Nov 19 ,2024
Synopsis:
Asian markets set for negative start to Wednesday trade. Futures signaling mild opening declines in Japan and Hong Kong. ASX also lower in initial trade. S&P 500 futures flat after US indexes ended higher in a quiet Tuesday session. Australian and New Zealand yields extending move lower after Treasuries firmed again. FX markets quiet with dollar steady on major crosses. Crude little changed. Gold extended rebound from two-month low. Bitcoin strengthened back to record high.
Reuters poll showed consensus expectation China will leave 1Y and 5Y loan prime rates unchanged Wednesday. Comes after October's 25 cuts that were foreshadowed beforehand by PBOC Governor Pan. Pan had also flagged 25-50 bp RRR cut by year-end though there are thoughts that authorities will take wait and see approach to assess fallout from Trump's election win before proceeding with next easing steps.
NVDA reports after US close on Wednesday. Street looking for another big jump in quarterly revenue and earnings amid strong Hopper demand and initial Blackwell ramps. Key concern seems to be high bar. Previews flagged robust AI spend by hyperscale customers though supply constraints remain key area of uncertainty and recent press reports have noted concerns over new chips overheating
Pre-open Company News:
E28.SP -- Frencken Group business update; reports Q3 net profit attributable SG$9.2M, +29% vs year-ago SG$7.1M
2137.HK -- Brii Biosciences announces new data from Phase 2 ENSURE study as a late-breaking oral presentation at AASLD The Liver Meeting
VPK.NA -- Royal Vopak notes AVTL filed draft red herring prospectus with Securities and Exchange Board of India
4208.JP -- Ube upgraded to outperform from neutral at Daiwa
034730.KS -- SK reinstated buy at Yuanta Research
002602.CH -- Zhejiang Century Huatong Group completes up to CNY100M share buyback announced on 10-Jan
500493.IN -- Bharat Forge negotiating contract for ATAGS with Ministry of Defence
IDEX.NO -- IDEX Biometrics enters into a commercial development agreement with South Korean smart card manufacturer Cellfie Global
9898.HK -- Weibo Corporation reports Q3 non-GAAP EPS $0.53 vs FactSet $0.44 [10 est, $0.38-0.50]
Hong Kong stock connect daily turnover
293.HK -- Cathay Pacific Airways initiated buy at SWS Research (timing uncertain)
VFS -- VinFast begins Canadian deliveries of VF 9 All-Electric
600233.CH -- YTO Express Group reports October express delivery revenue CNY5.70B, +26.9% y/y
688180.CH -- Licensor grants Junshi Biosciences exclusive rights to commercialize two dual-target fusion proteins in Greater China mainly for malignant tumors
On Deck:
China:
Economic:
09:30 CST: 1 Year Loan Prime Rate; consensus
Hong Kong:
Earnings:
Alibaba Pictures Group (1060.HK), Alliance International Education Leasing Holdings (1563.HK), Johnson Electric Holdings (179.HK)
Japan:
Economic:
08:50 JST: Import NSA Y/Y (Preliminary); consensus
08:50 JST: Trade Balance NSA (Preliminary); consensus
08:50 JST: Export NSA Y/Y (Preliminary); consensus +3.9%
New Zealand:
Earnings:
AFT Pharmaceuticals (AFT.NZ)
Taiwan:
Earnings:
Hua Nan Financial Holdings (2880.TT)
Market Data:
Gold (Dec 24): +$5.90 or +0.22% to $2636.90
WTI Crude (Dec 24): +$0.10 or +0.14% to $69.49
$-¥: 0.00 or 0.00% to 154.6700
$-KRW: (0.04) or (0.00%) to 1391.9700
A$-$: +0.00 or +0.49% to 0.6539
$-INR: (0.01) or (0.01%) to 84.3982
$-CNY: +0.00 or +0.02% to 7.2380
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