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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.21%), Hang Seng Futures (0.75%), ASX SPI 200 +0.36%, S&P Futures (0.02%)

Aug 14 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Futures pointing to opening declines in Japan and Hong Kong while signaling mild gains in Australia. S&P 500 futures flat afterhours. Bonds mixed with New Zealand curve bull steepening further following RBNZ's rate cut. Australian yields also lower after Treasuries firmed again overnight. FX markets steady after dollar recouped post-CPI drop. Yen stuck in range. Gold and crude nursling losses. Bitcoin pulled back sharply from earlier highs.

    • Softer-than-expected US CPI reinforced expectations of a September Fed rate cut with annualized core inflation down to lowest since early 2021. Some economists played down importance of CPI with Fed more concerned about labor market developments. Attention turns to Thursday's July retail sales and WMT earnings for latest indications about US consumer health and potential implications for soft- vs hard-landing debate.

    • China July activity data forecast to show rebound in retail sales growth from Dec-2022 low, though underpinned in part by base year effects. Little change expected in industrial production and fixed asset investment growth with adverse weather mentioned as possible drag. July housing data will also land with real estate investment declines forecast to have narrowed and house prices expected to have shrunk at similar pace to June.

    • Japan preliminary Q2 GDP forecast to show q/q growth rebound amid net export strength. Australian employment data forecast to show moderation in headline jobs growth from June's outsized increase. No change expected in unemployment rate. Data comes after RBA assessed labor market tighter than previously thought, keeping inflation elevated.

    • China bond market has been a focus this week with yields rising on flurry on reports highlighting stepped up regulatory efforts to temper a rally that fueled bubble concerns. However, rates retraced lower Wednesday after subdued loan data refocused attention on China's weak economy and expectations more policy support is needed to revive credit demand.

  • Pre-open Company News:

    • 603019.CH -- Dawning Information Industry reports preliminary H1 net income attributable CNY558.0M, +2% vs year-ago CNY544.7M

    • 003490.KS -- KOREAN AIR LINES Co. reports Q2 consolidated operating profit KRW442.93B vs FactSet KRW436.78B

    • 9690.HK -- Tuhu Car initiated buy at Daiwa

    • AEV.PM -- Aboitiz Equity Ventures reports Q2 net income attributable PHP6.58B, +2% vs year-ago PHP6.46B

    • 6.HK -- Power Assets Holdings reports H1 net income attributable HK$3.01B, +2% vs year-ago HK$2.96B

    • 512.HK -- Grand Pharmaceutical Group guides H1 net income attributable to increase by no less than +50% y/y

    • +NPT -- Texxon Holding files for Nasdaq IPO through EF Hutton - F-1

    • STGT.TB -- Sri Trang Gloves (Thailand) Public reports Q2 net income attributable THB378.4M vs year-ago THB15.2M

    • 1910.HK -- Samsonite International reports H1 adjusted net income $174.0M vs StreetAccount $178.6M

    • 3883.HK -- China Aoyuan Group guides H1 net income CNY21.0-23.0B vs year-ago (CNY2.9B)

    • 601699.CH -- Shanxi Lu'an Environmental Energy Development reports July raw coal production 4.9Mt, +3.8% y/y

    • 2016.HK -- China Zheshang Bank reports preliminary H1 net income attributable CNY8.00B vs year-ago CNY7.74B

    • CENTEL.TB -- Central Plaza Hotel Public upgraded to add from hold at CGS International

    • 600329.CH -- Tianjin Pharmaceutical Da Ren Tang Group reports H1 net income attributable CNY657.7M, (9%) vs year-ago CNY722.5M

    • AOT.TB -- Airports of Thailand Public Co. reports Q3 net income attributable THB4.56B vs FactSet THB4.71B [11 est, THB4.24-5.02B]

  • On Deck:

    • China:

      • Economic:

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

        • 10:00 CST: Industrial Output NSA Y/Y; consensus +5.5%

        • 10:00 CST: Retail Sales NSA Y/Y; consensus +2.6%

        • 10:00 CST: Fixed Asset Investment NSA YTD

        • 10:00 CST: Unemployment Rate

      • Earnings:

        • Intchains (ICG)

    • Hong Kong:

      • Earnings:

        • CK Hutchison Holdings (1.HK), Li Ning (2331.HK), BOC Aviation (2588.HK), Galaxy Entertainment Group (27.HK), Yixin Group (2858.HK), JD Health International (6618.HK), Beijing Fourth Paradigm Technology (6682.HK), Zhejiang Leapmotor Technology (9863.HK), Lenovo Group (992.HK), ANE (Cayman) (9956.HK), Wynn Macau (1128.HK), CK Asset Holdings (1113.HK), Cowell e Holdings (1415.HK), VPower Group International Holdings (1608.HK), Scholar Education Group (1769.HK), SF Real Estate Investment Trust (2191.HK), Kingdee International Software Group (268.HK), Chinasoft International (354.HK), EEKA Fashion Holdings (3709.HK), Yuexiu Real Estate Investment Trust (405.HK), MTR Corp. (66.HK), China Unicom (Hong Kong) (762.HK), Value Partners Group (806.HK), China Medical System Holdings (867.HK), Ming Yuan Cloud Group Holdings (909.HK), Alphamab Oncology (9966.HK), Weilong Delicious Global Holdings (9985.HK)

    • Japan:

      • Economic:

        • 08:50 JST: GDP SA Q/Q (Preliminary); consensus +0.5%

        • 08:50 JST: GDP SAAR Q/Q (Preliminary); consensus +2.4%

        • 08:50 JST: GDP Y/Y (Preliminary); consensus (0.5%)

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus

        • 13:30 JST: Industrial Production SA M/M (Final); consensus

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

        • 11:30 AEST: Unemployment Rate; consensus 4.1%

        • 11:30 AEST: Employment SA; consensus +17.5K

      • Earnings:

        • Enero Group (EGG.AU), ASX (ASX.AU), 3P Learning (3PL.AU), Aspen Group (APZ.AU), Bell Financial Group (BFG.AU), Charter Hall Retail REIT (CQR.AU), Domain Holdings Australia (DHG.AU), GQG Partners (GQG.AU), Pact Group (PGH.AU), PWR Holdings (PWH.AU)

    • Singapore:

      • Earnings:

        • Singtel (Z74.SP)

    • Thailand:

      • Earnings:

        • Chularat Hospital PCL (CHG.TB)

    • Philippines:

      • Earnings:

        • GT Capital Holdings (GTCAP.PM)

  • Market Data:

    • Gold (Dec 24): +$5.60 or +0.23% to $2485.30

    • WTI Crude (Sep 24): +$0.35 or +0.45% to $77.33

    • $-¥: +0.49 or +0.34% to 147.3210

    • $-KRW: (7.23) or (0.53%) to 1355.7000

    • A$-$: (0.00) or (0.57%) to 0.6594

    • $-INR: +0.06 or +0.08% to 83.9713

    • $-CNY: (0.02) or (0.23%) to 7.1375

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