[Truman]

Equity indices in the Asia-Pacific region began the week on a mixed note.

Japan’s Nikkei: +0.4%,
Hong Kong’s Hang Seng: -1.8%,
China’s Shanghai Composite: -1.2%,
India’s Sensex: +0.4%,
South Korea’s Kospi: +0.2%,
Australia’s ASX All Ordinaries: -0.4%

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Hong Kong’s July CPI 0.0% m/m (last 0.2%); 1.8% yr/yr (expected 2.0%; last 1.9%)
Hong Kong’s Hang Seng fell back into bear market territory after a brief appearance in that zone in June.

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New Zealand’s July trade deficit NZD1.107 bln (last deficit of NZD111 mln)
July Credit Card spending 0.0% m/m (last 2.4%)

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The People’s Bank of China lowered its one-year loan prime rate by ten basis points to 3.45% while the 5-yr rate was left unchanged at 4.20% against expectations for bigger cuts.

Bank stocks underperformed in Hong Kong after the PBoC action was announced.
Hong Kong’s Hang Seng fell back into bear market territory after a brief appearance in that zone in June.

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South Korea’s exports fell 16.5% yr/yr during the first 20 days of August with chip exports falling 24.7%.

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Major European indices trade in positive territory.

STOXX Europe 600: +0.7%,
Germany’s DAX: +0.8%,
U.K.’s FTSE 100: +0.5%,
France’s CAC 40: +1.2%,
Italy’s FTSE MIB: +1.6%,
Spain’s IBEX 35: +0.8%.

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Germany’s July PPI -1.1% m/m (expected -0.2%; last -0.3%); -6.0% yr/yr (expected -5.1%; last 0.1%)

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Italy nominated its former economy minister Franco to replace Fabio Panetta at the European Central Bank.

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British Prime Minister Sunak is reportedly planning on a smaller cabinet reshuffle than originally expected.
The U.K.’s foreign secretary is planning to visit China by the end of this month.

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Palo Alto Networks reported Friday AMC

(PANW 235.84, +26.15, +12.5%): beats by $0.15, reports revs in-line; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

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Regeneron Pharma (REGN 822.10, +9.70, +1.2%): receives FDA approval for EYLEA HD

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DuPont (DD 76.23, +0.83, +1.1%): confirms a definitive agreement to sell an 80.1% ownership interest in the Delrin acetal homopolymer business to TJC LP in a transaction valuing the business at $1.8 bln

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NVIDIA (NVDA 444.02, +11.03, +2.6%): HSBC raised its price target to $780 from $600

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Old Dominion (ODFL 394.00, +0.51, +0.1%): aiming to bid $1.5 bln for Yellow (YELL) terminals, according to WSJ

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Napco Security Systems (NSSC 24.74, -13.77, -35.9%): guides Q4 revs below consensus; raises quarterly dividend 28% to $0.08/share

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