Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.01%, Hang Seng Futures (0.06%), ASX SPI 200 +0.11%, S&P Futures (0.06%)

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

  • 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:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE