Sep 05 ,2024
Synopsis:
Asian markets set for mixed start Friday. Futures pointing to rebound in Japan and muted initial moves in Hong Kong and Australia. US contracts extending losses afterhours. Treasures firmed again ahead of nonfarm payrolls. Crude back down Dec-2023 lows following report OPEC+ to delay October output hike. Gold rebounded back towards record high. Copper snapped recent run of declines on demand concerns. Bitcoin hovering near one-month low.
US nonfarm payrolls forecast to show step up in headline jobs growth and downtick in unemployment rate. Follows July's soft print a month ago that ignited concerns about harder economic slowdown and fueled early August volatility. Tonight's print takes on added importance in shaping hard vs soft landing debate, as well as determining expectations around whether Fed will cut by 25 bp or 50 bp this month.
Little new from PBOC Governor Pan on Thursday after he reiterated intent to continue with accommodative policy. His remarks came after soft August PMIs reinforced economist calls for more policy support. Speaking at same event, PBOC official said still room for additional rate cuts also noted need to observe economic conditions and highlighted constraints from low deposit rates and bank margins.
US-China tensions in focus after Biden administration moved ahead with new export controls on quantum computing and chip-related products. Comes after Bloomberg sources noted in August US also weighing unilateral curbs on China's access to AI memory chips. While National Security Adviser Sullivan's visit to Beijing last week was aimed at stabilizing ties and finding areas of cooperation, gaps remained on contentious issues as trade.
Pre-open Company News:
1208.HK -- MMG unit Minera Las Bambas receives favourable decisions from Peru's tax court for 2014-2017
2007.HK -- Country Garden Holdings reports August contracted sales attributable CNY3.43B; StreetAccount notes year-ago figure was CNY7.98B
1911.HK -- China Renaissance Holdings reports delayed FY23 adjusted net income attributable (CNY592.4M) vs revised year-ago (CNY451.1M)
539150.IN -- PNC Infratech publishes Business Responsibility and Sustainability Report for FY2023-24
601668.CH -- China State Construction Engineering Corp. initiated recommend at Founder Securities (timing uncertain)
541988.IN -- Aavas Financiers upgraded to buy from neutral at Goldman Sachs
543066.IN -- SBI Cards & Payment Services upgraded to buy from sell at Goldman Sachs
6446.TT -- PharmaEssentia reports August revenue NT$901.3M, +96.5% y/y
16.HK -- Sun Hung Kai Properties reports FY adjusted net income HK$21.74B vs StreetAccount HK$22.16B
Goldman Sachs upgrades 300012.CH; downgrades 002179.CH, 600845.CH
AMK -- Huatai Securities completes sale of AssetMark for $1.79B (CNY12.70B) as announced on 26-Apr
1402.TT -- Far Eastern New Century commits to reach net zero carbon emissions by 2050
601186.CH -- China Railway Construction initiated recommend at Founder Securities (timing uncertain)
546.HK -- Fufeng Group initiated buy at Southwest Securities (timing uncertain)
002714.CH -- Muyuan Foods sold 6.2M pigs (including 696K piglets) in August vs year-ago 5.7M
On Deck:
Japan:
Economic:
08:30 JST: Real Household Consumption Expenditure Y/Y; consensus
08:30 JST: Real Household Income Y/Y; consensus
08:50 JST: FX Reserves M/M; consensus
14:00 JST: Leading Index (Preliminary); consensus
Earnings:
Kanamoto (9678.JP)
Australia:
Economic:
11:30 AEST: Housing Finance SA M/M; consensus
Market Data:
Gold (Dec 24): +$4.00 or +0.16% to $2547.10
WTI Crude (Oct 24): +$0.17 or +0.25% to $69.32
$-¥: (0.27) or (0.19%) to 143.4670
$-KRW: (4.70) or (0.35%) to 1330.1600
A$-$: +0.00 or +0.24% to 0.6740
$-INR: +0.01 or +0.01% to 83.9819
$-CNY: (0.02) or (0.30%) to 7.0913
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