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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.01%), Hang Seng Futures (1.04%), ASX SPI 200 (0.05%), S&P Futures +0.18%

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

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