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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (3.27%), Hang Seng Futures (1.57%), ASX SPI 200 (1.78%), S&P Futures (0.24%)

Aug 01 ,2024

  • Synopsis:

    • Asian markets for negative start to Friday trade. Futures pointing to more sharp losses in Japan. Hang Seng and ASX tracking for opening declines of over 1%. US contracts extending losses afterhours. Bond rally continues with Australian curve bull steepening. Crude steady after retreating Wednesday's highs. Gold choppy. Copper adding to losses after erasing prior session's rally. Yen resuming gains. Bitcoin little changed after rebounding from mid-July lows.

    • US tech earnings continue to roll through. AAPL +0.7% in postmarket trade after revenue and iPhone sales topped expectations. However, China remained a drag with revenue falling short amid FX and competitive headwinds. INTC (19%) suspended dividend and announced cost saving plan following big earnings and guidance miss. AMZN (8%) revenue guidance midpoint below consensus with capex ramp weighing on cloud margins.

    • US growth headwinds in focus following sharper contraction in ISM manufacturing index. Negative trends in sub-components amplified growth concerns after employment dropped to lowest since Jun-2020. Adds to anecdotal observations in corporate commentary about weakening consumer health. Deteriorating macro data has led markets to fully price in three Fed rate cuts in 2024.

    • Economists gaming out timing of next BOJ rate hike following this week's raise. Bloomberg survey showed majority anticipate another 25 bp hike by end-2024 with plurality eyeing December move. Contrast between dovish Fed expectations and comparatively hawkish BOJ rate outlook has increased scrutiny on narrowing US-Japan yield spread. Yen extending post-BOJ rally with currency touching highest against dollar since mid-March.

    • US nonfarm payrolls forecast to show unchanged unemployment rate and modest step in headline jobs growth down following June's stronger-than-expected increase. No change expected in average hourly wages growth. Previews have downplayed likely Fed impact from with futures fully pricing in a September rate cut following this week's dovish FOMC changes.

  • Pre-open Company News:

    • 8316.JP -- Sumitomo Mitsui Financial completes 9.6M-share buyback announced on 15-May for ¥100.00B

    • 601018.CH -- Ningbo Zhoushan Port reports July container throughput 4.1M units, +5.0% y/y

    • 540762.IN -- Tube Investments of India reports Q1 standalone EPS INR7.98 vs year-ago INR7.63

    • 543320.IN -- Zomato reports Q1 consolidated EPS INR0.28 vs FactSet INR0.25 [9 est, INR0.20-0.30]

    • 512599.IN -- Adani Enterprises transfers entire food FMCG business to Adani Wilmar under a scheme of arrangement

    • 002385.CH -- Beijing Dabeinong Technology Group places 211.5M new shares at CNY3.31/share to raise CNY700.0M

    • 543335.IN -- Aptus Value Housing Finance India reports Q1 consolidated net profit INR1.72B vs FactSet INR1.75B [7 est, INR1.66-2B]

    • 543220.IN -- Max Healthcare Institute reports Q1 consolidated EPS INR2.42 vs year-ago INR2.46

    • Spain Jul new passenger car registrations 83,979 units, +3.4% y/y - ANFAC

    • 034220.KS -- TCL CSOT named preferred bidder for LG Display's Guangzhou factory

    • 500182.IN -- Hero FinCorp files draft red herring prospectus for IPO

    • 968.HK -- Xinyi Solar Holdings downgraded to neutral from buy at Zhongtai International (timing uncertain)

    • 1177.HK -- NMPA accepts new indication application of Sino Biopharma's Benmelstobart/Anlotinib Hydrochloride combination to treat RCC

    • 175.HK -- Geely Automobile Holdings reports July sales volume 150,782 units, +13% y/y

    • 3692.HK -- Hansoh Pharmaceutical Group initiated outperform at Bernstein

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Asia Cement (China) Holdings (743.HK)

    • Japan:

      • Earnings:

        • Japan Tobacco (2914.JP), Tosoh Corp (4042.JP), Eisai (4523.JP), Fuji Media Holdings (4676.JP), LY Corp. (4689.JP), NTN Corp (6472.JP), Minebea Mitsumi (6479.JP), SBI Holdings (8473.JP), Kawasaki Kisen Kaisha (9107.JP), KDDI Corp (9433.JP), CALBEE (2229.JP), Coca-Cola Bottlers Japan Holdings (2579.JP), Gunze Ltd (3002.JP), Daiwabo Holdings (3107.JP), Joyful Honda (3191.JP), Food & Life Companies (3563.JP), Oji (3861.JP), Sumitomo Chemical (4005.JP), IBIDEN (4062.JP), KH Neochem (4189.JP), Daicel (4202.JP), JMDC Inc (4483.JP), FANCL Corp (4921.JP), Nitta Corp (5186.JP), Fujimi (5384.JP), Toyo Seikan Group Holdings (5901.JP), Fuji Corp (Machinery) (6134.JP), KITZ Corp (6498.JP), OMRON (6645.JP), IDEC Corp (6652.JP), Nihon Kohden (6849.JP), First Bank of Toyama (7184.JP), NOK Corp (7240.JP), Argo Graphics (7595.JP), Tokyo Seimitsu (7729.JP), Nintendo (7974.JP), Kanematsu (8020.JP), Sangetsu (8130.JP), Sanrio (8136.JP), Aozora Bank (8304.JP), Sumitomo Mitsui Financial (8316.JP), The Chiba Bank (8331.JP), The Hyakugo Bank (8368.JP), Yamaguchi Financial Group (8418.JP), The Bank of Nagoya (8522.JP), Mitsui Fudosan (8801.JP), Seibu Holdings (9024.JP), Hankyu Hanshin Holdings (9042.JP), MITSUI-SOKO HOLDINGS (9302.JP), TV Asahi Holdings (9409.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

    • India:

      • Earnings:

        • GlaxoSmithKline Pharmaceuticals (500660.IN), Zydus Wellness (531335.IN), IDFC Ltd (532659.IN), LIC Housing Finance (500253.IN), Britannia Industries (500825.IN), Narayana Hrudayalaya (539551.IN), Computer Age Management Services (543232.IN)

    • Singapore:

      • Earnings:

        • Seatrium (5E2.SP), Oversea-Chinese Banking Corp. (O39.SP), NetLink NBN Trust (CJLU.SP)

    • Taiwan:

      • Earnings:

        • Walsin Lihwa (1605.TT), momo.com (8454.TT)

    • Philippines:

      • Earnings:

        • Semirara Mining & Power (SCC.PM), Universal Robina (URC.PM)

  • Market Data:

    • Gold (Dec 24): +$8.30 or +0.33% to $2489.10

    • WTI Crude (Sep 24): +$0.51 or +0.67% to $76.82

    • $-¥: (1.03) or (0.69%) to 148.9480

    • $-KRW: (0.45) or (0.03%) to 1368.8300

    • A$-$: (0.00) or (0.60%) to 0.6500

    • $-INR: +0.03 or +0.04% to 83.7418

    • $-CNY: +0.02 or +0.33% to 7.2428

  • 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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