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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.80%, Hang Seng Futures 0.00%, ASX SPI 200 (0.46%), S&P Futures +0.30%

Sep 18 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Futures pointing to opening gains in Japan, negative start in Australia and flat open in Hong Kong. S&P 500 futures advancing afterhours. Australian and New Zealand bonds under pressure, taking cues from earlier Treasury curve bear steepening. Yen down slightly against dollar while kiwi flat following New Zealand GDP beat. Crude and gold pulling lower. Bitcoin picking up gains.

    • Fed's 50 bp rate cut and updated dot plot driving expectations of more outsized reductions. SEP showed policymakers project 100 bp of rate cuts in 2024, implying 50 bp more of easing. However, futures pricing in ~75 bp of cuts in final two meetings, implying at least one more 50 bp cut. Market pricing for 2025 also remains more dovish than Fed, pricing in fed funds rate below 3% by July vs dot plot projection of 3.375% funds rate by end-2025.

    • Dollar found support following Fed's larger-than-expected rate cut and updated dot plot that projected less aggressive pace of easing than markets pricing in. Yen continued to drift back from mid-2023 highs against dollar as focus centers on BOJ meeting Friday. Widely anticipated to leave policy unchanged, though Governor Ueda seen reaffirming central bank on track for another rate hike if economy and inflation evolve as expected.

    • Australian jobs data forecast to show unchanged unemployment rate and step down in headline jobs growth. Data comes ahead of Tuesday's RBA meeting with its hawkish-leaning bias informed in part by its assessment of a still-tight labor market. Earlier, New Zealand economy contracted by less than forecast in Q2 though markets pricing in ~50% chance of 50 bp RBNZ rate cut in October with GDP projected to have shrunk again in Q3.

  • Pre-open Company News:

    • 1171.HK -- Yankuang Energy Group general manager Xiao Yaomeng resigns from all positions, effective immediately

    • 601611.CH -- China Nuclear Engineering Corp. reports Jan-Aug new contracts signed CNY94.61B

    • 601117.CH -- China National Chemical Engineering reports Jan-Aug new contracts CNY256.13B; StreetAccount notes year-ago CNY213.83B

    • T82U.SP -- Insider transaction: Suntec Real Estate Investment Trust chairman Chew Gek Khim discloses purchase of 148K units - Form 1

    • MBS.VN -- Insider transaction: MB Securities chairman Le Viet Hai discloses purchase of 87.2M shares

    • 002352.CH -- S.F. Holding Co. reports August revenue CNY22.98B vs year-ago CNY20.27B

    • 7956.JP -- Pigeon upgraded to hold from underperform at Jefferies

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 4203.JP -- Sumitomo Bakelite holder Sumitomo Chemical to sell 6.5M shares, or 7.02% stake, to GIC for ¥3,476/share in off-market transaction

    • IBK Securities initiates 000270.KS, 005380.KS, 012330.KS

    • 600885.CH -- Hongfa Technology initiated overweight at Guotai Junan

    • IDC.VN -- Idico Corp. Chief Accountant Tran Thi Ngoc to step down, effective 1-Oct

    • 7730.JP -- Mani Inc downgraded to 2-neutral from 1-outperform at SMBC Nikko

    • S08.SP -- Singapore Post updates on strategic review of Australia business

    • 532777.IN -- Info Edge India upgraded to buy from underperform at BofA

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus 4.2%

        • 11:30 AEST: Employment SA; consensus +15K

      • Earnings:

        • Myer Holdings (MYR.AU)

  • Market Data:

    • Gold (Dec 24): ($16.30) or (0.63%) to $2582.30

    • WTI Crude (Oct 24): ($0.67) or (0.94%) to $70.24

    • $-¥: +0.19 or +0.13% to 142.6040

    • $-KRW: (3.63) or (0.27%) to 1322.0700

    • A$-$: +0.00 or +0.05% to 0.6758

    • $-INR: (0.11) or (0.13%) to 83.6890

    • $-CNY: (0.01) or (0.18%) to 7.0810

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