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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.35%, Hang Seng Futures +0.77%, ASX SPI 200 +0.76%, S&P Futures +0.24%

Jul 28 ,2024

  • Synopsis:

    • Asian markets set for positive start to Monday trade. Futures pointing to opening gains in Japan, Hong Kong and Australia. S&P 500 futures gaining after following tech-led retreat last week. Yen coming off highs against other currencies. Crude nearing lowest since mid-June. Gold extending upswing from Friday lows. Bitcoin flat after strengthening into Trump's pro-crypto speech on Saturday.

    • Fed rate cut outlook remains the key piece of the bullish narrative amid growing optimism around soft landing scenario. Central bank expected to keep rates on hold at this week's meeting. However, markets more interested in firmer indications from Fed that it is on track for a September rate cut following renewed disinflation traction and slowing labor market activity. Futures recently pricing in ~2-3 rate cuts in 2024.

    • Yen capped off biggest weekly advanced against dollar since late April's intervention ahead of Wednesday's BOJ meeting, where central bank will unveil details of JGB taper plan. Majority of economists expect no change to interest rates though markets pricing in ~50% chance of a hike. Some thought yen at risk of a bearish reversal if BOJ policy outcome is more dovish than expected.

    • China industrial profit growth rebounded in June, attributed to surge in output and easing of factory-gate deflation pressures. Export growth and base effects also mentioned as drivers. Stronger profit growth a notable contrast with broader weakness in domestic demand. Market will get first read on economic activity this month with manufacturing PMI forecast to have remained in contraction and non-manufacturing growth slowing further.

  • Pre-open Company News:

    • 373220.KS -- LG Energy Solution downgraded to neutral from overweight at JPMorgan

    • 4197.MK -- Sime Darby initiated buy at BIMB Securities

    • 3.HK -- Hong Kong & China Gas downgraded to neutral from outperform at Haitong

    • 1797.HK -- East Buy Holding downgraded to underperform from hold at Daiwa

    • 000423.CH -- Dong-E-E-Jiao initiated buy at China Renaissance (HK)

    • 5423.JP -- Tokyo Steel Manufacturing to launch up-to-¥10.0B buyback

    • UD2.SP -- Japfa reinstated buy at DBS Group

    • 540902.IN -- Amber Enterprises India upgraded to outperform from neutral at Haitong

    • 9627.JP -- Ain Holdings notes ISS and Glass Lewi support Oasis's director candidates

    • 600660.CH -- Fuyao Glass Industry reports being subject to an unannounced search by US federal government agency on 26-Jul

    • 526299.IN -- Mphasis downgraded to reduce from add at Emkay Research

    • 564.HK -- Zhengzhou Coal Mining Machinery Group 's major shareholder Hongyi Investment plans to reduce ownership by up to ~1% over next three months

    • 8473.JP -- SBI Holdings resumed buy at Citi; prior rating was buy

    • UBS upgrades 2778.HK, 683.HK; downgrades 14.HK, 4.HK

    • 2186.HK -- Luye Pharma Group announces that LY03010 received marketing approval from FDA for treatment of schizophrenia aschizoaffective disorder

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

      • Earnings:

        • WuXi AppTec (603259.CH)

    • Japan:

      • Earnings:

        • ZEON Corp (4205.JP), Shionogi & Co. (4507.JP), Komatsu (6301.JP), Stanley Electric (6923.JP), FANUC Corp (6954.JP), SCSK Corp (9719.JP), Kyudenko (1959.JP), Macnica Holdings (3132.JP), Koei Tecmo Holdings (3635.JP), SAKURA Internet (3778.JP), Sekisui Jushi (4212.JP), Konishi (4956.JP), Nippon Electric Glass (5214.JP), NGK Insulators (5333.JP), MARUWA (5344.JP), Daido Steel (5471.JP), Nippon Yakin Kogyo (5480.JP), Yokogawa Bridge Holdings (5911.JP), NSK Ltd (6471.JP), Wacom Co. (6727.JP), Fujitsu General (6755.JP), Tokyo Kiraboshi Financial Group (7173.JP), Koito Manufacturing (7276.JP), KOKUYO (7984.JP), Nihon Unisys (8056.JP), Paltac (8283.JP), Hokuhoku Financial Group (8377.JP), ACOM Co. (8572.JP), Matsui Securities (8628.JP), Osaka Gas (9532.JP), DTS Corp (9682.JP), Capcom (9697.JP), Inaba Denkisangyo (9934.JP)

    • Australia:

      • Earnings:

        • Kogan.com (KGN.AU), Resolute Mining (RSG.AU), Ansarada Group (AND.AU), Mach7 Technologies (M7T.AU)

    • India:

      • Earnings:

        • Bharat Electronics (500049.IN), Colgate-Palmolive (India) (500830.IN), Adani Total Gas (542066.IN), Pfizer Ltd. (India) (500680.IN), Hindustan Petroleum (500104.IN), Kansai Nerolac Paints (500165.IN), Whirlpool of India (500238.IN), ACC Ltd (500410.IN), KEI Industries (517569.IN), Quess Corp. (539978.IN), Adani Wilmar (543458.IN), Vedant Fashions (543463.IN)

    • Singapore:

      • Earnings:

        • Starhill Global REIT (P40U.SP)

    • Philippines:

      • Earnings:

        • BDO Unibank (BDO.PM), Manila Electric (MER.PM)

  • Market Data:

    • Gold (Aug 24): +$13.50 or +0.57% to $2394.50

    • WTI Crude (Sep 24): +$0.12 or +0.16% to $77.28

    • $-¥: +0.37 or +0.24% to 154.1000

    • $-KRW: (1.01) or (0.07%) to 1383.8700

    • A$-$: +0.00 or +0.13% to 0.6556

    • $-INR: +0.01 or +0.01% to 83.7393

    • $-CNY: (0.00) or (0.00%) to 7.2501

  • 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:
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