Mar 24 ,2025
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures signaling opening gains in Japan and negative start in Hong Kong. ASX higher in initial trade. S&P 500 futures flat following Monday's tech-led advance. Australian bond yields backing up, taking cues from earlier Treasury curve bear flattening. FX markets steady after dollar hit three-week high against yen. Crude steady near three-week high. Gold flat. Bitcoin pulling back slightly following Monday's 5% rally.
Overnight risk on move attributed to hopes for a more benign reciprocal tariff rollout. President Trump confirmed his 2-Apr tariff announcement will include "breaks" for many countries, which follows press reports noting reciprocal tariffs will be more than targeted and include carveouts for certain countries. At same time, Trump also foreshadowed product-specific tariff announcements in next few days, targeting areas like autos, chips and pharma, underscoring continued uncertainty.
FT sources noted China weighing extending subsidy scheme to services industries such as travel, tourism and sports bid to further boost consumption. Still, caution was expressed surrounding gradual implementation of such a scheme. Bloomberg analysis of government data also showed China's annual budget rollout in first two months of 2025 proceeding at weakest pace since 2022, underlining thoughts government saving its fiscal firepower to counter future headwinds from tariffs.
In corporate developments, BYD (1211.HK) US ADRs up 5% after earnings topped forecasts. Particular attention was on market share gains with Jan-Feb sales run-rate tracking ahead of FY guidance. Xiaomi (1810.HK) confirmed plans for upsized share sale in bid to ramp up EV expansion. Hyundai (005380.KS) confirmed plans for ~$21B investment in US. China Commerce Minister Wang Wentao welcomed more Apple (AAPL) investment in China following his meeting with CEO Tim Cook.
Pre-open Company News:
6178.JP -- Japan Post Holdings completes up to 320M-share buyback
002262.CH -- NMPA approves trial of four doses of Nhwa Pharmaceutical's NH140068 for schizophrenia
042700.KS -- HANMI Semiconductor completes KRW40.00B buyback
5880.TT -- Taiwan Cooperative Financial Holding declares FY cash dividend NT$0.70/share and stock dividend NT$0.30/share
7013.JP -- IHI receives cease and desist orders and surcharge payment orders in relation to 2023 Japan FTC raid
000333.CH -- StreetAccount Consensus Metrics Preview - Midea Group FY Earnings
1398.HK -- StreetAccount Consensus Metrics Preview - Industrial & Commercial Bank of China FY Earnings
322.HK -- Tingyi (Cayman Islands) Holding reports FY net income attributable CNY3.73B vs StreetAccount CNY3.59B
960.HK -- StreetAccount Consensus Metrics Preview - Longfor Group Holdings FY Earnings
023530.KS -- Lotte Shopping Co. appoints Dong-Bin Shin as CEO, effective today
601878.CH -- Zheshang Securities reports preliminary FY net income attributable CNY1.93B vs FactSet CNY1.73B [2 est, CNY1.57-1.90B]
On Deck:
Hong Kong:
Earnings:
Kuaishou Technology (1024.HK), Shanghai Fudan Microelectronics Group (1385.HK), Shanghai Fosun Pharmaceutical (Group) Co. (2196.HK), China Oilfield Services (2883.HK), Sinofert Holdings (297.HK), Chongqing Rural Commercial Bank (3618.HK), CanSino Biologics (6185.HK), Huaneng Power International (902.HK), China Suntien Green Energy (956.HK), Sinotrans (598.HK), Hengan International Group (1044.HK), China Resources Land (1109.HK), Health & Happiness (H&H) International Holdings (1112.HK), China Modern Dairy Holdings (1117.HK), Chow Sang Sang Holdings International (116.HK), China Resources Mixc Lifestyle Services (1209.HK), Kunlun Energy (135.HK), China Cinda Asset Management (1359.HK), China Resources Medical Holdings (1515.HK), 3SBio Inc (1530.HK), ImmuneOnco Biopharmaceuticals (Shanghai) Co. (1541.HK), Yihai International Holding (1579.HK), Yadea Group Holdings (1585.HK), COFCO Joycome Foods (1610.HK), CGN New Energy Holdings (1811.HK), ESR Group (1821.HK), Everest Medicines (1952.HK), Wuxi Biologics (Cayman) (2269.HK), Shenzhou International Group Holdings (2313.HK), Shun Tak Holdings (242.HK), China Everbright Environment Group (257.HK), Onewo, Inc. (2602.HK), EEKA Fashion Holdings (3709.HK), China Aoyuan Group (3883.HK), CIMC Enric Holdings (3899.HK), NagaCorp (3918.HK), China Merchants Bank (3968.HK), China Foods (506.HK), China Traditional Chinese Medicine Holdings (570.HK), Cheerwin Group (6601.HK), Haidilao International Holding (6862.HK), Blue Moon Group Holdings (6993.HK), China Telecom (728.HK), China Jinmao Holdings Group (817.HK), Ming Yuan Cloud Group Holdings (909.HK), Nongfu Spring (9633.HK), Linmon Media (9857.HK), Linklogis (9959.HK), Alphamab Oncology (9966.HK), Peijia Medical (9996.HK)
South Korea:
Earnings:
Hanwha Industrial Solutions (489790.KS)
Australia:
Earnings:
Tuas (TUA.AU)
New Zealand:
Earnings:
KMD Brands (KMD.NZ)
Market Data:
Gold (Apr 25): +$0.30 or +0.01% to $3015.90
WTI Crude (May 25): +$0.10 or +0.14% to $69.21
$-¥: +1.46 or +0.98% to 150.7760
$-KRW: +0.45 or +0.03% to 1466.2700
A$-$: +0.00 or +0.16% to 0.6284
$-INR: (0.44) or (0.51%) to 85.5514
$-CNY: +0.00 or +0.04% to 7.2525
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