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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.00%, Hang Seng Futures +0.60%, ASX SPI 200 +1.49%, S&P Futures +0.09%

Jan 15 ,2025

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Futures signaling opening gains in Japan and Hong Kong. ASX rallying in initial trade. S&P 500 futures flat after US indexes logged biggest daily gain since Trump's election win. Australian bonds strengthening, tracking earlier Treasury yield downshift. Broad gains in commodity markets with crude back near Aug-2024 highs. Dollar nursing losses against other currencies with yen the notable gainer. Bitcoin reclaimed $100K.

    • Softer-than-feared US core inflation the basis for overnight risk-on move in equities that also corresponded with sharp pullback in bond yields and retreat in the dollar. Early takeaways noted data suggests disinflation remains on track, a view echoed by some Fed officials following data's release. Also prompted a somewhat dovish repricing that sees markets back to fully pricing in rate cut by July (compared to October previously).

    • There was more market fallout from BOJ Governor Ueda's remarks on Wednesday that repeated board will discuss rate hike next week. Yen strengthened towards early January high against dollar while JGB yields continued to push higher with 2Y reaching highest since Oct-2008. Ueda's remarks led Nomura to bring forward rate hike timing to next week from March while swaps were back to pricing in ~72% chance of January rate hike vs 61% day before, per Bloomberg.

    • BOK expected to cut by 25 bp, marking third consecutive reduction as focus increasingly shifts to combatting slowing growth with inflation at target. Economy weighed down by domestic slowdown and slowing export momentum, while prospect of Trump tariffs viewed as another downside risk. Sentiment has been battered by political turmoil and unemployment rate unexpectedly surged to highest since mid-2021. Still, advocates of a February pause point to won volatility and longstanding concerns over financial stability.

    • Australian employment data forecast to show step down in headline jobs growth and uptick in unemployment rate. Markets recently pricing in more than 70% chance of RBA rate cut in February following softer December CPI data. RBA is looking for signs of cooling labor market though recent figures indicative of continued tightness with unemployment rate well below central bank's end-2024 forecast. Whether RBA eases in February may ultimately hinge on all-important Q4 CPI data (29-Jan).

  • Pre-open Company News:

    • 600886.CH -- SDIC Power Holdings reports Q4 domestic gross electricity generated 38.58B kWh, (5.4%) y/y

    • 532525.IN -- Bank of Maharashtra reports Q3 standalone EPS INR1.83 vs year-ago INR1.46

    • 1055.HK -- China Southern Airlines reports December traffic +10.07% y/y

    • 540777.IN -- Follow up: HDFC Life Insurance reports 9M APE INR102.93B vs StreetAccount INR104.11B

    • 000975.CH -- Shandong International Gold guides FY net income attributable CNY2.14-2.24B vs FactSet CNY2.34B [7 est, CNY2.13-2.60B]

    • 540716.IN -- ICICI Lombard General Insurance discloses equity investments in Max Healthcare Institute and PI Industries

    • 4751.JP -- CyberAgent upgraded to buy from neutral at UBS

    • SCGP.TB -- SCG Packaging Public Co. downgraded to hold from buy at DBS Group

    • 2633.TT -- Taiwan High Speed Rail President James Jeng to perform the duty of Chairman temporarily

    • 8129.JP -- Toho Holdings guides FY net income ¥16.90B vs prior guidance ¥12.50B and FactSet ¥13.53B [3 est, ¥10.60-16.78B]

    • 540777.IN -- HDFC Life Insurance reports Q3 standalone EPS INR1.93 vs FactSet INR2.53 [3 est, INR1.87-3.18]

    • SOL -- Emeren Group sells 65 MWp solar project portfolio in Germany to Trina Solar; terms not disclosed

    • 2186.HK -- Luye Pharma Group enrols first patient in phase II trial of LY03015 for tardive dyskinesia, Huntington's disease

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus +1.5%

      • Earnings:

        • Hogy Medical (3593.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +2.8%

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

        • 11:30 AEST: Unemployment Rate; consensus 4.05%

        • 11:30 AEST: Employment SA; consensus +12.5K

    • India:

      • Earnings:

        • Asian Paints (500820.IN), Alok Industries (521070.IN), Mastek (523704.IN), Reliance Industries (500325.IN), Havells India (517354.IN), Sterling & Wilson Renewable Energy (542760.IN), Metro Brands (543426.IN)

    • Taiwan:

      • Earnings:

        • Taiwan Semiconductor (2330.TT)

  • Market Data:

    • Gold (Feb 25): +$6.40 or +0.24% to $2724.20

    • WTI Crude (Feb 25): +$0.34 or +0.42% to $80.38

    • $-¥: (1.65) or (1.04%) to 156.3210

    • $-KRW: (6.55) or (0.45%) to 1453.6100

    • A$-$: +0.00 or +0.62% to 0.6233

    • $-INR: (0.09) or (0.11%) to 86.4381

    • $-CNY: (0.00) or (0.03%) to 7.3301

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