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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.28%), Hang Seng Futures (0.28%), ASX SPI 200 (0.48%), S&P Futures +0.05%

Mar 18 ,2025

  • Synopsis:

    • Asia equities poised to open lower Wednesday. Futures in Japan, Hong Kong and Australia logged moderate declines. Similar softness in Golden Dragon China index, while Japan ADRs were mostly higher in an extension of yesterday's strength. US contracts steadied following sharp cash session losses in S&P 500 and Nasdaq. Tech lagged with SOX index down 1.61% and uniform declines in US big tech names. US Treasuries were unchanged to firmer at the short end of the curve. Dollar index was down 0.1%. Gold finished up 1.2%. Bitcoin futures were down 2.9%. WTI crude settled down 0.9%, reversing earlier strength.

    • No major catalysts in US markets overnight with discussions concentrated on general caution amid economic uncertainty. Focus on upcoming FOMC meeting; while no policy change is expected, markets continue to debate prospects for rate cuts down the line given elevated inflation and a series of soft economic data. Record pullback in US allocations according to BofA FMS gained traction. Elsewhere, Russia President Putin declined terms for a 30-day full ceasefire, only agreeing to stop attacking Ukrainian energy facilities. Germany's parliament approved a significant spending increase as expected, reinforcing positive sentiment.

    • Regional market attention remains on improving China sentiment. BofA Asia FMS showed further recovery in China exposure despite Asia economic growth sentiment turning net pessimistic amid tariff overhang. China net positions moved up to second place, still well behind Japan. Follows recent anecdotes and official data indicating a surge in China inflows on the back of tech/AI optimism, underpinned by ongoing stimulus hopes, with investors diverting allocations from Japan and India. Next week's major conferences (China Development Forum, Boao Forum) poised to advance the narrative after President Xi's recent meeting with domestic tech CEOs offered a meaningfully positive signal for markets.

    • Asia's main event will be the BOJ meeting. No breaking press leaks with Nikkei only reaffirming broad expectations for no change. Decision expected to be justified by growing external uncertainties surrounding Trump tariffs and US economic growth. Attention turns to Governor Ueda's press conference for potential clues on the forward trajectory. US-China frictions continue to percolate after US Commerce Secretary Lutnick said Trump administration seeking help from companies and foreign governments to prevent China access to US chips and reiterated claims DeepSeek improperly used American chips. Upcoming data releases concentrated in Japan with customs trade and machinery orders in the pre-open. After yesterday's close, benchmark survey showed nationwide land prices rose at the fastest pace in the post-bubble era.

  • Pre-open Company News:

    • StreetAccount Macro Headlines:

    • 285.HK -- StreetAccount Consensus Metrics Preview - BYD Electronic (International) FY Earnings

    • 914.HK -- StreetAccount Consensus Metrics Preview - Anhui Conch Cement FY Earnings

    • 601611.CH -- China Nuclear Engineering Corp. reports Jan-Feb new contracts signed CNY21.94B

    • 1157.HK -- StreetAccount Consensus Metrics Preview - Zoomlion Heavy Industry Science & Technology FY Earnings

    • 500093.IN -- CG Power & Industrial Solutions declares interim DPS INR1.30

    • 1833.HK -- Ping An Healthcare & Technology releases 2024 Environmental, Social and Governance report

    • 762.HK -- China Unicom (Hong Kong) reports FY net income attributable CNY20.61B vs StreetAccount CNY20.55B

    • 772.HK -- China Literature reports FY non-IFRS profit attributable CNY1.14B vs guidance CNY1.10-1.15B and StreetAccount CNY1.20B

    • 1848.HK -- China Aircraft Leasing Group Holdings reports FY net income attributable HK$257.5M vs year-ago HK$28.3M

    • 2638.HK -- HK Electric Investments & HK Electric Investments reports FY net income attributable HK$3.11B vs FactSet HK$3.21B [1 est]

    • 002353.CH -- Yantai Jereh Oilfield Services Group management completes purchase of 204K shares totalling CNY7.2M

    • 1357.HK -- Meitu Inc reports FY adjusted net income CNY586.2M vs FactSet CNY438.1M

    • 1810.HK -- Lei Jun says Xiaomi has raised vehicle delivery target for 2025 from 300K to 350K in Weibo post

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Nexteer Automotive Group (1316.HK), ANTA Sports Products (2020.HK), Hong Kong & China Gas (3.HK), Sinopec Shanghai Petrochemical (338.HK), ZhongAn Online P&C Insurance (6060.HK), Tencent Holdings (700.HK), CK Infrastructure Holdings (1038.HK), Jacobio Pharmaceuticals Group (1167.HK), Minsheng Education Group (1569.HK), Kingsoft (3888.HK), Wanguo Gold Group (3939.HK), Power Assets Holdings (6.HK), Kerry Properties (683.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus +16.5%

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus (2.7%)

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus +7%

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus +¥0.7T

        • 12:00 JST: Japan Policy Rate; consensus +0.5%

    • Australia:

      • Earnings:

        • Brickworks (BKW.AU), Washington H. Soul Pattinson & Co. (SOL.AU)

    • New Zealand:

      • Earnings:

        • Fonterra Co-operative Group (FCG.NZ)

  • Market Data:

    • Gold (Apr 25): ($1.60) or (0.05%) to $3039.20

    • WTI Crude (Apr 25): ($0.13) or (0.19%) to $66.77

    • $-¥: +0.09 or +0.06% to 149.3030

    • $-KRW: +5.29 or +0.37% to 1448.9400

    • A$-$: (0.00) or (0.34%) to 0.6362

    • $-INR: (0.09) or (0.11%) to 86.5681

    • $-CNY: (0.01) or (0.09%) to 7.2268

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