Aug 13 ,2024
Synopsis:
Asian markets set for positive start to Wednesday trade. Futures pointing to opening gains in Japan, Hong Kong and Australia. S&P 500 futures flat after US benchmarks extended post-sell-off rebound. Bonds firming with Australian yield curve steepening following overnight Treasury rally. FX markets steady with dollar index down to one-week low. Yen remains range bound. Crude off lows following bullish API inventory data. Gold flat. Bitcoin consolidating following earlier upswing.
US CPI forecast to show m/m pickup in headline and core inflation that would still leave Fed on track to ease in September. Comes after cooler-than-expected PPI put more traction behind disinflation narrative. Hard landing/recession fears sparked by weak US jobs data allayed somewhat with BofA FMS showing soft landing optimism remains base case scenario for strategists.
RBNZ decision expected to be close call with views mixed on whether it cut by 25 bp or hold. Markets favoring rate cut outcome amid New Zealand disinflation momentum, recession risks and rising unemployment. Updated economic forecasts will also receive attention with RBNZ expected to bring forward timing of projected rate cuts with a lower trough, accompanied by downgrades of CPI and GDP estimates.
Japan stockmarket rebound has caught attention with Nikkei recouping historic loss sustained on 5-Aug. Concerns about hawkish BOJ rate outlook and ensuing yen-driven meltdown have eased with currency stabilizing and BOJ tightening expectations wound back. Focus has also shifted to corporate developments with latest batch of earnings positively received. US tech rally has also lifted sentiment towards beaten down semiconductor stocks.
Pre-open Company News:
137310.KS -- SD Biosensor reports Q2 Operating profit (KRW14.88B) vs year-ago (KRW76.41B)
AZN.LN -- AstraZeneca's Enhertu receives conditional approval in China for patients with previously treated HER2-positive advanced or metastatic gastric cancer
3702.TT -- WPG Holdings guides Q3 EPS NT$1.04-1.25 vs FactSet NT$1.55 [1 est]
KCE.TB -- KCE Electronics Public Co. declares interim cash dividend THB0.6/share; unchanged vs year-ago
520111.IN -- Ratnamani Metals & Tubes reports Q1 consolidated EPS INR15.11 vs year-ago INR19.24
540153.IN -- Endurance Technologies reports Q1 consolidated net income attributable INR2.04B vs FactSet INR2.02B [11 est, INR1.75-2.40B]
SPALI.TB -- Supalai Public reports Q2 net income attributable THB1.60B vs FactSet THB1.54B [9 est, THB1.40-1.71B]
543663.IN -- Five-Star Business Finance to consider and approve share warrants issuance through preferential allotment to promoters and key managerial personnel in 17-Aug board meeting
532683.IN -- AIA Engineering downgraded to reduce from add at IIFL Securities
500302.IN -- Piramal Enterprises confirms total AUM to reach ~800B by Q4-25 vs INR710B in Q1-25
AAV.TB -- Asia Aviation Public reports Q2 net income attributable THB84.1M vs FactSet THB97M [4 est, THB17-238M]
BANPU.TB -- Banpu Public reports Q2 net income attributable $26M vs FactSet $23.7M [1 est]
THG.F.TB -- Thonburi Healthcare Group Public reports Q2 net income attributable THB43M vs year-ago THB128M
SISB.F.TB -- SISB Public reports Q2 net income attributable THB209.7M, +35% vs year-ago THB155.4M
288.HK -- WH Group reports H1 net income attributable after biological FV adj $784M vs StreetAccount $666.0M
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
Foxconn Industrial Internet (601138.CH)
Hong Kong:
Earnings:
CK Infrastructure Holdings (1038.HK), AsiaInfo Technologies (1675.HK), Power Assets Holdings (6.HK)
Japan:
Earnings:
Soracom (147A.JP), Skylark Holdings (3197.JP), Dentsu Group (4324.JP), Ebara Corp (6361.JP), Kadokawa (9468.JP), Ezaki Glico (2206.JP), TORIDOLL Holdings (3397.JP), Appier Group (4180.JP), Medley (4480.JP), Mabuchi Motor (6592.JP), Ferrotec Holdings (6890.JP), Aichi Financial Group (7389.JP), Asahi Intecc (7747.JP), Sundrug (9989.JP)
South Korea:
Earnings:
Samsung Fire & Marine Insurance Co. (000810.KS)
Australia:
Earnings:
Orora (ORA.AU), Pro Medicus (PME.AU), Viva Leisure (VVA.AU), Treasury Wine Estates (TWE.AU), Adacel Technologies (ADA.AU), Alliance Aviation Services (AQZ.AU), Arena REIT (ARF.AU), Centuria Office REIT (COF.AU), Cochlear (COH.AU), Enero Group (EGG.AU), Fiducian Group (FID.AU), Goodman Group (GMG.AU), Magellan Financial Group (MFG.AU), NRW Holdings (NWH.AU), Origin Energy (ORG.AU), Telstra Group (TLS.AU)
India:
Earnings:
Swan Energy (503310.IN), Hindustan Aeronautics (541154.IN), Glenmark Pharmaceuticals (532296.IN)
Singapore:
Earnings:
City Developments (C09.SP), Olam Group (VC2.SP), CapitaLand Investment (9CI.SP), First Resources (EB5.SP), Bumitama Agri (P8Z.SP), Frencken Group (E28.SP), China Aviation Oil (G92.SP), ComfortDelGro Corp. (C52.SP), Genting Singapore (G13.SP), Haw Par Corp. (H02.SP)
Taiwan:
Earnings:
Hon Hai Precision Industry (2317.TT), Nien Made Enterprise Co. (8464.TT)
Thailand:
Earnings:
SCGJWD Logistics PCL (SJWD.TB)
Philippines:
Earnings:
Ayala Corp (AC.PM), Alliance Global Group (AGI.PM), Converge Information & Communications Tech Solutions (CNVRG.PM)
Market Data:
Gold (Dec 24): ($3.90) or (0.16%) to $2503.90
WTI Crude (Sep 24): +$0.45 or +0.57% to $78.80
$-¥: (0.32) or (0.22%) to 146.8750
$-KRW: (8.32) or (0.61%) to 1361.9900
A$-$: +0.00 or +0.71% to 0.6634
$-INR: (0.06) or (0.07%) to 83.8818
$-CNY: (0.02) or (0.31%) to 7.1529
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