Oct 28 ,2024
Synopsis:
Asian markets set for mixed start Tuesday. Futures signaling opening gains in Hong Kong. Nikkei futures little changed following Monday's post-election rally. ASX higher in initial trade. S&P 500 futures flat afterhours. Bonds mixed with Australian yields easing after Treasury rates pushed higher following weak auctions. Dollar steady with yen and yuan remaining near lows. Crude grinding higher after logging biggest daily decline since Jul-2022. Gold flat. Bitcoin little changed after cracking $70K for first time in three months.
Market focus remains on bond yield backup as US election nears with Trump favorite to win. Upward pressure on yields attributed to projected widening of deficits/debt to fund tax cuts, with Trump's pro-growth policies and tariffs also seen as risk to disinflation trajectory and potentially complicating Fed rate cut expectations. Soft-/no-landing narrative has also gained traction on resilient macro data.
Yen down to fresh three-month low against dollar as Japan election fallout continues after ruling LDP lost its majority. Lot of discussion around implications for policy amid thoughts fiscal stance could become more expansionary. BOJ expected to leave policy unchanged this week though political uncertainty and potential inflation implications from yen weakness seen factoring into year-end rate hike debate.
Pre-open Company News:
600968.CH -- CNOOC Energy Technology & Services reports Q3 net income attributable CNY1.07B, +32.6% y/y
543232.IN -- Computer Age Management Services reports Q2 consolidated EPS INR24.76 vs year-ago INR17.12
688200.CH -- Beijing Huafeng Test & Control Technology reports Q3 net income attributable CNY100.6M vs FactSet CNY123M [1 est]
543232.IN -- Computer Age Management Services to enter 50:50 JV with KFin Technologies for investment management platform
601100.CH -- Jiangsu Hengli Hydraulic reports Q3 net income attributable CNY503.5M, +6.1% y/y
531768.IN -- Poly Medicure reports Q2 consolidated EPS INR9.01 vs FactSet INR8.17 [3 est, INR8.00-8.50]
002508.CH -- Hangzhou Robam Appliances reports Q3 net income attributable CNY442.8M vs FactSet CNY421.9M [1 est]
600276.CH -- NMPA approves Hengrui Pharmaceuticals's trial of combining SHR-1826 with other anti-tumor therapies for solid tumors
603833.CH -- Oppein Home Group reports 9M operating data
601958.CH -- Jinduicheng Molybdenum reports Q3 net income attributable CNY688.0M, (18.5%) y/y
524226.IN -- Gujarat Ambuja Exports reports Q2 consolidated EPS INR1.51 vs year-ago INR1.80
564.HK -- Zhengzhou Coal Mining Machinery Group reports Q3 net income attributable CNY897.2M, +14.1% y/y
600606.CH -- Greenland Holdings reports Q3 net income attributable CNY27.0M, +118.4% y/y
532461.IN -- Follow-up: Punjab National Bank reports Q2 net interest income INR105.17B vs FactSet INR107.43B
600598.CH -- Heilongjiang Agriculture reports Q3 net income attributable CNY363.8M, +9.1% y/y
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
Hangzhou Tigermed Consulting (300347.CH), Zhejiang Weixing New Building Materials (002372.CH), Haier Smart Home (600690.CH)
Hong Kong:
Earnings:
Xinte Energy (1799.HK), PICC Property & Casualty (2328.HK), Guangdong Investment (270.HK), WH Group (288.HK), ASMPT (522.HK)
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.5%
Earnings:
SMS Co. (2175.JP), NS Solutions (2327.JP), OBIC Co. (4684.JP), Komatsu (6301.JP), NEC Corp (6701.JP), Hino Motors (7205.JP), Daiwa Securities (8601.JP), Shikoku Electric Power (9507.JP), SCSK Corp (9719.JP), Daito Trust Construction (1878.JP), NEC Networks & System Integration (1973.JP), Yamazaki Baking Co. (2212.JP), Tokuyama (4043.JP), Sekisui Jushi (4212.JP), OBIC Business Consultants (4733.JP), Konishi (4956.JP), Yokogawa Bridge Holdings (5911.JP), Amano Corp. (6436.JP), KEYENCE (6861.JP), Koito Manufacturing (7276.JP), EXEDY Corp (7278.JP), Shimano (7309.JP), Nippon Gas Co Ltd (8174.JP), Matsui Securities (8628.JP), Japan Exchange (8697.JP), Central Japan Railway (9022.JP), Chubu Electric Power (9502.JP), M&A Research Institute Holdings (9552.JP), DTS Corp (9682.JP), Capcom (9697.JP)
South Korea:
Earnings:
Samsung Electro-Mechanics Co. (009150.KS), Hanwha Ocean (042660.KS), KOREA AEROSPACE INDUSTRIES (047810.KS), LG H&H (051900.KS), KUMHO TIRE (073240.KS), Hana Financial (086790.KS), Doosan Fuel Cell (336260.KS), Samsung SDI (006400.KS), KIWOOM Securities (039490.KS), Hanwha Systems (272210.KS)
India:
Earnings:
GlaxoSmithKline Pharmaceuticals (500660.IN), Adani Enterprises (512599.IN), Honeywell Automation India (517174.IN), Canara Bank (532483.IN), Adani Ports & Special Economic Zone (532921.IN), Prestige Estates Projects (533274.IN), Housing & Urban Development (540530.IN), Gujarat Fluorochemicals (542812.IN), SBI Cards & Payment Services (543066.IN), Container Corp. of India (531344.IN), Deepak Fertilisers & Petrochemicals (500645.IN), PCBL Ltd. (506590.IN), Capri Global Capital (531595.IN), Engineers India (532178.IN), Apar Industries (532259.IN), Redington (532805.IN), V-Guard Industries (532953.IN), Laxmi Organic Industries (543277.IN), Star Health & Allied Insurance (543412.IN), Vedant Fashions (543463.IN), Kaynes Technology India (543664.IN)
Singapore:
Earnings:
CDL Hospitality Trusts (J85.SP), CDL Hospitality Trusts (J85.SP), Aztech Global (8AZ.SP), Mapletree Industrial Trust (ME8U.SP), Starhill Global REIT (P40U.SP)
Taiwan:
Earnings:
Delta Electronics (2308.TT), Yageo (2327.TT), Macronix International (2337.TT), Faraday Technology (3035.TT), Unimicron Technology (3037.TT), Innolux (3481.TT), Powertech Technology (6239.TT)
Philippines:
Earnings:
Metropolitan Bank & Trust (MBT.PM)
Market Data:
Gold (Dec 24): ($2.40) or (0.09%) to $2753.50
WTI Crude (Dec 24): +$0.53 or +0.79% to $67.91
$-¥: +0.98 or +0.65% to 153.2790
$-KRW: (6.92) or (0.50%) to 1381.9100
A$-$: (0.00) or (0.45%) to 0.6579
$-INR: +0.00 or +0.00% to 84.1027
$-CNY: +0.01 or +0.09% to 7.1275
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