Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (6.09%), Hang Seng Futures (0.13%), ASX SPI 200 +0.27%, S&P Futures +0.06%

Sep 29 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Nikkei futures pointing to steep initial declines as markets digest LDP leadership outcome. Hang Seng tracking for flat start while ASX futures signaling mild gains. S&P 500 futures flat after US indexes logged third straight weekly advance. Australian and New Zealand bonds strengthening after Treasuries firmed on Friday. Crude showing little movement following latest ramp in Middle East tensions. Gold flat near record high. Bitcoin unchanged near two-month high.

    • Japan stocks bracing for heavy initial sell-off following Shigeru Ishiba's victory in LDP leadership race. Ishiba's win viewed as a surprise outcome after markets seen to have priced in a Sanae Takaichi victory. Outcome drew attention to Ishiba's previous comments on fiscal consolidation and he noted Friday he would not push back on BOJ's gradual normalization path. On Sunday Ishiba also left open possibility of snap election at end of October.

    • China followed through on last week's real estate support announcements with PBOC telling banks to cut rates on existing mortgages and reduce downpayment requirements. Follows flurry of stimulus measures last week ranging from rate and RRR cuts to boost in sovereign bond issuance aimed at supporting consumption. Measures were generally well received by markets, although some economists voiced skepticism whether they will be enough.

    • September China official PMIs forecast to show manufacturing sector contracted at a shallower pace and non-manufacturing expanding at August's similarly anemic pace. Caixin PMIs (manufacturing and services) projected to show little change in pace of expansion. PMIs see underlining persistence of weak domestic demand through Q3 with firms experiencing lower new orders and ongoing deflation pressures (input and output prices).

  • Pre-open Company News:

    • BTOU.SP -- Manulife US REIT to sell 400 Capitol Mall in Sacramento, California for $117M

    • 600276.CH -- Jiangsu Hengrui Pharmaceuticals obtains approval to conduct the SHR-1905 clinical trials for adolescent asthma treatment

    • 688234.CH -- SICC Co. CFO Teo Nee Chuan steps-down; Yu Ying appointed replacement, effective 29-Sep

    • 9866.HK -- Strategic investors to invest CNY3.3B in cash, NIO to invest CNY10B in cash in NIO China

    • 002050.CH -- Zhejiang Sanhua Intelligent Controls upgraded to buy from neutral at Nomura

    • 2609.TT -- Yang Ming Marine Transport downgraded to hold from buy at Masterlink Securities

    • 543427.IN -- MedPlus Health Services receives three suspension orders of Drug License for stores in Latur

    • 1992.HK -- Fosun Tourism Group to sell four properties for CNY393.6M

    • 000519.CH -- North Industries Group Red Arrow's subsidiary to use CNY35M of idle working capital funds for up to twelve months

    • 9983.JP -- FAST RETAILING upgraded to overweight from equal-weight at Morgan Stanley

    • 601799.CH -- Changzhou Xingyu Automotive Lighting Systems upgraded to overweight from equal-weight at Morgan Stanley

    • 3097.JP -- The Monogatari initiated A at Iwai Cosmo Securities

    • 3105.JP -- Nisshinbo Holdings initiated B+ at Iwai Cosmo Securities

    • 601231.CH -- Universal Scientific Industrial (Shanghai) releases 2023 Climate and Nature Risk Management Report

    • 600486.CH -- Jiangsu Yangnong Chemical's Chairman of supervisory board Jun Ru Liu resigns, effective 29-Sep

  • On Deck:

    • China:

      • Economic:

        • 09:30 CST: CFLP Non Manufacturing PMI; consensus 50.05

        • 09:30 CST: CFLP PMI Manufacturing; consensus 49.2

        • 09:30 CST: CFLP Services PMI; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Industrial Production SA M/M (Preliminary); consensus (0.9%)

        • 08:50 JST: Retail Sales NSA Y/Y (Preliminary); consensus +2.6%

        • 14:00 JST: Housing Starts NSA Y/Y; consensus +1.2%

      • Earnings:

        • SHIMAMURA (8227.JP), Adastria (2685.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Private Sector Credit M/M; consensus

      • Earnings:

        • Strike Energy (STX.AU), Elanor Investors Group (ENN.AU)

  • Market Data:

    • Gold (Dec 24): +$18.00 or +0.67% to $2686.10

    • WTI Crude (Nov 24): $0.00 or 0.00% to $68.18

    • $-¥: +0.65 or +0.46% to 142.7650

    • $-KRW: (1.00) or (0.08%) to 1309.3000

    • A$-$: +0.00 or +0.18% to 0.6915

    • $-INR: (0.00) or (0.00%) to 83.7164

    • $-CNY: (0.00) or (0.02%) to 7.0103

  • 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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE