Nov 10 ,2024
Synopsis:
Asian markets set for negative start to Monday trade. Futures signaling opening declines in Japan and Hong Kong. Australia lower in initial trade. S&P 500 futures gaining after US indexes capped big weekly advances following Trump's election win. Australian bonds strengthening, taking cues from Friday's Treasury curve flattening. FX markets steady after yuan touched three-month low Friday before recovering. Gold and crude flat. Bitcoin hit $80K for first time following last week's 10% rally.
Nasdaq Golden Dragon index down 5% on Friday amid latest China stimulus disappointment. Local government debt swap program in-line with earlier press reports and while headline figure was larger than forecast, disappointment stemmed from absence of measures focused on consumption. Attention now shifts to 2025 after China pledged more fiscal policy next year, signals of which that may come at next month's Central Economic Work Conference.
China deflation pressures persisted in October amid tepid domestic demand, signaling no tailwind yet from September's stimulus announcements. CPI inflation unexpectedly eased with volatile food prices the main drag. Excluding food, core measure rose from previous month. PPI fell by most in 11 months, weighed down by energy prices. Economists argued data further underlines imperative for measures to revive domestic demand
Pre-open Company News:
9921.TT -- Giant Manufacturing downgraded to hold from buy at HSBC
542907.IN -- Prince Pipes & Fittings upgraded to accumulate from reduce at Dolat Capital Markets
533573.IN -- Alembic Pharmaceuticals upgraded to buy from hold at Antique Stockbroking
9999.HK -- StreetAccount Consensus Metrics Preview - NetEase Q3 Earnings
500112.IN -- State Bank of India downgraded to neutral from outperform at BNP Paribas Exane
500257.IN -- Lupin Ltd downgraded to accumulate from buy at Elara Capital
532898.IN -- Power Grid Corp. of India upgraded to buy from accumulate at Elara Capital
010130.KS -- Korea Zinc Co. completes KRW150.00B buyback
543287.IN -- Macrotech Developers initiated buy at Hem Securities
500113.IN -- Steel Authority of India upgraded to reduce from sell at Elara Capital
500113.IN -- Steel Authority of India upgraded to hold from sell at B & K Securities
6012.MK -- Maxis Bhd upgraded to add from hold at CGS International
540153.IN -- Endurance Technologies upgraded to buy from add at YES Securities
500520.IN -- Mahindra & Mahindra downgraded to reduce from add at Emkay Research
532702.IN -- Gujarat State Petronet downgraded to reduce from accumulate at Dolat Capital Markets
On Deck:
China:
Economic:
08:00 CST: New Yuan Loans; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: M2 NSA Y/Y; consensus +6.9%
Hong Kong:
Earnings:
Zhejiang Leapmotor Technology (9863.HK), Nissin Foods (1475.HK), Pou Sheng International (Holdings) (3813.HK), Yue Yuen Industrial (Holdings) (551.HK), InnoCare Pharma (9969.HK)
Japan:
Economic:
08:50 JST: Bank Loans NSA Y/Y; consensus
Earnings:
PERSOL Holdings (2181.JP), Nissan Chemical (4021.JP), Bridgestone (5108.JP), Recruit (6098.JP), ULVAC, Inc. (6728.JP), Citizen Watch (7762.JP), The Shiga Bank (8366.JP), Maruha Nichiro (1333.JP), SHO-BOND Holdings (1414.JP), Obayashi (1802.JP), Sanki Engineering (1961.JP), Taikisha (1979.JP), Meiji (2269.JP), Fuji Oil Holdings (2607.JP), Nissin Foods Holdings (2897.JP), Iida Group Holdings (3291.JP), KI-Star Real Estate (3465.JP), Wacoal Holdings (3591.JP), Kureha (4023.JP), Nippon Kayaku Co. (4272.JP), Sakata Inx (4633.JP), Duskin (4665.JP), SAWAI GROUP HOLDINGS (4887.JP), KOSE Corp (4922.JP), Pola Orbis Holdings (4927.JP), Mec Co. (4971.JP), Earth Corp (4985.JP), Toho Zinc (5707.JP), DOWA HOLDINGS (5714.JP), Rakuten Bank (5838.JP), TADANO (6395.JP), Pillar (6490.JP), Kokusai Electric (6525.JP), Micronics Japan (6871.JP), Mebuki Financial Group (7167.JP), Isuzu Motors (7202.JP), KYB Corp (7242.JP), Juroku Financial Group (7380.JP), Daiichikosho (7458.JP), Pan Pacific International Holdings (7532.JP), Fuji Seal International (7864.JP), Dai Nippon Printing (7912.JP), Yuasa Trading (8074.JP), KISOJI (8160.JP), Royal Holdings (8179.JP), Yaoko Co. (8279.JP), The Chiba Bank (8331.JP), Gunma Bank (8334.JP), Fukuoka Financial Group (8354.JP), Nanto Bank (8367.JP), The Kiyo Bank (8370.JP), Hokuhoku Financial Group (8377.JP), San-in Godo Bank (8381.JP), Japan Securities Finance (8511.JP), ACOM Co. (8572.JP), Senshu Ikeda Holdings (8714.JP), Konoike Transport (9025.JP), SENKO Group Holdings (9069.JP)
South Korea:
Earnings:
DoubleUGames (192080.KS)
Australia:
Earnings:
Endeavour Group (EDV.AU)
New Zealand:
Economic:
15:00 NZST: Inflation Expectations Y/Y; consensus
India:
Earnings:
The Ramco Cements (500260.IN), Hindustan Copper (513599.IN), Devyani International (543330.IN), NMDC Ltd (526371.IN), Balrampur Chini Mills (500038.IN), Oil & Natural Gas (500312.IN), Britannia Industries (500825.IN), Borosil Renewables (502219.IN), ELGI Equipments (522074.IN), Blue Dart Express (526612.IN), Bank of India (532149.IN), Vaibhav Global (532156.IN), Triveni Turbine (533655.IN), BLS International Services (540073.IN), Concord Biotech (543960.IN), TVS Supply Chain Solutions (543965.IN)
Singapore:
Earnings:
Seatrium (5E2.SP)
Taiwan:
Earnings:
TCC Group Holdings CO. (1101.TT), Inventec (2356.TT), Yang Ming Marine Transport (2609.TT), Chailease Holding (5871.TT)
Market Data:
Gold (Dec 24): ($4.60) or (0.17%) to $2690.20
WTI Crude (Dec 24): ($0.11) or (0.16%) to $70.27
$-¥: +0.27 or +0.18% to 152.9040
$-KRW: (1.00) or (0.07%) to 1397.1900
A$-$: (0.00) or (0.02%) to 0.6582
$-INR: +0.00 or +0.00% to 84.3992
$-CNY: (0.00) or (0.01%) to 7.1782
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