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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.71%, Hang Seng Futures (2.39%), ASX SPI 200 (0.39%), S&P Futures (0.16%)

Sep 30 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Tuesday trade. Futures signaling modest opening gains in Japan while ASX futures lower. Greater China markets closed for National Day celebrations. S&P 500 futures edging lower afterhours. Australian bonds weakening after Treasury curve flattened overnight. Crude little changed in muted response to latest ramp in Middle East tensions. Gold flat. Bitcoin little changed after retreating from two-month high.

    • Newly elected LDP leader Shigeru Ishiba to be formally appointed Japan PM today as attention turns to snap general election called for 27-Oct. Japan equities notably lower Monday after Ishiba's leadership victory drew attention to perceived hawkish remarks on fiscal policy. At same time analysts downplayed notion of a hawkish policy shift with Monday's pullback also considered function of preceding rally after markets moved to price a Sanae Takaichi victory.

    • Big Monday rally in China culminated in CSI 300's biggest daily gain since 2008. Marked continuation of post-stimulus rebound in equities with strategists eying more upside over near-term. However, there are lingering doubts about rally's sustainability. FOMO thought to be fueling rally with retail investors piling in before holiday period. Press also highlighted upside momentum from quant-driven short squeeze.

  • Pre-open Company News:

    • 4553.JP -- Towa Pharmaceutical settles lawsuit filed by Eagle Pharmaceuticals and SymBio Pharmaceuticals

    • 601179.CH -- China XD Electric holder GE Smallworld (Singapore) to sell 153.8M shares from 29-Oct to 28-Jan

    • UD2.SP -- Japfa completes equal access offer announced on 19-Aug; repurchases 139.8M shares

    • 2201.TT -- Yulon Motor completes sale of 51% stake in Yulon Motor Finance (China) to BAIC as announced in Nov 2023

    • India External Debt as at 30-June $682.3B vs consensus $667.0B and prior $668.9B

    • 542830.IN -- Indian Railway Catering and Tourism Ajit Kumar ceases to be CFO upon term completion, effective 30-Sep

    • 532525.IN -- Bank of Maharashtra launches QIP at floor price INR60.37/share

    • 1238.HK -- Powerlong Real Estate Holdings signs in-principle agreement with ad hoc group to amend RSA; withdraws FY21 final dividend

    • 3002.JP -- Gunze Ltd releases 2024 Integrated Report

    • 8609.JP -- Okasan Securities Group releases 2024 Integrated Report

    • 1662.JP -- Japan Petroleum Exploration releases 2024 Integrated Report

    • CMS finalizes decision memo for NCD for PrEP w/ antiretroviral therapy for the prevention of HIV

    • 002444.CH -- Quick Take - Hangzhou Great Star Industrial Q3 guidance

    • 9147.JP -- Nippon Express Holdings acquires 100% stake in Simon Hegele; terms undisclosed

    • 4348.JP -- Infocom chairman Norihiro Takehara to resign due to personal reason, effective today

  • On Deck:

    • Japan:

      • Economic:

        • 08:30 JST: Unemployment Rate; consensus 2.7%

        • 08:50 JST: Tankan Large Non-Manufacturing Index NSA; consensus

        • 08:50 JST: Tankan Large Manufacturing Index NSA; consensus

      • Earnings:

        • Zojirushi (7965.JP), Daiseki (9793.JP)

    • South Korea:

      • Economic:

        • 11:00 KST: Trade Balance NSA; consensus

        • 11:00 KST: Import NSA Y/Y; consensus +5.9%

        • 11:00 KST: Export NSA Y/Y; consensus +6.6%

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Preliminary); consensus +0.6%

        • 11:30 AEST: Building Approvals SA M/M; consensus

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +2%

  • Market Data:

    • Gold (Dec 24): ($2.80) or (0.11%) to $2656.60

    • WTI Crude (Nov 24): +$0.10 or +0.15% to $68.27

    • $-¥: +1.49 or +1.05% to 143.6020

    • $-KRW: +5.60 or +0.43% to 1315.9000

    • A$-$: +0.00 or +0.20% to 0.6916

    • $-INR: +0.11 or +0.13% to 83.8277

    • $-CNY: +0.01 or +0.08% to 7.0175

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