Mar 13 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling cautious open in Japan as ASX begins trade with small gain. Hang Seng futures higher after Nasdaq Golden Dragon index ended unchanged. US contracts firming after S&P 500 fell into correction territory on Thursday. Australian bonds strengthening, taking cues from Treasury curve bull flattening. Dollar index steady for a second session. Crude lifting from earlier lows while gold steady at record high $3K. Bitcoin clawing back some of Thursday's drop.
Markets in risk-off mode amid tariff headline volatility and related discussion about negative spillovers to economy and corporate earnings. Treasury Secretary Bessent's latest remarks reinforced notion of Trump put being deep OOTM. Trump also signaling no letup in his tariff war, threatening 200% tariffs on EU wines and alcoholic products. However, more positive tone surrounding US-Canada with Commerce Lutnick having a "productive" meeting with Canadian ministers and Ontario's Doug Ford on Thursday.
Japan's largest trade union, Rengo, to release first tally of wage outcomes negotiated during recent 'shunto' talks. Press noted many firms have awarded pay raises above Rengo mission statement of at least 5%. Outcome of this year's talks seen as crucial in shaping expectations surrounding next BOJ rate hike, though at same there is notion of a higher bar for nominal wages this year given recent acceleration in core inflation has weighed on real wage growth. Current consensus is for BOJ to hold next week with next rate hike expected around mid-year.
Pre-open Company News:
HLUN.B.DC -- H. Lundbeck's Rxulti approved in EU for treatment of schizophrenia in adolescents aged 13 years and older
1301.TT -- Formosa Plastics declares FY cash dividend NT$0.5/share
6762.JP -- TDK carbon emission targets validated by SBTi
2353.TT -- Acer Inc reports Q4 EPS NT$0.47 vs FactSet NT$0.43 [4 est, NT$0.29-0.49]
4922.JP -- KOSE Corp upgraded to hold from underperform at Jefferies
7113.MK -- Top Glove Corp. upgraded to buy from hold at UOB Kay Hian Securities
2353.TT -- Acer Inc declares FY cash dividend NT$1.70/share; StreetAccount notes the year-ago dividend was NT$1.60/share
600895.CH -- Shanghai Zhangjiang Hi-Tech Park Development reports preliminary FY net income attributable CNY971.0M vs year-ago CNY947.9M
7716.JP -- Nakanishi upgraded to outperform from neutral at Okasan Securities
539268.IN -- Street Takeaways - Syngene International analyst meet
020150.KS -- Lotte Energy Materials reports FY audited operating profit (KRW64.44B) vs preliminary (KRW64.4B)
1052.HK -- Yuexiu Transport Infrastructure reports FY net income attributable CNY656.8M, (14%) vs year-ago CNY765.3M
2353.TT -- Acer Inc to terminate the issuance of all GDRs and terminate the trading on LSE
600535.CH -- Tasly Pharmaceutical Group receives NMPA clinical trial approval for NR-20201 injection for treatment of acute ischemic stroke
6169.HK -- China YuHua Education releases ESG report
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
08:00 CST: Foreign Direct Investment Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
Earnings:
Zhonghang Electronic Measuring Instruments (302132.CH)
Hong Kong:
Earnings:
Towngas Smart Energy (1083.HK), China Resources Building Materials Technology Holdings (1313.HK), SINOPEC Engineering (Group) (2386.HK), China Hongqiao Group (1378.HK), Hutchison Telecommunications Hong Kong Holdings (215.HK)
Japan:
Earnings:
Kobe Bussan (3038.JP), Kura Sushi (2695.JP), Tri Chemical Laboratories (4369.JP), Park24 (4666.JP)
Australia:
Earnings:
Bowen Coking Coal (BCB.AU)
Taiwan:
Earnings:
Hon Hai Precision Industry (2317.TT), Gigabyte Technology (2376.TT), Yuanta Financial Holding (2885.TT), Giant Manufacturing (9921.TT), CTBC Financial Holding (2891.TT), Taiwan Cooperative Financial Holding (5880.TT)
Market Data:
Gold (Apr 25): +$9.40 or +0.31% to $3000.70
WTI Crude (Apr 25): +$0.32 or +0.48% to $66.87
$-¥: (0.35) or (0.24%) to 147.8980
$-KRW: +1.72 or +0.12% to 1452.6800
A$-$: (0.00) or (0.56%) to 0.6285
$-INR: (0.23) or (0.27%) to 86.9240
$-CNY: +0.01 or +0.08% to 7.2434
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