Mar 26 ,2025
Synopsis:
Asian markets set for negative start to Thursday trade. Trump's auto tariff announcement driving further losses in S&P 500 futures with US autos under pressure afterhours. Futures signaling opening declines in Japan and Hong Kong. ASX also weaker in initial trade. Australian bond yields little changed following earlier Treasury curve bear steepening. Dollar logging strongest gains against Canadian dollar, Mexican peso and kiwi following auto tariff news. Crude and gold little changed. Bitcoin flat.
President Trump announced permanent tariffs on autos not produced in US, which will take effect on 2-Apr. Said rate will begin at 2.5% before increasing to 25%, and there will be no exceptions. Trump repeated reciprocal tariffs coming on 2-Apr, but that they will be very lenient. Lumber and pharmaceutical tariffs also coming. Trump did float possibility of giving China a tariff cut in return for Beijing agreeing to a deal on TikTok. Separately, FT sources noted EU bracing for US tariffs of ~20%.
US tech/semis under renewed scrutiny with SOX down 3% on Wednesday. NVDA a drag following FT report it faces $17B per year hit to its business if China more strictly enforces energy efficiency rules for use of advanced chips. US-China tech tensions elevated after Commerce Department House added several organizations to its Entity List in bid to restrict China's capabilities in AI and advanced computing. Bubble concerns another focus following TD Cowen note on slower data center equipment purchases and MSFT canceling more data center projects.
Pre-open Company News:
541143.IN -- Bharat Dynamics receives order worth INR43.62B from Ministry of Defence to supply armaments to Indian Armed forces
600803.CH -- ENN Natural Gas reports Q4 operational data
600803.CH -- ENN Natural Gas chairman Wang Yusuo resigns, to remain director
002653.CH -- NMPA approves trial of Haisco Pharmaceutical Group's HSK41959 for advanced solid tumors
6996.HK -- Antengene to present results from four preclinical studies at 2025 American Association for Cancer Research Annual Meeting
2390.HK -- Zhihu, Inc. reports Q4 adjusted net income CNY97.1M vs StreetAccount CNY13.8M
2688.HK -- ENN Energy Holdings reports FY core profit CNY6.71B, +10% vs year-ago CNY6.09B
1928.HK -- Sands China releases sustainability report
6608.HK -- Bairong reports FY non-IFRS net income CNY376.1M vs FactSet CNY338.1M
2315.HK -- Biocytogen Pharmaceuticals reports FY net income attributable CNY33.5M vs year-ago (CNY383.0M)
600276.CH -- NMPA approves trial of Hengrui Pharmaceuticals's SHR-9803 for advanced solid tumors
2388.HK -- BOC Hong Kong (Holdings) reports FY net income attributable HK$38.23B vs StreetAccount HK$37.62B
500477.IN -- Ashok Leyland denies reports that it is in discussions to acquire promoter's stake in SML Isuzu
600276.CH -- NMPA approves trial of combining Hengrui Pharmaceuticals's SHR-A2102, adebrelimab, bevacizumab for advanced solid tumors
On Deck:
China:
Earnings:
Hangzhou Tigermed Consulting (300347.CH), Shandong Gold Mining (600547.CH), Haier Smart Home (600690.CH)
Hong Kong:
Earnings:
China Nonferrous Mining (1258.HK), Huadian Power International (1071.HK), Hong Kong Technology Venture (1137.HK), China Railway Construction (1186.HK), DPC Dash (1405.HK), Shanghai Junshi Biosciences (1877.HK), Nayuki Holdings (2150.HK), Shanghai MicroPort MedBot (Group) (2252.HK), Li Ning (2331.HK), Liaoning Port (2880.HK), Jiangxi Copper (358.HK), Guangshen Railway (525.HK), China Oriental Group (581.HK), Flat Glass Group (6865.HK), Air China (753.HK), CNOOC (883.HK), RemeGen (9995.HK), iDreamSky Technology Holdings (1119.HK), Wynn Macau (1128.HK), CMBC Capital Holdings (1141.HK), Powerlong Real Estate Holdings (1238.HK), New China Life Insurance (1336.HK), Zhou Hei Ya International Holdings (1458.HK), Frontage Holdings (1521.HK), Redco Properties Group (1622.HK), China Everbright (165.HK), JS Global Lifestyle (1691.HK), K. Wah International Holdings (173.HK), Mulsanne Group Holding (1817.HK), Viva Biotech Holdings (1873.HK), Dongyue Group (189.HK), Maoyan Entertainment (1896.HK), Redsun Properties Group (1996.HK), China International Marine Containers (Group) (2039.HK), E-House (China) Enterprise Holdings (2048.HK), JW (Cayman) Therapeutics (2126.HK), Morimatsu International Holdings (2155.HK), Lepu Biopharma (2157.HK), MicroPort CardioFlow Medtech (2160.HK), Sirnaomics (2257.HK), Yonghe Medical Group (2279.HK), PICC Property & Casualty (2328.HK), Weichai Power (2338.HK), TYK Medicines (2410.HK), Shenzhen Pagoda Industrial (Group) (2411.HK), Edianyun (2416.HK), Mobvoi (2438.HK), Concord Healthcare Group Co., Ltd. (2453.HK), Sanergy Group (2459.HK), Jiangsu Guofu Hydrogen Energy Equipment (2582.HK), CStone Pharmaceuticals (2616.HK), China Overseas Property Holdings (2669.HK), Texhong International Group (2678.HK), CMGE Technology Group (302.HK), China National Building Material (3323.HK), Logan Group (3380.HK), Shanghai Industrial Holdings (363.HK), Sinotruk Hong Kong (3808.HK), KWG Living Group Holdings (3913.HK), Beijing Enterprises Holdings (392.HK), SOHO China (410.HK), Shandong Hi-Speed Holdings Group (412.HK), Xiabuxiabu Catering Management (China) Holdings (520.HK), China Communications Services (552.HK), Hygeia Healthcare Holdings (6078.HK), Country Garden Services Holdings (6098.HK), Shougang Fushan Resources Group (639.HK), China East Education Holdings (667.HK), Star CM Holdings (6698.HK), Shangri-La Asia (69.HK), Beijing Capital International Airport (694.HK), Shandong Boan Biotechnology (6955.HK), TravelSky Technology (696.HK), Ganglong China Property Group (6968.HK), Skyworth Group (751.HK), Tianneng Power International (819.HK), JF SmartInvest Holdings (9636.HK), Chenqi Technology (9680.HK), Huitongda Network (9878.HK), Yeahka (9923.HK), InnoCare Pharma (9969.HK), Weilong Delicious Global Holdings (9985.HK)
Philippines:
Earnings:
JG Summit Holdings (JGS.PM), Monde Nissin (MONDE.PM)
Market Data:
Gold (Apr 25): +$1.90 or +0.06% to $3024.40
WTI Crude (May 25): $0.00 or 0.00% to $69.65
$-¥: +0.44 or +0.30% to 150.3530
$-KRW: +2.31 or +0.16% to 1465.6800
A$-$: (0.00) or (0.29%) to 0.6286
$-INR: +0.52 or +0.61% to 86.0954
$-CNY: +0.01 or +0.14% to 7.2672
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