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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.25%), Hang Seng Futures (0.96%), ASX SPI 200 (0.54%), S&P Futures +0.15%

Aug 22 ,2024

  • Synopsis:

    • Asia equities poised for a softer open Friday. Futures in Japan, Hong Kong and Australia were all lower. US contracts partially recovered overnight declines in cash. Nasdaq notably lagged S&P 500 as Big Tech sold off. Sharp drop in SOX index also added to bearish tech signals. Portending broader market weakness, almost all Japan ADRs logged losses alongside notable declines in Golden Dragon China index. US treasuries were weaker across the curve. Dollar index was up 0.5%, with strength on the yen cross. Gold finished down 1.2%. Bitcoin futures were off 2.0%. WTI crude settled up 1.5% after nearing a six-month low yesterday.

    • Latest US price action was generally attributed to positioning ahead of Powell's Jackson Hole testimony, expected to tee up easing and reiterate data dependence but shy away from any explicit signaling. Debate continues as to whether Fed will cut by 25 or 50 bp next month, though market pricing implying a smaller move as the main scenario. Some less-dovish tone in latest Fedspeak, with commentary advocating gradual, methodical rate cuts and mentioning labor-market strength.

    • Asia developments light, though attention turns to BOJ Governor Ueda's appearance in parliament for clarity on policy stance in the wake of recent market turbulence. Main point of contention came from Deputy Governor Uchida's recent remarks ruling out a rate hike while markets are unstable, though economists downplayed the signal value and reaffirmed forecasts for another move by year-end. Stock market has since stabilized with narrative returning to preceding bullish themes (earnings, buybacks) while strategists foresee the uptrend resuming through next year.

    • In contrast, BOK's decision to remain on hold yesterday prompted a rare government response expressing disappointment, citing concerns for consumption, though Governor Rhee noted four board members were open to a rate cut within three months. Yet, broader consensus was that any easing would come after government measures to curb house prices take hold. Regional macro calendar largely quiet. New Zealand Q2 retail sales fell by more than expected. Japan core CPI inflation edged higher in line with expectations, mostly due to the roll off of energy subsidies. Singapore CPI also coming up later in the afternoon.

  • Pre-open Company News:

    • 2318.HK -- Ping An Insurance (Group) Co. of China reports H1 OPAT CNY78.48B vs year-ago CNY78.95B

    • 600176.CH -- China Jushi reports H1 net income attributable CNY961.2M vs guidance CNY825.2M-1.03B and year-ago CNY2.06B

    • 300979.CH -- Huali Industrial Group confirms H1 prelim. results announced on 5-Aug

    • 002773.CH -- Chengdu Kanghong Pharmaceutical Group reports H1 net income attributable CNY692.2M, +32% vs year-ago CNY525.3M

    • 000027.CH -- Shenzhen Energy Group reports H1 net income attributable CNY1.75B, (7%) vs year-ago CNY1.88B

    • 535755.IN -- Aditya Birla Fashion and Retail and TCNS set 3-Sep-2024 as record date for share exchange under scheme of merger

    • 2380.HK -- China Power International Development declares special dividend CNY0.05/sh; Record 4-Oct, payment 15-Oct

    • 2892.TT -- First Financial Holding reports H1 EPS NT$0.98 vs FactSet NT$0.98 [1 est]

    • Jul World Crude Steel production (4.7%) y/y to 152.8Mt -- World Steel Association

    • BIOA.B.SS -- BioArctic announces UK's MHRA grants marketing authorization for Leqembi for early Alzheimer's disease

    • 600129.CH -- Chongqing Taiji Industry (Group) reports H1 net income attributable CNY494.6M, (13%) vs year-ago CNY565.3M

    • 6993.HK -- Blue Moon Group Holdings reports H1 net income attributable (HK$663.7M) vs guidance (HK$665M) and year-ago (HK$167.5M)

    • 1908.HK -- C&D International Investment Group reports H1 net income attributable CNY817.1M, (36%) vs year-ago CNY1.28B

    • 1992.HK -- Fosun Tourism Group reports H1 adjusted net income CNY332.7M, (35%) vs year-ago CNY513.2M

    • 6855.HK -- Ascentage Pharma reports H1 net income attributable CNY165.3M vs year-ago (CNY362.6M)

  • On Deck:

    • China:

      • Earnings:

        • Glodon (002410.CH), Avic Aviation High-Technology (600862.CH)

    • Hong Kong:

      • Earnings:

        • TCL Electronics Holdings (1070.HK), Hong Kong Technology Venture (1137.HK), Hysan Development (14.HK), CRRC Corp. (1766.HK), Zhaojin Mining Industry (1818.HK), Mobvista (1860.HK), Jinchuan Group International Resources (2362.HK), Sinopec (China Petroleum & Chemical) (386.HK), Zhuzhou CRRC Times Electric (3898.HK), CMOC Group (3993.HK), Shenzhen Expressway Corp. (548.HK), Yangtze Optical Fibre & Cable Joint Stock (6869.HK), Jiumaojiu International Holdings (9922.HK), Greentown Management Holdings (9979.HK), Sinopharm Group (1099.HK), First Pacific (142.HK), Fu Shou Yuan International Group (1448.HK), Zhou Hei Ya International Holdings (1458.HK), Yadea Group Holdings (1585.HK), East Buy Holding (1797.HK), China Aircraft Leasing Group Holdings (1848.HK), China Risun Group (1907.HK), Fire Rock Holdings (1909.HK), Goldwind Science & Technology (2208.HK), Mobvoi (2438.HK), CStone Pharmaceuticals (2616.HK), ENN Energy Holdings (2688.HK), Greentown Service Group (2869.HK), Zijin Mining Group (2899.HK), Zhongyu Energy Holdings (3633.HK), Keep Inc. (3650.HK), Greentown China Holdings (3900.HK), Zhejiang Expressway (576.HK), Shangri-La Asia (69.HK), Immunotech Biopharm (6978.HK), Antengene (6996.HK), China Overseas Grand Oceans Group (81.HK), Longfor Group Holdings (960.HK), Tuhu Car (9690.HK), China Youran Dairy Group (9858.HK), Archosaur Games (9990.HK), Peijia Medical (9996.HK)

    • Japan:

      • Economic:

        • 08:30 JST: CPI National Y/Y; consensus +2.7%

        • 08:30 JST: CPI Core National Y/Y; consensus

        • 08:30 JST: CPI ex-Fresh Food and Energy; consensus +2.2%

    • Australia:

      • Earnings:

        • Abacus Group (ABG.AU), BCI Minerals (BCI.AU), Cobram Estate Olives (CBO.AU), LGI LTD (LGI.AU), Mayne Pharma Group (MYX.AU), Pacific Current Group (PAC.AU), Rural Funds Group (RFF.AU), Polynovo (PNV.AU), TPG Telecom (TPG.AU)

    • New Zealand:

      • Economic:

        • 10:45 NZST: Retail Sales Q/Q; consensus

    • Malaysia:

      • Earnings:

        • MISC Bhd (3816.MK)

    • Taiwan:

      • Earnings:

        • Yuanta Financial Holding (2885.TT)

  • Market Data:

    • Gold (Dec 24): +$4.40 or +0.17% to $2521.10

    • WTI Crude (Oct 24): +$0.01 or +0.01% to $73.02

    • $-¥: +0.84 or +0.58% to 146.1090

    • $-KRW: +3.19 or +0.24% to 1340.1500

    • A$-$: (0.00) or (0.59%) to 0.6705

    • $-INR: +0.05 or +0.05% to 83.9371

    • $-CNY: +0.01 or +0.17% to 7.1448

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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