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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.49%), Hang Seng Futures 0.00%, ASX SPI 200 0.00%, S&P Futures (0.47%)

Apr 20 ,2025

  • Synopsis:

    • Asian markets set for cautious start to Monday trade with futures signaling opening declines in Japan. Thin volume session ahead with Hong Kong and Australia among markets closed for Easter Monday holiday. S&P 500 futures weakening after major US indexes capped off weekly loss. Dollar seeing mild declines after falling to early 2022 lows last week. Crude under some pressure while gold hitting fresh record high. Bitcoin flat.

    • Weekend press on tariffs mostly discussed fallout from chill in US-China trade (Ford suspending shipments, Boeing returning jet, China halting LNG purchases). On Thursday Trump ruled out further China tariff hikes while signaling openness for lower rates and revealing both sides are engaged in talks (though Reuters sources added nothing high level). China's US ambassador also urged de-escalation while repeating preparedness to fight. Tensions have risen beyond tariffs with Washington tightening chip export controls and imposing steep port fees on Chinese vessels.

    • China expected to leave 1Y and 5Y loan prime rates unchanged Monday. Policy easing expectations have strengthened in wake of US-China tariff war with economists eyeing further RRR and rate cuts. However, yuan depreciation and low bank interest margins seen as constraints to near-term easing. On fiscal policy front, sell-side firms anticipate Beijing to speed up NPC stimulus rollout while some see scope for authorities to raise fiscal deficit ratio amid thoughts existing measures not enough to fully offset tariff impact.

    • In other trade news, South Korea to send top trade official to Washington for talks with US, coming after Japan opened negotiations last week. Nikkei reported Japan may review auto safety rules as part of US trade talks, following complaints by US automakers about onerous standards. In other developments, Taiwan to extend short-selling ban without giving expected end date. China proposed easing foreign equity ratio caps as part of efforts to open up services sector.

    • China LPR decision headlines quiet Monday before IMF World Economic Outlook on Tuesday expected to show downgrade to global growth forecasts, and upgrade to inflation projections Global flash PMIs (Wed) will offer early read on impact on manufacturers this month from tariffs. Tokyo CPI (Fri), Japan corporate services inflation (Thurs), and South Korea Q1 GDP (Thurs) also due out. Busy week of Fedspeak with policymakers having stuck to their patience mantra.

  • Pre-open Company News:

    • 532523.IN -- Biocon to consider fundraising plan at 23-Apr meeting

    • 600584.CH -- JCET Group confirms FY results as reported 8-Apr

    • 600392.CH -- Shenghe Resources says MP Materials's cessation of rare earth concentrate shipments to China will not have major impact on company

    • 688276.CH -- Changchun BCHT Biotechnology confirms FY preliminary results, as reported on 25-Feb

    • 688276.CH -- Changchun BCHT Biotechnology releases sustainability report

    • 688276.CH -- Changchun BCHT Biotechnology reports Q1 net income attributable CNY1.1M vs year-ago CNY60.6M

    • 600584.CH -- JCET Group releases sustainability report

    • 600584.CH -- JCET Group's board proposes declaring interim dividend for 2025

    • 600276.CH -- NMPA approves phase Ib/II trial of combining Hengrui Pharmaceuticals's HRS-1167 with AA-P for prostate cancer

    • 600276.CH -- NMPA approves trial of Hengrui Pharmaceuticals's HRS-9813 for progressive pulmonary fibrosis

    • 300601.CH -- Shenzhen Kangtai Biological Products reports FY net income attributable CNY201.7M vs guidance CNY190.0-270.0M

    • 300601.CH -- Shenzhen Kangtai Biological Products releases sustainability report

    • 300601.CH -- Shenzhen Kangtai Biological Products reports Q1 net income attributable CNY22.4M vs year-ago CNY54.1M

    • 301219.CH -- Tengyuan Cobalt reports FY net income attributable CNY685.2M vs guidance CNY609.0-792.0M

    • 301219.CH -- Tengyuan Cobalt reports Q1 net income attributable CNY123.5M, (14%) vs year-ago CNY144.0M

  • On Deck:

    • China:

      • Economic:

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

        • 09:30 CST: 1 and 5 Year Loan Prime Rate; consensus no change

      • Earnings:

        • JCET Group (600584.CH), JCET Group (600584.CH)

    • Hong Kong:

      • Earnings:

        • Xinte Energy (1799.HK), Zhaojin Mining Industry (1818.HK)

    • India:

      • Earnings:

        • Tata Investment (501301.IN), Himadri Speciality Chemical (500184.IN), Alok Industries (521070.IN)

  • Market Data:

    • Gold (Jun 25): +$34.20 or +1.03% to $3362.60

    • WTI Crude (May 25): ($0.95) or (1.47%) to $63.73

    • $-¥: (0.88) or (0.62%) to 141.5610

    • $-KRW: (1.00) or (0.07%) to 1417.4000

    • A$-$: (0.00) or (0.06%) to 0.6387

    • $-INR: +0.04 or +0.05% to 85.4563

    • $-CNY: (0.00) or (0.01%) to 7.2993

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