Sep 10 ,2024
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling opening declines in Japan and Hong Kong, and flat start in Australia. S&P 500 futures flat afterhours. Australian and New Zealand bonds rebounding after Treasury curve steepened Tuesday. Yen rebounding from Tuesday lows against dollar. Gold continues to push up from last week's lows. Crude recovering after flirting near lowest since late 2021. Bitcoin flat after nudging towards one-week high.
ORCL earnings overnight helped drive rotation back into tech/semi space that had come under scrutiny over past week. Growth fears sparked initially by soft US August payrolls also on backburner with soft landing narrative intact. At same time, negative seasonality (September historically worst month of the year for stocks), US election uncertainty (polls tied), China growth slowdown/stimulus disappointment and risk of yen strength among bearish talking points.
US August CPI forecast to show unchanged core with annualized rate holding at 3.2% y/y. Previews flagged potential upside pressure from airfares, used vehicles but fewer general upside risks given softer labor market trends. CPI has taken on less significance from a Fed perspective given reaction function now more heavily weighted toward labor market side of dual mandate (market pricing in smallest CPI-day reaction this year).
Trump and Harris face off in presidential debate later this morning, which could shape trajectory of race after several polls show race tied nationally and in battleground states (though some betting markets show Trump again narrow favorite to win election). Press previews have noted voters wanting to understand more about Harris and her policies while Trump's performance will be closely scrutinized.
Pre-open Company News:
300558.CH -- China's NMPA accepts clinical trial application from Betta Pharmaceuticals of MCLA-129 injection for tumor
2207.TT -- Hotai Motor reports August consolidated revenue NT$20.73B, (9.3%) y/y
337.HK -- Greenland Hong Kong Holdings reports Jan-Aug contracted sales CNY5.53B; StreetAccount notes the year-ago figure was CNY10.71B
000959.CH -- Beijing Shougang subsidiary to transfer carbon emission rights, expect to record gains of CNY100-120M
600989.CH -- Ningxia Baofeng Energy Group upgraded to buy from overweight at Northeast Securities (timing uncertain)
2615.TT -- Wan Hai Lines reports August revenue NT$19.41B, +126.5% y/y
Hong Kong stock connect daily turnover
^ASIAREADS -- StreetAccount Asia Reads
1628.HK -- Yuzhou Group Holdings reports August sales CNY431M; StreetAccount notes year-ago CNY1.25B
95.HK -- LVGEM (China) Real Estate Investment CFO Chan Kin Man resigns, effective today
1628.HK -- Yuzhou Group Holdings provides update on offshore debt restructuring, extends deadlines, adjourns scheme meetings
2880.HK -- Liaoning Port controlling shareholder proposes share buyback through centralized bidding, pending shareholder approval
551.HK -- Yue Yuen Industrial (Holdings) reports August revenue $713.3M, +11.6% y/y
543258.IN -- Indigo Paints holder Peak XV Partners Investment IV discloses sale of 10.61% stake via block trade
6955.HK -- Shandong Boan Biotechnology initiated overweight at Northeast Securities (timing uncertain)
On Deck:
China:
Economic:
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
08:00 CST: M2 NSA Y/Y; consensus
Japan:
Earnings:
Kobe Bussan (3038.JP)
Australia:
Earnings:
Adriatic Metals (ADT.AU)
Market Data:
Gold (Dec 24): +$3.30 or +0.13% to $2546.40
WTI Crude (Oct 24): +$0.58 or +0.88% to $66.33
$-¥: (0.90) or (0.63%) to 142.2790
$-KRW: (1.51) or (0.11%) to 1341.1500
A$-$: (0.00) or (0.12%) to 0.6653
$-INR: +0.00 or +0.00% to 83.9828
$-CNY: +0.01 or +0.10% to 7.1208
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