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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.05%, Hang Seng Futures (0.08%), ASX SPI 200 (0.18%), S&P Futures (0.02%)

Jul 04 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Friday trade. Futures pointing to quiet start in Japan, Hong Kong and Australia. S&P 500 futures remain flat with US closed Thursday for Independence Day. Australian and New Zealand bond markets muted. Sterling little changed following expected Labour landslide win. Dollar steady elsewhere. Crude futures saw some late buyingwhile copper hit highest since mid-June.

    • US nonfarm payrolls forecast to show headline employment growth moderated from May's outsized gain. Unemployment rate forecast to have remained steady with average hourly earnings growth easing. Previews have flagged downside risk to payrolls following broad suite of macro data that has signaled softening of economic growth. Futures back to pricing in two Fed rate cuts in 2024 with first occurring in September.

    • UK election exit polls pointing to landslide win for Labour, giving it a ~170 seat majority. Outcome was largely priced in by markets. Attention is also on second round of French election on Sunday and whether Marine Le Pen's National Rally can secure absolute parliamentary majority. In US, Biden's candidacy remains uncertain with president digging in against calls for him to exit. However, betting markets continue to favor VP Harris replacing him.

  • Pre-open Company News:

    • 002595.CH -- Himile Mechanical Science & Technology (Shandong) initiated buy at Soochow Securities (timing uncertain)

    • 732.HK -- Truly International Holdings reports June revenue HK$1.32B, +12.2% y/y

    • 002791.CH -- Guangdong Kinlong Hardware Products guides H1 net income attributable CNY5.0-7.5M vs year-ago CNY12.9M

    • 1911.JP -- Sumitomo Forestry upgraded to 1-outperform from 2-neutral at SMBC Nikko

    • 2888.TT -- Shin Kong Financial Holding to launch 1.67B shares placement at NT$8.3/share

    • 532505.IN -- UCO Bank reports total advances as at 30-Jun INR1.940T vs quarter-ago INR1.870T

    • 600066.CH -- Yutong Bus reports June vehicle sales 4,743 units vs year-ago 4,726 units

    • 600025.CH -- Huaneng Lancang River Hydropower reports H1 electricity generation 46,695 GWh, +12.2% y/y

    • 600521.CH -- Zhejiang Huahai Pharmaceutical guides H1 net income attributable CNY728.0-785.0M vs year-ago CNY568.8M

    • 500116.IN -- IDBI Bank reports provisional total business at 30-Jun INR4.716T vs quarter-ago INR4.663T

    • 1908.HK -- C&D International Investment Group reports H1 accumulated contracted sales CNY50.87B, (31.9%) y/y

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 500228.IN -- JSW Steel releases business responsibility and sustainability report

    • 2285.HK -- Chervon Holdings upgraded to buy from hold at Daiwa

    • 2252.HK -- Shanghai MicroPort MedBot (Group) guides H1 revenue to increase by 103-108% y/y

  • On Deck:

    • Japan:

      • Economic:

        • 08:30 JST: Real Household Income Y/Y; consensus

        • 08:30 JST: Real Household Consumption Expenditure Y/Y; consensus

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus 111.1

      • Earnings:

        • YASKAWA Electric (6506.JP), Mani Inc (7730.JP)

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.3%

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +0.8%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +4%

  • Market Data:

    • Gold (Aug 24): ($4.60) or (0.19%) to $2364.80

    • WTI Crude (Aug 24): +$0.06 or +0.07% to $83.94

    • $-¥: (0.33) or (0.21%) to 161.3320

    • $-KRW: (7.40) or (0.53%) to 1380.2100

    • A$-$: +0.00 or +0.28% to 0.6725

    • $-INR: (0.02) or (0.03%) to 83.4951

    • $-CNY: (0.00) or (0.05%) to 7.2662

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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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