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StreetAccount Summary - Asian Market Preview: Nikkei Futures (4.53%), Hang Seng Futures 0.00%, ASX SPI 200 (4.29%), S&P Futures (3.78%)

Apr 06 ,2025

  • Synopsis:

    • Asian markets set for more steep losses on Monday. Futures signalling opening declines of 4% in Japan and Australia. Hang Seng futures tracking for heavier losses following Friday's public holiday. S&P 500 and Nasdaq futures down another 5%. Bond rally continues amid another double-dight decline in Australian yields. Crude down to four-year low after Saudi Arabia slashed Asian selling price in aftermath of OPEC+'s production increase. Dollar seeing broad declines on major crosses. Copper under pressure with gold back down to $3K. Bitcoin nearing lowest since Nov-2024.

    • Trade war fears continue to overhang markets with S&P 500 nearing bear market territory (latest futures drop leaves market on track for lowest since Jan-2024). No signs of de-escalation from weekend headlines with White House digging in. Multiple countries voicing willingness to talk with some offering trade concessions. However, still unclear whether Trump views tariffs as a negotiating tactic or structural measure to rebalance trade and provide new source of government funding.

    • China markets resume trade after Nasdaq Golden Dragon index fell 9% on Friday. Heavy selling attributed to China retaliating against Trump's tariffs with 34% levies on all US imports from 10-Apr. China's relatively mild declines Thursday chalked up to hopes for authorities to cushion blow with stimulus. However, latest escalation seemingly reinforcing economist concerns about significant downside risks to Chinese GDP growth and corporate earnings, prompting strategists to lower outlook for Chinese equities.

    • Central banks in focus this week with RBNZ (Wed), RBI (Wed) and Philippines (Thurs) all expected ease. BOJ Governor Ueda (Wed) also scheduled to remark with central bank closely monitoring tariff impact. FOMC minutes (Wed) to provide color on March hold decision and emphasis on tariff-related uncertainty. US CPI (Thurs) the main data point along with UoM consumer surveys (Fri) following deterioration in confidence and surge in inflation expectations. China CPI and PPI (Thurs) come after February's data showed a pickup in deflation pressures.

  • Pre-open Company News:

    • 002625.CH -- Kuang-Chi Technologies' 377.4M shares restricted shares will be lifted for trading on 10-Apr

    • 9996.HK -- Peijia Medical reports completion of first patient treatment using its robotic-assisted TAVR system

    • 3800.HK -- GCL Technology Holdings reports preliminary Q1 EBITDA of solar marterial segement to be CNY 505M

    • 486.HK -- Rusal announces court dismisses holder Sual's application seeking to call extraordinary shareholder meeting.

    • META -- Meta Platforms announces release of new Llama 4 AI models - Bloomberg

    • 600570.CH -- Hundsun Technologies downgraded to underweight from equal-weight at Morgan Stanley

    • 9517.JP -- eREX Co. upgraded to equal-weight from underweight at Morgan Stanley

    • Morgan Stanley upgrades Alps Alpine; downgrades Hamamatsu Photonics KK

    • 6506.JP -- YASKAWA Electric upgraded to outperform from neutral at Macquarie

    • 8630.JP -- Sompo downgraded to neutral from overweight at JPMorgan

    • 3008.TT -- LARGAN Precision downgraded to hold from buy at Daiwa

    • 1810.HK -- Xiaomi upgraded to buy from outperform at Daiwa

    • BUOU.SP -- Frasers Logistics & Commercial Trust initiated outperform at CLSA

    • 9107.JP -- Kawasaki Kisen Kaisha initiated underperform at CLSA

  • On Deck:

    • China:

      • Economic:

        • 16:00 CST: FX Reserves; consensus

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

      • Earnings:

        • SAN-A CO. (2659.JP), Create SD Holdings (3148.JP), Nextage (3186.JP), Tosei Corp (8923.JP)

  • Market Data:

    • Gold (Jun 25): ($38.10) or (1.26%) to $2997.30

    • WTI Crude (May 25): ($2.29) or (3.69%) to $59.70

    • $-¥: (1.80) or (1.23%) to 145.1860

    • $-KRW: (1.00) or (0.07%) to 1458.5100

    • A$-$: (0.00) or (0.79%) to 0.5994

    • $-INR: +0.07 or +0.08% to 85.5327

    • $-CNY: (0.00) or (0.01%) to 7.2806

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