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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.29%, Hang Seng Futures +0.09%, ASX SPI 200 (0.18%), S&P Futures +0.12%

Oct 10 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Friday trade. Futures signaling mild opening gains in Japan, and flat start in Hong Kong. ASX lower in initial trade. S&P 500 futures up slightly afterhours. Bonds mixed with Aussie front-end rates lower while New Zealand curve continues to bear flatten in RBNZ aftermath. FX markets steady after yen weakened towards two-month low against dollar. Crude flat followed earlier spike on reports Israel nearing Iran retaliation. Bitcoin gaining after falling towards mid-Sep lows.

    • BOJ Governor Himino on Thursday repeated policy normalization to continue if economy and inflation evolve as expected. While recent remarks from Governor Ueda and PM Ishiba were perceived as dovish, Reuters highlighted how domestic and US economic prospects may renew expectations of a rate hike in Dec/Jan. Sources also noted BOJ likely to maintain ~2% inflation forecast at October MPM.

    • China focus centers on Saturday MoF press conference to discuss measures to boost growth. Bloomberg consensus seems to be for a fiscal package of up to CNY2.0T, though composition of package likely to attract as much scrutiny with economists calling for measures focused on lifting consumption. However, stimulus disappointment remains a market concern after NDRC's press conference on Tuesday led to Wednesday's steep sell-off.

    • Hotter-than-expected US CPI strengthened market's conviction Fed will cut by 25 bp in November instead of 50 bp. Most Fed officials played down the CPI beat, pointing to broader disinflation trends. At same time, several continue to stress data dependency and caution policy not on a preset course. Markets have moved back to pricing in less than 50 bp of Fed rate cuts over final two meetings of 2024.

  • Pre-open Company News:

    • 2020.HK -- ANTA Sports Products reports Q3 operational update

    • 81.HK -- China Overseas Grand Oceans Group reports September contracted sales CNY3.15B, +1.3% y/y

    • 600025.CH -- Huaneng Lancang River Hydropower reports preliminary 9M net income attributable CNY7.23B vs year-ago CNY6.70B

    • 6968.HK -- Ganglong China Property Group reports Jan-Sep contracted sales CNY4.06B; StreetAccount notes the year-ago figure was CNY9.80B

    • Hong Kong stock connect daily turnover

    • 603529.CH -- AIMA Technology Group chairman and general manager Zhang Jian detained by Supervisory Commission

    • 500480.IN -- Cummins India downgraded to sell from neutral at Goldman Sachs

    • 000883.CH -- Hubei Energy Group reports September power generation 3.98B KWh, +26.7% y/y

    • 532540.IN -- Tata Consultancy Services reports Q2 consolidated EPS INR32.92 vs StreetAccount INR34.66

    • 1478.HK -- Q Technology (Group) reports September camera module sales 32.7M units, +3.3% m/m, +7.2% y/y

    • 600295.CH -- Inner Mongolia ERDOS Resources initiated overweight at Everbright Securities (timing uncertain)

    • 600236.CH -- Guangxi Guiguan Electric Power reports 9M power generation 27.72B kWh, +26.8% y/y

    • 600905.CH -- China Three Gorges Renewables (Group) reports Q3 power generation 16.49B kWh, +38.1% y/y

    • 534309.IN -- NBCC (India) unit Hindustan Steelworks Construction wins INR10.00B work order for Gondwana University campus development

    • 3383.HK -- Agile Group Holdings reports September aggregated pre-sale value CNY1.82B; StreetAccount notes year-ago figure was CNY3.17B

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus

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

    • Japan:

      • Earnings:

        • West Holdings (1407.JP), Tama Home (1419.JP), Bic Camera (3048.JP), COSMOS Pharmaceutical (3349.JP), create restaurants holdings (3387.JP), Sansan (4443.JP), Rorze Corp (6323.JP), Ryohin Keikaku (7453.JP), Shochiku (9601.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +3.3%

    • New Zealand:

      • Earnings:

        • Summerset Group Holdings (SUM.NZ)

    • India:

      • Earnings:

        • Just Dial (535648.IN)

  • Market Data:

    • Gold (Dec 24): +$10.30 or +0.39% to $2649.60

    • WTI Crude (Nov 24): ($0.14) or (0.18%) to $75.71

    • $-¥: (0.71) or (0.48%) to 148.6000

    • $-KRW: +2.29 or +0.17% to 1349.7600

    • A$-$: +0.00 or +0.28% to 0.6739

    • $-INR: (0.01) or (0.01%) to 83.9409

    • $-CNY: (0.00) or (0.03%) to 7.0798

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