Feb 10 ,2025
Synopsis:
Asian markets set for cautious start to Tuesday trade. Futures signaling mild opening gain in Japan and flat start in Hong Kong. ASX higher in initial trade with miners shrugging off Trump's metal tariffs. US contracts declining afterhours. Bonds mixed with Aussie rates tracking earlier Treasury yield pullback. Commodity currencies seeing some weakness following Trump tariff announcements. Crude and gold little changed while copper retreating. Bitcoin flat.
Trump ordered 25% tariffs on aluminum and steel exports foreshadowed on Sunday. Speaking to reporters Monday Trump said reciprocal tariffs coming in next 48 hours and he is weighing tariffs on chips, autos and pharmaceutical products in next four weeks. With China tariffs going into effect, markets still awaiting potential Trump-Xi phone call. Administration official signaled 10% tariffs on China could be paused if meaningful headway on fentanyl is seen before the call.
Overnight market support attributed to pullback in (front-end) Treasury yields following benign inflation takeout from NY Fed consumer survey, which helped reverse some of Friday's yield backup that followed US payrolls data and weighed on risk sentiment. Semis outperformed with SOX up 1.5% amid ongoing optimism around AI secular growth story. Nasdaq Golden Dragon index rallied 3%, extending Monday's tech rally in Hong Kong where AI enthusiasm continues following DeepSeek breakthrough.
Pre-open Company News:
543258.IN -- Indigo Paints reports Q3 consolidated profit after tax INR358.5M vs FactSet INR365.5M [6 est, INR328-396M]
3036.TT -- WT Microelectronics reports January consolidated revenue NT$77.78B, +5.54% y/y
2882.TT -- Cathay Financial Holdings reports January net income NT$14.49B; StreetAccount notes year-ago figure was NT$9.41B
600418.CH -- Anhui Jianghuai Automobile Group reports January vehicle production 35,040 units vs year-ago 42,635 units
543653.IN -- Bikaji Foods International downgraded to add from buy at IIFL Securities
2454.TT -- MediaTek reports January revenue NT$51.14B, +14.9% y/y
3702.TT -- WPG Holdings reports January NT$65.83B, +3.2% y/y
2912.TT -- President Chain Store reports January revenue NT$30.57B, +9.6% y/y
601225.CH -- Shaanxi Coal Industry reports January coal production 14.3Mt vs year-ago 13.9Mt
000623.CH -- Aodong Pharmaceutical completes CNY300-600M buyback
603858.CH -- NMPA approves trial of Buchang Pharmaceuticals's sodium sulfate compound tablets for cleansing colon before colonoscopy in adults
601555.CH -- Soochow Securities reports preliminary FY net income attributable CNY2.37B vs FactSet CNY2.05B [2 est, CNY1.85-2.26B]
Citi downgrades 1128.HK, 1928.HK, MLCO (pre-Hong Kong open)
2354.TT -- Foxconn Technology reports January revenue NT$8.50B, +146.6% y/y
On Deck:
China:
Economic:
08:00 CST: New Yuan Loans; consensus
08:00 CST: Foreign Direct Investment Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: M2 NSA Y/Y; consensus
South Korea:
Earnings:
KEPCO Engineering & Construction (052690.KS), SK Networks (001740.KS), SKC Co. (011790.KS), Hyundai Department Store (069960.KS), GS Holdings (078930.KS), KRAFTON (259960.KS), Hanwha (000880.KS), NCsoft (036570.KS), DoubleUGames (192080.KS)
Australia:
Economic:
11:30 AEST: NAB Business Confidence; consensus
Earnings:
AGL Energy (AGL.AU), Amotiv (AOV.AU), Imdex (IMD.AU), Arena REIT (ARF.AU), Bravura Solutions (BVS.AU), CBA (CBA.AU), Computershare (CPU.AU), Evolution Mining (EVN.AU)
India:
Earnings:
Procter & Gamble Hygiene & Health Care (500459.IN), Tata Investment (501301.IN), Bayer CropScience (506285.IN), AstraZeneca Pharma India (506820.IN), Birlasoft (532400.IN), Shree Renuka Sugars (532670.IN), Jai Balaji Industries (532976.IN), Schneider Electric Infrastructure (534139.IN), NBCC (India) (534309.IN), Sammaan Capital (535789.IN), Indian Railway Catering & Tourism (542830.IN), Suven Pharmaceuticals (543064.IN), Devyani International (543330.IN), Aegis Logistics (500003.IN), Steel Authority of India (500113.IN), Lupin Ltd (500257.IN), EIH Ltd (500840.IN), HEG Ltd (509631.IN), Cera Sanitaryware (532443.IN), Vodafone Idea (532822.IN), RHI Magnesita India Refractories (534076.IN), BLS International Services (540073.IN), IRCON International (541956.IN), Cello World (544012.IN)
Singapore:
Earnings:
Yoma Strategic Holdings (Z59.SP)
Market Data:
Gold (Apr 25): +$4.60 or +0.16% to $2939.00
WTI Crude (Mar 25): +$0.13 or +0.18% to $72.45
$-¥: +0.47 or +0.31% to 151.8760
$-KRW: (3.12) or (0.21%) to 1451.8000
A$-$: (0.00) or (0.03%) to 0.6271
$-INR: (0.34) or (0.39%) to 87.4495
$-CNY: +0.02 or +0.23% to 7.3043
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