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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.29%), Hang Seng Futures (0.15%), ASX SPI 200 +0.65%, S&P Futures (0.04%)

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

  • 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.
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