Oct 24 ,2024
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling mild initial declines in Japan and Hong Kong ASX opens higher. S&P 500 futures unchanged afterhours. Australian and New Zealand bond yields down slightly after Treasuries firmed overnight. FX markets steady after yen turned up from late July low against dollar. Crude inching higher after reversing earlier strength. Gold steady. Bitcoin flat after rebounding from Wednesday's fall.
In latest remarks at G20, BOJ Governor Ueda noted ample time to deliberate on next rate hike, comments that appeared to advocate for patient stance. Comes after Ueda on Wednesday expressed concerns about build-up in speculative positions if normalization trajectory remained very gradual. BOJ expected to hold next week and latest Bloomberg survey showed only narrow majority of economists expect December rate hike.
IMF warned China's economic growth trend could fall below 4% absent reforms to boost consumption. Acknowledged recent flurry of stimulus measures but viewed them as insufficient to beat deflation and urged more efforts to address property market malaise. China authorities have over recent weeks flagged further fiscal support though lack of specifics have underwhelmed markets. Upcoming NPC Standing Committee meeting eyed as next potential catalyst.
Pre-open Company News:
532174.IN -- StreetAccount Consensus Metrics Preview - ICICI Bank Q2 Earnings
532454.IN -- StreetAccount Consensus Metrics Preview - Bharti Airtel Q2 Earnings
600129.CH -- Chongqing Taiji Industry (Group) appoints former GM Yu Min as chair, effective today
300604.CH -- Hangzhou Chang Chuan Technology downgraded to hold at TF Securities (timing uncertain)
600380.CH -- Joincare Pharmaceutical Group Industry reports Q3 net income attributable CNY335.1M, +25.0% y/y
603160.CH -- Shenzhen Goodix Technology reports Q3 net income attributable CNY130.9M vs FactSet CNY155.6M [2 est, CNY153.0-158.3M]
Taiwan reports Sep loans & investments of all financial institutions growth 1.03% m/m, 7.90% y/y
532527.IN -- Follow up: Ramkrishna Forgings guides FY25 standalone capacity additions of 308,400T vs 229,150T as at 30-Sep
600346.CH -- Hengli Petrochemical reports 9M operational data: refined production 17.3Mt vs year-ago 18.7Mt
688281.CH -- Shaanxi Huaqin Technology Industry reports Q3 net income attributable CNY93.9M, +8.0% y/y
603605.CH -- Proya Cosmetics reports Q3 operational data
600176.CH -- China Jushi reports Q3 net income attributable CNY571.9M, (6.4%) y/y
688002.CH -- Raytron Technology reports Q3 net income attributable CNY259.1M, +100.4%
T82U.SP -- Suntec Real Estate Investment Trust business update; reports Q3 distributable income SG$46.2M, (11%) vs year-ago SG$52.0M
540222.IN -- Laurus Labs reports Q2 consolidated net income attributable INR198.4M, (46%) vs year-ago INR369.5M
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
SPIC Industry Finance Holdings (000958.CH), Sinoma Science & Technology (002080.CH)
Hong Kong:
Earnings:
China Resources Building Materials Technology Holdings (1313.HK), China Shenhua Energy (1088.HK), Sinopharm Group (1099.HK), Yankuang Energy Group (1171.HK), Goldwind Science & Technology (2208.HK), China National Building Material (3323.HK), Huaxin Cement (6655.HK)
Japan:
Economic:
08:30 JST: Tokyo core CPI Y/Y; +1.8% y/y vs consensus +1.7% and +2.0% in prior month
14:00 JST: Leading Index (Final); consensus
Earnings:
Shin-Etsu Chemical (4063.JP), Chugai Pharmaceutical (4519.JP), FANUC Corp. (6954.JP), Nomura Real Estate Holdings (3231.JP), Tokyo Steel Manufacturing (5423.JP), Hitachi Construction Machinery (6305.JP), JAFCO Group (8595.JP), MISUMI Group (9962.JP)
South Korea:
Earnings:
Kia Corp. (000270.KS), Hyundai Steel (004020.KS), Hyundai Mobis (012330.KS), Shinhan Financial (055550.KS), HL Mando (204320.KS), Woori Financial Group (316140.KS)
Australia:
Earnings:
Mineral Resources (MIN.AU)
India:
Earnings:
Atul Ltd (500027.IN), Bharat Electronics (500049.IN), Hindustan Petroleum (500104.IN), IDBI Bank (500116.IN), JSW Steel (500228.IN), Shriram Finance (511218.IN), NLC India (513683.IN), Poonawalla Fincorp (524000.IN), Jammu & Kashmir Bank (532209.IN), Coal India (533278.IN), Eris Lifesciences (540596.IN), CreditAccess Grameen (541770.IN), Aegis Logistics (500003.IN), Bharat Petroleum (500547.IN), Balkrishna Industries (502355.IN), The Phoenix Mills (503100.IN), Cholamandalam Investment & Finance (511243.IN), Jubilant Pharmova (530019.IN), Mahindra Lifespace Developers (532313.IN), DLF Ltd (532868.IN), UTI Asset Management (543238.IN), Macrotech Developers (543287.IN)
Singapore:
Earnings:
Frasers Centrepoint Trust (J69U.SP), CapitaLand Ascendas REIT (A17U.SP)
Market Data:
Gold (Dec 24): ($1.30) or (0.05%) to $2747.60
WTI Crude (Dec 24): +$0.21 or +0.30% to $70.40
$-¥: (1.01) or (0.66%) to 151.7260
$-KRW: (2.45) or (0.18%) to 1378.1200
A$-$: (0.00) or (0.03%) to 0.6632
$-INR: (0.02) or (0.03%) to 84.0795
$-CNY: (0.01) or (0.11%) to 7.1187
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