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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.67%), Hang Seng Futures (0.25%), ASX SPI 200 (0.19%), S&P Futures +0.02%

Jan 07 ,2025

  • Synopsis:

    • Asia equities poised to open lower Wednesday. Futures in Japan, Hong Kong and Australia were softer. Golden Dragon China index fell 0.20%. Japan ADRs mostly higher. US contracts steadied following the weakest session in S&P 500 and Nasdaq since 18-Dec. Tech leads broadly negative: Big Tech names largely underperformed, Nvidia (~NVDA~) among the notable underperformers. SOX index fell 1.84%. US Treasuries weaker with more bear steepening. Dollar index up 0.4%. Gold finished up 0.7%. Bitcoin futures off 6% and back below $100K. WTI crude settled up 0.9%.

    • Hawkish takeaways from US macro data cited as the main headwind for equities. Combination of entrenched inflation and tight labor market reinforced perceptions of slower Fed rate cuts, adding support for bondyields alongside supply and Trump policy plays. Elevated yields (10y reached eight-month high) and debate over stock market implications dominated the narrative. AI takeaways from CES largely upbeat, but nothing particularly incremental. Nvidia keynote was seen as forward-looking and lacked meaningful near-term positive implications.

    • In regional developments, US-China frictions remained a notable theme. Information Technology Industry Council lobbied the Biden administration to relent from imposing new restrictions on AI chip exports mostly aimed at China which could be announced as soon as Friday. Press reported Shangdong Port Group banned US-sanctioned oil tankers from calling into its ports, which stands to drive up shipping costs for independent refiners in the province and reduce import throughput. Expansion of Pentagon's blacklist of Chinese military companies reignited concerns about decoupling and may drive global demand towards China rather than US.

    • Elsewhere, Biden's decision to block Nippon Steel's (5401.JP) acquisition of US Steel (X) drew broad disappointment from Japanese government officials and business leaders, prompting concerns the incident will discourage further Japan investment in the US and erode bilateral ties. Press reported TSE will tighten restrictions on MBOs as early as this spring to prevent major shareholders from taking companies private at inappropriately low prices. Macro calendar remains light. Main focus will be Australia monthly CPI amid ongoing debate over the next RBA rate move.

  • Pre-open Company News:

    • 688.HK -- China Overseas Land & Investment reports December contracted property sales CNY40.23B, +76.6% y/y

    • 1833.HK -- Ping An Insurance makes mandatory general offer for Ping An Healthcare & Technology at HK$6.12/share

    • 6755.JP -- Fujitsu General releases 2024 sustainability data book

    • Hong Kong stock connect daily turnover

    • 600048.CH -- Poly Developments & Holdings Group reports December contracted sales CNY15.01B, (34.0%) y/y

    • 600150.CH -- China CSSC Holdings receives approval in principle from SASAC for proposed merger with China Shipbuilding

    • 002603.CH -- Shijiazhuang Yiling Pharmaceutical withdraws application for trial of G201-Na for assisted reproduction

    • 543990.IN -- SignatureGlobal (India) appoints Sanjeev Sharma as CFO, effective immediately

    • SJWD.TB -- SCGJWD Logistics unit forms Malaysia cold chain warehousing, transport service JV with Swift Haulage

    • 543990.IN -- Signatureglobal (India) reports Q3 pre sales INR27.7B, +120% vs year-ago INR12.6B

    • 2007.HK -- Country Garden Holdings reports December contracted sales attributable CNY3.42B; StreetAccount notes the year-ago figure was CNY6.91B

    • 817.HK -- China Jinmao Holdings Group reports December contracted sales CNY15.26B; StreetAccount notes year-ago CNY9.17B

    • LSH -- Lakeside Holding Limited announces Hupan Pharmaceutical enters into strategic distribution agreement with Sichuan Huiyu Pharmaceutical Co., Ltd.

    • FORM -- FormFactor expands partnership with Advantest

    • 2454.TT -- MediaTek announces collaboration with NVIDIA on new NVIDIA GB10 Grace Blackwell Superchip in NVIDIA's DIGITS personal AI supercomputer (yesterday, post-US close)

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Xtep International Holdings (1368.HK)

    • Japan:

      • Earnings:

        • Welcia Holdings (3141.JP), SAN-A CO. (2659.JP), ABC-MART (2670.JP), Saizeriya (7581.JP), Mani Inc (7730.JP), Arcs Co. (9948.JP)

  • Market Data:

    • Gold (Feb 25): ($2.10) or (0.08%) to $2663.30

    • WTI Crude (Feb 25): +$0.43 or +0.58% to $74.68

    • $-¥: +0.55 or +0.35% to 158.2010

    • $-KRW: (12.89) or (0.88%) to 1450.3700

    • A$-$: (0.00) or (0.27%) to 0.6228

    • $-INR: +0.08 or +0.09% to 85.8051

    • $-CNY: +0.00 or +0.04% to 7.3255

  • 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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