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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.36%), Hang Seng Futures (1.33%), ASX SPI 200 (1.07%), S&P Futures (0.12%)

Nov 12 ,2024

  • Synopsis:

    • Asia equities poised to open lower Wednesday. Futures in Japan, Hong Kong and Australia were all softer. US contracts extending overnight declines with S&P 500 down after five straight gains. Tech leads were mixed with Big Tech names mostly higher except for Tesla (TSLA) while SOX fell moderately. Nasdaq Golden Dragon China index sold off. Japan ADRs skewed to losses. Treasuries were weaker across the curve, near worst levels following Monday's holiday. Dollar index up 0.5%. Gold finished down 0.4%. Bitcoin futures up 2.7%, crossing above $90K. WTI crude settled up 0.1%.

    • Trump trades still the main theme though latest US equity declines coincided with talk the market was due for some profit-taking. Asia markets also preparing for the incoming Trump administration with particular attention yesterday on reports Trump expected to tap China hawks for National Security Adviser, Secretary of State positions. Earlier report indicating US Commerce Department ordered TSMC (2330.TT) to halt AI chip exports to the mainland reverberated as a broader negative sign for regional chipmakers. Japan automakers reportedly preparing to ramp up lobbying activity in the US. Immediate attention turns to US CPI, especially after Minneapolis Fed President Kashkari said only an upside surprise might warrant a pause in the rate cut trajectory.

    • China stimulus narrative also affected by Trump effects, stoking expectations of stronger measures in response to tariff threats, though this failed to gain much traction in China bourses yesterday. Economists had flagged the possibility of a larger economic package in the event of a Trump election win. Higher China debt ceiling seen as most likely. Japan markets also struggling amid uncertainties surrounding Japan/US politics and monetary policy. Cloudy outlook overshadowing generally solid earnings season with H1 aggregate profit growth ahead of FY guidance, albeit conservative projections pose a low bar.

    • Regional macro calendar remains light with notable headlines dominated by corporate news/earnings. Alibaba ADRs (BABA) sold off despite positive indications from Singles' Day activity. Consumer demand expectations remain subdued as a function of the broader macro outlook as households still seen price conscious. Still, CSI 300 consumer discretionary sustained gains by the close despite broad-based US-China overhang. In post-close news, Nissan (7201.JP) disclosed ECM Master Fund, affiliated with activist Effissimo, took a 2.5% stake, explaining the intraday spike in share price. Key earnings results from SoftBank (9984.JP) well above expectations on the back of Vision Fund valuation gains and India IPOs. Semiconductor bellwether Tokyo Electron (8035.JP) beat expectations, upgraded FY guidance (noting US/China risks factored in) and dividends, while also launching a buyback.,

  • Pre-open Company News:

    • 2377.TT -- Micro-Star International reports Q3 EPS NT$2.05 vs FactSet NT$3.28 [6 est, NT$2.91-3.64]

    • F9D.SP -- Boustead Singapore reports H1 net income attributable SG$36.0M vs year-ago SG$26.9M

    • 1093.HK -- CSPC Pharmaceutical Group receives NMPA approval for clinical trial of SYS6026 vaccine

    • 532942.IN -- KNR Constructions reports Q2 standalone EPS INR11.89 vs year-ago INR3.55

    • 540180.IN -- Varun Beverages acquires stakes in three companies

    • 544012.IN -- Cello World reports Q2 consolidated EPS INR3.69 vs FactSet INR3.80 [1 est]

    • +MTRS -- Metros Development files amended F-1; downsizes offering to 1.33M shares (from prior 2.5M) in expected range of $5.50-6.50/sh through Loop Capital and Kingswood Capital

    • THCPU -- Thunder Bridge Capital Partners IV announces effectiveness of registration statement and special meeting date for proposed business combination with Coincheck, Inc.

