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StreetAccount Summary - Asian Market Preview: Nikkei Futures +2.86%, Hang Seng Futures +1.11%, ASX SPI 200 +0.99%, S&P Futures +0.14%

Aug 15 ,2024

  • Synopsis:

    • Asian markets set for positive start to Friday trade. Futures signaling opening rally in Japan and initial gain of 1% in Hong Kong and Australia. S&P 500 futures extending gains afterhours. Bonds back under pressure with Australian and New Zealand curves bear flattening. FX markets steady after dollar strengthened on US retail sales data. Yen down to two-week low. Gold and crude steady following overnight gains. Copper at two-week high. Bitcoin rebounding from one-week low.

    • Risk-on sentiment attributed to better-than-expected US retail sales data and positive takeaways from WMT's earnings, which collectively appeared to allay concerns about deteriorating US consumer health. Also put more traction behind soft landing narrative after weak US July payrolls led to pick up in recession talk. Dovish Fedspeak strengthened expectations of a September rate cut, though futures pared odds of a 50 bp hike.

    • PBOC Governor Pan pledged stronger efforts to support economic recovery, his comments coming after China activity data generally underwhelmed and reinforced expectations authorities will need to step up policy support. Economists called for fiscal measures aimed at stimulating consumer demand, more support for property sector to help clear inventory, and additional rate/RRR cuts to reduce funding costs and boost liquidity.

    • RBA Governor Bullock appearing before parliamentary committee where she again dismissed prospects of near-term rate cut. Her remarks come after Australian jobs data showed another big increase in headline employment but an uptick in jobless rate. Economists viewed data as indicative of resilient labor market where pressures are slowly dissipating amid strong supply. However, labor market cooling proceeding at pace that is still expected to keep rates higher for longer until Q2 2025.

  • Pre-open Company News:

    • 2858.HK -- Yixin Group reports H1 adjusted net income CNY507.5M, +23% vs year-ago CNY412.9M

    • 119.HK -- Poly Property Group guides H1 net income attributable to decrease by (41%) y/y

    • SK6U.SP -- PARAGON REIT completes divestment of The Rail Mall; deal announced 20-Jun; plans special DPU

    • 600521.CH -- Zhejiang Huahai Pharmaceutical initiated buy at TF Securities (timing uncertain)

    • 688065.CH -- Cathay Biotech reports H1 net income attributable CNY247.4M, +2% vs year-ago CNY241.9M

    • 002653.CH -- Haisco Pharmaceutical Group reports H1 net income attributable CNY164.7M, +119% vs year-ago CNY75.1M

    • 544162.IN -- Bharti Hexacom initiated outperform at Macquarie

    • 1083.HK -- Towngas Smart Energy reports H1 net income attributable HK$743M, (33%) vs year-ago HK$1.12B

    • 1055.HK -- China Southern Airlines reports July traffic +16.07% y/y

    • 9863.HK -- Zhejiang Leapmotor Technology reports H1 net income attributable (CNY2.21B) vs year-ago (CNY2.28B)

    • 1.HK -- CK Hutchison Holdings reports H1 net income attributable HK$10.21B vs year-ago HK$11.21B

    • 000963.CH -- Huadong Medicine terminates further developments of vTv Therapeutics' TTP273 project

    • 2291.HK -- Lepu Scientech Medical Technology gets NMPA medical device registration certificate for MemoSorb Biodegradable Atrial Septal Defect Occluder Product

    • 601799.CH -- Changzhou Xingyu Automotive Lighting Systems reports H1 net income attributable CNY594.2M, +27% vs year-ago CNY466.7M

    • 1608.HK -- VPower Group International Holdings reports H1 net income attributable (HK$138.6M) vs year-ago (HK$327.7M)

  • On Deck:

    • China:

      • Earnings:

        • Intchains (ICG), Zhejiang China Commodities City Group (600415.CH), Apeloa Pharmaceutical (000739.CH)

    • Hong Kong:

      • Earnings:

        • China Resources Building Materials Technology Holdings (1313.HK), SINOPEC Engineering (Group) (2386.HK), ZTE (763.HK), RemeGen (9995.HK), China Everbright Greentech (1257.HK), iMotion Automotive Technology (Suzhou) Co. Ltd. (1274.HK), China Hongqiao Group (1378.HK), CITIC Telecom International Holdings (1883.HK), Sands China (1928.HK), Laekna (2105.HK), Perennial Energy Holdings (2798.HK), Midea Real Estate Holding (3990.HK), OrbusNeich Medical Group Holdings (6929.HK), Dingdang Health Technology Group (9886.HK)

    • Japan:

      • Earnings:

        • Pan Pacific International Holdings (7532.JP)

    • Australia:

      • Earnings:

        • 3P Learning (3PL.AU), Domain Holdings Australia (DHG.AU), GQG Partners (GQG.AU), National Australia Bank (NAB.AU)

    • Malaysia:

      • Economic:

        • 00:00 EST: Current Account; consensus +MYR8B

        • 00:00 EST: GDP NSA Y/Y; consensus +5.8%

      • Earnings:

        • CelcomDigi (6947.MK)

    • Singapore:

      • Earnings:

        • Singapore Post (S08.SP)

  • Market Data:

    • Gold (Dec 24): +$1.20 or +0.05% to $2493.60

    • WTI Crude (Sep 24): ($0.24) or (0.31%) to $77.92

    • $-¥: +1.87 or +1.27% to 149.2050

    • $-KRW: +5.40 or +0.40% to 1363.7500

    • A$-$: +0.00 or +0.14% to 0.6611

    • $-INR: (0.02) or (0.03%) to 83.9550

    • $-CNY: +0.03 or +0.38% to 7.1653

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