Oct 31 ,2024
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling sharp opening declines in Japan. ASX seeing steep losses in initial trade. Hang Seng futures higher. US contracts gaining with AMZN rallying in postmarket trade following earnings. Australian bonds under pressure with curve steepening. FX markets steady with yen strength the big story overnight. Crude rallying following report about Iranian retaliation to Israel airstrikes. Gold stabilizing following earlier pullback. Bitcoin retreated further from record high.
Yen extended gains following BOJ Governor Ueda's post-meeting remarks that some economists interpreted as hawkish following absence of phrase "ample time" to examine risks. Takeaways viewed October MPM and Ueda's remarks as laying groundwork for December or January rate hike with renewed yen weakness and signs of wage cost passthrough also supporting calls for tightening in coming months.
US tech earnings continue to roll through afterhours with AAPL -2% after China sales fell short of expectations and Q1 sales guidance underwhelmed. AMZN +6% beat on top and bottom line with AWS and ad revenue growth underpinning result. INTC +8% after guiding Q4 revenue above forecasts. Follows mostly disappointing Mag 7 earnings the day prior that saw Nasdaq record its biggest daily fall since early September.
Pre-open Company News:
LLL.AU -- Leo Lithium confirms receipt of A$11.5M from Firefinch; issues MLBV Sale Update
6660.HK -- AIM Vaccine files drug marketing registration for 13-valent pneumonia conjugate vaccine to China's NMPA
450080.KS -- ECOPRO Materials reports Q3 Operating profit (KRW38.54B) vs year-ago (KRW6.88B)
6632.JP -- JVCKenwood launches up-to-¥4.5B on-market buyback, to run from 1-Nov through 31-Jan-25
1628.HK -- Yuzhou Group Holdings provides update on offshore debts restructuring plans
7649.JP -- Sugi Holdings initiated A at Iwai Cosmo Securities
4042.JP -- Tosoh Corp holder Silchester raises stake to 7.27% from 6.18%
BIOA.B.SS -- BioArctic completes rolling submission of BLA to FDA for lecanemab-irmb
1628.HK -- Yuzhou Group proposes to issue up to 3.21B shares offering at HK$0.035 per share
500124.IN -- StreetAccount Consensus Metrics Preview - Dr. Reddy's Laboratories Q2 Earnings
601228.CH -- Guangzhou Port reports October container throughput 2.1M TEUs, +1.5% y/y
1310.HK -- HKBN Ltd. reports FY adjusted net income HK$191.0M vs year-ago HK$194.6M
3443.TT -- Global Unichip reports Q3 EPS NT$7.71 vs FactSet NT$6.75 [16 est, NT$6.36-7.30]
On Deck:
Japan:
Earnings:
Mitsubishi Chemical (4188.JP), Nxera Pharma (4565.JP), AGC (5201.JP), Seiko Epson (6724.JP), TDK (6762.JP), Murata Manufacturing (6981.JP), Subaru (7270.JP), Ricoh Leasing (8566.JP), Nomura Holdings (8604.JP), Japan Airlines (9201.JP), KDDI Corp (9433.JP), CALBEE (2229.JP), NH Foods (2282.JP), Itoham Yonekyu Holdings (2296.JP), EDION Corp (2730.JP), Tokyo Electron Device (2760.JP), Nitto Boseki (3110.JP), TOKAI Holdings (3167.JP), Joyful Honda (3191.JP), Asahi Kasei (3407.JP), Rengo (3941.JP), Nitta Corp (5186.JP), Sumitomo Electric Industries (5802.JP), DMG MORI (6141.JP), Organo (6368.JP), Mabuchi Motor Co. (6592.JP), IDEC Corp (6652.JP), HIROSE ELECTRIC (6806.JP), Tokyo Kiraboshi Financial Group (7173.JP), F.C.C. (7296.JP), Medipal Holdings (7459.JP), Argo Graphics (7595.JP), Tokyo Seimitsu (7729.JP), Yamaha (7951.JP), Marubeni (8002.JP), Kanematsu (8020.JP), Mitsui & Co. (8031.JP), BIPROGY (8056.JP), Sanrio (8136.JP), West Japan Railway (9021.JP)
South Korea:
Economic:
11:00 KST: Trade Balance NSA; consensus
11:00 KST: Export NSA Y/Y; consensus +6.5%
11:00 KST: Import NSA Y/Y; consensus +3.5%
Earnings:
ECOPRO Materials (450080.KS), DL Holdings (000210.KS), Lotte Energy Materials (020150.KS), Pan Ocean (028670.KS), HD HYUNDAI Co. (267250.KS)
Australia:
Economic:
11:30 AEST: Housing Finance SA M/M; consensus
Indonesia:
Economic:
11:00 SAST: CPI NSA Y/Y; consensus +1.9%
Taiwan:
Earnings:
Alchip Technologies (3661.TT), momo.com (8454.TT)
Thailand:
Earnings:
Advanced Info Service Public (ADVANC.TB)
Market Data:
Gold (Dec 24): +$7.60 or +0.28% to $2756.90
WTI Crude (Dec 24): +$1.35 or +1.95% to $70.61
$-¥: (1.54) or (1.00%) to 151.8450
$-KRW: (6.69) or (0.48%) to 1372.8200
A$-$: +0.00 or +0.11% to 0.6579
$-INR: (0.01) or (0.01%) to 84.0847
$-CNY: +0.00 or +0.05% to 7.1190
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