Apr 23 ,2025
Synopsis:
Asian markets set for mixed start to Thursday trade. Futures signaling opening gains in Japan while Hang Seng futures lower and ASX futures signaling muted open. S&P 500 futures flat following Wednesday rebound (though stocks ended off highs). Australian bonds under pressure with curve extending Wednesday's flattening move. Dollar strength the big story in FX markets with yen a notable decliner. Crude flat after retreating on headlines about OPEC+ countries favoring output hike. Gold recovering from Wednesday selloff. Bitcoin steady near two-month high.
More signs of US-China tariff de-escalation after reports noted White House considering cutting China tariffs by more than 50%. Follows Trump's remarks day earlier flagging substantial tariff reduction. Situation remains fluid with Treasury Secretary Bessent saying tariffs would not fall unilaterally that trade deal could take 2-3 years. Trump later said tariff cuts would depend on China. Both sides in lower-level talks though no real traction yet on meaningful engagement with Beijing unwilling to accept US request for Trump-Xi call.
US-Japan trade talks resume in Washington on Thursday. On Wednesday Bessent said US would not pursue any currency target and that it merely hopes for Japan to honor G7 commitment on FX manipulation. This fit with the low expectations going into the meeting surrounding FX discussions following report Japan officials were determined to push back against any request to strengthen. Bessent said tariffs, non-tariff barriers and government subsidies among other topics on the agenda. However, NHK sources tempered hopes of Japan winning tariff reprieve.
Pre-open Company News:
532500.IN -- StreetAccount Consensus Metrics Preview - Maruti Suzuki India Q4 Earnings
000660.KS -- SK Hynix declares Q1 DPS KRW375; StreetAccount notes the year-ago DPS was KRW300
055550.KS -- StreetAccount Consensus Metrics Preview - Shinhan Financial Q1 Earnings
1800.HK -- China Communications Construction reports Q1 value of new contracts CNY553.03B, +9.0% y/y
086790.KS -- StreetAccount Consensus Metrics Preview - Hana Financial Q1 Earnings
2303.TT -- United Microelectronics reports Q1 EPS NT$0.62 vs FactSet NT$0.70 [18 est, NT$0.57-0.84]
002916.CH -- Shennan Circuits reports Q1 net income attributable CNY491.4M, +29% vs year-ago CNY379.6M
316140.KS -- StreetAccount Consensus Metrics Preview - Woori Financial Group Q1 Earnings
2511.HK -- Hightide Therapeutics releases sustainability report
Taiwan reports March loans & investments of all financial institutions growth +0.60% m/m, +7.09% y/y
168.HK -- Tsingtao Brewery releases sustainability report
600968.CH -- CNOOC Energy Technology & Services reports Q1 net income attributable CNY594.0M, +18% vs year-ago CNY501.3M
268.HK -- Kingdee International Software Group releases sustainability report
535.HK -- Gemdale Properties & Investment releases sustainability report
On Deck:
China:
Earnings:
Chaozhou Three-Circle (Group) (300408.CH), Chaozhou Three-Circle (Group) (300408.CH), Shenzhen Transsion Holding (688036.CH), SPIC Industry Finance Holdings (000958.CH), SPIC Industry Finance Holdings (000958.CH)
Hong Kong:
Earnings:
China New Higher Education Group (2001.HK)
Japan:
Earnings:
Nomura Research Institute (4307.JP), Chugai Pharmaceutical (4519.JP), Nidec (6594.JP), Fujitsu (6702.JP), Renesas Electronics (6723.JP), Hino Motors (7205.JP), Canon (7751.JP), Nomura Real Estate Holdings (3231.JP), Hogy Medical (3593.JP), Amano Corp. (6436.JP), Stanley Electric (6923.JP), Shinko Electric Industries (6967.JP), TOKAI RIKA (6995.JP), EXEDY Corp (7278.JP)
South Korea:
Earnings:
SK Hynix (000660.KS), POSCO Future M Co. (003670.KS), Hyundai Steel (004020.KS), Hyundai Motor (005380.KS), POSCO (005490.KS), HD Korea Shipbuilding & Offshore Engineering Co. (009540.KS), HANWHA SOLUTIONS (009830.KS), OCI Holdings (010060.KS), Samsung Heavy Industries Co. (010140.KS), HD Hyundai Mipo (010620.KS), SAMSUNG SDS CO. (018260.KS), Samsung E&A Co. (028050.KS), LG Display (034220.KS), POSCO INTERNATIONAL (047050.KS), KB Financial (105560.KS), JB Financial Group (175330.KS), HD Hyundai Heavy Industries Co. (329180.KS), Hyundai Mobis (012330.KS), Samsung Card Co. (029780.KS)
India:
Earnings:
ACC Ltd (500410.IN), Nestle India (500790.IN), Supreme Industries (509930.IN), Reliance Industries (500325.IN), Elecon Engineering (505700.IN), Mphasis (526299.IN), Tanla Platforms (532790.IN), Indian Energy Exchange (540750.IN), Sterling & Wilson Renewable Energy (542760.IN), Macrotech Developers (543287.IN)
Singapore:
Earnings:
CapitaLand China Trust (AU8U.SP), CapitaLand China Trust (AU8U.SP), Mapletree Pan Asia Commercial Trust (N2IU.SP), CapitaLand India Trust (CY6U.SP)
Taiwan:
Earnings:
Advantech (2395.TT)
Market Data:
Gold (Jun 25): +$28.80 or +0.87% to $3322.90
WTI Crude (Jun 25): ($0.01) or (0.02%) to $62.26
$-¥: +1.56 or +1.10% to 143.1600
$-KRW: (3.74) or (0.26%) to 1426.4500
A$-$: (0.00) or (0.03%) to 0.6364
$-INR: +0.33 or +0.38% to 85.4999
$-CNY: (0.03) or (0.36%) to 7.2860
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