Jul 15 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Hang Seng futures signaling opening declines while Nikkei and ASX futures flat. S&P 500 futures edging higher after small caps led overnight gains. Australian and New Zealand bonds strengthening with curves steepening. FX markets steady with dollar range bound against yen. Gold neared record high. Crude little changed. Copper erased earlier gains. Bitcoin extending 10% rally.
Markets continue to process political implications of assassination attempt on Trump, as his election odds firmed and fueled momentum in trades likely to be influenced by his policies (steeper yield curve, stronger dollar, Bitcoin strength). Meanwhile, increased expectations of Fed rate cuts and momentum behind soft landing and disinflation narratives have driven further rotation from growth to value.
Initial takeaways from China Q2 GDP and June activity data focused on persistent weakness in domestic demand (consumption) and property market. Weaker-than-expected GDP renewed doubts about achievability of government's annual target of ~5%, adding to calls for stronger policy support. However, stimulus unlikely to be feature at Third Plenum with leaders instead expected to discuss longer-term economic reforms.
Pre-open Company News:
601021.CH -- Spring Airlines reports June traffic +14.34% y/y
600820.CH -- Shanghai Tunnel Engineering reports H1 operational update: total new contracts CNY46.13B, +9.1% y/y
1618.HK -- Metallurgical Corp. of China reports Jan-June new contracts signed CNY677.79B, (6.2%) y/y
532187.IN -- StreetAccount Consensus Metrics Preview - IndusInd Bank Q1 Earnings
883.HK -- CNOOC announces major exploration breakthrough in Mesozoic buried hill offshore Bohai Bay
AOS -- Follow-up: A. O. Smith issues press release on acquisition of Pureit for purchase price of approximately USD $120M in cash
1898.HK -- China Coal Energy reports June commercial coal production 11.6M tonnes, +0.2% y/y
KBANK.TB -- StreetAccount Consensus Metrics Preview - Kasikornbank Public Q2 Earnings
600549.CH -- Xiamen Tungsten reports preliminary H1 net income attributable CNY1.02B vs year-ago CNY791.3M
603885.CH -- Juneyao Airlines reports June traffic +10.15% y/y
EA.TB -- Energy Absolute Public downgraded to sell from buy at Thanachart Securities
300604.CH -- Hangzhou Chang Chuan Technology guides H1 net income attributable CNY200-230M vs year-ago CNY20.5M
300207.CH -- Sunwoda Electronic guides H1 net income attributable CNY767.3-898.9M vs year-ago CNY438.5M
600872.CH -- Jonjee Hi-Tech Industrial & Commercial Holding downgraded to hold from add at CGS International
86.HK -- Sun Hung Kai partners with Allied Group to commit €54.2M in European hotel investment
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
13:30 JST: Retail Sales NSA Y/Y (Final); consensus +3%
Earnings:
Toho Co (9602.JP)
Australia:
Earnings:
Electro Optic Systems Holdings (EOS.AU)
India:
Earnings:
CRISIL (500092.IN), Bajaj Auto (532977.IN), L&T Finance (533519.IN), Just Dial (535648.IN)
Market Data:
Gold (Aug 24): ($2.30) or (0.09%) to $2426.60
WTI Crude (Aug 24): ($0.10) or (0.12%) to $81.81
$-¥: +0.19 or +0.12% to 158.0990
$-KRW: +8.01 or +0.58% to 1383.1200
A$-$: (0.00) or (0.27%) to 0.6762
$-INR: +0.07 or +0.08% to 83.5863
$-CNY: +0.01 or +0.12% to 7.2589
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:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE