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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.92%, Hang Seng Futures (0.74%), ASX SPI 200 +0.07%, S&P Futures (0.07%)

Dec 04 ,2024

  • Synopsis:

    • Asia equities set to open mostly higher Thursday. Futures in Japan and Australia traded firmer, while Hong Kong was lower. Japan ADRs skewed to gains while Golden Dragon China index fell. US contracts largely consolidated overnight gains that took major benchmarks to fresh highs. Tech leads were positive with Nasdaq outperforming, Mag 7 group higher, and SOX up sharply. Treasuries firmer across the curve, reversing earlier weakness and near best levels. Dollar index flat though yen and Aussie weakness (softer GDP) in focus. Gold finished up 0.3%. Bitcoin futures up 3.7%, crossing $100K. WTI crude settled down 2.0% after a notable gain yesterday.

    • Latest headlines dominated by widely anticipated French no-confidence motion to oust PM Barnier though no major fallout in markets despite uncertainties over the near term political/fiscal policy outlook. Moreover, US strength indicative of insulated conditions more focused on domestic dynamics of tech/AI optimism, economic resilience and Fed rate cut expectations. Positive December seasonality also cited as a support factor. However, some talk about 2025 outlook facing a higher bar with valuations seen on the rich side. Moderate attention on Fed Chair Powell's upbeat comments on the economy and did not impact calls for a December rate cut.

    • Regional attention remains on South Korea political turmoil though similarly having limited impact on broader markets. Parliament began impeachment motion against President Yoon for a vote as early as Friday. China market sentiment still weighed down by US-China frictions and soft macro data, while stimulus optimism holding out ahead of next week's CEWC. Mainland press continued to assert China tech sector capable of withstanding latest US export restrictions and will further encourage self-sufficiency. Japan remains underpinned by buybacks, dividend reinvestment and FX tailwinds. Latest tailwind this week coming from speculation that GPIF will increase domestic equity weightings. Macro calendar remains light. South Korea revised Q3 GDP unchanged from preliminary print. Australia trade next on deck.

  • Pre-open Company News:

    • 002074.CH -- Gotion High-tech completes CNY300.0M buyback, total shares repurchased 15.4M

    • EYPT -- EyePoint announces first patient dosed in second global phase 3 LUCIA trial of DURAVYU in wet AMD

    • 002384.CH -- Suzhou Dongshan Precision Manufacturing initiated outperform at CLSA

    • 4911.JP -- Shiseido downgraded to neutral from buy at BofA

    • 8621.MK -- Public Bank completes acquisition of 44.15% stake of LPI Capital; deal announced 10-Oct

    • 2696.HK -- Shanghai Henlius Biotech receives NMPA approval for phase Ib/II clinical trial of HLX43 for injection for treatment of advanced/metastatic solid tumors

    • 523704.IN -- Mastek's Global CFO Arun Agarwal resigns to embark upon another journey, effective 3-Dec

    • GM -- General Motors to take impairment charge on its SAIC GM JV - 8-K

    • 300769.CH -- Shenzhen Dynanonic completes CNY100-200M share buyback announced in Dec 2023

    • NLST -- Netlist announces judge in Samsung Electronics litigation has issued final judgment confirming finding of willful infringement and $118M damages award

    • 500420.IN -- Torrent Pharmaceuticals to acquire three anti-diabetes brands from Boehringer Ingelheim; terms undisclosed

    • 3933.HK -- United Laboratories receives NMPA approval for mupirocin ointment to treat skin infections

    • 1357.HK -- Meitu Inc sells cryptocurrencies, gains $79.6M, plans special dividend of HK$0.109/share

    • 532822.IN -- Vodafone Idea to consider fund raising not exceeding INR20B via issuance of equity shares and or convertible securities

    • 544274.IN -- Hyundai Motor India initiated underperform at BofA

  • On Deck:

    • Japan:

      • Earnings:

        • Sekisui House (1928.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: GDP NSA Y/Y (Final); consensus +1.5%

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$5B

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +1.9%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +2.3%

  • Market Data:

    • Gold (Feb 25): ($1.90) or (0.07%) to $2674.30

    • WTI Crude (Jan 25): +$0.21 or +0.31% to $68.75

    • $-¥: +1.00 or +0.67% to 150.5930

    • $-KRW: (3.41) or (0.24%) to 1412.1000

    • A$-$: (0.01) or (0.77%) to 0.6432

    • $-INR: +0.02 or +0.03% to 84.7066

    • $-CNY: (0.02) or (0.31%) to 7.2630

  • 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:
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