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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.39%), Hang Seng Futures (0.19%), ASX SPI 200 (0.23%), S&P Futures +0.05%

Jun 19 ,2024

  • Synopsis:

    • Asian markets set for negative start to Thursday trade. Futures signaling mild opening declines in Japan, Hong Kong and Australia. S&P 500 futures flat. New Zealand bond yields higher following GDP beat. Kiwi dollar also marginally higher. Dollar steady elsewhere. Crude and gold little changed in electronic trade. Copper pulled back from earlier high. Bitcoin also faded.

    • On the macro front, New Zealand Q1 GDP came in just ahead of consensus, showing economy emerged from recession as pickup in consumption growth offset drag from exports. China expected to keep 1Y and 5Y loan prime rates unchanged after keeping MLF rate steady this week, though calls for rate cut growing louder following mixed May activity data. Later this evening, BOE and SNB expected to leave policy rates unchanged.

    • Not much in the way of leads with US closed Wednesday for public holiday. Overnight focus was on hotter-than-expected UK services inflation and pullback in August rate cut bets. Press reported China automakers pressing Beijing to hike tariffs on large engine EU car imports. Middle East tensions continue to notch higher amid war threats by Israel and Hezbollah.

  • Pre-open Company News:

    • MVIR.SS -- Medivir selects global CRO partner for upcoming phase 2b study in HCC with fostrox + Lenvima and initiates study feasibility

    • 500495.IN -- Escorts Kubota withdraws proposal to acquire Land in Ghiloth for expanding capacities citing infeasibility

    • 533023.IN -- ZF Commercial Vehicle Control Systems India promoter discloses sale of 7.5% stake

    • 3993.HK -- CMOC Group to sell 65.1% stake in Xinjiang Luomu Mining for CNY2.9B to CITIC Guoan

    • 992.HK -- Lenovo Group releases FY23 ESR report

    • 688777.CH -- SUPCON Technology president Cui Shan proposes CNY100-200M buyback programme at up-to-CNY64.84/share

    • 600057.CH -- Xiamen Xiangyu to sell two subsidiaries, assets to controlling shareholder; buy back stakes in Xiangyu Agriculture for CNY4.2B

    • 600580.CH -- Wolong Electric Group initiated buy at Kaiyuan Securities (timing uncertain)

    • 293.HK -- Cathay Pacific Airways reports May traffic +20.8% y/y

    • 329180.KS -- HD Hyundai Heavy Industries Co. reports May revenue KRW1.276T vs year-ago KRW986.6B

    • 4676.JP -- Fuji Media Holdings upgraded to buy from neutral at SBI Securities Japan

    • ^INDATA -- TRAI reports April total telephone net adds +1.9M

    • 300003.CH -- Lepu Medical cuts maximum repurchase price of CNY250.0-500.0M buyback to CNY24.67/share from CNY25.00/share

    • 600499.CH -- Keda Industrial Group initiated buy at Soochow Securities (timing uncertain)

    • 1209.HK -- China Resources Mixc Lifestyle Services COO Guo Ruifeng resigns due to other work arrangements, effective immediately

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y

        • 09:30 CST: 1 and 5 Year Loan Prime Rate

    • Hong Kong:

      • Earnings:

        • Vitasoy International Holdings (345.HK)

  • Market Data:

    • Gold (Aug 24): ($3.90) or (0.17%) to $2343.00

    • WTI Crude (Jul 24): ($0.27) or (0.33%) to $81.30

    • $-¥: +0.09 or +0.05% to 157.9560

    • $-KRW: +0.29 or +0.02% to 1380.6300

    • A$-$: +0.00 or +0.32% to 0.6673

    • $-INR: +0.04 or +0.05% to 83.4193

    • $-CNY: +0.00 or +0.03% to 7.2563

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This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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