ltd to invest additional €3M (INR268.3M) in Ethris
532754.IN -- GMR Airports Infrastructure reports May total passenger traffic 10.8M, +7% y/y
002203.CH -- Zhejiang Hailiang launches CNY150-250M on-market share buyback at up to CNY13.07/share to run for 12 months
PBP.AU -- Probiotec announces implementation of scheme of arrangement for acquisition by Pyridam
Z74.SP -- Singtel's unit Nxera MY forms JV with Telekom Malaysia to develop and operate data centre campus in Johor
IONS -- Ionis announces expanded licensing agreement with Otsuka in Asia Pacific for investigational medicine donidalorsen in hereditary angioedema
500247.IN -- Kotak Mahindra Bank provides update on proposed Zurich Insurance acquisition of 70% stake in Kotak
2308.TT -- Delta Electronics upgraded to buy from outperform at CLSA
467.HK -- United Energy Group downgraded to neutral from outperform at CCB International
5938.JP -- LIXIL Corp. releases disclosure report in response to TNFD and TCFD recommendations
500114.IN -- Titan releases sustainability report
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
08:50 JST: Import NSA Y/Y (Preliminary); consensus +9.6%
08:50 JST: Export NSA Y/Y (Preliminary); consensus +12.8%
08:50 JST: Trade Balance NSA (Preliminary); consensus (¥0.9T)
New Zealand:
Economic:
10:45 NZST: Current Account; consensus
Market Data:
Gold (Aug 24): ($3.00) or (0.13%) to $2343.90
WTI Crude (Jul 24): +$0.04 or +0.05% to $81.61
$-¥: +0.11 or +0.07% to 157.8410
$-KRW: (1.65) or (0.12%) to 1378.6100
A$-$: +0.00 or +0.70% to 0.6658
$-INR: (0.13) or (0.15%) to 83.3691
$-CNY: (0.00) or (0.05%) to 7.2527
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