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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.09%), Hang Seng Futures +0.52%, ASX SPI 200 +0.47%, S&P Futures +0.03%

Jun 24 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Tuesday trade. ASX and Hang Seng futures pointing to opening gains while Nikkei futures flat. S&P 500 futures unchanged afterhours. Bond markets little changed after Treasuries put in a flat performance on Monday. Dollar weakest against euro while yen near 34-year low. Commodity markets steady after crude and gold settled higher. Bitcoin a touch higher following 7% drop to early May lows.

    • Focus has turned to weakness in semis/AI stocks following significant NVDA-driven gains over preceding weeks and months. NVDA in correction territory as SOX fell another 3% to two-week low. Another negative lead for Asian tech stocks with TSMC sliding another 4% in US trade overnight. Analysts pointing to overbought conditions/stretched positioning along and signs of fatigue amid rich valuations in AI space.

    • Yen remains under pressure following repeated verbal warnings from Japan's FX chief Kanda over past week, hovering near 34-yer low against dollar. Some FX strategists now predicting currency may fall to 38-year low around 170-per dollar as Japan's wide yield gap with US casts doubts about effectiveness of FX intervention by Japan officials. Positioning remains one-sided with hedge fund yen shorts near record high.

  • Pre-open Company News:

    • 000961.CH -- Jiangsu Zhongnan Construction Group receives delisting notice from Shenzhen Stock exchange

    • 6752.JP -- EU sets a provisional deadline of 26-Jul to rule on Apollo's acquisition of majority of Pansonic Automotive Systems

    • 068270.KS -- Celltrion obtains Korea MFDS product approval for Omlyclo (CT-P39, Zollare biosimilar)

    • 000723.CH -- Shanxi Meijin Energy CFO to acquire CNY10.0-15.0M shares in the coming 6 months

    • 540975.IN -- Aster DM Healthcare holder Olympus Capital discloses sale of 9.01% stake

    • 524715.IN -- Sun Pharmaceutical Industries completes merger with Taro Pharmaceutical Industries

    • 302440.KS -- SK bioscience Co. gets approval for Australian phase 3 clinical trial 21-valent pneumococcal vaccine (GBP410) jointly developed with Sanofi

    • 503310.IN -- Swan Energy to acquire remaining 49% stake in Triumph Offshore from IFFCO for INR4.40B cash

    • UBS initiates Sega Sammy at buy & Koei Tecmo at neutral

    • 601901.CH -- Founder Securities, UBS sell 85.0% stake in Credit Suisse Securities (China)

    • 601058.CH -- Macrolink's stake in Sailun Group has been cut to 6.9% from 8.0%

    • 600372.CH -- China Avionics Systems appoints Wang Shugang as new general manager, effective immediately

    • 1880.HK -- China Tourism Group Duty Free downgraded to hold from add at CGS International

    • 500483.IN -- Tata Communications releases sustainability report

    • 540065.IN -- RBL Bank to consider raising of funds via QIP at its 27-Jun board meeting

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Want Want China Holdings (151.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

      • Earnings:

        • Oracle Corp Japan (4716.JP), Sugi Holdings (7649.JP)

    • Australia:

      • Earnings:

        • Collins Foods (CKF.AU)

    • Malaysia:

      • Economic:

        • 00:00 EST: CPI NSA Y/Y; consensus +1.9%

  • Market Data:

    • Gold (Aug 24): ($1.00) or (0.04%) to $2343.40

    • WTI Crude (Aug 24): +$0.06 or +0.07% to $81.69

    • $-¥: (0.04) or (0.03%) to 159.6640

    • $-KRW: (5.94) or (0.43%) to 1383.4600

    • A$-$: +0.00 or +0.17% to 0.6652

    • $-INR: (0.10) or (0.12%) to 83.4639

    • $-CNY: (0.00) or (0.05%) to 7.2577

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