Mar 31 ,2025
Synopsis:
Asian markets set for positive start to Tuesday trade. Futures signaling opening gains in Japan and Hong Kong. ASX recovering in initial trade. S&P 500 futures pulling back afterhours following Monday rebound in US. Australian bond yields up slightly ahead of RBA meeting. FX markets little changed after dollar clawed back earlier losses. Crude steady following earlier rally on Trump threats to Iran and Russia. Gold holding near record high. Bitcoin flat.
Volatile offshore session ahead of Trump's tariff announcement on 2-Apr. Earlier risk-off move attributed to press reports highlighting Trump's preference for more aggressive tariffs than what has been suggested. However, still a lot of uncertainty surrounding final outcome, including whether tariffs will apply to all or some countries, the tariff rate(s), duration, timing of sectoral tariff announcement, and if Trump opts for across-the-board tariffs. Speaking earlier Trump provided little additional clarity, though did signal leniency for some countries.
While market focus remains on tariffs, White House on Tuesday expected to receive findings of trade review ordered by Trump in January. Review also meant to probe US-China trade relationship and make recommendations that may lead to tariffs, export controls, revoking China's special trade status, and other actions. Unclear how Trump will respond to the findings and on Monday he entertained idea of marginally reducing China tariffs in return for a deal on TikTok.
RBA expected to leave cash rate unchanged at 4.10%. Forward guidance expected to repeat board's data-dependent stance and reiterate concerns about stalling disinflation by easing too quickly. Lot of attention will be on extent to which RBA emphasizes growth- and inflation-related uncertainties related to tariffs, assessment of labor market following February employment drop, and characterization of domestic disinflation trends. Economists still expect a May rate cut with futures pricing in roughly 80% chance.
Pre-open Company News:
000150.KS -- Doosan co-CEO Hongsung Moon departs as his term expires, effective today
3401.JP -- Teijin to transfer all stake in Teijin Automotive Technologies to AURELIUS; terms undisclosed
540180.IN -- Varun Beverages provides updates on SBC Beverages Ghana & SBC Tanzania acquisitions
2327.JP -- 3D Investment Partners highlights concerns over NS Solutions's lack of independence from Nippon Steel
6682.HK -- Beijing Fourth Paradigm Technology reports FY adjusted net income (CNY292.5M) vs year-ago (CNY415.5M)
1628.HK -- Yuzhou Group Holdings reports FY net income attributable (CNY11.97B) vs prior guidance (CNY10.60-12.10B)
9860.HK -- ADICON Holdings reports FY net income attributable CNY47.0M vs year-ago CNY234.9M
123.HK -- Yuexiu Property reports FY net income attributable CNY1.04B vs year-ago CNY3.19B
1911.HK -- China Renaissance Holdings reports FY adjusted net income attributable (CNY300.8M) vs year-ago (CNY592.4M)
1072.HK -- Dongfang Electric reports FY net income attributable CNY2.92B vs FactSet CNY3.67B [7 est, CNY3.16-4.26B]
6978.HK -- NMPA accepts submission of Immunotech Biopharm's conditional new drug application for EAL
2443.HK -- Autostreets Development reports FY adjusted net income CNY58.4M, (45%) vs year-ago CNY106.9M
On Deck:
China:
Earnings:
Weihai Guangwei Composites (300699.CH), Weihai Guangwei Composites (300699.CH), Ningbo Ronbay New Energy Technology (688005.CH), Ningbo Ronbay New Energy Technology (688005.CH), Avic (Chengdu) UAS (688297.CH)
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.5%
08:50 JST: Tankan Large Non-Manufacturing Index NSA; consensus
08:50 JST: Tankan Large Manufacturing Index NSA; consensus
South Korea:
Economic:
11:00 KST: Trade Balance NSA; consensus +$6.2B
11:00 KST: Export NSA Y/Y; consensus +4.2%
11:00 KST: Import NSA Y/Y; consensus +1.1%
Australia:
Economic:
11:30 AEST: Retail Sales SA M/M; consensus +0.2%
14:30 AEST: RBA Official Cash Rate; consensus +4.10%
Market Data:
Gold (Jun 25): +$9.30 or +0.30% to $3159.60
WTI Crude (May 25): ($0.06) or (0.08%) to $71.42
$-¥: +0.13 or +0.09% to 149.9800
$-KRW: +1.66 or +0.11% to 1472.0600
A$-$: (0.00) or (0.71%) to 0.6243
$-INR: (0.08) or (0.10%) to 85.4569
$-CNY: (0.01) or (0.09%) to 7.2567
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