Oct 14 ,2024
Synopsis:
Asian markets set for positive start to Tuesday trade. Futures signaling opening gains in Japan and Hong Kong. ASX opens higher. S&P 500 futures flat following uneventful Monday trading. Australian and New Zealand bond yields down 1-2 bp. FX markets steady. Crude sharply lower amid a dialing back of Middle East tensions. Gold and copper little changed. Bitcoin nearing highest since late September.
US-listed China shares pulled back overnight with Nasdaq Golden Dragon index down 2%. Follows Monday rally on mainland China markets in aftermath of a generally well received MoF press conference. While absence of headline stimulus was noted, economists anticipate more detail may be forthcoming at upcoming NPC Standing Committee meeting. Similarly, strategists see China's policy pivot sustaining equity market momentum.
Weaker-than-expected China credit data showed outstanding loan growth fell to new record low in September. Comes on the back of separate data that showed pickup in deflation pressures and sharp slowdown in export growth. Still, data viewed as backward-looking following recent flurry of policy support announcements. Economists mixed on implications for growth with only Goldman Sachs so far this week upgrading its China GDP forecast.
Oil under pressure after Washington Post sources said Israel PM Netanyahu told President Biden that Israel's response to Iran's missile barrage will avoid oil and nuclear facilities. Comes after recent oil rally was attributed in part to concerns an Israel strike on Iranian energy targets would disrupt Middle East supply. Also hopes that limited Israel retaliation will avoid triggering tit-for-tat escalation with Iran.
Pre-open Company News:
601155.CH -- Seazen Holdings reports September contracted sales CNY2.29B, (60.1%) y/y
543272.IN -- Easy Trip Planners board approves 1:1 bonus share issuance
542760.IN -- Sterling & Wilson Renewable Energy reports Q2 consolidated EPS INR0.30 vs year-ago (INR2.86)
601628.CH -- China Life Insurance reports Jan-Sep premium income of CNY608.3B, +5.1% y/y
1234.HK -- China Lilang reports Q3 LILANZ retail sales recorded high-single-digit decrease y/y
603885.CH -- Juneyao Airlines reports September traffic +14.85% y/y
India September provisional CPI 5.49% y/y vs consensus 5.00% and prior 3.65%
532321.IN -- Zydus Lifesciences and ICMR initiate phase 2 proof-of-concept trial of desidustat for sickle cell disease
530965.IN -- Indian Oil Corp. to form JV with EverEnviro for sustainable energy solutions
PETR4.BZ -- Petrobras announces remaining three concession contracts in Pelotas Basin
543235.IN -- Angel One reports Q2 consolidated EPS (cont. ops) INR46.15 vs year-ago INR35.71
832.HK -- Central China Real Estate reports September contracted sales CNY720M, +0.1% y/y
540596.IN -- Eris Lifesciences completes acquisition of Chemman Labs; deal announced 2-Aug
1861.JP -- Kumagai Gumi releases 2024 Integrated Report
HSBC downgrades 002129.CH, 600438.CH, 601012.CH
On Deck:
Japan:
Economic:
13:30 JST: Retail Sales NSA Y/Y (Final); consensus +2.8%
13:30 JST: Industrial Production SA M/M (Final); consensus (3.3%)
Earnings:
Money Forward (3994.JP), Takashimaya (8233.JP), Izumi Co. (8273.JP), Pasona Group (2168.JP), DIP Corp (2379.JP), PAL GROUP Holdings (2726.JP), Doutor Nichires Holdings (3087.JP), IDOM Inc (7599.JP), Toho Co (9602.JP), Arcs Co. (9948.JP)
Australia:
Earnings:
Bank of Queensland (BOQ.AU), Qoria (QOR.AU)
India:
Earnings:
Bank of Maharashtra (532525.IN), PVR INOX (532689.IN), KEI Industries (517569.IN)
Market Data:
Gold (Dec 24): +$1.30 or +0.05% to $2666.90
WTI Crude (Nov 24): ($2.12) or (2.87%) to $71.71
$-¥: +0.57 or +0.38% to 149.7110
$-KRW: +7.85 or +0.58% to 1357.1700
A$-$: (0.00) or (0.38%) to 0.6724
$-INR: (0.03) or (0.04%) to 84.0601
$-CNY: +0.02 or +0.29% to 7.0867
If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.
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.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE