Aug 08 ,2024
Synopsis:
Asian markets set for positive start to Friday trade. Futures pointing to large opening gains in Japan. Hang Seng and ASX also tracking for initial gains of at least 1%. Nasdaq futures extended advance afterhours. Bonds mixed with Australian yields tracking earlier Treasury rate backup. FX markets steady as yen continues to consolidate. Crude and gold holding onto overnight strength. Bitcoin rallying further, now up 25% from this week's lows.
Market rebound continued into offshore session as lower-than-expected US jobless claims allayed hard landing fears that had fueled recent sell-down. Dip buying has been highlighted amid valuation pullback. Japan stocks well up from this week's lows with dovish BOJ pushback contributing to yen stabilization. At same time, rebound hasn't fully dispelled lingering concerns about US recession (deteriorating consumer health), continued yen carry unwind, AI capex ramp/ROI and negative seasonality.
China CPI inflation forecast to have ticked higher while PPI deflation expected to have worsened. Comes after June's inflation uptick skewed by base year effects with goods prices weighed down by tepid domestic demand. With CPI inflation tracking well below government's 3% target, policymakers directing more efforts to boosting consumption. State Council on Saturday outlined 20-point plan to develop consumer services industry.
Pre-open Company News:
2105.TT -- Cheng Shin Rubber Ind. reports July revenue NT$8.18B, +1.2% y/y
500520.IN -- Mahindra & Mahindra upgraded to buy from hold at Geojit Financial
1801.HK -- Innovent Biologics reports Q2 product revenue ~CNY2.0B, +50% y/y
2353.TT -- Acer Inc reports Q2 EPS NT$0.47 vs FactSet NT$0.45 [8 est, NT$0.37-0.62]
3036.TT -- WT Microelectronics reports July consolidated revenue NT$95.20B, +76.3% y/y
9749.JP -- Fuji Soft reports H1 net income attributable ¥12.21B vs guidance ¥12.50B and year-ago ¥6.06B
U06.SP -- Singapore Land Group reports H1 net income attributable SG$103.7M, (38%) vs year-ago SG$168.4M
+MGN -- Megan Holdings Limited files IPO to offer 1.25M shares on a firm commitment basis in the range of $4-6 per share through EF Hutton - F-1
532843.IN -- Fortis Healthcare notes exercise of put option right by Jacob Ballas holding 15.86% stake in Agilus for INR9.06B
543654.IN -- Global Health Ltd. (India) reports Q1 consolidated net income attributable INR1.06B vs FactSet INR1.18B [4 est, INR1-1.28B]
500085.IN -- Chambal Fertilisers & Chemicals downgraded to hold from buy at Arihant Capital Markets
1238.HK -- Powerlong Real Estate Holdings reports July contracted sales CNY1.06B; StreetAccount notes year-ago CNY2.03B
1996.HK -- Redsun Properties Group reports July contracted sales CNY680M; StreetAccount notes year-ago figure was CNY2.01B
6669.TT -- Wiwynn reports July revenue NT$31.12B, +76.2% y/y
1216.TT -- Uni-President Enterprises reports Q2 EPS NT$1.04 vs FactSet NT$0.95 [7 est, NT$0.73-1.08]
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
08:00 CST: M2 NSA Y/Y; consensus
09:30 CST: PPI NSA Y/Y; consensus (0.9%)
09:30 CST: CPI NSA Y/Y; consensus +0.3%
Hong Kong:
Earnings:
FIH Mobile (2038.HK), Far East Horizon (3360.HK), Genscript Biotech (1548.HK)
Japan:
Earnings:
Isetan Mitsukoshi Holdings (3099.JP), Nissan Chemical (4021.JP), Nxera Pharma (4565.JP), Rakuten Group (4755.JP), Bridgestone (5108.JP), Japan Post Bank (7182.JP), Mitsubishi HC Capital (8593.JP), Kintetsu Group Holdings (9041.JP), Kamigumi (9364.JP), SHO-BOND Holdings (1414.JP), MIRAIT Holdings (1417.JP), Mitsui Matsushima Holdings (1518.JP), TAISEI (1801.JP), Toda Corp. (1860.JP), Kumagai Gumi (1861.JP), EXEO Group (1951.JP), Sanki Engineering (1961.JP), Taikisha (1979.JP), UT Group (2146.JP), Open Up Group (2154.JP), Meiji (2269.JP), MEGMILK SNOW BRAND (2270.JP), The Nisshin OilliO Group (2602.JP), Fuji Oil Holdings (2607.JP), McDonald's Holdings (2702.JP), ARIAKE JAPAN (2815.JP), The Monogatari (3097.JP), Iida Group Holdings (3291.JP), SHIP HEALTHCARE HOLDINGS (3360.JP), Kuraray (3405.JP), KI-Star Real Estate (3465.JP), GungHo Online Entertainment (3765.JP), Hokuetsu (3865.JP), Daio Paper (3880.JP), Nippon Soda Co. (4041.JP), OSAKA SODA (4046.JP), Nihon Parkerizing (4095.JP), Adeka (4401.JP), DIC (4631.JP), Sakata Inx (4633.JP), artience (4634.JP), Resorttrust (4681.JP), JustSystems (4686.JP), BML Inc (4694.JP), Fullcast Holdings (4848.JP), SAWAI GROUP HOLDINGS (4887.JP), Milbon (4919.JP), ENEOS (5020.JP), Cosmo Energy Holdings (5021.JP), INFRONEER Holdings (5076.JP), The Yokohama Rubber (5101.JP), Toyo Tire (5105.JP), Yodogawa Steel Works (5451.JP), Daiki Aluminium Industry (5702.JP), Toho Zinc (5707.JP), DOWA HOLDINGS (5714.JP), SWCC Corp. (5805.JP), Iyogin Holdings (5830.JP), Topre Corp (5975.JP), Japan Material (6055.JP), Japan Post Holdings (6178.JP), Yamabiko (6250.JP), SMC Corp (6273.JP), Shibuya (6340.JP), TADANO (6395.JP), CKD Corp (6407.JP), Sharp Corp (6753.JP), Hosiden (6804.JP), Kyushu Financial Group (7180.JP), JAPAN POST INSURANCE (7181.JP), TS TECH (7313.JP), Zensho Holdings (7550.JP), VT Holdings (7593.JP), Colowide (7616.JP), Nakanishi (7716.JP), Star Micronics (7718.JP), Noritsu Koki (7744.JP), Menicon (7780.JP), TOPPAN Holdings (7911.JP), Mizuno (8022.JP), Yamazen (8051.JP), Yuasa Trading (8074.JP), Iwatani (8088.JP), MOS FOOD SERVICES (8153.JP), KISOJI (8160.JP), Credit Saison (8253.JP), Yaoko Co. (8279.JP), The Hachijuni Bank (8359.JP), The Ogaki Kyoritsu Bank (8361.JP), Seven Bank (8410.JP), Tokyo Century (8439.JP), AIFUL Corp (8515.JP), TOMONY Holdings (8600.JP), Sompo (8630.JP), MS&AD Insurance (8725.JP), Dai-ichi Life (8750.JP), T&D Holdings (8795.JP), Leopalace21 (8848.JP), Starts (8850.JP), Odakyu Electric Railway (9007.JP), Konoike Transport (9025.JP), Nagoya Railroad (9048.JP), SENKO Group Holdings (9069.JP), Nippon Express Holdings (9147.JP), eREX Co. (9517.JP), Toei Co. (9605.JP), SECOM Co. (9735.JP), TKC Corp (9746.JP), Trusco Nakayama (9830.JP), Yamada Holdings (9831.JP), Kato Sangyo (9869.JP), Valor Holdings (9956.JP), Suzuken (9987.JP)
South Korea:
Earnings:
KT (030200.KS)
India:
Earnings:
CESC Ltd (500084.IN), Trent Ltd (500251.IN), Grasim Industries (500300.IN), Siemens (500550.IN), Zydus Lifesciences (532321.IN), Sun TV Network (532733.IN), SJVN Ltd (533206.IN), Bharat Dynamics (541143.IN), Balkrishna Industries (502355.IN), Cholamandalam Financial Holdings (504973.IN), AARTI Industries (524208.IN), General Insurance Corporation of India (540755.IN), Metro Brands (543426.IN), Concord Biotech (543960.IN)
Taiwan:
Earnings:
Quanta Computer (2382.TT), EVA Airways (2618.TT)
Thailand:
Earnings:
Betagro Public (BTG.TB)
Philippines:
Earnings:
Puregold Price Club (PGOLD.PM), Robinsons Land (RLC.PM)
Market Data:
Gold (Dec 24): ($0.50) or (0.02%) to $2462.80
WTI Crude (Sep 24): ($0.14) or (0.18%) to $76.05
$-¥: +0.86 or +0.59% to 147.5460
$-KRW: (3.80) or (0.28%) to 1372.6800
A$-$: +0.01 or +1.06% to 0.6588
$-INR: +0.03 or +0.04% to 83.9891
$-CNY: (0.01) or (0.10%) to 7.1740
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