Oct 30 ,2024
Synopsis:
Asian markets set for mixed start Thursday. Futures signaling opening declines in Japan while Hang Seng futures up slightly. ASX flat in initial trade. S&P 500 and Nasdaq futures lower afterhours with MSFT and META under pressure following earnings. Australian and New Zealand yield curves bear flattening after front-end Treasury rates backed up overnight. FX markets steady with yen near three-month low against dollar ahead of BOJ. Gold at record high. Oil continues to lift from Monday's lows. Bitcoin pushing back towards record high.
BOJ widely expected to leave policy unchanged amid Japan and US election-related uncertainties. At same time, renewed yen weakness prompting discussion about upside inflation risks. Governor Ueda's press conference a focus as slim majority of economists continue to call for December rate hike while markets pricing in ~87% chance of increase by January. Outlook Report not expected to contain major changes to inflation forecasts.
Markets get first read on China economic activity for Q4 with October official PMIs expected to show slight pickup in manufacturing and non-manufacturing activity. China's economy lost further momentum in Q3 with attention already having shifted to Q4 as investors await evidence of macro stabilization following positive headline effects of September's stimulus announcements.
US tech earnings continue to roll through with MSFT -5% afterhours. Top line beat with Azure revenue growth coming in ahead of forecast. However, company also guided further Azure growth slowdown in Q2 and higher AI-related expenses. META -3% afterhours. Company beat on top and bottom line while upgrading FY capex guidance range as it continues invest in AI infrastructure
Pre-open Company News:
4966.TT -- Parade Technologies downgraded to hold from buy at HSBC
H78.SP -- Hongkong Land Holdings upgraded to buy from hold at HSBC
6861.JP -- KEYENCE upgraded to buy from hold at HSBC
1801.HK -- Innovent Biologics downgraded to hold from outperform at CLSA
2454.TT -- MediaTek downgraded to hold from outperform at CLSA
4966.TT -- Parade Technologies downgraded to hold from outperform at CLSA
9995.HK -- RemeGen upgraded to outperform from hold at CLSA
002439.CH -- Venustech Group downgraded to neutral from buy at BofA
000425.CH -- XCMG Construction Machinery upgraded to buy from underperform at BofA
688111.CH -- Beijing Kingsoft Office Software downgraded to neutral from buy at BofA
4966.TT -- Parade Technologies downgraded to neutral from buy at BofA
2359.HK -- WuXi AppTec downgraded to underperform from neutral at BofA
MIN.AU -- Mineral Resources reaches A$1.13B agreement with Hancock Prospecting on its oil and gas exploration ground
H78.SP -- Hongkong Land Holdings upgraded to buy from hold at Jefferies
GPSC.TB -- Global Power Synergy PCL upgraded to buy from hold at Tisco Securities
On Deck:
China:
Economic:
09:30 CST: CFLP Non Manufacturing PMI; consensus 50.2
09:30 CST: CFLP PMI Manufacturing; consensus 50.1
09:30 CST: CFLP Services PMI; consensus
Earnings:
Zheshang Securities (601878.CH)
Hong Kong:
Earnings:
Budweiser Brewing Co. APAC (1876.HK), Guolian Securities (1456.HK)
Japan:
Economic:
08:50 JST: Industrial Production SA M/M (Preliminary); consensus +1.4%
08:50 JST: Retail Sales NSA Y/Y (Preliminary); consensus +2.6%
12:00 JST: Japan Policy Rate; consensus +0.3%
14:00 JST: Housing Starts NSA Y/Y; consensus +0.8%
Earnings:
