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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.42%), Hang Seng Futures (0.48%), ASX SPI 200 (0.95%), S&P Futures +0.26%

Jul 24 ,2024

  • Synopsis:

    • Asian markets set for negative start to Thursday trade. Nikkei futures pointing to heavy opening declines. Hang Seng and ASX futures also lower. S&P 500 and Nasdaq futures recovering afterhours. Australian and NZ yield curves bear steepening after Treasuries ended mixed. Yen nudging higher, dollar steady elsewhere. Crude flat. Gold unable to sustain earlier strength. Bitcoin pulling back from overnight highs.

    • US tech sell-off the big story on markets after Nasdaq experienced its largest one-day drop since Dec-2022. Selling attributed to disappointing tech earnings takeaways, playing into concerns about slowdown in profit growth. Sell-off extended to value and small-caps amid pickup in concerns about global economic growth, which have also helped drive copper towards four-month low.

    • Press previews of next week's BOJ meeting continue to roll through. Reuters sources note rate hike will be close call as central bank balances above-target inflation against weak consumption. However, question is more around timing with source noting rate hike will eventuate in coming months. Added that BOJ will also unveil plans to roughly halve JGB purchases over next 1-1.5 years.

    • Yen continues to strengthen ahead of next week's BOJ meeting, rallying to its highest against dollar since early May. Pickup in Fed rate cut expectations comes as BOJ nears decision to hike again and taper JGB purchases, corresponding with a narrowing of US-Japan yield gap and unwind of carry trades. Strategists also highlighted how repeated FX Interventions by Japan authorities deterring momentum traders.

  • Pre-open Company News:

    • 500696.IN -- Hindustan Unilever downgraded to neutral from add at YES Securities

    • 086790.KS -- StreetAccount Consensus Metrics Preview - Hana Financial Q2 Earnings

    • 002594.CH -- BYD Co. Ltd. upgraded to strong recommend at Founder Securities (timing uncertain)

    • 500510.IN -- Larsen & Toubro reports Q1 consolidated net profit attributable to owners INR27.86B vs StreetAccount INR29.18B

    • 1541.HK -- ImmuneOnco Biopharmaceuticals (shanghai) CO. doses first patient in trial of IMM2510 in combination with IMM27M

    • 3407.JP -- Asahi Kasei upgraded to buy from neutral at UBS

    • 587.HK -- China Conch Environment Protection Holdings guides H1 net income attributable (40-60%) vs prior year's CNY200.0M, implying CNY80.0-120.0M

    • 500420.IN -- Torrent Pharmaceuticals downgraded to hold from add at InCred Equities

    • 532522.IN -- Petronet LNG reports Q1 standalone net income INR11.42B vs FactSet INR8.79B [20 est, INR7.77-9.67B]

    • TDT.VN -- TDT Investment & Development reports Q2 NPAT VND1.51B, (33%) vs year-ago VND2.26B

    • 3339.HK -- Lonking Holdings guides H1 net income CNY410-461M vs year-ago CNY307.4M

    • 540750.IN -- Indian Energy Exchange reports Q1 consolidated EPS INR1.08 vs FactSet INR1.05 [2 est, INR1.00-1.10]

    • NLST -- Netlist, Inc. secures order Finalizing $303M damages award against Samsung

    • 532286.IN -- Jindal Steel & Power reports Q1 consolidated EPS INR13.31 vs year-ago INR16.79

    • 9336.JP -- Daiei Kankyo initiated buy at SBI Securities Japan

  • On Deck:

    • Hong Kong:

      • Earnings:

        • HKT Trust & HKT (6823.HK)

    • Japan:

      • Earnings:

        • Japan Aviation Electronics Industry (6807.JP), Nomura Research Institute (4307.JP), Chugai Pharmaceutical (4519.JP), Fuji Electric (6504.JP), Fujitsu (6702.JP), Renesas Electronics (6723.JP), Nissan Motor (7201.JP), Hino Motors (7205.JP), Canon (7751.JP), Nomura Real Estate Holdings (3231.JP), Amano Corp (6436.JP), Shinko Electric Industries (6967.JP)

    • South Korea:

      • Earnings:

        • SK Hynix (000660.KS), LG H&H (051900.KS), LG Chem (051910.KS)

    • Australia:

      • Earnings:

        • Chrysos (C79.AU), COG Financial Services (COG.AU), Karoon Energy (KAR.AU), Insignia Financial (IFL.AU)

    • India:

      • Earnings:

        • Nestle India (500790.IN), Canara Bank (532483.IN), Jyothy Labs (532926.IN), Adani Energy Solutions (539254.IN), Embassy Office Parks REIT (542602.IN), Ashok Leyland (500477.IN), Mphasis (526299.IN), United Breweries (532478.IN), DLF Ltd (532868.IN), Adani Green Energy (541450.IN)

    • Singapore:

      • Earnings:

        • Mapletree Industrial Trust (ME8U.SP), Suntec Real Estate Investment Trust (T82U.SP)

    • Taiwan:

      • Earnings:

        • CTBC Financial Holding (2891.TT)

  • Market Data:

    • Gold (Aug 24): ($15.80) or (0.65%) to $2399.90

    • WTI Crude (Sep 24): ($0.08) or (0.10%) to $77.51

    • $-¥: (1.77) or (1.13%) to 153.8200

    • $-KRW: (3.29) or (0.24%) to 1382.7400

    • A$-$: (0.00) or (0.60%) to 0.6576

    • $-INR: +0.04 or +0.05% to 83.7431

    • $-CNY: (0.01) or (0.19%) to 7.2614

  • 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