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StreetAccount Summary - Asian Market Preview: Nikkei Futures (3.49%), Hang Seng Futures (0.41%), ASX SPI 200 (1.50%), S&P Futures (0.37%)

Apr 10 ,2025

  • Synopsis:

    • Asian markets set for negative start to Friday trade. Futures signaling heavy opening declines in Japan and Australia, milder losses in Hong Kong. S&P 500 and Nasdaq futures extending Thursday's pullback (though indexes remain higher week-to-date). Australian bond curve steepening after Treasury yields saw more upward pressure at the long end. Dollar nursing heavy losses, extending decline against yen. Crude steady after falling back below $60. Gold hit fresh record high with base metals also advancing. Bitcoin unchanged after weakening alongside equities.

    • Markets continue to wrestle with trade uncertainty despite Trump's tariff pause. Baseline 10% tariff remains in place, White House clarified China tariff 145% (and not 125%), tariff on small China parcels hiked again, more chatter about China delistings from US, and uncertainty around potential for Trump to reinstate reciprocal tariffs if trade deals not reached. Also thoughts damage has been done despite tariff reprieve with prolonged uncertainty to weigh on consumers and companies, dragging down economic growth.

    • US and China locked in standoff with White House escalating tariffs but Beijing showing no signs of backing down. Risk of further retaliation after Beijing moved to curb imports of Hollywood films, thoughTrump repeated desire for deal with China. Press highlighting pressure on Chinese exporters as economists make fresh downgrades to China GDP growth forecasts. Markets also on watch for China policy announcements with press sources mentioning planned meeting Thursday to discuss stimulus.

    • Dollar weakness the big theme in FX after DXY sustained biggest one-day decline since 2022. Trump tariff fallout key reason attributed for dollar's malaise (slower US growth outlook, de-dollarization discussions, loss of haven appeal and waning US exceptionalism). Dollar positioning turning more bearish with yen (highest against dollar since October) and Swiss franc (largest rise since 2015) in demand. Despite pickup in inflation concerns, markets also pricing in around four Fed cuts through year-end with first reduction in June.

    • In other developments US inflation cooled in March with core falling to four-year low, though data rendered somewhat stale given this month's tariff developments. Elsewhere, Fedspeak focused on policy dilemma (slow growth vs higher inflation) though officials continue to highlight sticky inflation constraints on further easing. Tariff war prompting EU-China trade reengagement efforts with EU leaders reportedly planning July summit in Beijing and both in talks about scrapping tariffs on China EVs.

  • Pre-open Company News:

    • 3036.TT -- WT Microelectronics reports March consolidated revenue NT$88.68B, +32.2% y/y

    • 601000.CH -- Tangshan Port Group GM Li Jianzhen resigns due to work change, effective immediately

    • 300748.CH -- JL MAG Rare-Earth guides Q1 net income attributable CNY152.5-162.7M vs year-ago CNY101.7M

    • 2207.TT -- Hotai Motor reports March consolidated revenue NT$23.82B, (2.5%) y/y

    • 6135.JP -- Makino Milling Machine Co. proposes 1:1 gratis rights offering as countermeasure to Nidec takeover bid

    • 2888.TT -- Shin Kong Financial Holding reports March net income (NT$8.31B); StreetAccount notes the year-ago figure was NT$3.98B

    • 2615.TT -- Wan Hai Lines reports March revenue of NT$11.78B, +24.0% y/y

    • ^TWDATA -- Taiwan reports March export value of electronics components $17.53B vs year-ago $14.69B, +19.3% y/y

    • ^TWDATA -- Taiwan reports March export value of chemicals $1.77B vs year-ago $1.62B, +8.9% y/y

    • 2376.TT -- Gigabyte Technology reports March revenue NT$22.32B, (8.0%) y/y

    • ^TWDATA -- Taiwan reports March export value of synthetic resin, plastic and rubber $1.65B vs year-ago $1.77B, (6.8%) y/y

    • 2382.HK -- Sunny Optical Technology (Group) reports March optical handset lens set shipments 94.3M, (16.3%) y/y

    • 1381.HK -- Canvest Environmental Protection Group releases sustainability report

    • 601155.CH -- Seazen Holdings reports March contracted sales CNY2.13B, (49.8%) y/y

    • BNP Paribas Exane initiates 1347.HK, 2303.TT, 2330.TT, others

  • On Deck:

    • China:

      • Economic:

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

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

        • 08:00 CST: New Yuan Loans; consensus

      • Earnings:

        • Montage Technology (688008.CH), Bloomage Biotechnology (688363.CH), Huadong Medicine (000963.CH), Suofeiya Home Collection (002572.CH), Suofeiya Home Collection (002572.CH), Huali Industrial Group (300979.CH), Huali Industrial Group (300979.CH), China XD Electric (601179.CH), China XD Electric (601179.CH), Zheshang Securities (601878.CH), Zheshang Securities (601878.CH), Guobo Electronics (688375.CH)

    • Japan:

      • Earnings:

        • Welcia Holdings (3141.JP), Bic Camera (3048.JP), DCM Holdings (3050.JP), Sansan (4443.JP), Rorze Corp (6323.JP), Takeuchi Mfg. (6432.JP), Ryohin Keikaku (7453.JP), Kohnan Shoji (7516.JP), AEON Co. (8267.JP), AEON Mall (8905.JP)

  • Market Data:

    • Gold (Jun 25): +$31.10 or +0.98% to $3208.60

    • WTI Crude (May 25): ($0.14) or (0.23%) to $59.93

    • $-¥: (3.91) or (2.65%) to 143.8530

    • $-KRW: +5.24 or +0.36% to 1452.0400

    • A$-$: +0.01 or +1.02% to 0.6216

    • $-INR: (0.33) or (0.38%) to 86.2604

    • $-CNY: (0.04) or (0.50%) to 7.3135

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