Sumitomo Forestry Co. (1911.JP), Japan Tobacco (2914.JP), Kyowa Kirin (4151.JP), Sekisui Chemical (4204.JP), Takeda Pharmaceutical (4502.JP), Daiichi Sankyo (4568.JP), OTSUKA CORP (4768.JP), NTN Corp (6472.JP), Fuji Electric Co. (6504.JP), Socionext (6526.JP), Fujitsu (6702.JP), Renesas Electronics (6723.JP), SCREEN (7735.JP), ANA HOLDINGS (9202.JP), The Chugoku Electric Power (9504.JP), Kyushu Electric Power (9508.JP), Meitec (9744.JP), KONAMI (9766.JP), Autobacs Seven (9832.JP), Yurtec (1934.JP), CHUDENKO (1941.JP), Kandenko (1942.JP), Kinden (1944.JP), Nippon Densetsu Kogyo (1950.JP), Systena (2317.JP), Seria Co. (2782.JP), MonotaRO (3064.JP), ZOZO Inc (3092.JP), Toyota Boshoku (3116.JP), TOCALO Co. (3433.JP), TIS Inc. (3626.JP), Toagosei (4045.JP), IBIDEN (4062.JP), Nippon Sanso Holdings (4091.JP), Fuso Chemical (4368.JP), Ono Pharmaceutical (4528.JP), Eiken Chemical (4549.JP), Otsuka Holdings (4578.JP), Chugoku Marine Paints (4617.JP), Dentsu Soken (4812.JP), NGK Insulators (5333.JP), Niterra Co. (5334.JP), Yamato Kogyo (5444.JP), Nippon Yakin Kogyo Co. (5480.JP), Nippon Light Metal Holdings (5703.JP), Sanwa Holdings (5929.JP), TechnoPro Holdings (6028.JP), Okuma Corp (6103.JP), Makino Milling Machine Co. (6135.JP), Nabtesco (6268.JP), Sumitomo Heavy Industries (6302.JP), Tsubakimoto Chain (6371.JP), Max Co. (6454.JP), NSK Ltd (6471.JP), JTEKT Corp. (6473.JP), Mitsubishi Electric (6503.JP), JVCKenwood (6632.JP), EIZO Corp. (6737.JP), Panasonic (6752.JP), Maxell (6810.JP), DENSO Corp. (6902.JP), Lasertec (6920.JP), Shinko Electric Industries (6967.JP), Financial Partners Group (7148.JP), ShinMaywa Industries (7224.JP), Aisin Corp. (7259.JP), Toyoda Gosei (7282.JP), Nojima (7419.JP), AS ONE (7476.JP), HOYA Corp (7741.JP), FP Corp (7947.JP), Nifco Inc (7988.JP), Toyota Tsusho (8015.JP), Sumitomo (8053.JP), ITOCHU ENEX (8133.JP), Orient (8585.JP), Tokai Tokyo Financial Holdings (8616.JP), Heiwa Real Estate (8803.JP), Sotetsu Holdings (9003.JP), Keisei Electric Railway (9009.JP), East Japan Railway (9020.JP), Hankyu Hanshin Holdings (9042.JP), Sankyu (9065.JP), Mitsui O.S.K. Lines (9104.JP), NS United Kaiun Kaisha (9110.JP), Iino Kaiun Kaisha (9119.JP), Mitsubishi Logistics (9301.JP), Tohoku Electric Power Co. (9506.JP), Hokkaido Electric Power Co. (9509.JP), Electric Power Development (9513.JP), Osaka Gas (9532.JP), transcosmos (9715.JP), NSD Co. (9759.JP), Inaba Denkisangyo (9934.JP), Ohsho Food Service (9936.JP)
South Korea:
Earnings:
Doosan (000150.KS), HD Korea Shipbuilding & Offshore Engineering Co. (009540.KS), OCI Holdings (010060.KS), HD Hyundai Mipo (010620.KS), HANWHA AEROSPACE (012450.KS), Poongsan (103140.KS), Hanmi Pharmaceutical Co. (128940.KS), HD Hyundai Heavy Industries Co. (329180.KS), Dl E&C Co. (375500.KS), ECOPRO Materials (450080.KS)
Australia:
Economic:
11:30 AEST: Private Sector Credit M/M; consensus +0.5%
11:30 AEST: Retail Sales SA M/M; consensus +0.3%
11:30 AEST: Building Approvals SA M/M; consensus +2.5%
Earnings:
Jupiter Mines (JMS.AU), Macquarie Group (MQG.AU)
New Zealand:
Earnings:
Briscoe Group (BGP.NZ)
India:
Earnings:
Tata Investment (501301.IN), Narayana Hrudayalaya (539551.IN)
Indonesia:
Earnings:
PT Telekomunikasi Indonesia (Persero) (TLKM.IJ)
Taiwan:
Economic:
16:00 TST: GDP NSA Y/Y (Preliminary); consensus +3.2%
Earnings:
AUO Corp (2409.TT), President Chain Store (2912.TT), Advantech (2395.TT), Novatek Microelectronics (3034.TT)
Market Data:
Gold (Dec 24): ($3.30) or (0.12%) to $2797.50
WTI Crude (Dec 24): +$0.35 or +0.51% to $68.96
$-¥: (0.09) or (0.06%) to 153.2790
$-KRW: (5.71) or (0.41%) to 1378.5700
A$-$: +0.00 or +0.19% to 0.6574
$-INR: (0.06) or (0.07%) to 84.0883
$-CNY: (0.02) or (0.23%) to 7.1149
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