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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.27%), Hang Seng Futures (0.17%), ASX SPI 200 (0.21%), S&P Futures +0.08%

Jun 23 ,2024

  • Synopsis:

    • Asian markets set for negative start to Monday trade. Futures signaling opening declines in Japan, Hong Kong and Australia. US contracts up marginally after S&P 500 ended with modest weekly gain. Bond markets quiet early after Treasuries were little changed Friday. FX markets steady with yen a prominent decliner as dollar index trades near early May highs. Crude pulling back after hitting late April highs. Gold little changed. Bitcoin down to mid-May lows.

    • Yen in spotlight as currency nears 34-year lows against dollar. Yen trading around levels that prompted suspected FX intervention in late April. However, there is some skepticism about follow-up action with yen registering smaller decline over June compared to April. Japan's FX chief Kanda today reiterated will take appropriate steps to address excessive moves that negatively impact economic outlook.

    • Concerns about waning China economic activity following Q1 growth rebound reinforcing calls for further easing with economists continuing eyeing rate and RRR cut in Q3. At the same, signs that China's property market slump deepened following rollout of April/May support measures feeding into skepticism about policy efficacy given long lags, debt constraints, and consumer resistance.

  • Pre-open Company News:

    • BPI.PM -- Bank of the Philippine Islands downgraded to hold from buy at First Metro Securities

    • 603882.CH -- Guangzhou Kingmed Diagnostics Group downgraded to neutral from buy at UBS

    • 7203.JP -- Toyota Motor upgraded to outperform from neutral at Macquarie

    • 4021.JP -- Nissan Chemical upgraded to buy from neutral at UBS

    • 2005.HK -- SSY Group obtains NMPA approval for drug registration for Etomidate

    • 5108.JP -- Bridgestone downgraded to underperform from outperform at CLSA

    • 9955.HK -- ClouDr enters license agreement for exclusive sub-licensable license of iloprost solution in China

    • 2282.JP -- NH Foods upgraded to buy from neutral at Mizuho Securities

    • 1808.JP -- HASEKO upgraded to underperform from sell at CLSA

    • 293.HK -- Cathay Pacific Airways downgraded to equal-weight from overweight at Morgan Stanley

    • Inflation data headlines quieter week on economic calendar:

    • 347.HK -- Angang Steel downgraded to underweight from neutral at JPMorgan

    • 603087.CH -- Gan & Lee Pharmaceuticals announces progress on new diabetes and obesity treatments at the ADA's 84th Scientific Sessions

    • 220.HK -- Uni-President China Holdings downgraded to hold-outperform from buy at Yuanta Research

    • 3923.JP -- RAKUS Co. upgraded to buy from underperform at CLSA

  • On Deck:

    • Hong Kong:

      • Earnings:

        • L'Occitane International (973.HK), China Gas Holdings (384.HK)

    • Japan:

      • Earnings:

        • SHIMAMURA (8227.JP)

    • Australia:

      • Earnings:

        • Collins Foods (CKF.AU)

  • Market Data:

    • Gold (Aug 24): +$1.10 or +0.05% to $2332.30

    • WTI Crude (Aug 24): ($0.30) or (0.37%) to $80.43

    • $-¥: +0.15 or +0.10% to 159.8620

    • $-KRW: (1.01) or (0.07%) to 1388.3900

    • A$-$: (0.00) or (0.08%) to 0.6635

    • $-INR: (0.01) or (0.01%) to 83.5627

    • $-CNY: (0.00) or (0.03%) to 7.2593

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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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