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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.60%, Hang Seng Futures +1.05%, ASX SPI 200 +0.23%, S&P Futures +0.72%

Apr 13 ,2025

  • Synopsis:

    • Asian markets set for positive start to Monday trade. Futures signaling opening gains in Japan, Hong Kong and Australia. S&P 500 futures rising on electronics tariff exemption news after index capped best week since Nov-2023. Australian bonds under pressure with curve bear flattening after Treasuries were mostly weaker on Friday. Dollar strengthening against Aussie, steady elsewhere after sustaining worst week since Nov-2022. Crude flat while gold fluctuating near record high. Bitcoin steady.

    • Eventful weekend of trade developments with focus shifting to electronics after Commerce Secretary Lutnick said they would receive temporary exemption from 10% baseline tariff and 125% China tariffs. Trump warned electronics tariffs still in the pipeline, flagging national security probe into whole electronics supply chain. Trump previously threatened tariffs on semiconductors and Lutnick estimated they could be in place in 1-2 months. White House also said chips would be subject to different tariff rate.

    • US electronics tariff exemption news shaping as a positive early driver for Asian markets. Multiple press reports highlighted AAPL and NVDA as winners from the exemption, seen translating to regional semiconductor stocks in Japan, South Korea and Taiwan. Some hope reprieve marks small de-escalatory step in US-China trade war after Beijing welcomed development. China raised tariff rate on US goods to 125% on Friday but also said it would ignore future US tariff increases.

    • Markets on watch for central bank reactions to tariff developments. ECB (Thurs) expected to cut by 25 bp, economists see BOC (Wed) either cutting by 25 bp or holding fire, BOK (Wed) expected to ease by 25 bp and Singapore MAS (Mon) anticipated to loosen policy. Fed Chair Powell's (Wed) remarks on tariff-related economic impacts will be closely watched. Busy week of China data with trade (unscheduled), GDP and March activity indicators (Wed) due out. New Zealand (Thurs), Japan (Fri) and India (Tues) all releasing CPI data.

  • Pre-open Company News:

    • Estimated weekend box office revenues in US, Canada $149.1M, +98.2% y/y - Box Office Mojo

    • 161890.KS -- Kolmar Korea initiated outperform at Macquarie

    • 543259.IN -- Home First Finance Company India upgraded to buy from add at ICICI Securities

    • 500488.IN -- Abbott India initiated buy at BOB Capital Markets

    • 8AZ.SP -- Aztech Global downgraded to hold from buy at Maybank Investment Bank

    • 000538.CH -- Yunnan Baiyao Group upgraded to buy from hold at China Renaissance (HK)

    • 9401.JP -- TBS Holdings initiated neutral at SBI Securities Japan

    • 600095.CH -- Xiangcai initiated overweight at Guotai Junan

    • Jefferies downgrades 1919.HK, 316.HK

    • 532331.IN -- Ajanta Pharma initiated buy at Jefferies

    • 010950.KS -- S-Oil Corp downgraded to hold from buy at Daiwa

    • 1339.HK -- People's Insurance Co. (Group) of China guides Q1 net profit attributable CNY11.65-13.45B vs year-ago CNY8.96B

    • 2328.HK -- PICC Property & Casualty guides Q1 net income +80-100% y/y

    • 1378.HK -- China Hongqiao Group publishes 2024 Environmental, Social and Governance Report

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: New Yuan Loans; consensus

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

        • 08:00 CST: Import Y/Y; consensus (2.6%)

        • 08:00 CST: Export Y/Y; consensus +4.6%

        • 08:00 CST: M2 NSA Y/Y; consensus +7.05%

        • 08:00 CST: Trade Balance NSA; consensus +$77B

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Japan:

      • Economic:

        • 13:30 JST: Industrial Production SA M/M (Final); consensus

      • Earnings:

        • Money Forward (3994.JP), Takashimaya (8233.JP), Izumi Co. (8273.JP), West Holdings (1407.JP), Pasona Group (2168.JP), DIP Corp (2379.JP), J. FRONT RETAILING (3086.JP), Doutor Nichires Holdings (3087.JP), COSMOS Pharmaceutical (3349.JP), create restaurants holdings (3387.JP), Shochiku (9601.JP), Toho Co (9602.JP), Arcs Co. (9948.JP)

    • Australia:

      • Earnings:

        • Betmakers Technology Group (BET.AU)

    • Singapore:

      • Economic:

        • 08:00 SST: GDP NSA Y/Y (Preliminary); consensus +4.2%

    • Philippines:

      • Earnings:

        • Emperador (EMI.PM)

  • Market Data:

    • Gold (Jun 25): ($9.00) or (0.28%) to $3235.60

    • WTI Crude (May 25): ($0.11) or (0.18%) to $61.39

    • $-¥: +0.30 or +0.21% to 143.8220

    • $-KRW: (1.00) or (0.07%) to 1420.2200

    • A$-$: +0.00 or +0.03% to 0.6292

    • $-INR: (0.12) or (0.14%) to 85.9670

    • $-CNY: (0.00) or (0.01%) to 7.2911

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