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StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.60%), Hang Seng Futures (0.48%), ASX SPI 200 (2.03%), S&P Futures (3.51%)

Apr 02 ,2025

  • Synopsis:

    • Asian markets set for negative start to Thursday trade as Trump's tariff announcement reverberates. Futures signaling opening declines in Japan and Hong Kong. ASX down 2% in initial trade. US contracts under pressure afterhours. Australian and New Zealand bond yields seeing double-digit declines. FX markets volatile with dollar weakest against yen. Crude and base metals selling off alongside equity futures. Gold firming. Bitcoin sharply lower.

    • President Trump's 'Liberation Day' tariff announcement included baseline tariff rate of 10% and significantly higher reciprocal tariffs. Trump also revoked China de minimis tariff exemption. Size of tariffs seen having deleterious effects for Asian economic growth while pushing up input costs for US companies with production hubs in region. Attention now turns to whether and how other countries respond, particularly China after it was hit by 34% tariff (taking total tariff rate to 54%).

    • Trump's tariff announcement driving major risk-off move with US index futures down 3-4% afterhours amid heavy falls in American retailers. EM Asia ETFs seeing heavier falls. FX markets volatile with dollar swinging between gains and losses while EM and trade currencies weakening. Risk aversion fueling rally in bond markets with futures now pricing in next Fed rate cut in June and almost 80 bp of cuts through year-end, up from ~65 bp at end of last week.

    • In other developments, Bloomberg sources noted China restricting local companies from investing in US amid geopolitical tensions. TikTok headlines continue to roll through with reports noting interest from MSFT and AMZN, while Trump Trump floated proposal that would let ByteDance retain algorithm. In company news, Nintendo (7974.JP) announced Switch 2 to be released in June with Mario Kart World launch title

  • Pre-open Company News:

    • 2303.TT -- Street Takeaways - rumored United Microelectronics and GlobalFoundries merger

    • 2408.TT -- Nanya Technology reports March revenue NT$2.75B, (18.8%) y/y

    • 600867.CH -- Tonghua Dongbao Pharmaceutical discloses positive results from phase IIa trial of THDBH151 tablets

    • 3563.JP -- Food & Life Companies reports March same-store sales +9.2% y/y

    • 2633.TT -- Taiwan High Speed Rail reports March revenue NT$4.59B, +0.1% y/y

    • 883.HK -- CNOOC completes sale of CNOOC Holdings USA to INEOS Energy as announced in Dec 2024

    • 6823.HK -- HKT Trust & HKT releases 2024 ESG Report

    • 2121.HK -- Insider Transaction: Ainnovation Technology Group CEO Xu Hui discloses 2.3M-share purchase

    • 3231.TT -- Wistron proposes to issue 200.0-250.0M common shares and overseas depository receipts

    • 2328.HK -- PICC Property & Casualty FY24 sustainability report

    • 8.HK -- PCCW Ltd releases sustainability report

    • 534309.IN -- NBCC (India) awarded project management contracts valued at total INR2.16B

    • 1590.TT -- Airtac International Group reports March revenue NT$3.51B, +19.6% y/y

  • On Deck:

    • China:

      • Earnings:

        • Guangzhou Yuexiu Capital Holdings Group (000987.CH), Guangzhou Yuexiu Capital Holdings Group (000987.CH), China Merchants Port Group (001872.CH), China Merchants Port Group (001872.CH), Beijing OriginWater Technology (300070.CH), Beijing OriginWater Technology (300070.CH), Chongqing Brewery (600132.CH), Jinduicheng Molybdenum (601958.CH), Jinduicheng Molybdenum (601958.CH), Shanghai BOCHU Electronic Technology Corp. (688188.CH)

    • Japan:

      • Earnings:

        • Kewpie (2809.JP), Kasumigaseki Capital (3498.JP), Kusuri No Aoki Holdings (3549.JP), Onward Holdings (8016.JP), HEIWADO CO. (8276.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$4.7B

  • Market Data:

    • Gold (Jun 25): +$19.10 or +0.60% to $3185.30

    • WTI Crude (May 25): ($2.30) or (3.21%) to $69.41

    • $-¥: (1.72) or (1.15%) to 147.9010

    • $-KRW: (4.89) or (0.33%) to 1466.0400

    • A$-$: (0.00) or (0.14%) to 0.6269

    • $-INR: +0.08 or +0.10% to 85.6512

    • $-CNY: (0.00) or (0.04%) to 7.2671

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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