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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.24%), Hang Seng Futures (1.22%), ASX SPI 200 (1.07%), S&P Futures +0.34%

Mar 06 ,2025

  • Synopsis:

    • Asian markets set for negative start to Friday trade. Futures signaling steep opening declines in Japan and Hong Kong. ASX extending losses in initial trade. US contracts gaining afterhours after Nasdaq fell into correction territory. Australian bonds rallying after Treasury curve steepened overnight. FX markets steady with dollar index hovering at Nov-2024 low. Canadian dollar and Mexican peso rebounded on Trump tariff reprieve. Gold and crude fluctuating following unchanged cash session. Bitcoin gravitating above $90K after earlier rally attempt failed.

    • President Trump agreed to delay 25% tariffs on Canadian and Mexican goods covered by USMCA until 2-Apr, as flagged earlier this week by Commerce Secretary Lutnick. Still, tariff reprieve provided no support for markets given policy uncertainty dynamic and Trump showing little inclination to back down from his broader strategy of remaking trade relationships. Trump still pushing ahead with reciprocal tariffs on 2-Apr while tariffs on select commodities and agricultural products also forthcoming.

    • Tech selloff gaining momentum with Nasdaq entering correction territory and SOX falling to Aug-2024 lows. Traders positioning for more downside amid growing doubts about AI monetization, adoption, and capex sustainability. Tech underperformance corresponding with rotation out of US and into global equities (Hong Kong tech and European stocks the big winners). Market shifts inviting more scrutiny of US 'exceptionalism' trade with dollar and Treasury yields backsliding alongside equities

    • February US nonfarm payrolls forecast to show modest increase in headline employment growth, unchanged unemployment rate and deceleration in average hourly earnings growth. Comes as markets have gone back to pricing in three Fed rate cuts in 2025 amid recent pickup in growth concerns. However, previews note February's data unlikely to push Fed toward a March cut even if it comes in weaker given broader policymaker focus on elevated inflation and policy uncertainty.

    • China trade data forecast show Jan-Feb export growth halved from December's pace with imports registering minimal growth. Exports supported China's economy in 2024 amid front-loading effects ahead of tariffs. Trade uncertainty has since intensified with Trump imposing 20% tariffs while exporters face fresh headwinds from US slowdown concerns. At same time, separate indicators signaling improvement with China manufacturing growth hitting three month high and new export orders shrinking at a shallower pace last month.

  • Pre-open Company News:

    • 1216.TT -- Uni-President Enterprises reports FY EPS NT$3.64 vs FactSet NT$3.80 [8 est, NT$3.70-3.89]

    • 81.HK -- China Overseas Grand Oceans Group reports February contracted sales CNY2.16B, (0.7%) y/y

    • 2618.HK -- JD Logistics reports Q4 non-IFRS net income CNY2.23B vs StreetAccount CNY2.01B

    • 500825.IN -- Britannia Industries CEO Rajneet Singh Kohli resigns to pursue other opportunity, effective 14-Mar

    • 005940.KS -- NH Investment & Securities Co. to launch KRW50.00B share buyback, to run between 7-Mar and 5-Jun

    • 6618.HK -- JD Health International reports FY non-IFRS profit CNY4.79B vs StreetAccount CNY4.43B

    • 002385.CH -- Beijing Dabeinong Technology Group reports February pig sales volume 476K vs year-ago 327K

    • 1777.HK -- HKEX has taken disciplinary actions against Fantasia Holdings Group and Colour Life Services Group

    • 688.HK -- China Overseas Land & Investment reports February contracted property sales CNY13.20B, +55.5% y/y

    • 600276.CH -- NMPA approves Hengrui Pharmaceuticals's phase Ib/II trial combining SHR-A1811, bevacizumab, adebrelimab, SHR-8068 for advanced solid tumors

    • 2772.HK -- Zhongliang Holdings Group reports February contracted sales CNY1.21B; StreetAccount notes the year-ago figure was CNY1.73B

    • 2882.TT -- Cathay Financial Holdings reports FY EPS NT$7.29 vs FactSet NT$7.77 [13 est, NT$7.11-9.88]

    • 6488.TT -- GlobalWafers reports February revenue NT$5.32B, +5.9% y/y

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Export Y/Y; consensus

        • 08:00 CST: Import Y/Y; consensus

        • 08:00 CST: Trade Balance NSA; consensus

        • 16:00 CST: FX Reserves; consensus +$3232B

    • Hong Kong:

      • Earnings:

        • FIH Mobile (2038.HK), Far East Horizon (3360.HK), OrbusNeich Medical Group Holdings (6929.HK), Asia Cement (China) Holdings (743.HK)

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +1.4%

        • 16:00 TST: Export NSA Y/Y; consensus +17.7%

      • Earnings:

        • Formosa Chemicals & Fibre (1326.TT), HTC Corp (2498.TT), SinoPac Financial Holdings Co. (2890.TT)

    • Philippines:

      • Earnings:

        • Aboitiz Power (AP.PM), Robinsons Land (RLC.PM)

  • Market Data:

    • Gold (Apr 25): ($6.80) or (0.23%) to $2919.80

    • WTI Crude (Apr 25): ($0.10) or (0.15%) to $66.26

    • $-¥: (0.91) or (0.61%) to 147.9810

    • $-KRW: +1.78 or +0.12% to 1446.5000

    • A$-$: (0.00) or (0.05%) to 0.6333

    • $-INR: +0.27 or +0.31% to 87.1288

    • $-CNY: (0.00) or (0.06%) to 7.2468

  • 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".

DEPOSITARY RECEIPTS:
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