Dec 08 ,2024
Synopsis:
Asian markets set for mixed start to Monday trade. Futures signaling opening gains in Japan and initial weakness in Hong Kong and Australia. S&P 500 futures flat. Australian bonds firming after Treasury curve bull steepened Friday following mixed US payrolls data. FX markets steady after dollar index briefly fell to one-month low. Crude and gold flat after logging weekly decline. Bitcoin holding above $100K.
Geopolitics a big weekend talking point after rebels overthrew Assad regime in Syria, completing a rapid-fire takeover that occurred largely without bloodshed. Global leaders praised Assad's overthrow though warned risk of instability. Press also highlighted the setback for Iran and Russia. However, development has been mostly ignored by markets to this point, particularly given no outside involvement and lack of implications for oil.
Political turmoil continues to loom over South Korean markets after opposition failed in their attempt to impeach President Yoon. However, opposition not giving up on push to remove Yoon, whose authority is under cloud after leader of ruling party said PM Han Duck-soo will assume day to day affairs. Political uncertainty seen prolonging market volatility though stabilization efforts by financial authorities have mitigated downside.
Pre-open Company News:
688599.CH -- Trina Solar terminates plan to spin-off subsidiary Jiangsu Trina Solar Smart Distributed Energy for separate listing
813.HK -- Shimao Group Holdings reports Novemeber contracted sales CNY2.72B; StreetAccount notes the year-ago figure was CNY2.43B
GILD -- Kite presents new data underscoring curative potential of Yescarta in relapsed/refractory large B-cell lymphoma at ASH
ROG.SW -- Five-year results confirm Genentech's Polivy combination therapy as new standard of care for previously untreated aggressive lymphoma
3323.HK -- China National Building Material to buy back up to 841.7M shares at HK$4.03/sh
002385.CH -- Beijing Dabeinong Technology Group sells 5% stake in Beijing Kings Nower Seed Science and Technology for CNY100M
Macquarie downgrades DOHOME.TB, GLOBAL.TB
SLC.AU -- Superloop to acquire 2,000km of fibre assests from Optus subsidiary for A$17.5M
002385.CH -- Beijing Dabeinong Technology Group reports November pig sales volume 705K vs year-ago 694K
7272.JP -- Yamaha Motor upgraded to overweight from neutral at JPMorgan
6415.TT -- Silergy initiated buy at Fubon Securities
Morgan Stanley downgrades 2678.JP, 3064.JP
1250.HK -- Shandong Hi-Speed New Energy Group to hold SGM on 24-Dec to vote on Shandong Hi-Speed Holdings Group transaction
Goldman Sachs downgrades 200.HK, 600754.CH
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus +7.7%
08:00 CST: New Yuan Loans; consensus
08:00 CST: Loan Growth Y/Y; consensus
09:30 CST: PPI NSA Y/Y; consensus (3%)
09:30 CST: CPI NSA Y/Y; consensus +0.4%
Japan:
Economic:
08:50 JST: GDP SA Q/Q (Final); consensus +0.2%
08:50 JST: Bank Loans NSA Y/Y; consensus
08:50 JST: GDP SAAR Q/Q (Final); consensus +0.9%
08:50 JST: GDP Y/Y (Final); consensus +0.2%
Earnings:
Kanamoto (9678.JP)
Taiwan:
Economic:
16:00 TST: Export NSA Y/Y; consensus +8.1%
Market Data:
Gold (Feb 25): ($0.40) or (0.02%) to $2659.20
WTI Crude (Jan 25): +$0.13 or +0.19% to $67.33
$-¥: (0.04) or (0.03%) to 149.9650
$-KRW: (1.23) or (0.09%) to 1424.2500
A$-$: +0.00 or +0.18% to 0.6401
$-INR: (0.00) or (0.00%) to 84.6688
$-CNY: (0.00) or (0.00%) to 7.2704
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