Sep 16 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures pointing to mild initial losses in Japan and Hong Kong while ASX futures higher. S&P 500 futures flat following quiet Monday session. Australian bonds strengthening after Treasury curve bull flattened overnight. Yen pulling back a little following recent strength. Crude adding to earlier gains while gold flat. Bitcoin coming off overnight lows.
Waiting game continues ahead of FOMC meeting (Wed) and BOJ (Fri). Futures increasingly pricing in 50 bp Fed rate cut though projected rate cuts in 2024 and 2025 likely to garner more attention given ~250 bp of cuts expected by end-2025. While BOJ expected to keep policy unchanged, markets will be more attuned to Governor Ueda's press conference and implications for 2024 rate outlook.
Yen strength has been a recent talking point ahead of Fed and BOJ meetings, hitting highest against dollar since mid-2023 on Monday. Positioning data shows speculative longs gaining traction as markets increasingly price in 50 bp Fed rate cut on Wednesday. FX strategists eyeing further appreciation over year ahead as Fed-BOJ policy divergence contributes to narrowing US-Japan yield differentials.
Pre-open Company News:
C6L.SP -- Singapore Airlines reports August traffic +7.7% y/y
CPAXT.TB -- CP Axtra Public to enter trading halt from 20-Sep to 2-Oct for amalgamation preparation
543635.IN -- Piramal Pharma near-term GHG emissions reduction targets validated by SBTi
1638.HK -- Kaisa Group Holdings provides update on debt restructuring; 75.1% of in-scope debt acceded to RSA
REE -- REE Automotive announces global manufacturing agreement with Motherson Group, $45.4M registered direct offering led by M&G
513375.IN -- Carborundum Universal to acquire 100% stake in SCP for $6.6M (INR560M) EV in cash
^ASIAREADS -- StreetAccount Asia Reads
1023.MK -- CIMB Group Holdings upgraded to overweight from neutral at JPMorgan
TIL -- Instil Bio and ImmuneOnco announce global registrational strategy for PD-L1xVEGF bispecific antibody, SYN-2510/IMM2510, in NSCLC and TNBC
540611.IN -- AU Small Finance Bank initiated neutral at UBS
1024.HK -- Street Takeaways - Kuaishou Technology's Investor Day
S68.SP -- Singapore Exchange releases FY24 sustainability report
1942.HK -- MOG Digitech Holdings to place up to 155.2M shares to six individuals at HK$0.53/share
6878.HK -- Differ Group Auto chairman, CEO Ng Chi Chung resigns due to personal reasons, effective today
+BKV -- BKV Corporation announces launch of IPO; to offer 15M shares in the range of $19-21 per share through Citigroup, Barclays, Evercore ISI, Jefferies, and Mizuho
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
13:30 JST: Retail Sales NSA Y/Y (Final); consensus
Earnings:
Park24 (4666.JP)
Australia:
Earnings:
New Hope Corp. (NHC.AU)
Market Data:
Gold (Dec 24): +$1.40 or +0.05% to $2610.30
WTI Crude (Oct 24): +$0.37 or +0.53% to $70.46
$-¥: +0.06 or +0.04% to 140.8810
$-KRW: (13.05) or (0.98%) to 1316.4900
A$-$: +0.00 or +0.69% to 0.6748
$-INR: (0.00) or (0.00%) to 83.8827
$-CNY: (0.00) or (0.01%) to 7.0925
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