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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.69%), Hang Seng Futures 0.00%, ASX SPI 200 (1.96%), S&P Futures (1.75%)

Feb 02 ,2025

  • Synopsis:

    • Asian markets set for negative start to Monday trade with Trump's tariffs fueling early volatility. Futures signaling opening decline in Japan with Hong Kong also bracing for turbulent start. ASX selling off in initial trade. S&P 500 and Nasdaq futures down 1-2%. Australian bonds flat ahead of Japan open and extent of tariff impact on Treasuries. Dollar seeing broad gains with Mexican peso, Canadian dollar and euro the hardest hit. Crude rebounding from one-month low, while gold and copper little changed. Bitcoin down to mid-January low.

    • On Saturday, Trump carried out his threat to impose 25% tariffs on Mexico and Canada, and 10% tariffs on China. All three vowed to respond with Canada announcing retaliatory tariffs. Situation remains fluid with Trump also threatening to hit EU and impose tariffs on products such as chips, industrial metals and energy. Economists anticipate varying growth drag from tariffs with Canada hardest hit. Tariffs also seen pushing up US inflation.

    • Hong Kong resumes trade following LNY holiday with stocks bracing for fallout from Trump's tariff announcement (Nasdaq Golden Dragon index dropped 3.5% on Friday). China's internet platforms seen impacted by Trump removing $800 de-minimis exemption from tariffs. Regional automakers and auto parts producers face uncertainty related to supply chain impacts. Semiconductor firms and resource stocks also in focus following Trump's threat to put tariffs on chips and industrial metals.

    • Busy week on calendar. US nonfarm payrolls (Fri) forecast to show some moderation with markets having priced out Fed rate cut until mid-year. China returns from LNY with early focus on extent of holiday spending. BOE (Thurs) and RBI (Fri) expected to cut by 25 bp. Fed officials slated to remark following last week's hold. New Zealand Q4 employment seen reinforcing expectations of 50 bp February rate cut. Eventful week of earnings with banks, Nintendo, Nomura and Tokyo Electron among major Japan companies set to report.

  • Pre-open Company News:

    • 2333.HK -- Great Wall Motor reports January sales 80,933 units, (22.2%) y/y

    • 002594.CH -- BYD Co. reports January vehicle production volume 327,864 units vs year-ago 205,588 units

    • 175.HK -- Geely Automobile Holdings reports January sales volume 266,737 units, +25% y/y

    • 2696.HK -- Shanghai Henlius Biotech's biologics license application for HLX11 accepted by FDA

    • 95.HK -- LVGEM (China) Real Estate Investment launches consent solicitation to extend maturity of defaulted commercial papers due 2-Jan

    • 9880.HK -- UBTECH Robotics's senior management to further buy up to CNY50M shares in open market within next 12 months

    • 9766.JP -- KONAMI upgraded to outperform from hold at CLSA

    • 5938.JP -- LIXIL Corp. upgraded to outperform from hold at CLSA

    • 4612.JP -- Nippon Paint Holdings downgraded to hold from outperform at CLSA

    • 000810.KS -- Samsung Fire & Marine Insurance Co. downgraded to equal-weight from overweight at Morgan Stanley

    • 2175.JP -- SMS Co. downgraded to neutral from buy at BofA

    • 9531.JP -- Elliott releases statement regarding Tokyo Gas buyback program and other measures

  • On Deck:

    • Japan:

      • Earnings:

        • Ajinomoto (2802.JP), OTSUKA CORP (4768.JP), HIROSE ELECTRIC (6806.JP), ROHM Co. (6963.JP), Kyocera (6971.JP), Murata Manufacturing (6981.JP), Mitsubishi Motors (7211.JP), Yamato Holdings (9064.JP), ANA HOLDINGS (9202.JP), Kotobuki Spirits (2222.JP), Kagome (2811.JP), dely, Inc. (299A.JP), Macnica Holdings (3132.JP), Sumitomo Chemical (4005.JP), Sumitomo Bakelite (4203.JP), Nippon Kayaku Co. (4272.JP), Ono Pharmaceutical (4528.JP), Kissei Pharmaceutical (4547.JP), JVCKenwood (6632.JP), Hirogin Holdings (7337.JP), HOYA Corp (7741.JP), Paltac (8283.JP), Aozora Bank (8304.JP), The Kiyo Bank (8370.JP), Hokuhoku Financial Group (8377.JP), Mizuho Financial (8411.JP), East Japan Railway (9020.JP), Central Japan Railway (9022.JP), Osaka Gas (9532.JP)

    • South Korea:

      • Earnings:

        • POSCO (005490.KS), kakaopay (377300.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M; consensus (0.9%)

        • 11:30 AEST: Building Approvals SA M/M; consensus

    • India:

      • Earnings:

        • NLC India (513683.IN), Divi's Laboratories (532488.IN), K.P.R. Mill (532889.IN), Alembic Pharmaceuticals (533573.IN), Garden Reach Shipbuilders & Engineers (542011.IN), HFCL Ltd (500183.IN), Castrol India (500870.IN), KEC International (532714.IN), Power Grid Corp. of India (532898.IN), General Insurance Corporation of India (540755.IN), Tube Investments of India (540762.IN), DOMS Industries (544045.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +1.7%

    • Singapore:

      • Earnings:

        • Keppel Pacific Oak US REIT (CMOU.SP), Keppel Infrastructure Trust (A7RU.SP), Lendlease Global Commercial REIT (JYEU.SP)

  • Market Data:

    • Gold (Apr 25): +$2.10 or +0.07% to $2837.10

    • WTI Crude (Mar 25): +$1.55 or +2.14% to $74.08

    • $-¥: +0.19 or +0.13% to 155.3990

    • $-KRW: (1.00) or (0.07%) to 1456.5000

    • A$-$: (0.01) or (1.16%) to 0.6139

    • $-INR: (0.00) or (0.00%) to 86.6972

    • $-CNY: +0.01 or +0.13% to 7.1965

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