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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.43%, Hang Seng Futures (0.44%), ASX SPI 200 +0.34%, S&P Futures +0.15%

Jun 27 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Friday trade. Nikkei and ASX futures signaling opening gains while Hang Seng futures weaker. US contracts extending gains after a positive, albeit uneventful, Thursday session. Australian curve bull steepening after yields rose to seven-month high. Comes after Treasuries firmed following well-received 7Y auction. FX markets steady with yen hovering near Dec-1986 low against dollar. Crude back near two-month high. Gold and copper rebounded. Bitcoin range bound.

    • Press attention is on Biden-Trump debate at 21:00 ET. Analysts have suggested debate could have notable influence on voter sentiment with polls showing a tight race. Several issues likely to come up including abortion, democracy, economy/inflation, and border security. On economy, Biden in favor of tax hikes on wealthy and large companies while Trump promising extension of 2017 tax cuts. Plans to address deficit another area of interest along with trade/tariff policies towards China.

    • US core PCE inflation forecast to have slowed to lowest since Mar-2021. Sell-side previews note in-line print would add more support to Fed rate cuts with first occurring in September. Also thoughts odds of July cut could rise if disinflation momentum is accompanied by further cooling of labor market. Overnight Fedspeak mixed with Governor Bowman reiterating hawkish stance on maintaining restrictive policy while Bostic continues to see rate cut in Q4.

    • China June PMIs out on Sunday with Reuters poll looking for no change to manufacturing and non-manufacturing PMIs. Suite of May data indicative of tepid domestic demand with factory activity shrinking, industrial production and fixed asset investment underwhelming, property downturn deepening, and M2 money supply growth falling to record low. Economists continue to call for additional rate cuts in Q3 with July Politburo meeting seen as a potential catalyst..

  • Pre-open Company News:

    • 008770.KS -- HOTEL SHILLA Co. releases sustainability report

    • 530005.IN -- UltraTech Cement completes acquisition of 19.44% stake in The India Cements; deal announced earlier today

    • WBTN -- Webtoon Entertainment, Inc. IPO scheduled to begin trading at 10:20 ET on the Nasdaq

    • +WETO -- Webus International files amended F-1; to offer 3.8M shares (downsized from prior 4M) in range of $4.00-$5.00 through Network 1 Financial on a firm commitment basis

    • 6110.HK -- Topsports International Holdings reports Q1 total retail and wholesale sales registered y/y mid-single-digit decline

    • Hong Kong stock connect daily turnover

    • 500547.IN -- Court approves BRPL Ventures's acquisition of entire stake in JV IBV Brazil Petroleo from Videocon Energy Brazil for up to $270M (INR22.53B)

    • 152.HK -- Shenzhen International Holdings completes logistic park REIT offering to raise CNY1.49B

    • Z59.SP -- Yoma Strategic Holdings to acquire full ownership in Yoma Fleet at a valuation of $68.4M

    • Japan May unemployment rate 2.6% vs consensus 2.6% and 2.6% in prior month

    • W05.SP -- Wing Tai Holdings awarded Singapore residential site by URA for tender price of SG$464.0M

    • 600282.CH -- CITIC Ltd unit Jiangsu Special Steel completes acquisition of 55.2% stake in Nanjing Iron & Steel; deal was announced on 18-Jun

    • 2186.HK -- Production facility of Luye Pharma Group's LY03010 passes pre-approval inspection by FDA

    • 1382.HK -- Pacific Textiles Holdings reports FY net income attributable HK$167.1M, (38%) in line with guidance

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Geely Automobile Holdings (175.HK), Luk Fook Holdings (International) (590.HK), L.K. Technology Holdings (558.HK), Productive Technologies Co. (650.HK)

    • Japan:

      • Economic:

        • 08:30 JST: CPI Tokyo Y/Y; consensus

        • 08:30 JST: Unemployment Rate; consensus 2.6%

        • 08:50 JST: Industrial Production SA M/M (Preliminary); consensus +1.7%

        • 14:00 JST: Housing Starts NSA Y/Y; consensus (10.5%)

      • Earnings:

        • Takashimaya (8233.JP), DCM Holdings (3050.JP), J. FRONT RETAILING (3086.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Private Sector Credit M/M; consensus +0.4%

  • Market Data:

    • Gold (Aug 24): +$1.30 or +0.06% to $2337.90

    • WTI Crude (Aug 24): +$0.13 or +0.16% to $81.87

    • $-¥: (0.11) or (0.07%) to 160.6900

    • $-KRW: (9.63) or (0.69%) to 1384.3600

    • A$-$: (0.00) or (0.05%) to 0.6646

    • $-INR: (0.20) or (0.24%) to 83.4561

    • $-CNY: +0.00 or +0.03% to 7.2672

  • 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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
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