Jul 17 ,2024
Synopsis:
Asian markets set for negative start to Thursday trade. Futures pointing to opening selloff in Japan. Hang Seng and ASX futures also weaker. S&P 500 futures steadying afterhours following tech-led retreat Wednesday. Australian and New Zealand bonds rallying after Treasury curve flattened overnight. Yen extending advance against other currencies, dollar steady elsewhere. Crude extending rebound from lows. Gold little changed. Bitcoin pulling back from one-month high.
Yen spike has stirred more intervention speculation though strategists doubtful given timing of the move. Pointed to other factors that may have driven yen's move, including unwinding of bearish positions as markets dial up Fed rate cut expectations and BOJ nears decision on potential July rate hike. Some also pointed to Trump's criticisms of weak yen in his Bloomberg interview as a potential accelerant.
Tech stocks in focus following broad selloff on Wednesday that was attributed to Bloomberg report US weighing ramping curbs against companies aiding China's access to advanced semiconductor technology. Tokyo Electron saw biggest daily drop in three months and ASML was another major laggard on the report. Trump's skepticism about defending Taiwan another major overhang with TSM down 8% in US.
Australian employment forecast to show moderation in headline jobs growth and uptick in unemployment rate to 4.1% from 4.0%. In May RBA forecast Jun-2024 unemployment rate of 4.0%. RBA has also stated labor market conditions are tighter than consistent with target inflation. Data takes on added importance after hotter-than-expected inflation data prompted some economists to predict an August rate hike.
Pre-open Company News:
558.SP -- UMS Holdings proposes secondary listing on main market of Bursa Malaysia
300394.CH -- Suzhou TFC Optical Communication guides H1 net income attributable CNY630.1-677.3M vs year-ago CNY236.0M
600297.CH -- China Grand Automotive Services Group halts trading tomorrow; expects to delist pending stock exchange decision
Retailers Association of India reports June India retail sales +5% y/y
507685.IN -- StreetAccount Consensus Metrics Preview - Wipro Q1 Earnings
500820.IN -- Asian Paints reports Q1 consolidated profit after tax INR11.87B vs StreetAccount INR13.78B
688375.CH -- Guobo Electronics proposes interim dividend CNY0.51/share
002262.CH -- Jiangsu Nhwa Pharmaceutical's riluzole tablet passes NMPA's generic drug consistency evaluation
BWCU.SP -- EC World Real Estate Investment Trust completes restructuring of onshore facilities and enters into supplementary agreement
504067.IN -- Zensar acquires BridgeView Life Sciences
1788.HK -- Guotai Junan International Holdings guides H1 net income HK$185-210M vs year-ago HK$122M
605117.CH -- Ningbo Deye Technology initiated overweight at China Merchants Securities (China) (timing uncertain)
1765.HK -- XJ International Holdings announces preliminary debt restructuring terms
1877.HK -- NMPA accepts submission of Junshi Biosciences's application for combining toripalimab with bevacizumab for hepatocellular carcinoma
541770.IN -- CreditAccess Grameen publishes Annual Report for FY2023-24
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
08:50 JST: Export NSA Y/Y (Preliminary); consensus +6.5%
08:50 JST: Trade Balance NSA (Preliminary); consensus (¥0.2T)
08:50 JST: Import NSA Y/Y (Preliminary); consensus +9.5%
Earnings:
DISCO Corp (6146.JP)
Australia:
Economic:
11:30 AEST: Unemployment Rate; consensus 4.1%
11:30 AEST: Employment SA; consensus +22.5K
Earnings:
AMA Group (AMA.AU), Santos (STO.AU), Yancoal Australia (YAL.AU)
India:
Earnings:
Havells India (517354.IN), Tata Communications (500483.IN), CEAT Ltd (500878.IN), Persistent Systems (533179.IN), Dalmia Bharat (542216.IN), Polycab India (542652.IN)
Taiwan:
Earnings:
Taiwan Semiconductor (2330.TT)
Market Data:
Gold (Aug 24): +$4.10 or +0.17% to $2464.00
WTI Crude (Aug 24): +$0.34 or +0.41% to $83.19
$-¥: (2.85) or (1.80%) to 155.5290
$-KRW: (5.14) or (0.37%) to 1378.7000
A$-$: (0.00) or (0.12%) to 0.6727
$-INR: +0.03 or +0.04% to 83.5732
$-CNY: +0.12 or +1.66% to 7.2592
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