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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.17%, Hang Seng Futures +0.67%, ASX SPI 200 +0.21%, S&P Futures +0.12%

Sep 25 ,2024

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Futures signalling opening gains in Japan, Hong Kong and Australia. S&P 500 futures flat following mostly weaker offshore session. Australian yield curve bear steepening, mirroring earlier Treasury weakness. Crude steady after erasing prior session's rally. Gold flat near record high. Bitcoin continues to fluctuate near one-month high.

    • China equity rally lost steam with Nasdaq Golden Dragon index down 3% overnight. Benchmark China indexes finished well off highs during Wednesday's session as positive headline effects from stimulus announcement faded. Measures drew mixed reaction from economists with common theme being that while they were larger in scope compared to past efforts, they may still not be enough to turn economy around without meaningful fiscal support.

    • China followed up Tuesday's stimulus announcement by announcing one-off cash handouts to people in extreme poverty before next week's holiday period. State Council unveiled guidelines to promote employee compensation increases, and social security benefits to unemployed graduates. Attention is also on upcoming Politburo meeting where authorities may announce new initiatives to support growth.

  • Pre-open Company News:

    • 659.HK -- NWS Holdings reports FY net income attributable HK$2.08B vs FactSet HK$2.62B [2 est, HK$2.34-2.90B]

    • 500087.IN -- Cipla Ltd acquires remaining 6.9% stake in Cipla (Jiangsu) Pharmaceuticals for CNY35.8M (INR426.6M) in cash

    • +PC -- Premium Catering (Holdings) Ltd. IPO opens at $5.30 on the Nasdaq

    • 6301.JP -- Komatsu releases 2024 Integrated Report

    • 6920.JP -- Lasertec downgraded to underperform from neutral at Mizuho Securities

    • 8604.JP -- Nomura reports Japan's securities regulators recommended an administrative monetary penalty against Nomura Securities

    • 1177.HK -- Sino Biopharmaceutical receives NMPA's marketing approval for Debaitai for treatment of mild to moderate AD

    • 13.HK -- Hutchmed initiated buy at SWS Research (timing uncertain)

    • 601006.CH -- Daqin Railway initiated overweight at Cinda Securities (timing uncertain)

    • 600998.CH -- Jointown Pharmaceutical Group's application to list pharmaceutical warehousing and logistics infrastructure as REITs accepted by CSRC

    • 2380.HK -- China Power International Development reports August total electricity sold 11.2M MWh vs year-ago 9.1M MWh

    • Hong Kong stock connect daily turnover

    • 002024.CH -- Suning.com completes CNY80.0-100.0M buyback

    • 2777.HK -- Hong Kong court adjourns winding-up hearing against Guangzhou R&F unit Trillion Glory to 5-Mar

    • China August domestic mobile phone shipments: 24.0M, +26.7% y/y

  • On Deck:

    • Hong Kong:

      • Earnings:

        • New World Development (17.HK)

    • Australia:

      • Earnings:

        • Meteoric Resources NL (MEI.AU)

  • Market Data:

    • Gold (Dec 24): ($1.80) or (0.07%) to $2682.90

    • WTI Crude (Nov 24): ($0.09) or (0.13%) to $69.60

    • $-¥: +1.48 or +1.03% to 144.7080

    • $-KRW: +6.96 or +0.52% to 1332.9200

    • A$-$: (0.01) or (1.02%) to 0.6823

    • $-INR: +0.01 or +0.01% to 83.6214

    • $-CNY: +0.00 or +0.01% to 7.0323

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