Mar 27 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling opening gains in Hong Kong and flat start in Japan. ASX weakening in initial trade. S&P 500 futures little changed after US stocks logged mild decline overnight following latest tariff headlines. Australian bond yields retreating following earlier Treasury curve steepening. FX markets steady with dollar moving only marginally on tariff developments. Crude unchanged while gold holding near record high. Bitcoin flat after reversing earlier weakness.
Fallout from Trump's auto tariffs continued after leaders from Japan, South Korea, and Europe all flagged a response. While their rhetoric was relatively muted, risk of tit-for-tat retaliation remains after Trump threatened "far larger" tariffs on EU and Canada if they collaborate on their response. Economic takeaways from tariff news largely focused on US inflation and consumer impact, downside risk to foreign auto earnings, and potentially negative implications for Japan GDP.
Tokyo CPI showed core inflation unexpectedly rose in March with ex-food and energy inflation also moving above 2%. Headline inflation rose against expectations for a drop. Also due this morning, BOJ Summary of Opinions to outline policymaker views from last week's hold decision that reaffirmed rate hike guidance. In recent remarks, BOJ Governor Ueda repeated policy adjustments will continue if underlying inflation likely to reach target. Also noted while trend inflation is approaching 2%, there is "a bit further to go."
Pre-open Company News:
5805.JP -- SWCC Corp. and DBJ complete acquisition of all stake in TOTOKU
051910.KS -- LG Chem terminates phase 3 EURELIA-2 trial of Tigulixostat for gout due to positive EURELIA-1 trial results
2279.HK -- Yonghe Medical Group reports FY net income attributable (CNY226.6M) vs year-ago (CNY546.4M)
2155.HK -- Morimatsu International Holdings reports FY net income attributable CNY737.2M, (13%) vs year-ago CNY844.7M
522.HK -- ASMPT chairman Orasa Livasiri to step down at upcoming AGM on 7-May
2616.HK -- CStone Pharmaceuticals reports FY adjusted net income (CNY94.0M) vs year-ago (CNY330.2M)
883.HK -- CNOOC reports FY net income attributable CNY137.98B vs FactSet CNY146.08B [27 est, CNY134.19-154.54B]
9680.HK -- Chenqi Technology reports FY adjusted net income (CNY457.8M) vs year-ago (CNY541.2M)
2438.HK -- Mobvoi reports FY net income attributable (CNY721.5M) vs year-ago (CNY802.6M)
392.HK -- Beijing Enterprises Holdings reports FY net income attributable CNY5.12B vs FactSet CNY4.76B [2 est, CNY4.61-4.91B]
532443.IN -- Cera Sanitaryware upgraded to add from neutral at YES Securities
363.HK -- Shanghai Industrial Holdings reports FY net income attributable HK$2.81B, (18%) vs year-ago HK$3.42B
On Deck:
China:
Earnings:
GF Securities (000776.CH), Ganfeng Lithium Group (002460.CH), Asymchem Laboratories (Tianjin) (002821.CH), Guotai Junan Securities (601211.CH), China Tourism Group Duty Free (601888.CH), JOINN Laboratories (603127.CH), JL MAG Rare-Earth (300748.CH), HuaAn Securities (600909.CH), Orient Securities (600958.CH), Ningbo Zhoushan Port (601018.CH), Tianneng Battery Group (688819.CH)
Hong Kong:
Earnings:
Yankuang Energy Group (1171.HK), Agricultural Bank of China (1288.HK), Metallurgical Corp. of China (1618.HK), Tsingtao Brewery (168.HK), CRRC Corp. (1766.HK), China Minsheng Banking (1988.HK), BBMG Corp (2009.HK), China Zheshang Bank (2016.HK), Guangzhou Automobile Group (2238.HK), Shui On Land (272.HK), Shanghai Electric Group (2727.HK), Vobile Group (3738.HK), GCL Technology Holdings (3800.HK), Zhuzhou CRRC Times Electric (3898.HK), China Railway Group (390.HK), China International Capital (3908.HK), China CRSC (3969.HK), China Energy Engineering (3996.HK), Shenzhen Investment (604.HK), Qingdao Port International (6198.HK), China Eastern Airlines (670.HK), China Everbright Bank (6818.HK), Yangtze Optical Fibre & Cable Joint Stock (6869.HK), PetroChina (857.HK), China Longyuan Power Group (916.HK), China Construction Bank (939.HK), Jiumaojiu International Holdings (9922.HK), Greentown Management Holdings (9979.HK), Graphex Group Limited (6128.HK), Seazen Group (1030.HK), CSPC Pharmaceutical Group (1093.HK), China Resources Gas Group (1193.HK), Renze Harvest International (1282.HK), LifeTech Scientific (1302.HK), Guming Holdings (1364.HK), First Pacific (142.HK), China Reinsurance (Group) (1508.HK), YiChang HEC ChangJiang Pharmaceutical (1558.HK), Tian Lun Gas Holdings (1600.HK), VPower Group International Holdings (1608.HK), China South City Holdings (1668.HK), Fantasia Holdings Group (1777.HK), Colour Life Services Group (1778.HK), China Datang Corp. Renewable Power (1798.HK), KWG Group Holdings (1813.HK), Zensun Enterprises (185.HK), China Risun Group (1907.HK), Sunac China Holdings (1918.HK), Jinxin Fertility Group (1951.HK), BAIC Motor (1958.HK), China SCE Group Holdings (1966.HK), Cathay Group Holdings (1981.HK), Ever Sunshine Services Group (1995.HK), Melco International Development (200.HK), SSY Group (2005.HK), Country Garden Holdings (2007.HK), China Lesso Group Holdings (2128.HK), Luye Pharma Group (2186.HK), Goldwind Science & Technology (2208.HK), XtalPi Holdings (2228.HK), Haichang Ocean Park Holdings (2255.HK), Lepu Scientech Medical Technology (2291.HK), YH Entertainment Group (2306.HK), Great Wall Motor (2333.HK), AviChina Industry & Technology (2357.HK), XD Inc (2400.HK), MedSci Healthcare Holdings (2415.HK), Minieye Technology (2431.HK), Hubei Voicecomm Technology Co. (2495.HK), Venus Medtech (Hangzhou) (2500.HK), T.S. Lines (2510.HK), Hightide Therapeutics (2511.HK), Guoquan Food (Shanghai) Co. (2517.HK), Jiangxi Rimag Group (2522.HK), Easou Technology Holdings (2550.HK), Sichuan Baicha Baidao (2555.HK), Citychamp Watch & Jewellery Group (256.HK), Shanghai REFIRE Group (2570.HK), InnoScience (Suzhou) Technology Holding Co., Ltd. (2577.HK), HealthyWay, Inc. (2587.HK), Yibin City Commercial Bank (2596.HK), CITIC Ltd (267.HK), Zhongliang Holdings Group (2772.HK), Guangzhou R&F Properties (2777.HK), China CITIC Financial Asset Management Co. (2799.HK), COSCO SHIPPING Development (2866.HK), China Shineway Pharmaceutical Group (2877.HK), CSSC Offshore & Marine Engineering (Group) (317.HK), Maanshan Iron & Steel (323.HK), A-Living Smart City Services (3319.HK), Huabao International Holdings (336.HK), Greenland Hong Kong Holdings (337.HK), Legend Holdings (3396.HK), Angang Steel (347.HK), Chinasoft International (354.HK), Beijing Tong Ren Tang Chinese Medicine (3613.HK), Zhongyu Energy Holdings (3633.HK), Keep Inc. (3650.HK), China Yongda Automobiles Services Holdings (3669.HK), Greentown China Holdings (3900.HK), Midea Real Estate Holding (3990.HK), Sihuan Pharmaceutical Holdings Group (460.HK), United Energy Group (467.HK), Fufeng Group (546.HK), Zhengzhou Coal Mining Machinery Group (564.HK), Tongdao Liepin Group (6100.HK), Zhenro Properties Group (6158.HK), China Feihe (6186.HK), Kerry Logistics Network (636.HK), China High Speed Transmission Equipment Group (658.HK), AIM Vaccine (6660.HK), Immunotech Biopharm (6978.HK), Joy Spreader Interactive Technology (6988.HK), Genor Biopharma Holdings (6998.HK), Hopson Development Holdings (754.HK), Shimao Group Holdings (813.HK), Central China Real Estate (832.HK), MicroPort Scientific (853.HK), Digital China Holdings (861.HK), Shimao Services Holdings (873.HK), Zhongsheng Group Holdings (881.HK), Viva Goods (933.HK), Longfor Group Holdings (960.HK), Hangzhou SF Intra-city Industrial (9699.HK), China Youran Dairy Group (9858.HK), Times Neighborhood Holdings (9928.HK), Radiance Holdings (Group) (9993.HK)
Japan:
Economic:
08:30 JST: CPI Tokyo Y/Y; consensus
09:30 JST: Export NSA Y/Y (Final); consensus
09:30 JST: Import NSA Y/Y (Final); consensus
09:30 JST: Trade Balance NSA (Final); consensus
Philippines:
Earnings:
Wilcon Depot (WLCON.PM)
Market Data:
Gold (Apr 25): +$6.80 or +0.22% to $3067.80
WTI Crude (May 25): ($0.04) or (0.06%) to $69.88
$-¥: +0.25 or +0.16% to 150.8310
$-KRW: (6.95) or (0.47%) to 1461.8900
A$-$: +0.00 or +0.01% to 0.6299
$-INR: (0.01) or (0.02%) to 85.6819
$-CNY: (0.00) or (0.05%) to 7.2644
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