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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.26%, Hang Seng Futures (0.33%), ASX SPI 200 +0.22%, S&P Futures +0.19%

Jul 08 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Tuesday trade. Nikkei and ASX futures signaling mild opening gains while Hang Seng futures marginally weaker. US contracts edging higher afterhours. Australian and New Zealand bonds strengthening. FX markets steady with dollar rangebound against yen and erasing gains vs euro. Gold, copper and crude well below earlier highs. Bitcoin little changed after rebounding from Monday's lows.

    • Fed Chair Powell to provide semiannual monetary policy testimony to Senate Banking Committee later Tuesday. Comes after June FOMC minutes produced some dovish takeaways from concerns about growth and labor market - concerns heightened by run of soft macro data. Comments on inflation will be focus of attention after Powell noted "a lot of progress" in Sintra last week. Markets pricing in two rate cuts this year with first expected in September.

    • China stockmarket underperformance drawing more attention with key indexes lurching into correction territory. Nothing specific other than usual headwinds from slow economic growth, deteriorating property market, lack of stimulus traction, and geopolitical/trade tensions. While upcoming Third Plenum expected to focus on longer-term reforms, economists eying July Politburo meeting for any dovish policy signals.

  • Pre-open Company News:

    • 535.HK -- Gemdale Properties & Investment reports June aggregate contracted sales CNY2.30B; StreetAccount notes year-ago figure was CNY4.02B

    • 2356.TT -- Inventec reports June revenue NT$50.93B, +6.7% y/y

    • 2196.HK -- Shanghai Fosun Pharmaceutical (Group) Co. receives NMPA marketing approval for levetiracetam sustained-release tablet

    • 2196.HK -- Shanghai Fosun Pharmaceutical (Group) receives NMPA approval for phase Ib/II clinical trial of FH-2001 capsule combined with Serplulimab injection for treatment of advanced solid tumours

    • 543220.IN -- Max Healthcare Institute downgraded to reduce from add at HDFC Securities

    • 002608.CH -- Jiangsu Guoxin guides H1 net income attributable CNY1.70-1.80B vs year-ago CNY1.12B

    • 531344.IN -- Container Corp. of India reports Q1 total throughput (TEUs) 1,159K, +6.0% y/y

    • 1238.HK -- Powerlong Real Estate Holdings reports June contracted sales CNY1.14B; StreetAccount notes year-ago CNY2.60B

    • MT.NA -- ArcelorMittal announces world-first trial of new technology to recycle CO2 emissions from steel production begins at its Gent plant

    • 000519.CH -- North Industries Group Red Arrow guides H1 net income attributable CNY37.0-52.0M vs year-ago CNY105.3M

    • 1478.HK -- Q Technology (Group) reports June camera module sales 33.0M units, (17.9%) m/m, +34.8% y/y

    • Nuvama Institutional Equities upgrades 543300.IN; downgrades 500086.IN

    • BOB Capital Markets assumes 500096.IN, 500825.IN, 531642.IN

    • 600039.CH -- Sichuan Road & Bridge reports H1 bid wins CNY59.12B vs year-ago CNY73.86B

    • 2588.HK -- BOC Aviation reports Q2 total fleet of 680 aircraft owned, managed and on order

  • On Deck:

    • Japan:

      • Earnings:

        • DIP Corp (2379.JP), AEON DELIGHT (9787.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: NAB Business Confidence; consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus +10.3%

  • Market Data:

    • Gold (Aug 24): +$4.60 or +0.19% to $2368.10

    • WTI Crude (Aug 24): ($0.11) or (0.13%) to $82.22

    • $-¥: (0.01) or (0.01%) to 160.7460

    • $-KRW: +4.97 or +0.36% to 1382.5600

    • A$-$: (0.00) or (0.09%) to 0.6741

    • $-INR: (0.01) or (0.01%) to 83.4592

    • $-CNY: (0.00) or (0.02%) to 7.2671

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