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StreetAccount Summary - Asian Market Preview: Nikkei Futures +2.58%, Hang Seng Futures (1.16%), ASX SPI 200 (0.01%), S&P Futures +0.08%

Oct 06 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Futures signaling opening rally in Japan after PM Ishiba directed Cabinet Friday to draw up stimulus package. Hang Seng futures tracking for opening decline while ASX flat in opening trade. Bond markets resume following post-payrolls backup in Treasury yields Friday. Dollar extending advance vs yen, reaching highest since mid-August. Crude pulling back after logging best week since Mar-2023. Gold flat. Bitcoin unchanged after retreating 5% last week.

    • Hong Kong-listed China stocks capped off another big week with HSCE up 36% from late September lows to highest since Feb-2022. While some equity strategists have turned more bullish, rally is also drawing in skeptics amid concerns upside being fueled by speculative frenzy than fundamentals. Rally sustainability seen hinging on size of fiscal response and evidence of macro stabilization.

    • Markets still awaiting Israel's response to Iran's missile barrage last week. Possible targets mentioned in press include Iran's oil facilities though Biden on Friday appeared to backtrack on US support for such an action. Still, crude logged biggest weekly gain since early 2022 as traders position for potentially more upside (WTI crude's options skew has risen to highest since early 2022).

  • Pre-open Company News:

    • 880.HK -- SJM Holdings upgraded to outperform from hold at CLSA

    • 6660.HK -- AIM Vaccine announces data from Phase III clinical trial of iterative serum-free rabies vaccine

    • 2356.TT -- Inventec downgraded to underperform from neutral at Macquarie

    • JPMorgan upgrades Indian IT Services; Mphasis & LTIMindtree to overweight from neutral

    • 011070.KS -- LG Innotek Co. downgraded to neutral from buy at BofA

    • 530019.IN -- Jubilant Pharmova initiated buy at Nuvama Institutional Equities

    • 259960.KS -- KRAFTON downgraded to hold from add at CGS International

    • 7735.JP -- SCREEN provides IR day presentation

    • 6998.HK -- Genor Biopharma Holdings to merge with Edding Group Company via reverse takeover

    • 142.HK -- First Pacific subsidiary MPTC acquires interest in Egis Investment Corp. and Easytrip Services

    • 2308.TT -- Delta Electronics upgraded to outperform from neutral at Macquarie

    • JPMorgan upgrades 1066.MK, MTC.TB

    • 011070.KS -- LG Innotek Co. downgraded to neutral from overweight at JPMorgan

  • On Deck:

    • China:

      • Economic:

        • 16:00 CST: FX Reserves; consensus +$3317B

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

      • Earnings:

        • Welcia Holdings (3141.JP), Create SD Holdings (3148.JP), Nextage (3186.JP), Ichibanya (7630.JP), Mani Inc (7730.JP), Life Corp. (8194.JP), Tosei Corp (8923.JP)

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +0.7%

  • Market Data:

    • Gold (Dec 24): +$3.10 or +0.12% to $2670.90

    • WTI Crude (Nov 24): ($0.40) or (0.54%) to $73.98

    • $-¥: +0.18 or +0.12% to 148.9050

    • $-KRW: (1.02) or (0.08%) to 1345.8700

    • A$-$: (0.00) or (0.04%) to 0.6800

    • $-INR: (0.00) or (0.00%) to 84.0273

    • $-CNY: (0.03) or (0.46%) to 7.0175

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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.
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