Oct 21 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures signaling mild opening gains in Japan, and weaker start in Hong Kong. ASX lower in initial trade. S&P 500 futures flat following uneventful Monday session. Australian and New Zealand yield curves bear steepening, taking cues from overnight Treasury sell-off. Aussie and kiwi notably lower against dollar while yen near weakest since late July. Crude flat following 2% gain Monday while gold steady near record high. Bitcoin unchanged.
Bond markets under pressure as Fed rate cuts continue to be wound back amid combination resilient US growth, Fedspeak stressing gradual rate cuts, and Trump polling momentum ahead of election. Latter dynamic attributed for renewed strength in dollar (DXY up ~3% in October to highest since early August), particularly against Asian FX and currencies most exposed to tariffs.
Light day with little in way of economic data. Global flash PMIs (Thurs), South Korea preliminary Q3 GDP (Thurs) and Tokyo core CPI (Fri) among the handful of notable Asian data points this week. On corporate front Japan earnings season gets underway with yen appreciation influencing revisions. US earnings season also ramp up with 112 S&P 500 companies reporting.
Pre-open Company News:
9930.HK -- Horizon Construction Development 9M operational update: revenue recorded y/y increase
1177.HK -- Sino Biopharmaceutical's new drug marketing application for Anlotinib Hydrochloride Capsules accepted by NMPA
532538.IN -- UltraTech Cement reports Q2 consolidated EPS INR28.43 vs FactSet INR32.50 [7 est, INR26.99-37.40]
728.HK -- China Telecom reports September mobile net adds 1.9M
2.HK -- CLP Holdings reports 9M Hong Kong electricity sales 27,966GWh, +2.5% y/y
3996.HK -- China Energy Engineering provides 9M contract amount update: total contract amount CNY988.86B, +5.0% y/y
034220.KS -- StreetAccount Consensus Metrics Preview - LG Display Q3 Earnings
763.HK -- ZTE reports Q3 net income attributable CNY2.17B vs FactSet CNY2.38B [2 est, CNY2.08-2.68B]
500093.IN -- CG Power & Industrial Solutions reports Q2 consolidated EPS INR1.44 vs FactSet INR1.65 [2 est, INR1.60-1.70]
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
Henan Shenhuo Coal & Power (000933.CH)
Hong Kong:
Earnings:
China Telecom (728.HK), China Unicom (Hong Kong) (762.HK)
Japan:
Earnings:
KOMERI CO. (8218.JP)
India:
Earnings:
Chennai Petroleum (500110.IN), Zensar Technologies (504067.IN), Supreme Industries (509930.IN), Coforge (532541.IN), Varun Beverages (540180.IN), Adani Green Energy (541450.IN), Olectra Greentech (532439.IN), Max Financial Services (500271.IN), SRF Ltd (503806.IN), Can Fin Homes (511196.IN), Indus Towers (534816.IN), Amber Enterprises India (540902.IN)
Taiwan:
Earnings:
Powerchip Semiconductor Manufacturing (6770.TT)
Market Data:
Gold (Dec 24): ($2.50) or (0.09%) to $2736.40
WTI Crude (Nov 24): ($0.02) or (0.03%) to $70.54
$-¥: +1.16 or +0.78% to 150.7030
$-KRW: +6.92 or +0.51% to 1376.4300
A$-$: (0.01) or (0.76%) to 0.6656
$-INR: +0.00 or +0.01% to 84.0735
$-CNY: +0.02 or +0.23% to 7.1182
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