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StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.50%), Hang Seng Futures +0.57%, ASX SPI 200 (0.25%), S&P Futures (0.45%)

Aug 06 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Futures pointing to sharp opening declines in Japan as US contracts turn negative afterhours. Futures signaling mild gains in Hong Kong and slightly negative start in Australia. Bonds under pressure after Treasuries weakened across the curve overnight. New Zealand yield curve bear flattening following jobs data. Yen stabilizing after Tuesday's pullback. Choppy price action in gold, oil and Bitcoin.

    • Tuesday market bounce attributed to factors such as Fed pushback against hard landing fears, efforts by Japan officials to calm markets, and oversold conditions/technicals. However, also view that volatility may persist over near-term amid heightened market sensitivity to economic risks, yen carry reversal driving further appreciation, unwinding of systematic longs and negative seasonality.

    • China trade data forecast to show export growth nudging up to quickest since early 2023. China's recent export upturn considered function of stabilization in global trade and importer front-loading ahead of potential Trump tariffs. Import growth forecast to have turned only slightly positive following June's surprise contraction, underscoring challenging domestic demand backdrop.

    • In other economic developments, New Zealand employment growth unexpectedly turned positive in Q2 while unemployment rate rose by less-than-forecast. Futures now pricing in ~60% chance of RBNZ rate cut next week vs 100% prior to data. Sell-side takeaways from RBA's hold decision on Tuesday leaned hawkish though economists stuck to calls for rate cuts in early 2025.

  • Pre-open Company News:

    • 2599.HK -- Shinsun Holdings (Group) reports June attributable contracted sales CNY306M; StreetAccount notes year-ago figure was CNY924M

    • 500295.IN -- Vedanta reports Q1 consolidated EPS INR9.64 vs year-ago INR7.06

    • AP4.SP -- Riverstone Holdings reports Q2 net income attributable MYR72.5M vs year-ago MYR46.9M

    • Hong Kong stock connect daily turnover

    • 1848.HK -- China Aircraft Leasing Group Holdings sells three A320NEO lease-attached aircraft, terms undisclosed

    • 523457.IN -- Linde India reports Q1 consolidated EPS INR13.33 vs year-ago INR11.71

    • 500387.IN -- Shree Cement reports Q1 standalone EPS INR88.06 vs FactSet INR151.53 [10 est, INR121.30-180.38]

    • 500253.IN -- Street Takeaways - LIC Housing Finance Q1 Earnings

    • 002385.CH -- Beijing Dabeinong Technology Group reports July pig sales volume 466K vs year-ago 432K

    • 600079.CH -- Humanwell Healthcare (Group) receives NMPA drug registration approval for omega-3 fatty acid ethyl ester 90 soft capsules

    • 1605.TT -- Walsin Lihwa reports July revenue NT$15.03B, (1.0%) y/y

    • 000876.CH -- New Hope Liuhe reports July pork sales CNY2.39B, +16.1% y/y

    • ADVANC.TB -- Advanced Info Service Public declares interim DPS THB4.87; record 20-Aug; payable 3-Sep

    • 002371.CH -- NAURA Technology Group initiated buy at Western Securities (timing uncertain)

    • EXEL -- Exelixis announces FDA accepted supplemental New Drug Application for cabozantinib for patients with advanced neuroendocrine tumors

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Export Y/Y; consensus +9.9%

        • 08:00 CST: Import Y/Y; consensus +3%

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

        • 08:00 CST: Trade Balance NSA; consensus +$100B

        • 16:00 CST: FX Reserves; consensus +$3245.5B

    • Hong Kong:

      • Earnings:

        • Uni-President China Holdings (220.HK), Cathay Pacific Airways (293.HK), China Tower (788.HK)

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus 109.3

      • Earnings:

