Nov 11 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures pointing to muted open in Japan while Hang Seng futures signaling initial decline. ASX also weaker in opening trade. US contracts flat after benchmarks posted fresh record highs on Monday. Bond markets quiet after Treasury market was closed Monday. FX markets steady after dollar index rose to fresh four-month high. Gold nursing more losses, down 6% from last week's highs. Crude sold off for a second session. Bitcoin surged through $88K, up 26% since election.
More traction behind Trump trades with Bitcoin (more crypto-friendly policies/regulatory environment), dollar (tariffs, pullback in Fed rate cut expectations) and stocks (FOMO/animal spirits, stronger growth) continuing to scale new highs. Conversely, fixed income strategists turning more bearish on bonds amid US deficit concerns and yield curve baking in higher term premium, coupled with hawkish repricing of Fed rate path.
On Monday Japan PM Ishiba pledged ¥10T ($65B) program to support domestic semiconductor and AI industries after he won parliamentary vote to remain prime minister. Support will form part of upcoming stimulus package this month. According to NHK, package will feature cash handouts for low income households and extra funding for disaster preparedness, though opposition already demanding more aggressive stimulus.
Pre-open Company News:
544.SP -- CSE Global lands major contract of $68.5M (SG$90.7M) in US
500135.IN -- EPL Ltd reports Q2 consolidated EPS INR2.72 vs year-ago INR1.58
540115.IN -- L&T Technology Services to buy 100% stake in Intelliswift Software (India & US) for up-to $110M cash
532144.IN -- Welspun Corp divests 5% stake in EPIC, Saudi Arabia for SAR218.9M ($58M)
Nomura initiates 010120.KS, 267260.KS, 298040.KS
AOT.TB -- Airports of Thailand Public Co. downgraded to hold from outperform at CLSA
035420.KS -- NAVER upgraded to outperform from hold at CLSA
3543.JP -- KOMEDA Holdings reports October existing stores wholesale sales +3.9% y/y
3702.TT -- WPG Holdings reports October revenue NT$74.83B, +19.4% y/y
386.HK -- Sinopec controlling shareholder completes purchase of up to CNY2B worth of shares as announced in Nov 2023
525.HK -- Guangshen Railway chairman Wei Hao resigns due to work change, effective immediately
9863.HK -- Zhejiang Leapmotor Technology reports Q3 adjusted net income (CNY540M) vs year-ago (CNY790M)
600737.CH -- COFCO Sugar Holding GM Wu Zhen resigns due to work related changes, effective immediately
1478.HK -- Q Technology (Group) reports October camera module sales 39.4M units, +16.3% m/m, +12.2% y/y
On Deck:
Hong Kong:
Earnings:
SJM Holdings (880.HK)
Japan:
Earnings:
