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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.08%, Hang Seng Futures +0.23%, ASX SPI 200 +0.56%, S&P Futures +0.05%

Sep 12 ,2024

  • Synopsis:

    • Asian markets set for positive start to Friday trade. Futures signaling opening gains in Hong Kong and Australia, and flat start in Japan. S&P 500 futures flat after US indexes rose for a fourth-straight session. Front-end Australian yields a touch lower after Treasuries weakened overnight. Yen continuing to recover earlier losses against dollar. Gold flat after rallying to record high. Crude and copper futures adding to gains in cash market. Bitcoin little changed near one-week high.

    • Bloomberg sources indicated China banks poised to cut mortgage rates on outstanding loans totaling more than $5T as early as this month. Some homeowners may receive up to 50 bp in immediate relief amid estimates more than CNY300B in annual interest expenses saved, freeing up cash flow with aim of boosting consumption. Comes as economists have voiced criticism China's policy support efforts putting too little emphasis on strengthening demand.

    • China August activity data due out Saturday with retail sales, industrial production and fixed asset investment growth all forecast to have weakened further. That would add to signs economic slowdown persisting into Q3, reinforcing calls for policymakers to step up support. Property metrics will also receive attention with real estate investment seen declining by at least 10% and house prices also remaining under pressure.

    • Latest Bloomberg poll showed slim majority of economists anticipate BOJ rate hike in December though narrow majority also saw October hike at earliest. Recent commentary from BOJ officials has reinforced comfort with continuing policy normalization if economy and inflation evolve in-line with outlook. However, size of Fed rate cuts a potential complication amid risk of yen-driven market ructions.

  • Pre-open Company News:

    • 500247.IN -- Kotak Mahindra Bank publishes Business Responsibility and Sustainability Report for FY2023-24

    • 600009.CH -- Shanghai International Airport reports August operational statistics: Pudong takeoffs and landings 48,165, +13.5% y/y

    • 500490.IN -- Bajaj Holdings & Investment declares interim dividend INR65/share

    • UBS initiates N2IU.SP; downgrades J69U.SP

    • 1381.HK -- Canvest Environmental Protection Group CEO Yuan Guozhen resigns, effective immediately

    • 916.HK -- China Longyuan Power Group reports August power generation 4,995 GWh vs year-ago 4,652 GWh

    • 9532.JP -- Osaka Gas completes ¥20.0B buyback for 5.8M shares

    • 540073.IN -- BLS International Services to acquire 100% stake in Citizenship Invest for $31M (INR2.60B) cash

    • 601668.CH -- China State Construction Engineering Corp. reports Jan-Aug new contracts CNY2.852T, +6.5% y/y

    • ^ESG -- StreetAccount ESG Headlines (12-Sep)

    • 600079.CH -- NMPA approves trial of Humanwell Healthcare unit's pimavanserin tartrate for hallucinations, delusions related to Parkinson's disease

    • UXIN -- Uxin to place 5.1M ADSs to Dida Inc. at $1.4575/ADS

    • India August provisional CPI 3.65% y/y vs consensus 3.55% and prior 3.54%

    • 1773.HK -- Tianli International Holdings business update: Fall 2024 student serviced 130K, +30% y/y

    • GM -- Hyundai and GM sign memorandum of understanding to explore collaboration on vehicles, supply chain and clean-energy technologies

  • On Deck:

    • China:

      • Economic:

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

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

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 13:30 JST: Industrial Production SA M/M (Final); consensus

      • Earnings:

        • ASKUL Corp (2678.JP), H.I.S. (9603.JP)

  • Market Data:

    • Gold (Dec 24): +$5.50 or +0.21% to $2586.10

    • WTI Crude (Oct 24): +$0.32 or +0.46% to $69.29

    • $-¥: (0.73) or (0.51%) to 141.6400

    • $-KRW: (5.75) or (0.43%) to 1334.0500

    • A$-$: +0.00 or +0.73% to 0.6724

    • $-INR: (0.06) or (0.07%) to 83.9321

    • $-CNY: (0.00) or (0.04%) to 7.1167

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