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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.29%, Hang Seng Futures +0.67%, ASX SPI 200 +0.94%, S&P Futures (0.07%)

Jul 10 ,2024

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Futures signaling opening gains in Japan, Hong Kong and Australia. S&P 500 futures little changed after US indexes posted fresh all-time highs on Wednesday. New Zealand front-end yields pulling lower following dovish RBNZ takeaways. FX markets steady with dollar index drifting back after yen fell to one-week low. Crude adding to overnight gains while gold settling higher. Bitcoin erased earlier gain.

    • US CPI the focus tonight. Consensus is for little change May core inflation at lowest since Apr-2021. Expected to reinforce disinflation trajectory with even an in-line print seen giving Fed more confidence to ease in September. Chair Powell's second day of testimony did not materially change market pricing for two 2024 rate cuts. Around Asia, BOK expected to leave rates unchanged after South Korea inflation fell to lowest since Jul-2023. Statement will be eyed for any dovish changes with economists anticipating pivot in Q4.

    • On Wednesday China announced crackdown on short selling by raising margin ratio for securities lending. Also promised to tighten rules on high frequency trading. Moves occur against backdrop of declining share markets with key indexes entering correction territory amid continued economic weakness. Selling led in large part by real estate developers with housing market deteriorating further following May support measures.

    • Trade tensions in the headlines with China launched wide-reaching probe into EU trade actions against Chinese sectors such as EVs, adding that possible steps could retaliatory measures. Separately, Biden administration to impose tariffs on steel and aluminum exported through Mexico, partly aimed at preventing China circumvention of existing tariffs. Treasury Department official also called for fresh ideas to tackle China overcapacity.

  • Pre-open Company News:

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 601628.CH -- China Life Insurance reports Jan-Jun premium income of CNY489.6B, +4.1% y/y

    • 500520.IN -- Mahindra & Mahindra clarifies no connection between XUV700 price cut and UP EV/hybrid policy; no concern of unsold inventories

    • 603127.CH -- JOINN Laboratories guides H1 net income attributable (CNY136.3-184.4M) vs year-ago CNY90.6M

    • 6770.TT -- Powerchip Semiconductor Manufacturing reports June revenue NT$3.72B, +8.5% y/y

    • 81.HK -- China Overseas Grand Oceans Group downgraded to neutral from buy at Goldman Sachs

    • 601699.CH -- Shanxi Lu'an Environmental Energy Development guides H1 net income attributable CNY2.05-2.35B vs year-ago CNY5.30B

    • 1628.HK -- Yuzhou Group Holdings reports June sales CNY632M; StreetAccount notes year-ago CNY1.95B

    • 1216.TT -- Uni-President Enterprises reports June revenue NT$54.98B, +17.0% y/y

    • 600460.CH -- Hangzhou Silan Microelectronics guides H1 net income attributable (CNY20.0-30.0M) vs year-ago (CNY41.2M)

    • 600536.CH -- China National Software & Service guides H1 net income attributable (CNY250.0-300.0M) vs year-ago (CNY515.3M)

    • 300498.CH -- Wen's Foodstuff Group provides June sales update

    • 1402.TT -- Far Eastern New Century reports June revenue NT$22.71B, +4.6% y/y

    • 1033.HK -- Sinopec Oilfield Service guides H1 net income attributable CNY452.0M vs year-ago CNY325.9M

    • 000893.CH -- Asia-Potash International Investment (Guangzhou) guides H1 net income attributable CNY220-330M vs year-ago CNY716.4M

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +0.6%

      • Earnings:

        • Seven & i (3382.JP), Tama Home (1419.JP), Hisamitsu Pharmaceutical (4530.JP), OSG Corp (6136.JP), Rorze Corp (6323.JP), BayCurrent Consulting (6532.JP), Kohnan Shoji (7516.JP), AEON Financial Service (8570.JP), AEON Mall (8905.JP), FAST RETAILING (9983.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +3.5%

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

    • Malaysia:

      • Economic:

        • 03:00 EST: BN Overnight Policy Rate; consensus +3%

  • Market Data:

    • Gold (Aug 24): ($1.60) or (0.07%) to $2378.10

    • WTI Crude (Aug 24): +$0.30 or +0.37% to $82.40

    • $-¥: +0.27 or +0.17% to 161.6100

    • $-KRW: (1.32) or (0.09%) to 1382.9900

    • A$-$: +0.00 or +0.14% to 0.6750

    • $-INR: (0.01) or (0.01%) to 83.4952

    • $-CNY: +0.00 or +0.02% to 7.2745

  • 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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