Jul 22 ,2024
Synopsis:
Asian markets set for positive start to Tuesday trade. Futures pointing to opening gains in Japan, Australia, and Hong Kong. S&P 500 futures flat following broad-based gains Monday in tech/value/small caps. Australian yield curve steepening after Treasury yields rose overnight. Dollar steady after clawing back losses against yen. Crude retreated to lowest since mid-June. Gold neared two-week low. Bitcoin pulling back from earlier highs.
Democrats quickly coalescing around VP Harris after Biden exited presidential race. While she is expected to secure party's nomination, Trump is still favored to win election along with a GOP sweep of Congress. Trump trade a factor behind rotation trade over recent weeks, while contributing to a steeper yield curve and propelling Bitcoin higher. Harris' ascension hasn't yet prompted any meaningful reassessment of that narrative.
Next week's BOJ meeting coming into view with Bloomberg sources noting officials see weak consumer spending complicating decision whether to hike rates. Some officials believe it prudent to hold in July to in order to confirm whether spending picks up. However, others open to hiking next week with inflation aligned with forecasts. Economist consensus remains for no rate hike next week with October seen as more likely.
Pre-open Company News:
532505.IN -- UCO Bank reports Q1 standalone EPS INR0.46 vs year-ago INR0.19
China Jan-Jun government land sale revenue CNY1.526T, (18.3%) y/y
000270.KS -- StreetAccount Consensus Metrics Preview - Kia Corp. Q2 Earnings
BHK.SP -- SIIC Environment Holdings updates on four projects with total capacity of 160K tonnes in China
302.HK -- CMGE Technology Group completes 100M shares placement at HK$1.68/sh
+PGHL -- Primega Group Holdings prices 1.75M share IPO (including 250K shares for holder) at $4.00 per share through Bancroft Capital
532644.IN -- J.K. Cement downgraded to hold from buy at BOB Capital Markets
China Jan-Jun securities transaction stamp duty CNY50.9B, (54%) y/y - STCN, citing Ministry of Finance
9699.HK -- Hangzhou SF Intra-city Industrial guides H1 net income attributable no less than CNY55M
532538.IN -- UltraTech Cement releases sustainability report
TOP.TB -- Thai Oil Public upgraded to buy from neutral at UBS
C6L.SP -- Singapore Airlines downgraded to neutral from buy at Nomura
251270.KS -- Netmarble downgraded to neutral from outperform at Macquarie
532215.IN -- StreetAccount Consensus Metrics Preview - Axis Bank Q1 Earnings
NPPA grants 105 online game licenses in July batch
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
ASMPT (522.HK)
Japan:
Earnings:
Nidec (6594.JP), Mitsubishi Motors (7211.JP), KOMERI (8218.JP)
Australia:
Earnings:
Atlas Arteria (ALX.AU), Woodside Energy Group (WDS.AU)
India:
Earnings:
Bajaj Finance (500034.IN), Schaeffler India (505790.IN), SRF Ltd (503806.IN), Schaeffler India (505790.IN), United Spirits (532432.IN), Mahindra & Mahindra Financial Services (532720.IN)
Singapore:
Earnings:
Sabana Industrial Real Estate Investment Trust (M1GU.SP), Hutchison Port Holdings Trust (NS8U.SP)
Market Data:
Gold (Aug 24): +$2.20 or +0.09% to $2396.90
WTI Crude (Aug 24): $0.00 or 0.00% to $79.78
$-¥: (0.42) or (0.27%) to 157.0340
$-KRW: (3.17) or (0.23%) to 1386.6900
A$-$: (0.00) or (0.69%) to 0.6639
$-INR: (0.06) or (0.08%) to 83.6637
$-CNY: +0.00 or +0.04% to 7.2727
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