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StreetAccount Summary - Asian Market Preview: Nikkei Futures +2.10%, Hang Seng Futures +0.67%, ASX SPI 200 +0.63%, S&P Futures (0.10%)

Sep 11 ,2024

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Futures pointing to opening rally in Japan with Hang Seng and ASX also tracking for initial gains. S&P 500 futures flat following tech-led bounce overnight. Australian bonds under pressure after Treasury curve bear flattened following US CPI. Dollar extending rebound against yen from Dec-2023 lows. Crude steady after bouncing from late-2021 lows. Gold little changed. Copper near one-week high. Bitcoin flat after reversing earlier losses.

    • Overnight market support again came from growth/momentum outperformance following bullish remarks on demand for AI chips from NVDA CEO Jensen Huang. Comes after market saw rotation back into tech/semis/AI on Tuesday following well-received ORCL earnings. SOX now up 9% from last week's lows with bounce attributed to positioning becoming less stretched.

    • Slightly hotter than expected US core inflation print attributed in part for earlier drag on risk sentiment after markets pared expectations of 50 bp Fed rate cut next week. Still, broader disinflation narrative was left largely intact, and CPI has taken on less significance lately with Fed more focused on risks to growth and labor market. Markets still pricing ~140 bop of rate cuts end of Jan-2025, implying around two 50 bp moves over next four meetings.

  • Pre-open Company News:

    • 4503.JP -- Astellas Pharma to present six abstracts at ESMO Congress from 13-Sep to 17-Sep

    • Hong Kong stock connect daily turnover

    • 601699.CH -- Shanxi Lu'an Environmental Energy Development reports August raw coal production 4.9Mt, (2.2%) y/y

    • 3996.HK -- China Energy Engineering controlling holder completes purchase of 24.9M A-shares totalling CNY50.0M

    • NO4.SP -- Hanwha Ocean subsidiary to acquire all of Dyna-Mac Holdings via a public offer

    • 855.HK -- China Water Affairs Group halts plan for proposed spinoff and separate listing of Silver Dragon Water Supply subsidiary

    • 2601.HK -- China Pacific Insurance (Group) reports 1-Jan to 31-Aug premium income

    • 603392.CH -- Beijing Wantai Biological Pharmacy Enterprise completes CNY200-400M share buyback announced in Aug 2023

    • 543237.IN -- Mazagon Dock Shipbuilders releases business responsibility and sustainability report

    • 1798.HK -- China Datang Corp. Renewable Power reports August power generation 1,701 GWh, +4.4% y/y

    • 4208.JP -- Ube upgraded to overweight from equal-weight at Morgan Stanley

    • 1114.HK -- Brilliance China Automotive Holdings chairman chairman Wu Xiao An resigns due to other commitment, effective today

    • ICT.PM -- International Container Terminal Services upgraded to add from hold at CGS International

    • Ministry of Ports, Shipping & Waterways reports April-Aug traffic at major ports 348.1Mt vs year-ago 331.9Mt

    • 500470.IN -- Tata Steel signs £500M (INR54.97B) grant funding agreement with UK government for Port Talbot

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

      • Earnings:

        • Visional (4194.JP)

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

      • Earnings:

        • Tasmea (TEA.AU)

  • Market Data:

    • Gold (Dec 24): ($2.30) or (0.09%) to $2540.10

    • WTI Crude (Oct 24): +$0.01 or +0.01% to $67.32

    • $-¥: +0.12 or +0.09% to 142.5740

    • $-KRW: (5.56) or (0.41%) to 1338.8200

    • A$-$: +0.00 or +0.33% to 0.6674

    • $-INR: +0.02 or +0.02% to 83.9939

    • $-CNY: (0.00) or (0.03%) to 7.1196

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