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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.17%), Hang Seng Futures (0.76%), ASX SPI 200 (1.11%), S&P Futures (0.01%)

Jan 12 ,2025

  • Synopsis:

    • Asian markets set for negative start to Monday trade with futures pointing to steep opening declines in Japan, Hong Kong and Australia. S&P 500 futures weakening after US equity markets capped off another weekly decline amid ongoing volatility in bond markets. Australian bonds under pressure with curve bear flattening. Dollar strength remains the big story in FX markets with DXY at highest since Nov-2022. Crude extending gains to highest since Oct-2024. Gold steady near one-month high. Bitcoin flat after falling back below $100K.

    • Focus remains on underperforming China markets with CSI 300 enduring worst start to a year since 2016 (down 5% so far). Equity market volatility corresponding with record low bond yields as deflation pressures persist amid a struggling economy. Looming Trump inauguration also heightening attention on trade/tariff tensions while stimulus announcements failing to generate much traction ahead of March NPC.

    • Global bond yield backup continues to weigh on risk sentient with Treasuries leading the selloff. Dampened disinflation momentum, resilient economy leading to winding back of 2025 rate expectations. Trump agenda (tariffs, tax cuts) coupled with US (and UK) fiscal deficit concerns also contributing to rising term premia. Bond selloff spilling over to equities amid scrutiny on stretched valuations (declining earnings yield), and higher corporate borrowing costs.

    • China leads a busy week of Asia data releases with credit, trade, Q4 GDP and December activity figures due out. China LPR decision on Thursday with rate cut expectations in play amid pickup in deflation pressures. BOJ Deputy Governor Himino to remark on Tuesday as market continues to weigh prospect of rate hike at January MPM. BOK expected to cut by 25 bp on Thursday. Australian employment data may carry RBA implications with markets pricing in February rate cut.

  • Pre-open Company News:

    • 2500.HK -- Venus Medtech (Hangzhou) issues use of proceeds update; historical financial position ascertained definitively

    • 600276.CH -- NMPA approves drug registration of Guangdong Hengrui's recaticimab for injection in hypercholesterolemia

    • 500875.IN -- ITCHL allots shares under scheme of arrangement, ceases to be a subsidiary of ITC Ltd

    • 540376.IN -- Avenue Supermarts upgraded to buy from neutral at Phillip Capital

    • 6954.JP -- FANUC Corp. upgraded to outperform from market perform at Bernstein

    • BPMC -- Blueprint Medicines now estimates peak revenue for systemic mastocytosis franchise is $4B, with $2B in annual revenues expected by AYVAKIT by 2030, reports positive BLU-808 trial data

    • 542216.IN -- Dalmia Bharat upgraded to buy from hold at Jefferies

    • 7744.JP -- Noritsu Koki initiated A at Ichiyoshi Securities

    • Jefferies revises ratings for China building sector; upgrades 002460.CH, 002466.CH, 1772.HK, and 9696.HK; downgrades 1171.HK, 600188.CH, 868.HK

    • 1836.HK -- Stella International Holdings initiated overweight at Guotai Junan

    • 9888.HK -- Baidu initiated buy at Huatai Securities

    • 1910.HK -- Samsonite International initiated recommend at Minsheng Securities

    • 000800.CH -- Faw Jiefang Group reports FY total vehicle production 248,671 units vs year-ago 250,640 units

  • On Deck:

    • India:

      • Earnings:

        • Himadri Speciality Chemical (500184.IN), Angel One (543235.IN), Anand Rathi Wealth (543415.IN)

    • Taiwan:

      • Earnings:

        • Nanya Technology (2408.TT)

  • Market Data:

    • Gold (Feb 25): +$2.00 or +0.07% to $2717.00

    • WTI Crude (Feb 25): +$1.48 or +1.93% to $78.05

    • $-¥: +0.12 or +0.07% to 157.7850

    • $-KRW: (0.91) or (0.06%) to 1473.9700

    • A$-$: +0.00 or +0.12% to 0.6155

    • $-INR: (0.00) or (0.00%) to 86.1905

    • $-CNY: (0.00) or (0.01%) to 7.3317

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