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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (3.12%), Hang Seng Futures (0.42%), ASX SPI 200 (1.46%), S&P Futures (1.01%)

Aug 04 ,2024

  • Synopsis:

    • Asian markets set for negative start to Monday trade. Futures signaling opening decline of at least 3% in Japan. S&P 500 and Nasdaq futures have gapped down over 1%. Hang Seng and ASX futures also pointing to early morning weakness. Bonds rallying with NZ yields down over 10 bp. Yen nearing highest against dollar since mid-January. Crude and gold steady. Bitcoin continues to selloff, below $60K.

    • Markets climbing wall of worry, as growth concerns intensified in wake of soft US payrolls data, and BOJ's rate hike fueled yen-driven volatility. Associated ramp in Fed rate cut bets played into 'bad news is bad news' narrative. Negative AI takeaways from US earnings weighed on tech. Middle East tensions another overhang amid Iranian reprisal threat. US election uncertainty, systematic selling pressure, and negative seasonality some of the other overhangs.

    • Japan equities reeling from biggest absolute drop on Friday since 1987 Black Monday, as fallout from BOJ's rate hike and hawkish bias continues to send yen higher. However, also thoughts sell-off overdone with valuations pulling back noticeably and technicals signaling oversold conditions. Higher interest rates also seen as supportive for bank margins while corporate earnings have been highlighted as a key driver of this year's rally.

  • Pre-open Company News:

    • 3668.HK -- Yancoal Australia initiated outperform at CICC

    • 916.HK -- China Longyuan Power Group downgraded to underperform from hold at Daiwa

    • 500520.IN -- Mahindra & Mahindra upgraded to buy from hold at BOB Capital Markets

    • 036570.KS -- StreetAccount Consensus Metrics Preview - NCsoft Q2 Earnings

    • RBA decision, China CPI, and geopolitics among this week's highlights:

    • 3407.JP -- Asahi Kasei upgraded to buy from neutral at SBI Securities Japan

    • URC.PM -- Universal Robina downgraded to hold from outperform at CLSA

    • 000651.CH -- Gree Electric Appliances Inc of Zhuhai completes share buyback; 30M shares repurchased

    • 6998.HK -- Genor Biopharma Holdings enters into license agreement and SPA with TRC 2004, Inc

    • 500253.IN -- LIC Housing Finance downgraded to hold from outperform at CLSA

    • China Ministry of Agriculture: weekly wholesale livestock and poultry prices (26-Jul to 1-Aug)

    • 3320.HK -- China Resources Pharmaceutical to acquire 28% stake in Tasly Pharmaceutical Group for CNY6.21B

    • Goldman Sachs adds 603986.CH, 992.HK to, removes 6723.JP from APAC Conviction List

    • 2383.TT -- Elite Material upgraded to buy from neutral at Nomura

    • U11.SP -- United Overseas Bank Ltd. (Singapore) downgraded to accumulate from buy at Phillip Capital

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Hong Kong:

      • Earnings:

        • CLP Holdings (2.HK)

    • Japan:

      • Earnings:

        • Japan Tobacco (2914.JP), Ajinomoto (2802.JP), Ube (4208.JP), JFE Holdings (5411.JP), GS Yuasa (6674.JP), ROHM Co. (6963.JP), ITOCHU (8001.JP), ORIX (8591.JP), Maruha Nichiro (1333.JP), Alfresa Holdings (2784.JP), Kikkoman (2801.JP), Sumitomo Bakelite (4203.JP), Tsumura & Co (4540.JP), Pola Orbis Holdings (4927.JP), T. Hasegawa (4958.JP), NICHIAS (5393.JP), The Japan Steel Works (5631.JP), Okuma Corp (6103.JP), Daihen (6622.JP), Nitto Kogyo (6651.JP), MCJ Co. (6670.JP), Ushio Inc (6925.JP), Hitachi Zosen (7004.JP), Mebuki Financial Group (7167.JP), Concordia Financial Group (7186.JP), Nishi-Nippon Financial Holdings (7189.JP), Mitsubishi Shokuhin (7451.JP), Workman (7564.JP), A&D Holon Holdings (7745.JP), Okamura (7994.JP), Nagase & Co. (8012.JP), Descente (8114.JP), The Kiyo Bank (8370.JP), North Pacific Bank (8524.JP), Tobu Railway (9001.JP), AZ-COM Maruwa Holdings (9090.JP), Nippon Yusen (9101.JP)

    • Australia:

      • Earnings:

        • Coronado Global Resources (CRN.AU)

    • India:

      • Earnings:

        • BEML Ltd (500048.IN), Honeywell Automation India (517174.IN), Devyani International (543330.IN), Bharti Hexacom (544162.IN), Sun Pharma Advanced Research (532872.IN), Deepak Nitrite (506401.IN), Bharti Airtel (532454.IN), Century Plyboards (India) (532548.IN), Brigade Enterprises (532929.IN), Triveni Turbine (533655.IN), Schneider Electric Infrastructure (534139.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: GDP NSA Y/Y; consensus +5%

    • Singapore:

      • Earnings:

        • Manulife US REIT (BTOU.SP), Lendlease Global Commercial REIT (JYEU.SP), PARAGON REIT (SK6U.SP)

    • Taiwan:

      • Earnings:

        • ASPEED Technology (5274.TT)

  • Market Data:

    • Gold (Dec 24): +$16.20 or +0.66% to $2486.00

    • WTI Crude (Sep 24): +$0.41 or +0.56% to $73.93

    • $-¥: (0.74) or (0.50%) to 145.8470

    • $-KRW: (1.01) or (0.07%) to 1357.1700

    • A$-$: (0.00) or (0.12%) to 0.6503

    • $-INR: (0.01) or (0.02%) to 83.7671

    • $-CNY: (0.00) or (0.03%) to 7.1572

  • 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".

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