    • 542650.IN -- Metropolis Healthcare upgraded to add from reduce at InCred Equities

    • 506767.IN -- Alkyl Amines Chemicals downgraded to reduce from accumulate at Elara Capital

    • 1024.HK -- Kuaishou Technology provides Double 11 Shopping Festival update; High-Value Item (over CNY1K) GMV +110% y/y

    • Z74.SP -- Singtel guides FY25 EBIT to grow low-double digits y/y vs prior guidance high-single to low-double digits and FactSet +11.9%; reaffirms other FY guidance

    • 002409.CH -- Jiangsu Yoke Technology's JV completes acquisition of 90% stake in SKC Solmics Hong Kong from SK Enpulse

    • 532976.IN -- Jai Balaji Industries reports Q2 standalone EPS INR8.42 vs year-ago INR11.22

    • 1961.MK -- IOI Corp. reports October crop output figures

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Tencent Holdings (700.HK), Ferretti (9638.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

      • Earnings:

        • Hakuhodo DY Holdings (2433.JP), Isetan Mitsukoshi Holdings (3099.JP), Skylark Holdings (3197.JP), PeptiDream (4587.JP), Rakuten Group (4755.JP), Kamigumi (9364.JP), MIRAIT Holdings (1417.JP), Japan Petroleum Exploration (1662.JP), Toda Corp. (1860.JP), UT Group (2146.JP), Kuraray (3405.JP), Seiren (3569.JP), RAKUS Co. (3923.JP), CHANGE Holdings (3962.JP), Nippon Soda Co. (4041.JP), Nippon Shinyaku (4516.JP), Rohto Pharmaceutical Co. (4527.JP), Dexerials (4980.JP), ENEOS (5020.JP), Toyo Tire (5105.JP), NHK Spring (5991.JP), Miura Co. (6005.JP), FUKUSHIMA GALILEI CO. (6420.JP), Horiba (6856.JP), Star Micronics (7718.JP), Menicon (7780.JP), TOPPAN Holdings (7911.JP), Odakyu Electric Railway (9007.JP), TKC Corp (9746.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.6%

      • Earnings:

        • SK Networks (001740.KS), Korea Electric Power (015760.KS), HANWHA LIFE INSURANCE (088350.KS), MERITZ Financial Group (138040.KS), Hanon Systems (018880.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Wage Price Index Y/Y; consensus +3.6%

      • Earnings:

        • Catapult Group International (CAT.AU), GrainCorp (GNC.AU), Nufarm (NUF.AU)

    • New Zealand:

      • Earnings:

        • Infratil (IFT.NZ)

    • India:

      • Earnings:

        • Godrej Industries (500164.IN), KSB Ltd (500249.IN), Prism Johnson (500338.IN), SKF India (500472.IN), Eicher Motors (505200.IN), Bayer CropScience (506285.IN), AstraZeneca Pharma India (506820.IN), Rashtriya Chemicals & Fertilizers (524230.IN), Sun TV Network (532733.IN), Torrent Power (532779.IN), Kalyan Jewellers India (543278.IN), Thermax (500411.IN), Gujarat Narmada Valley Fertilizers & Chemicals (500670.IN), Apollo Tyres (500877.IN), Deepak Nitrite (506401.IN), HEG Ltd (509631.IN), PI Industries (523642.IN), KRBL Ltd (530813.IN), Century Plyboards (India) (532548.IN), Solar Industries India (532725.IN), Vodafone Idea (532822.IN), Brigade Enterprises (532929.IN), NBCC (India) (534309.IN), Garden Reach Shipbuilders & Engineers (542011.IN), Happiest Minds Technologies (543227.IN)

    • Singapore:

      • Earnings:

        • Bumitama Agri (P8Z.SP), Yoma Strategic Holdings (Z59.SP), Singtel (Z74.SP)

    • Taiwan:

      • Earnings:

        • Pegatron (4938.TT), Wiwynn (6669.TT)

    • Thailand:

      • Earnings:

        • Electricity Generating Public (EGCO.TB), CP All Public (CPALL.TB)

    • Philippines:

      • Earnings:

        • Ayala Corp (AC.PM), Converge Information & Communications Tech Solutions (CNVRG.PM), JG Summit Holdings (JGS.PM), SM Investments (SM.PM)

  • Market Data:

    • Gold (Dec 24): ($2.00) or (0.08%) to $2604.30

    • WTI Crude (Dec 24): ($0.11) or (0.16%) to $68.01

    • $-¥: +0.86 or +0.56% to 154.5770

    • $-KRW: +5.56 or +0.40% to 1406.9100

    • A$-$: (0.01) or (0.76%) to 0.6525

    • $-INR: (0.01) or (0.01%) to 84.3932

    • $-CNY: +0.02 or +0.24% to 7.2316

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE