Sep 23 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures signalling opening gains in Japan and Hong Kong while ASX tracking for a muted open. S&P 500 futures touch lower afterhours. Australian bond yields down 1-2 bp after Treasuries ended little changed. FX markets steady with yen fluctuating near three-week low against dollar. Crude consolidating following last week's rally. Gold flat. Bitcoin eased from one-month high.
BOJ Governor Ueda to address business leaders today where markets will be eyeing any additional color on outlook for rates. Takeaways from his press conference on Friday leaned mostly dovish after he noted upside inflation risks appear to be easing. Some economists pushed back their rate hike calls while futures pared odds of December rate hike to just 30%.
RBA expected to leave cash rate unchanged today with bigger interest surrounding any shifts in policy bias. Fed's 50 bp cut not expected to factor into RBA's thinking amid homegrown factors keeping inflation elevated. Previews anticipate policy statement reemphasizing points on excess demand, tight labor market, and upside inflation risks. Governor Bullock also expected to repeat board is not contemplating rate cut in near-term.
Busy night of Fedspeak where policymakers voiced support for additional rate cuts while stressing need to avoid falling behind the curve. Nothing to indicate their preference for more outsized rate cuts, stressing policy will be guided by incoming data. Following their remarks, markets continued to price in 50% chance of 25 or 50 bp cut in November, little changed from last week. Futures still pricing in 57 bp of cuts by year-end.
Pre-open Company News:
002653.CH -- NMPA accepts submission of Haisco Pharmaceutical's marketing application for HSK21542 for itching in adults with chronic kidney disease
Hong Kong stock connect daily turnover
600873.CH -- Meihua Holdings Group proposes CNY300-500M share buyback at up to CNY12/share to run for 12 months
600873.CH -- Meihua Holdings Group declares interim dividend CNY0.175/share
1618.HK -- Metallurgical Corp. of China introduces ICBC, ABC as third-party investors of certain subsidiaries to raise CNY5.41B
601669.CH -- Power Construction Corporation of China reports Jan-Aug new contract value CNY764.74B, +7.1% y/y
002653.CH -- NMPA accepts submission of Haisco Pharmaceutical unit's IND application for HSK46575 for prostate cancer therapy
1508.HK -- China Reinsurance (Group) reports Jan-Aug aggregate primary premium income CNY35.51B
HFR.AU -- Yankuang Energy Group signs bidding agreements for acquisition of Highfield Resources
2688.HK -- ENN Energy Holdings to buy back up-to-HK$300M shares; add up-to-HK$300M for share award scheme
267260.KS -- HD Hyundai Electric initiated buy at BofA
524715.IN -- Sun Pharmaceutical Industries responds to exchange on increase in volume: All material information has been disclosed
532777.IN -- Info Edge India completes Wishbook stake divestment
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Earnings:
Sugi Holdings (7649.JP)
Australia:
Economic:
14:30 AEST: RBA Official Cash Rate; consensus 4.35%
Earnings:
Sigma Healthcare (SIG.AU)
New Zealand:
Earnings:
KMD Brands (KMD.NZ)
Market Data:
Gold (Dec 24): ($1.60) or (0.06%) to $2650.90
WTI Crude (Nov 24): +$0.17 or +0.24% to $70.54
$-¥: (0.14) or (0.10%) to 143.7090
$-KRW: +0.55 or +0.04% to 1333.0400
A$-$: +0.00 or +0.36% to 0.6831
$-INR: +0.07 or +0.08% to 83.5485
$-CNY: (0.00) or (0.01%) to 7.0514
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