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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.14%), Hang Seng Futures (0.03%), ASX SPI 200 +0.01%, S&P Futures (0.03%)

Oct 07 ,2024

  • Synopsis:

    • Asian markets set for negative start Tuesday. Futures pointing to pullback on Nikkei while Hang Seng futures little changed. ASX opens flat. S&P 500 futures unchanged afterhours. Australian bond yields sharply higher, tracking Treasury rate backup that followed hot US payrolls data. FX markets steady after yen drifted up from mid-August lows against dollar. Crude extending gains to highest since mid-August as Israel readies retaliation against Iran. Gold unchanged. Bitcoin flat.

    • Mainland China markets resume trade following Golden Week holiday. Hong Kong-listed China shares have extended their post-stimulus rally with HSCE index up 11% over past week. Options traders also positioned for bullish reopen in mainland China as Goldman Sachs became latest to upgrade rating on China equities, citing undemanding valuations, improved outlook for earnings and light foreign positioning.

    • China's NDRC to hold press briefing at 10.00 CST to discuss policies to support economic growth. Economists anticipate authorities could unveil fiscal package of up to CNY1.5-3.0T that includes mix of local government financing support, bank recapitalization and support for consumers. Some talk about headline total falling short of lofty expectations though investors also focused on policy mix.

  • Pre-open Company News:

    • 500790.IN -- Nestle India chairman, managing director Suresh Narayanan to retire, effective 31-Jul-25 close of business (11:42 IST)

    • 1919.HK -- COSCO SHIPPING Holdings guides Q3 net income attributable CNY21.25B vs year-ago restated CNY5.51B

    • 119.HK -- Poly Property Group reports September contracted sales CNY3.4B; StreetAccount notes year-ago figure was CNY3.3B

    • 3900.HK -- Greentown China Holdings reports September self-investment project sales CNY10.6B; StreetAccount notes year-ago figure was CNY12.5B

    • 532784.IN -- Sobha Ltd reports Q2 real estate sales INR11.79B vs year-ago INR17.24B

    • 500570.IN -- JLR reports Q2 retail sales 103108 units, (3%) y/y

    • 1605.TT -- Walsin Lihwa reports September revenue NT$14.50B, (13.5%) y/y

    • EAF -- HEG Ltd acquires 8.2% stake in GrafTech International for INR2.49B ($29.6M) on secondary market

    • 6753.JP -- Sharp Corp releases 2024 sustainability report

    • 3407.JP -- Asahi Kasei releases 2024 Integrated Report

    • 541556.IN -- RITES Ltd announces $5.4M order

    • INTUCH.TB -- Intouch Holdings Public downgraded to hold from buy at IV Global Securities

    • 3036.TT -- WT Microelectronics initiated buy at BofA

    • Japan August household spending (1.9%) y/y vs consensus (2.6%) and +0.1% in prior month

    • XZL.SP -- Acrophyte Hospitality Trust subsidiary completes previously announced sale of Hyatt House Shelton, Connecticut

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus +6.4%

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 08:30 JST: Real Household Consumption Expenditure Y/Y; consensus

        • 08:30 JST: Real Household Income Y/Y; consensus

      • Earnings:

        • J. FRONT RETAILING (3086.JP), AEON Financial Service (8570.JP), AEON Mall (8905.JP), AEON DELIGHT (9787.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: NAB Business Confidence; consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2%

        • 16:00 TST: Export NSA Y/Y; consensus +13.6%

  • Market Data:

    • Gold (Dec 24): ($3.00) or (0.11%) to $2663.00

    • WTI Crude (Nov 24): +$0.34 or +0.44% to $77.48

    • $-¥: (0.81) or (0.54%) to 147.9210

    • $-KRW: (4.52) or (0.34%) to 1342.3700

    • A$-$: (0.01) or (0.78%) to 0.6750

    • $-INR: (0.07) or (0.08%) to 83.9661

    • $-CNY: (0.03) or (0.43%) to 7.0193

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