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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.74%, Hang Seng Futures +0.73%, ASX SPI 200 +0.45%, S&P Futures (0.01%)

Aug 19 ,2024

  • Synopsis:

    • Asian markets set for positive start to Tuesday trade. Futures pointing to rebound in Japan following Monday's pullback. Hang Seng and ASX also tracking for initial gains. S&P 500 futures flat after US indexes extended their positive streak on Monday. Australian and New Zealand yield curves bear flattening. Gold hovering near record high. Crude steady near two-week low amid Gaza ceasefire talks. Yen continues to come off earlier highs against dollar. Bitcoin extending rebound from overnight lows.

    • China expected to keep 1Y and 5Y loan prime rates unchanged today. Another round of weak China macro data reinforced calls for authorities to step up policy support with economists calling for additional cuts to RRR, LPR and 7DRR rate. However, also concerns about policy efficacy given series of rate cuts have failed to revive economic momentum, putting more attention on fiscal measures to stimulate consumption.

    • Markets awaiting Fed Chair Powell's speech on Friday as more Fed officials signal openness to near-term easing. Powell's speech expected to reinforce expectations of a September cut as markets weigh prospects for rate path beyond next month. Futures no longer pricing in aggressive easing amid dialing back of recession/hard landing fears. Economists expect three 25 bp rate cuts at final three meetings of 2024.

  • Pre-open Company News:

    • 688188.CH -- Shanghai BOCHU Electronic Technology Corp. reports H1 net income attributable CNY491.2M, +36% vs year-ago CNY362.0M

    • 002532.CH -- Tianshan Aluminum Group reports H1 net income attributable CNY2.07B, +103% vs year-ago CNY1.02B

    • CC3.SP -- StarHub downgraded to neutral from accumulate at Phillip Capital

    • 300373.CH -- Yangzhou Yangjie Electronic Technology completes CNY50.0-100.0M buyback

    • 600673.CH -- Guangdong HEC Technology Holding reports H1 net income attributable CNY226.4M vs guidance CNY200.0-280.0M

    • 600460.CH -- Hangzhou Silan Microelectronics reports H1 net income attributable (CNY24.9M) vs year-ago (CNY41.2M)

    • 1519.HK -- J&T Global Express reports H1 adjusted net income $63.2M vs year-ago ($264.0M)

    • 688777.CH -- SUPCON Technology reports H1 net income attributable CNY516.6M vs year-ago CNY510.7M

    • 600048.CH -- Poly Developments & Holdings Group confirms prelim. H1 results announced on 11-Jul

    • UD2.SP -- Japfa launches off-market equal access offer to buy back up to 183.3M shares at SG$0.355/share

    • 6969.HK -- Smoore International Holdings reports H1 net income CNY683.2M, (5%) vs year-ago CNY717.3M

    • HSAI -- Hesai Group releases ESG report

    • DGCA reports July domestic air passenger traffic +7.33% y/y

    • 836.HK -- China Resources Power Holdings reports July net generation 18.4M MWh, +0.03% y/y

    • 500188.IN -- Vedanta exercises option to sell 0.29% stake in Hindustan Zinc to retail investors, cutting stake to 63.42%

  • On Deck:

    • China:

      • Economic:

        • 09:30 CST: 1 and 5 Year Loan Prime Rate; consensus no change

      • Earnings:

        • Poly Developments & Holdings Group (600048.CH), GD Power Development (600795.CH), Beijing Kingsoft Office Software (688111.CH)

    • Hong Kong:

      • Earnings:

        • Xtep International Holdings (1368.HK), Ping An Healthcare & Technology (1833.HK), Kingsoft (3888.HK), China Telecom (728.HK), Tongcheng-Elong Holdings (780.HK), Sinopec Oilfield Service (1033.HK), Minsheng Education Group (1569.HK), CGN New Energy Holdings (1811.HK), ZTO Express (2057.HK), Gushengtang Holdings (2273.HK), Sunny Optical Technology (Group) (2382.HK), Shanghai Voicecomm Information Technology (2495.HK), Marketingforce Management (2556.HK), Lianlian DigiTech (2598.HK), PAX Global Technology (327.HK), Shandong Hi-Speed Holdings Group (412.HK), SY Holdings Group (6069.HK), Sinopec Kantons Holdings (934.HK), GDS Holdings (9698.HK), InnoCare Pharma (9969.HK), Pop Mart International Group (9992.HK), Kangji Medical Holdings (9997.HK)

    • Australia:

      • Earnings:

        • Helia Group (HLI.AU), ARB Corp. (ARB.AU), Dexus Property Group (DXS.AU), Macmahon Holdings (MAH.AU), RAM Essential Services Property Fund (REP.AU), Solvar (SVR.AU), AUB Group (AUB.AU), Bapcor (BAP.AU), Brambles (BXB.AU), Healius (HLS.AU), Ridley Corp. (RIC.AU), Santos (STO.AU), The Lottery Corp. (TLC.AU), Ventia Services Group (VNT.AU), HMC Capital (HMC.AU), Breville Group (BRG.AU), Charter Hall Group (CHC.AU), Corporate Travel Management (CTD.AU), Cedar Woods Properties (CWP.AU), Domino's Pizza Enterprises (DMP.AU), Data#3 (DTL.AU), Hansen Technologies (HSN.AU), humm group (HUM.AU), Insurance Australia Group (IAG.AU), Iluka Resources (ILU.AU), Lycopodium (LYL.AU), MAAS Group (MGH.AU), Peter Warren Automotive Holdings (PWR.AU), PEXA Group (PXA.AU), Qualitas (QAL.AU), Scentre Group (SCG.AU), Service Stream (SSM.AU), WiseTech Global (WTC.AU)

    • New Zealand:

      • Earnings:

        • Fletcher Building (FBU.NZ), Ebos Group (EBO.NZ), SKY Network Television (SKT.NZ)

    • Singapore:

      • Earnings:

        • SATS Ltd. (S58.SP)

  • Market Data:

    • Gold (Dec 24): $0.00 or 0.00% to $2541.30

    • WTI Crude (Sep 24): ($0.03) or (0.04%) to $74.34

    • $-¥: (0.86) or (0.58%) to 146.7650

    • $-KRW: (19.53) or (1.45%) to 1330.6900

    • A$-$: +0.01 or +0.99% to 0.6736

    • $-INR: (0.06) or (0.07%) to 83.8160

    • $-CNY: (0.03) or (0.41%) to 7.1354

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