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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.40%), Hang Seng Futures +0.58%, ASX SPI 200 +0.51%, S&P Futures (0.16%)

Aug 25 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Futures signaling opening gains in Hong Kong and Australia, mild loss in Japan. US contracts declining following broad-based gains on Friday. Australian and New Zealand bonds rallying after Treasury curve bull steepened following Fed Chair Powell's Jackson Hole speech. Yen building on recent gains with dollar index at 13-month low. Gold and oil up marginally on Friday's levels. Bitcoin at three-week high.

    • Positive market momentum driven further by dovish comments from Fed Chair Powell at Jackson Hole that reinforced expectations of a 25 bp September rate cut. Recession fears continue to ebb with market focus back on soft landing as more central banks turn dovish. Yen-driven volatility has largely dissipated with Nikkei back to pre-August highs. Positive earnings takeaways from US and Asia another driver.

    • At same time, some of the bearish talking points include ongoing global manufacturing weakness, cooling labor market and related headwinds to growth. Select Fedspeak has leaned hawkish lately, pushing back against market's dovish outlook. BOJ Governor Ueda also leaned hawkish with his remarks on Friday that reaffirmed another rate hike is on the cards. Potential for more yen carry unwind with currency back near early August highs.

  • Pre-open Company News:

    • 1196.HK -- Realord Group Holdings guides H1 net loss attributable (HK$520M) - (HK$500M) vs year-ago HK$48.6M

    • 2018.HK -- AAC Technologies Holdings upgraded to buy from hold at UOB Kay Hian Securities

    • 1114.HK -- Brilliance China Automotive Holdings downgraded to hold from buy at BOCI Securities Limited

    • 669.HK -- Techtronic Industries downgraded to reduce from overweight at Guotai Junan

    • 257.HK -- China Everbright Environment Group downgraded to underperform from buy at BofA

    • Macquarie initiates 8001.JP, 8002.JP, 8031.JP, others

    • 002423.CH -- COFCO Capital Holdings reports H1 net income attributable CNY1.17B vs guidance CNY1.14-1.19B

    • 5CP.SP -- Trading halted in Silverlake Axis pending release of announcement

    • 688375.CH -- Guobo Electronics reports H1 net income attributable CNY244.6M, (21%) vs year-ago CNY308.7M

    • 000519.CH -- North Industries Group Red Arrow reports H1 net income attributable CNY44.6M vs guidance CNY37.0-52.0M and year-ago CNY105.3M

    • 300433.CH -- Lens Technology reports H1 net income attributable CNY861.3M, +55% vs year-ago CNY554.3M

    • 5285.MK -- SD Guthrie upgraded to buy from neutral at RHB Research

    • 603156.CH -- Hebei Yangyuan Zhihui Beverage reports H1 revenue CNY2.93B, (2%) vs year-ago CNY2.99B

    • 2882.TT -- Cathay Financial Holdings upgraded to overweight from equal-weight at Morgan Stanley

    • 386.HK -- Sinopec (China Petroleum & Chemical) reports H1 IFRS net income attributable CNY37.08B vs year-ago CNY36.12B

  • On Deck:

    • China:

      • Earnings:

        • Zhongji Innolight (300308.CH)

    • Hong Kong:

      • Earnings:

        • Sinopharm Group (1099.HK), Vesync (2148.HK), Shanghai Pharmaceuticals Holding (2607.HK), Sinofert Holdings (297.HK), PetroChina (857.HK), Kunlun Energy (135.HK), Kingboard Holdings (148.HK), China Resources Medical Holdings (1515.HK), Sunac Services Holdings (1516.HK), ImmuneOnco Biopharmaceuticals (Shanghai) Co. (1541.HK), Haitian International Holdings (1882.HK), Kingboard Laminates Holdings (1888.HK), Maoyan Entertainment (1896.HK), BAIC Motor (1958.HK), Ainnovation Technology Group Co. (2121.HK), China Everbright Environment Group (257.HK), Texhong International Group (2678.HK), Shanghai Henlius Biotech (2696.HK), Tingyi (Cayman Islands) Holding (322.HK), Cheerwin Group (6601.HK), Jinmao Property Services (816.HK), Jinke Smart Services Group (9666.HK), YSB, Inc. (9885.HK), Kintor Pharmaceutical (9939.HK), Trip.com Group (9961.HK), Central China New Life (9983.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

    • Australia:

      • Earnings:

        • Close the Loop (CLG.AU), Dalrymple Bay Infrastructure (DBI.AU), Endeavour Group (EDV.AU), EVT Ltd. (EVT.AU), GDI Property Group (GDI.AU), Kogan.com (KGN.AU), Kelsian Group (KLS.AU), Ramelius Resources (RMS.AU), Regal Partners (RPL.AU), RPMGlobal Holdings (RUL.AU), Lovisa Holdings (LOV.AU), Propel Funeral Partners (PFP.AU), Vulcan Steel (VSL.AU), Austin Engineering (ANG.AU), Cooper Energy (COE.AU), Coles Group (COL.AU), Calix Ltd (CXL.AU), Earlypay (EPY.AU), Guzman y Gomez (GYG.AU), Helloworld Travel (HLO.AU), Integral Diagnostics (IDX.AU), Johns Lyng Group (JLG.AU), Navigator Global Investments (NGI.AU), PeopleIn (PPE.AU), ReadyTech Holdings (RDY.AU), SG Fleet Group (SGF.AU), Zip Co (ZIP.AU)

    • New Zealand:

      • Earnings:

        • NZME (NZM.NZ), Vector (VCT.NZ)

    • Malaysia:

      • Earnings:

        • Telekom Malaysia (4863.MK)

    • Taiwan:

      • Earnings:

        • Mega Financial Holding (2886.TT), Taiwan Cooperative Financial Holding (5880.TT)

  • Market Data:

    • Gold (Dec 24): +$4.80 or +0.19% to $2551.10

    • WTI Crude (Oct 24): +$0.49 or +0.65% to $75.32

    • $-¥: (0.60) or (0.42%) to 143.7450

    • $-KRW: (0.73) or (0.06%) to 1323.8800

    • A$-$: (0.00) or (0.08%) to 0.6788

    • $-INR: (0.00) or (0.00%) to 83.8137

    • $-CNY: +0.00 or +0.01% to 7.1240

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