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StreetAccount Summary - Asian Market Preview: Nikkei Futures (2.92%), Hang Seng Futures (2.99%), ASX SPI 200 (1.89%), S&P Futures (1.59%)

Apr 08 ,2025

  • Synopsis:

    • Asian markets set for negative start to Wednesday trade. Futures signaling steep opening declines in Japan, Hong Kong and Australia. S&P 500 and Nasdaq futures down another 2% afterhours. Australian and New Zealand yield curves bear steepening, tracking overnight move in Treasuries. Dollar weakening against majors, strongest against kiwi and Aussie. Crude and copper tracking declines in equities while gold steady. Bitcoin little changed just above Nov-2024 lows.

    • Markets remain sensitive to tariff headlines with US-China trade tensions contributing to latest down leg after White House said 104% tariffs (including Trump's threatened 50% tariff hike) to go into effect on 9-Apr. With China vowing to fight until the end, concerns now that Beijing will respond by launching another round of retaliatory tariffs and other trade actions. Trump talking up prospects of agreement with countries like Japan and South Korea, though still a lot of uncertainty surrounding Trump's ultimate goals from the tariffs.

    • RBNZ expected to cut OCR by 25 bp at Wednesday's meeting though ramp in global trade tensions giving rise to thoughts central bank may consider a 50 bp reduction. Guidance expected to lean dovish with RBNZ seen foreshadowing further easing amid intensification of global headwinds. RBI also expected to ease by 25 bp with India inflation at seven-month low. Downside risks to global growth also prompted suggestions guidance could shift from neutral to dovish following record cash infusions over recent sessions.

    • Asian countries continue to deal with market fallout from tariffs with China stimulus expectations elevated. Premier Li said China has amply tools to fully offset negative shocks with authorities in recent days having stepped up market stabilization efforts and reportedly weighing accelerating stimulus rollout. Elsewhere, Taiwan activated $15B stock stabilization fund after index slid further into bear market. South Korea and India have also extended liquidity support measures this week.

  • Pre-open Company News:

    • 540530.IN -- Housing & Urban Development to fund up to INR1.500T in five-year MMRDA infrastructure projects

    • 600048.CH -- Poly Developments & Holdings Group reports March contracted sales CNY29.02B, +7.3% y/y

    • 600583.CH -- Offshore Oil Engineering controlling shareholder to buy CNY300-500M of shares on market within 12 months

    • 3533.TT -- Lotes Co. reports March revenue NT$2.87B, +22.1% y/y

    • 2885.TT -- Yuanta Financial Holding reports March net income NT$2.52B; StreetAccount notes the year-ago figure was NT$3.85B

    • 317.HK -- CSSC Offshore & Marine Engineering (Group) guides Q1 net income attributable CNY170.0-200.0M, +1,006-1,201% y/y

    • 2344.TT -- Winbond Electronics reports March revenue NT$7.57B, +0.82% y/y

    • 883.HK -- CNOOC's controlling holder to increase its stake with CNY2-4B, to run for 12 months from today

    • 1238.HK -- Powerlong Real Estate Holdings reports March contracted sales CNY696M; StreetAccount notes year-ago CNY1.55B

    • 1813.HK -- KWG Group Holdings reports March pre-sales value CNY801M, (25.1%) y/y

    • 1972.HK -- Swire Properties releases sustainability report

    • 600383.CH -- Gemdale Corp. reports March contracted sales CNY3.10B, (49.4%) y/y

    • 006280.KS -- MFDS approves GC Biopharma's anthrax vaccine Baritrax

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: M2 NSA Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: Loan Growth Y/Y; consensus

    • Hong Kong:

      • Earnings:

        • Zhuguang Holdings Group (1176.HK)

    • Japan:

      • Earnings:

        • Seven & i (3382.JP), ABC-MART (2670.JP), KOMEDA Holdings (3543.JP), BELLSYSTEM24 Holdings (6183.JP), Saizeriya (7581.JP), Mani Inc (7730.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.8%

  • Market Data:

    • Gold (Jun 25): +$4.20 or +0.14% to $2994.40

    • WTI Crude (May 25): ($2.31) or (3.88%) to $57.27

    • $-¥: (2.22) or (1.50%) to 145.6340

    • $-KRW: +15.29 or +1.04% to 1486.1300

    • A$-$: (0.00) or (0.64%) to 0.5949

    • $-INR: +0.43 or +0.50% to 86.4353

    • $-CNY: +0.03 or +0.41% to 7.3383

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