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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