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StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.33%), Hang Seng Futures (1.31%), ASX SPI 200 (0.35%), S&P Futures +0.02%

Oct 15 ,2024

  • Synopsis:

    • Asian markets set for negative start to Wednesday trade. Futures pointing to steep opening decline in Japan while Hang Seng futures on track to extend Tuesday's selloff. ASX opens with declines. S&P 500 futures flat after US indexes finished lower in Tuesday trade. FX markets little changed. Crude edging higher following Tuesday pullback while gold little changed. Bitcoin unchanged near late July highs.

    • Nasdaq Golden Dragon index down 6% overnight amid volatile stimulus sentiment. While MoF press conference drew positive initial reactions from economists, press have also highlighted disappointment with lack of direct measures to boost consumption. Pullback also considered function of positioning with BofA recently noting price action choppiness more likely absent bazooka stimulus while HSBC viewed surging retail participation as risk.

    • Oil selloff continued into US session following reports Israel said it won't attack Iranian oil facilities. Still, situation remains fluid after Israel PM Netanyahu said will listen to US but final decision on Iran will be made on Israeli interests. Downward pressure on oil also attributed to both OPEC and IEA cutting 2024 global oil demand forecasts while Russian fuel oil exports surged to 18-month high.

    • New Zealand inflation fell inside RBNZ's 1-3% target band for first time since early 2021, as expected. Headline inflation rate of 2.2% just below RBNZ's 2.3% forecast. Also signs that sticky domestic pricing pressures beginning to ease with non-tradables inflation falling more than RBNZ projected. Outcome reinforces expectations of a follow-up 50 bp rate cut in November.

  • Pre-open Company News:

    • 2419.HK -- Dekon Food & Agriculture Group reports September pig sales 731K heads

    • 000893.CH -- Asia-Potash International Investment (Guangzhou) dismisses general manager Ma Yingjun, effective today

    • J85.SP -- CDL Hospitality Trusts acquires UK hotel property for £19.4M (SG$33.2M) cash

    • 2567.HK -- Qiniu's 159.8M-share Hong Kong IPO priced at HK$2.75/share

    • 526299.IN -- StreetAccount Consensus Metrics Preview - Mphasis Q2 Earnings

    • 600023.CH -- Zhejiang Zheneng Electric Power reports 9M electricity generation 129,188 GWh, +7.0% y/y

    • 600418.CH -- Anhui Jianghuai Automobile Group guides 9M net income attributable CNY620.0M vs year-ago CNY183.9M

    • 6503.JP -- Mitsubishi Electric initiated outperform at Haitong

    • 540777.IN -- HDFC Life Insurance reports unaudited Q2 standalone EPS INR2.01 vs FactSet INR2.75 [3 est, INR1.97-3.16]

    • 600236.CH -- Guangxi Guiguan Electric Power guides 9M net income attributable CNY2.11-2.21B vs year-ago CNY1.14B

    • 670.HK -- China Eastern Airlines reports September traffic +25.17% y/y

    • 2601.HK -- China Pacific Insurance (Group) guides 9M net income attributable CNY37.0-39.4B vs year-ago CNY23.15B

    • C6L.SP -- Singapore Airlines reports September traffic +7.7% y/y

    • W05.SP -- Wing Tai Holdings releases sustainability report

    • 603019.CH -- Dawning Information Industry reports preliminary 9M net income attributable CNY768.0M vs year-ago CNY750.3M

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus (2.8%)

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.7%

    • Australia:

      • Earnings:

        • Challenger (CGF.AU), Woodside Energy Group (WDS.AU)

    • India:

      • Earnings:

        • CRISIL (500092.IN), Bajaj Auto (532977.IN), Mphasis (526299.IN)

  • Market Data:

    • Gold (Dec 24): ($1.10) or (0.04%) to $2677.80

    • WTI Crude (Nov 24): +$0.51 or +0.72% to $71.09

    • $-¥: (0.56) or (0.37%) to 149.2680

    • $-KRW: +5.03 or +0.37% to 1363.3900

    • A$-$: (0.00) or (0.51%) to 0.6693

    • $-INR: (0.01) or (0.01%) to 84.0595

    • $-CNY: +0.03 or +0.42% to 7.1181

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