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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.28%), Hang Seng Futures +0.16%, ASX SPI 200 +0.03%, S&P Futures (0.17%)

Sep 04 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Futures signaling opening declines in Japan and flat start in Hong Kong and Australia. S&P 500 futures little changed afterhours. Australian and New Zealand bonds extending rally after Treasuries firmed following soft US macro data. Yen extending advance against other currencies. Crude below $70 for first time since Dec-2023. Gold and copper range bound. Bitcoin unchanged after recouping earlier losses.

    • Yen strength gathering pace with currency reaching highest against dollar since early August. Yen strength comes amid growing attention back on US-Japan yield gap after this week's soft ISM manufacturing and JOLTs data saw markets price in 50/50 chance of 50 bp Fed rate cut this month. Meanwhile, BOJ Governor Ueda on Tuesday reiterated another rate hike this year is on the cards if economy and inflation outlook is realized.

    • Heightened interest in RBA Governor Bullock's speech at 12:00 AEST, particularly whether she moderates her hawkish tone in light of Australia Q2 GDP that showed consumption growth slowed to lockdown-era lows. While economists say growth weakness not material enough to budge RBA from its near-term holding pattern, markets still pricing in ~70% chance of 25 bp cut by year-end.

    • Media reports note President Biden set to block Nippon Steel's acquisition of US Steel on national security grounds. Biden reportedly to scuttle deal when CFIUS completes its review with decision potentially made as soon as this week. Acquisition had faced bipartisan opposition with Trump also vowing to kill it if he becomes president. Two companies opposed any decision to block takeover, though unclear whether courts can overturn a presidential order.

  • Pre-open Company News:

    • 003670.KS -- POSCO Future M Co. discontinues review process for KRW1.7T investment in EV battery materials production with Huayou Cobalt

    • 540755.IN -- Government to exercise oversubscription option by 5.0M shares or 0.29% stake in General Insurance Corporation of India OFS

    • 1244.HK -- 3D Medicines chairman-cum-CEO and senior management to buy up to 1M shares on open market within 12 months

    • 002683.CH -- Guangdong Hongda Holdings Group acquires 51% stake in Qingdao Shengshi Putian Technology for CNY153M cash

    • +MIMI -- Mint Incorporation Limited files IPO of 1.75M shares in the range of $4-5 per share through Benjamin Securities and Prime Number Capital - F-1

    • 532749.IN -- Allcargo Logistics releases Business Responsibility and Sustainability Report for FY 2023-24

    • 300122.CH -- Chongqing Zhifei Biological Products downgraded to hold from buy at China Renaissance (HK)

    • 5225.MK -- IHH Healthcare downgraded to neutral from buy at Nomura

    • Index changes: Nomura Research Institute, Ryohin Keikaku to join Nikkei 225

    • Hong Kong stock connect daily turnover

    • 5401.JP -- NIPPON STEEL announces updated governance policy for U.S. Steel (pre-Japan open, seemingly around 08:00 JT/19:00 ET)

    • 300015.CH -- Aier Eye Hospital Group downgraded to hold from buy at HSBC

    • 600066.CH -- Yutong Bus reports August vehicle sales 3,648 units vs year-ago 3,899 units

    • 9955.HK -- ClouDr in-licenses Remifemin and Esberitox in China from Medice Arzneimittel Pütter

    • 002736.CH -- Guosen Securities to acquire 96.1% stake in Vanho Securities via share issuance; financial terms not determined

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Sun Hung Kai Properties (16.HK), JNBY Design (3306.HK)

    • Japan:

      • Earnings:

        • Sekisui House (1928.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$4.4B

      • Earnings:

        • Capricorn Metals (CMM.AU)

    • Malaysia:

      • Economic:

        • 03:00 EST: BN Overnight Policy Rate; consensus +3%

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.4%

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +0.5%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +3.5%

  • Market Data:

    • Gold (Dec 24): +$0.10 or +0.00% to $2526.10

    • WTI Crude (Oct 24): +$0.06 or +0.09% to $69.26

    • $-¥: (2.24) or (1.54%) to 143.2370

    • $-KRW: (7.88) or (0.59%) to 1333.1200

    • A$-$: +0.00 or +0.10% to 0.6718

    • $-INR: +0.03 or +0.03% to 83.9808

    • $-CNY: (0.01) or (0.13%) to 7.1119

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