Jul 29 ,2024
Synopsis:
Asian markets set for negative start to Tuesday trade. Futures signaling opening declines in Japan, Hong Kong and Australia. S&P 500 futures touch lower afterhours after Russell 2000 underperformed main benchmarks overnight. Australian bonds firming after Treasury curve flattened Monday. Crude little changed after falling to lowest since mid-June. Gold flat. Bitcoin extending declines after failing to clear $70K level.
Rotation out of momentum/growth/tech and into small caps/value/cyclicals a key market driver lately, though took a pause on Monday. Tech has lagged amid pickup in concerns around stretched valuations/positioning and growing scrutiny on AI. That theme remains a high profile focus this week as Mag 7 earnings continue with MSFT on Tuesday followed by META (31-Jul), AAPL (1-Aug) and AMZN (1-Aug).
Attention remains on Wednesday's BOJ meeting with main debate being whether JGB taper details (market consensus is for a JPY1T reduction in monthly purchases) will be accompanied by rate hike. Source reports have noted some BOJ members supportive of rate hike with inflation tracking 2% target while others voicing caution amid concerns over consumption. Yen has steadied a little though seen vulnerable to sharp swings if BOJ surprises in dovish or hawkish direction..
Pre-open Company News:
600660.CH -- Fuyao Glass Industry Group reports preliminary H1 net income attributable CNY3.50B vs year-ago CNY2.84B
^ASIAREADS -- StreetAccount Asia Reads
500165.IN -- Kansai Nerolac Paints reports Q1 consolidated net income attributable INR2.31B vs FactSet INR2.12B
VFS -- VinFast Auto to restate certain financial statements and information due to accounting errors - 6-K
002311.CH -- Guangdong Haid Group reports H1 net income attributable CNY2.13B, +93% vs year-ago CNY1.10B
603259.CH -- WuXi AppTec reports H1 adjusted non-IFRS net profit attributable CNY4.37B vs StreetAccount CNY3.47B
517569.IN -- KEI Industries reports Q1 standalone EPS INR16.62 vs FactSet INR17.71 [3 est, INR16.40-19.12]
532868.IN -- DLF Ltd upgraded to hold from underperform at CLSA
9956.HK -- ANE (Cayman) guides H1 non-HKFRS net profit not less than CNY425M vs year-ago CNY235.8M
541153.IN -- Bandhan Bank upgraded to accumulate from reduce at Elara Capital
500087.IN -- Cipla Ltd downgraded to hold from outperform at CLSA
600873.CH -- Meihua Holdings Group reports H1 operational data
Hong Kong stock connect daily turnover
Z59.SP -- Yoma Strategic Holdings provides trading update; group revenue 3M-Jun-24 $36.2 vs year-ago $44.1M
1797.HK -- East Buy Holding downgraded to hold from add at CGS International
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Hutchison Telecommunications Hong Kong Holdings (215.HK), Huaneng Power International (902.HK), Hang Lung Group (10.HK), Hang Lung Properties (101.HK), New Oriental Education & Technology Group (9901.HK)
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.6%
09:30 JST: Trade Balance NSA (Final); consensus
09:30 JST: Import NSA Y/Y (Final); consensus +3.2%
09:30 JST: Export NSA Y/Y (Final); consensus +5.4%
Earnings:
Sojitz (2768.JP), NS Solutions (2327.JP), NEC Corp (6701.JP), TDK (6762.JP), Nomura (8604.JP), ANA HOLDINGS (9202.JP), Shimizu (1803.JP), Yurtec (1934.JP), Kinden (1944.JP), NEC Networks & System Integration (1973.JP), Nihon M&A Center Holdings (2127.JP), Yakult Honsha (2267.JP), TIS Inc. (3626.JP), Nippon Sanso Holdings (4091.JP), Aica Kogyo (4206.JP), Kissei Pharmaceutical (4547.JP), JCR Pharmaceuticals (4552.JP), Oriental Land (4661.JP), Chugin Financial Group (5832.JP), LIXIL Corp. (5938.JP), Makita (6586.JP), TOKAI RIKA (6995.JP), EXEDY Corp (7278.JP), Shimano (7309.JP), Topcon (7732.JP), Nippon Gas Co Ltd (8174.JP), Sumitomo Mitsui Trust Holdings (8309.JP), Japan Exchange (8697.JP), Central Japan Railway (9022.JP), Alps Logistics (9055.JP), The Kansai Electric Power (9503.JP), Hokuriku Electric Power (9505.JP), Shikoku Electric Power (9507.JP), M&A Research Institute Holdings (9552.JP)
South Korea:
Earnings:
Samsung Electronics (005930.KS)
Australia:
Economic:
11:30 AEST: Building Approvals SA M/M; consensus (2.5%)
Earnings:
Appen (APX.AU), Credit Corp. Group (CCP.AU), Frontier Digital Ventures (FDV.AU)
India:
Earnings:
Exide Industries (500086.IN), Ajanta Pharma (532331.IN), Granules India (532482.IN), Navin Fluorine International (532504.IN), Varun Beverages (540180.IN), IndiaMART InterMESH (542726.IN), 360 One Wam (542772.IN), Aegis Logistics (500003.IN), Lloyds Metals & Energy (512455.IN), Carborundum Universal (513375.IN), GAIL (India) (532155.IN), Jindal Stainless (532508.IN), Indus Towers (534816.IN), Mindspace Business Parks REIT (543217.IN), Star Health & Allied Insurance (543412.IN)
Singapore:
Earnings:
CDL Hospitality Trusts (J85.SP), Keppel REIT (K71U.SP), CapitaLand China Trust (AU8U.SP), Aztech Global (8AZ.SP)
Taiwan:
Earnings:
Yageo (2327.TT), Macronix International (2337.TT), Realtek Semiconductor (2379.TT), Faraday Technology (3035.TT), Vanguard International Semiconductor (5347.TT), Powertech Technology (6239.TT), Innolux (3481.TT)
Thailand:
Earnings:
PTT Exploration & Production (PTTEP.TB)
Market Data:
Gold (Aug 24): +$1.50 or +0.06% to $2379.30
WTI Crude (Sep 24): ($0.11) or (0.15%) to $75.70
$-¥: +0.11 or +0.07% to 153.8400
$-KRW: (3.74) or (0.27%) to 1381.1300
A$-$: +0.00 or +0.10% to 0.6554
$-INR: +0.01 or +0.02% to 83.7465
$-CNY: +0.01 or +0.11% to 7.2586
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