        • Toray Industries (3402.JP), SUMCO (3436.JP), Mitsubishi Gas Chemical (4182.JP), FUJIFILM (4901.JP), Shiseido (4911.JP), Kobe Steel (5406.JP), Sumitomo Metal Mining (5713.JP), Kubota (6326.JP), Sony (6758.JP), Taiyo Yuden (6976.JP), Mazda Motor (7261.JP), Honda Motor (7267.JP), Olympus (7733.JP), Nippon Telegraph & Telephone (9432.JP), SoftBank Group (9984.JP), Hazama Ando (1719.JP), Okumura (1833.JP), Totetsu Kogyo Co. (1835.JP), Daiwa House Industry (1925.JP), Raito Kogyo Co. (1926.JP), Asahi Group Holdings (2502.JP), Arata Corp (2733.JP), Nisshinbo Holdings (3105.JP), Wacoal Holdings (3591.JP), Internet Initiative Japan (3774.JP), Nippon Paper Industries (3863.JP), Denka Co. (4061.JP), Nippon Shokubai (4114.JP), Fuso Chemical (4368.JP), NOF Corp (4403.JP), Nippon Shinyaku (4516.JP), Kaken Pharmaceutical (4521.JP), Rohto Pharmaceutical Co. (4527.JP), ROUND ONE (4680.JP), Lion Corp. (4912.JP), KOSE Corp (4922.JP), JCU Corp. (4975.JP), Dexerials (4980.JP), Sumitomo Rubber Industries (5110.JP), Toyo Tanso (5310.JP), Maruichi Steel Tube (5463.JP), Mitsubishi Materials (5711.JP), OSAKA Titanium Technologies (5726.JP), Shizuoka Financial Group (5831.JP), Rakuten Bank (5838.JP), Rinnai (5947.JP), NHK Spring (5991.JP), Sumitomo Heavy Industries (6302.JP), Fujitec (6406.JP), Sankyo (6417.JP), Sega Sammy Holdings (6460.JP), HOSHIZAKI (6465.JP), THK CO. (6481.JP), Azbil Corp (6845.JP), Lasertec (6920.JP), Isuzu Motors (7202.JP), Kyokuto Kaihatsu Kogyo (7226.JP), Tachi-S (7239.JP), Shimadzu (7701.JP), Riken Keiki (7734.JP), Furuya Metal (7826.JP), Pilot Corp (7846.JP), Royal Holdings (8179.JP), K's Holdings (8282.JP), Fukuoka Financial Group (8354.JP), JACCS Co. (8584.JP), Fuji Kyuko (9010.JP), Keihan Holdings (9045.JP), SKY Perfect JSAT Holdings (9412.JP), Japan Airport Terminal (9706.JP), Nitori Holdings (9843.JP)

    • South Korea:

      • Earnings:

        • KakaoBank (323410.KS), LG Uplus (032640.KS)

    • Australia:

      • Earnings:

        • Transurban Group (TCL.AU), AMP (AMP.AU), BWP Trust (BWP.AU), Charter Hall Long WALE REIT (CLW.AU), Mirvac (MGR.AU)

    • New Zealand:

      • Earnings:

        • Vital Healthcare Property Trust (VHP.NZ)

    • India:

      • Earnings:

        • Shree Cement (500387.IN), Abbott India (500488.IN), NLC India (513683.IN), Godrej Consumer Products (532424.IN), Gujarat Pipavav Port (533248.IN), Aditya Birla Fashion & Retail (535755.IN), NHPC Ltd (533098.IN), Pidilite Industries (500331.IN), Apollo Tyres (500877.IN), Coromandel International (506395.IN), Radico Khaitan (532497.IN), Krishna Institute of Medical Sciences (543308.IN), SignatureGlobal (India) (543990.IN)

    • Singapore:

      • Earnings:

        • ARA US Hospitality Trust (XZL.SP), DBS Group Holdings (D05.SP), Singapore Exchange (S68.SP), EC World Real Estate Investment Trust (BWCU.SP), Cromwell European REIT (CWBU.SP), Vicom (WJP.SP)

    • Taiwan:

      • Earnings:

        • ASUSTek Computer (2357.TT), Parade Technologies (4966.TT)

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +0.8%

      • Earnings:

        • Thai Union Group Public (TU.TB)

    • Philippines:

      • Earnings:

        • Globe Telecom (GLO.PM), Ayala Land (ALI.PM), Monde Nissin (MONDE.PM), SM Investments (SM.PM)

  • Market Data:

    • Gold (Dec 24): ($4.70) or (0.19%) to $2426.90

    • WTI Crude (Sep 24): ($0.28) or (0.38%) to $72.92

    • $-¥: +0.38 or +0.26% to 144.5520

    • $-KRW: +5.73 or +0.42% to 1373.9100

    • A$-$: +0.00 or +0.26% to 0.6513

    • $-INR: (0.17) or (0.21%) to 83.9279

    • $-CNY: +0.02 or +0.25% to 7.1467

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