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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.49%), Hang Seng Futures 0.00%, ASX SPI 200 (0.31%), S&P Futures (0.12%)

Jul 01 ,2024

  • Synopsis:

    • Asian markets set for negative start to Tuesday trade. Futures signaling mild opening declines in Japan, Hong Kong and Australia. US contracts touch lower afterhours. Bond markets under pressure with Australian and New Zealand yield curves steepening. FX markets steady after dollar rebounded from session lows (strongest against yen). Crude rallied to highest since late April. Gold little changed. Bitcoin pulling back from earlier highs.

    • Trump's emergence as election favorite inviting more scrutiny on his policies and their potential impact on markets. Treasuries under pressure Monday after strategists weighed potential for upward pressure on yields from Trump's economic policies, including stimulatory tax cuts, absence of details on deficit reduction, and inflationary effect of tariffs.

    • On the macro front, June RBA minutes will be scrutinized for changes in board's policy bias, assessment of inflation and sticky pricing pressures, and arguments in favor of hiking interest rates last month. Earlier, South Korean inflation slowed by more than expected, though core measure unchanged. New Zealand QSBO (that RBNZ focuses on) showed further deterioration in business sentiment.

    • Also some attention on China bond markets after 10Y yield touched record low Monday in wake of soft PMIs that seemed to reinforce concerns about economic outlook. However, bonds reversed course late Monday following PBOC statement it will borrow bonds from primary dealers, which signaled possible intent to sell securities in bid to slow descent in yields. China 10Y yield swung six bp higher following statement.

  • Pre-open Company News:

    • 010620.KS -- HD Hyundai Mipo releases 2023 sustainability report

    • 500477.IN -- Ashok Leyland reports June vehicle sales 14,940 units vs StreetAccount 15,550 units {4 estimates 15,300-15,700}

    • 2333.HK -- Great Wall Motor reports June sales volume 98,080 units, (6.6%) y/y

    • 533278.IN -- Coal India reports June provisional coal production 63.1Mt vs year-ago 58.0Mt

    • 9866.HK -- NIO Inc delivers 21,209 vehicles in June, +98.1% y/y

    • 5CP.SP -- Silverlake Axis completes acquisition of target companies originally announced 21-May

    • 558.SP -- UMS Holdings subsidiary acquires 5.38 acres of industrial land at Penang Science Park North for MYR15.2M (~SG$4.5M)

    • 175.HK -- Geely Automobile Holdings reports June sales volume 166,085 units, +24% y/y

    • 4502.JP -- Takeda Pharmaceutical releases 2024 sustainability report

    • 590003.IN -- Karur Vysya Bank reports advances as at 30-Jun INR777.09B vs year-ago INR669.56B

    • 6465.JP -- HOSHIZAKI resumed buy at Mizuho Securities

    • 2380.HK -- China Power International Development to dispose 11% interest in Pingwei Power to Huainan Mining

    • 603885.CH -- Juneyao Airlines increases amount of share buyback plan from CNY100-200M to CNY150-300M

    • 005490.KS -- POSCO releases 2023 sustainability report

    • 9868.HK -- XPeng, Inc. delivers 10,668 vehicles in June, +24% y/y

  • On Deck:

    • Australia:

      • Economic:

        • 11:30 AEST: RBA meeting minutes

  • Market Data:

    • Gold (Aug 24): +$3.10 or +0.13% to $2342.00

    • WTI Crude (Aug 24): +$0.03 or +0.04% to $83.41

    • $-¥: +0.62 or +0.38% to 161.4670

    • $-KRW: +0.55 or +0.04% to 1382.0000

    • A$-$: (0.00) or (0.24%) to 0.6653

    • $-INR: +0.08 or +0.09% to 83.4402

    • $-CNY: (0.00) or (0.00%) to 7.2670

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