Oct 01 ,2024
Synopsis:
Asian markets set for negative start to Wednesday trade. Futures pointing to steep opening declines in Japan and Hong Kong while ASX futures flat. S&P 500 futures extending losses afterhours. Australian and New Zealand bonds rallying after Treasuries strengthened overnight. FX markets steady after dollar edged higher against other currencies. Crude adding to gains on latest geopolitical headlines. Gold off earlier highs. Bitcoin down towards two-week low
Markets in risk off mode following latest ramp in Middle East tensions. Israel vowed to retaliate after Iran launched ballistic missile barrage that was mostly intercepted. Developments have raised concerns of wider war and drove knee-jerk spike in oil prices amid risk of damage to Iranian crude facilities. Markets will be closely eyeing Israel's response and whether subsequent rhetoric from Tehran points to tit-for-tat escalation.
New Japan PM Shigeru Ishiba's economic policies in focus after he pledged additional cost of living relief measures and cash handouts to low-income earners. Reiterated his expectation monetary policy will remain accommodative and said no intention to raise financial income tax. Analyst suggested initial risk off reaction to Ishiba's ascension was overdone while FX strategists similarly skeptical about yen appreciation prospects.
Pre-open Company News:
Dept. of Commerce releases preliminary determination of new tariffs on solar panels from SE Asia
Jan-Sep property sales and land acquisition by Chinese property companies
Italy Sep new passenger car registrations 121,666 units, (10.7%) y/y -- UNRAE
512455.IN -- Lloyds Metals & Energy reports H1FY25 iron ore production 5.9M tonnes vs year-ago 5.7M tonnes
533758.IN -- APL Apollo Tubes reports Q2 sales volume 758KT, +12% y/y
9866.HK -- NIO delivers 21,181 vehicles in September, +35.4% y/y
STTK -- Shattuck Labs provides company update including discontinuation of SL-172154 clinical program and ~40% reduction in workforce
532667.IN -- Suzlon Energy receives warning/advisory letter from stock exchanges over corporate governance issues
HSAI -- Hesai and SAIC Volkswagen sign new partnership on automotive lidar program
500182.IN -- Hero MotoCorp reports September sale of motorcycles and scooters 637,050 vs StreetAccount 581,407
5UX.SP -- Oxley Holdings sells 30% stake in luxury hotel at Oxley Towers KLCC
590024.IN -- Fertilizers & Chemicals Travancore extends additional charge of CMD S.C. Mudgerikar, effective 1-Oct
On Deck:
Japan:
Earnings:
Kasumigaseki Capital (3498.JP), NISHIMATSUYA CHAIN (7545.JP)
Market Data:
Gold (Dec 24): ($8.30) or (0.31%) to $2682.00
WTI Crude (Nov 24): +$1.05 or +1.50% to $70.88
$-¥: (0.06) or (0.04%) to 143.5790
$-KRW: +3.87 or +0.29% to 1322.8500
A$-$: (0.00) or (0.45%) to 0.6882
$-INR: +0.05 or +0.06% to 83.8702
$-CNY: +0.01 or +0.18% to 7.0304
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