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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.34%), Hang Seng Futures +0.10%, ASX SPI 200 +0.21%, S&P Futures +0.57%

Jul 31 ,2024

  • Synopsis:

    • Asian markets set for mixed start Thursday. Nikkei futures pointing to opening declines while Hang Seng and ASX futures marginally higher. US equity futures gaining afterhours on post-earnings rally in META. Australian and New Zealand bonds firming after Treasury curve bull steepened following Fed decision. FX markets steady following post-BOJ yen rally. Crude extending gains amid ramp in Middle East tensions. Gold strengthened towards two-week high. Bitcoin pulling back from highs.

    • Positive US earnings takeaways renewed enthusiasm towards AI following recent rotation out of tech that drove pickup in discussion about oversold conditions. Big rally in NVDA attributed to positive read-throughs from MSFT capex. Lower rate backdrop also mentioned as supportive. Sentiment lifted further by reports US tech export controls to exempt some allies (though Bloomberg sources later noted US weighing unilateral curbs on China access to HBM chips).

    • META +7% in postmarket trade. Delivered top and bottom beat with CEO Zuckerberg sounding bullish on prospects for Meta AI to become world leading chatbot by year-end. Group anticipates significant capex growth in 2025 and lifted low end of prior guidance range. QCOM -1% after erasing earlier post-market rally that followed better-than-expected revenue and guidance. Some attention to cautious management comments on outlook for phone shipments.

    • Markets processing big day of central bank decisions. Fed left interest rates unchanged as expected and made some dovish changes to policy statement (including updated assessment on inflation and jobs). Chair Powell also noted rate cut could happen in September. BOJ decision continued to reverberate with yen rallying to highest since March and 2Y yield hitting 15-year high after central bank hiked rates and flagged more if data warrants.

  • Pre-open Company News:

    • 542726.IN -- Street Takeaways - IndiaMART InterMESH Q1 Earnings

    • 601228.CH -- Guangzhou Port reports July container throughput 2.2M TEUs, +6.4% y/y

    • 000990.KS -- DB HITEK reports Q2 Operating profit KRW68.26B, (24%) vs year-ago KRW89.93B

    • 1766.HK -- CRRC Corp. reports Jun-Jul new contracts CNY45.99B, representing 19.6% of FY23 revenue

    • 2308.TT -- Delta Electronics reports Q2 EPS NT$3.82 vs FactSet NT$3.09 [17 est, NT$2.68-3.38]

    • NS8U.SP -- Hutchison Port Holdings Trust enters expropriation and compensation agreement for expropriation of certain land in Yantian, Shenzhen

    • 5JS.SP -- Indofood Agri Resources reports H1 net income attributable IDR297.89B vs year-ago IDR88.65B

    • 1282.HK -- Renze Harvest International downsizes second tranche of Shantou Taisheng Technology acquisition to 42.33% from 49%

    • 9513.JP -- Electric Power Development completes acquisition of Genex Power

    • 600535.CH -- Tasly Pharma to suspend trading from 1-Aug, pending decision on potential transfer of shares

    • 6181.HK -- Laopu Gold initiated buy at Soochow Securities (timing uncertain)

    • 500403.IN -- Sundram Fasteners reports Q1 consolidated EPS INR6.75 vs FactSet INR6.30 [1 est]

    • 500470.IN -- Tata Steel reports Q1 consolidated EPS INR0.77 vs year-ago INR0.52

    • 3092.JP -- ZOZO Inc downgraded to hold from outperform at CLSA

    • 6971.JP -- StreetAccount Consensus Metrics Preview - Kyocera Q1 Earnings

  • On Deck:

    • China:

      • Economic:

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

    • Hong Kong:

      • Earnings:

        • Budweiser Brewing Co. APAC (1876.HK), Lee & Man Paper Manufacturing (2314.HK)

    • Japan:

      • Earnings:

        • Otsuka Holdings (4578.JP), Kyowa Kirin (4151.JP), Mitsubishi Chemical (4188.JP), Astellas Pharma (4503.JP), OTSUKA CORP (4768.JP), AGC (5201.JP), Casio Computer (6952.JP), Kyocera (6971.JP), Mitsui & Co. (8031.JP), Daiwa Securities (8601.JP), Yamato Holdings (9064.JP), Meitec (9744.JP), KONAMI (9766.JP), Kotobuki Spirits (2222.JP), NH Foods (2282.JP), Itoham Yonekyu Holdings (2296.JP), MonotaRO (3064.JP), Nitto Boseki (3110.JP), TOKAI Holdings (3167.JP), T-Gaia (3738.JP), Rengo (3941.JP), Taiyo Holdings (4626.JP), NIPPON STEEL (5401.JP), Sumitomo Electric Industries (5802.JP), JVCKenwood (6632.JP), HIROSE ELECTRIC (6806.JP), Toyota Motor (7203.JP), ShinMaywa Industries (7224.JP), Hirogin Holdings (7337.JP), Medipal Holdings (7459.JP), HOYA Corp (7741.JP), Marubeni (8002.JP), Mitsubishi (8058.JP), Mitsubishi UFJ Financial (8306.JP), Gunma Bank (8334.JP), Sotetsu Holdings (9003.JP), West Japan Railway (9021.JP)

    • South Korea:

      • Economic:

        • 11:00 KST: Trade Balance NSA; consensus +$5B

        • 11:00 KST: Import NSA Y/Y; consensus +13.6%

        • 11:00 KST: Export NSA Y/Y; consensus +18.4%

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus

      • Earnings:

        • GARDA Property Group (GDF.AU), Pinnacle Investment Management Group (PNI.AU)

    • India:

      • Earnings:

        • KSB Ltd (500249.IN), Tata Motors (500570.IN), Great Eastern Shipping (500620.IN), ITC Ltd (500875.IN), Alkyl Amines Chemicals (506767.IN), Adani Enterprises (512599.IN), Adani Ports & Special Economic Zone (532921.IN), Clean Science & Technology (543318.IN), Thermax (500411.IN), Tube Investments of India (540762.IN), Max Healthcare Institute (543220.IN), Aptus Value Housing Finance India (543335.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +2.4%

    • Singapore:

      • Earnings:

        • Keppel (BN4.SP), United Overseas Bank Ltd. (Singapore) (U11.SP), Seatrium (5E2.SP), Jardine Cycle & Carriage (C07.SP), DFI Retail Group Holdings (D01.SP), Hongkong Land Holdings (H78.SP), Jardine Matheson Holdings (J36.SP)

    • Taiwan:

      • Earnings:

        • Winbond Electronics (2344.TT)

  • Market Data:

    • Gold (Dec 24): +$17.20 or +0.70% to $2490.20

    • WTI Crude (Sep 24): +$0.59 or +0.76% to $78.50

    • $-¥: (2.72) or (1.78%) to 150.0610

    • $-KRW: (16.39) or (1.18%) to 1367.9600

    • A$-$: +0.00 or +0.03% to 0.6543

    • $-INR: (0.11) or (0.13%) to 83.7118

    • $-CNY: (0.03) or (0.47%) to 7.2173

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