Kajima (1812.JP), Sapporo Holdings (2501.JP), NEXON Co. (3659.JP), GMO Payment Gateway (3769.JP), Resonac Holdings (4004.JP), TOKYO OHKA KOGYO (4186.JP), Idemitsu Kosan Co. (5019.JP), Sumitomo Metal Mining (5713.JP), Tokyo Electron (8035.JP), GMO Internet Group (9449.JP), SoftBank Group (9984.JP), INPEX Corp (1605.JP), Shimizu (1803.JP), HASEKO (1808.JP), Okumura (1833.JP), Kumagai Gumi (1861.JP), Daiwa House Industry (1925.JP), JGC Holdings (1963.JP), Morinaga & Co. (2201.JP), Yakult Honsha (2267.JP), SBS Holdings (2384.JP), Suntory Beverage & Food (2587.JP), Arata Corp (2733.JP), GungHo Online Entertainment (3765.JP), Kaneka (4118.JP), Adeka Corp. (4401.JP), Towa Pharmaceutical (4553.JP), Trend Micro (4704.JP), Cosmo Energy Holdings (5021.JP), INFRONEER Holdings (5076.JP), Sumitomo Osaka Cement (5232.JP), Taiheiyo Cement (5233.JP), SWCC Corp. (5805.JP), Japan Material (6055.JP), CKD Corp (6407.JP), Sinko Industries (6458.JP), HOSHIZAKI (6465.JP), THK CO. (6481.JP), Japan Elevator Service Holdings (6544.JP), Sharp Corp (6753.JP), MITSUI E&S (7003.JP), Namura Shipbuilding (7014.JP), Kyokuto Kaihatsu Kogyo (7226.JP), Aichi Financial Group (7389.JP), Zensho Holdings (7550.JP), VT Holdings (7593.JP), Tomy Co. (7867.JP), Seiko Group (8050.JP), Iwatani (8088.JP), SAN-AI OBBLI (8097.JP), Marui Group (8252.JP), Resona (8308.JP), Sumitomo Mitsui Trust Group (8309.JP), Suruga Bank (8358.JP), The Bank of Nagoya (8522.JP), North Pacific Bank (8524.JP), TOMONY Holdings (8600.JP), Fukuyama Transporting (9075.JP), Seino Holdings (9076.JP), Nippon Express Holdings (9147.JP), Hikari Tsushin (9435.JP), Valor Holdings (9956.JP), Suzuken (9987.JP)
South Korea:
Earnings:
CJ CheilJedang (097950.KS), DoubleUGames (192080.KS)
Australia:
Economic:
11:30 AEST: NAB Business Confidence; consensus
Earnings:
Life360 (360.AU), James Hardie Industries (JHX.AU)
New Zealand:
Earnings:
Goodman Property Trust (GMT.NZ)
India:
Earnings:
CESC Ltd (500084.IN), Bosch Ltd (500530.IN), Gujarat State Fertilizers & Chemicals (500690.IN), Samvardhana Motherson International (517334.IN), 3M India (523395.IN), Jyothy Labs (532926.IN), RattanIndia Enterprises (534597.IN), Nmdc Steel (543768.IN), Hyundai Motor India (544274.IN), Finolex Cables (500144.IN), EIH Ltd (500840.IN), Sunteck Realty (512179.IN), NATCO Pharma (524816.IN), Cera Sanitaryware (532443.IN), Allcargo Logistics (532749.IN), KNR Constructions (532942.IN), Jai Balaji Industries (532976.IN), PNC Infratech (539150.IN), General Insurance Corporation of India (540755.IN), MedPlus Health Services (543427.IN), Cello World (544012.IN)
Singapore:
Earnings:
Frasers Hospitality Trust (ACV.SP), SIIC Environment Holdings (BHK.SP), EC World Real Estate Investment Trust (BWCU.SP), Lendlease Global Commercial REIT (JYEU.SP), IREIT Global (UD1U.SP)
Taiwan:
Earnings:
Nan Ya Plastics (1303.TT), HIWIN Technologies (2049.TT), Cheng Shin Rubber Ind. (2105.TT), Yulon Motor (2201.TT), Yulon Motor (2201.TT), Compal Electronics (2324.TT), Micro-Star International (2377.TT), U-Ming Marine Transport (2606.TT), Feng Tay Enterprise (9910.TT)
Thailand:
Earnings:
AP (Thailand) Public (AP.TB), Betagro Public (BTG.TB), Mega Lifesciences Public (MEGA.TB)
Philippines:
Earnings:
LT Group (LTG.PM), PLDT Inc (TEL.PM), Universal Robina (URC.PM)
Market Data:
Gold (24-Dec): +$10.60 or +0.40% to $2628.30
WTI Crude (24-Dec): +$0.10 or +0.15% to $68.14
$-¥: +0.97 or +0.64% to 153.6010
$-KRW: +2.04 or +0.15% to 1400.2300
A$-$: (0.00) or (0.20%) to 0.6570
$-INR: +0.02 or +0.02% to 84.4127
$-CNY: +0.03 or +0.46% to 7.2123
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