Apr 28 ,2025
Synopsis:
Asia equities poised to open higher Tuesday. Futures in Hong Kong and Australia were moderately firmer with Japan closed for a public holiday. Golden Dragon China index also advanced. However, US contracts fell after narrowly mixed performance in S&P 500 and Nasdaq in a fluctuating cash session. Tech leads leaned bearish with SOX index down 0.38% and big tech mostly lower. Sharp losses in Nvidia (NVDA) posed a notable drag. Treasuries were firmer with the curve steepening, ending near best levels after some early-session weakness. 30Y yield ended below 4.70%. Dollar index was down 0.5%. Gold finished up 1.5%, near best levels. Bitcoin futures were down 0.6%. WTI crude settled down 1.5%.
Market attention turning to growing event risks with the approaching raft of corporate earnings combined with high-profile economic data. Press noted aggregate S&P 500 Q1 earnings set to log solid growth at face value, though guidance from latest results have skewed negative with some omissions due to heightened uncertainties. Over-riding focus of earnings and macro data on tariff impacts. On trade talks, general sentiment somewhat encouraged by prospects for de-escalation in trade tensions, though optimism constrained by apparent lack of progress in US-China negotiations. China foreign ministry repeated denials that high-level tariff talks have taken place while comments from US Treasury Secretary Bessent left both sides placing the onus on the other to reach for a deal.
Regional macro developments were incremental. US trade talks aside, China stimulus remains a key focus. Latest policy rhetoric out of yesterday's briefing essentially elaborated on last week's Politburo meeting, reaffirming pledges to roll out measures though details remained light, only outlining targeted areas. Still, repeated confidence in achieving the growth target was backed by promise of stronger support efforts. Politburo called for preparations for the worst-case scenario in the face of external uncertainties, portending stronger support if tail risks materialize. PBOC again vowed to implement timely cuts to RRR and other benchmark rates and reiterated its yuan stability stance. Elsewhere, nothing new on the BOJ meeting starting tomorrow with widely established expectations that a rate hike is all but ruled out.
Pre-open Company News:
2318.HK -- Street Takeaways - Ping An Insurance (Group) Co. of China Q1 earnings
StreetAccount Sector Review - China Telecom Sector Q1 earnings
6370.JP -- Kurita Water Industries revises FY guidance due to impairment loss recorded for Pentagon
4506.JP -- Sumitomo Pharma guides FY net income attributable ¥23.60B vs prior guidance ¥16.00B and FactSet ¥13.29B [8 est, (¥9.86)-33.87B]
9377.JP -- Japan Airlines proposes consolidation of AGP Corp shares for company, Japan Airport Terminal, ANA Holdings to take AGP Corp private
600598.CH -- Heilongjiang Agriculture reports Q1 net income attributable CNY538.6M, (3%) vs year-ago CNY554.7M
600885.CH -- Hongfa Technology reports Q1 net income attributable CNY411.1M vs FactSet CNY424.7M [1 est]
600023.CH -- Zhejiang Zheneng Electric Power reports FY net income attributable CNY7.75B vs FactSet CNY7.81B [4 est, CNY7.51-8.15B]
600885.CH -- Hongfa Technology releases sustainability report 2024
600023.CH -- Zhejiang Zheneng Electric Power reports Q1 net income attributable CNY1.07B, (41%) vs year-ago CNY1.82B
002791.CH -- Guangdong Kinlong Hardware Products reports Q1 net income attributable (CNY40.6M) vs year-ago (CNY45.9M)
9995.HK -- RemeGen reports Q1 net income attributable (CNY254.1M) vs year-ago (CNY348.9M)
601216.CH -- Inner Mongolia Junzheng Energy & Chemical Group reports Q1 net income attributable CNY1.01B vs year-ago CNY712.4M
601216.CH -- Inner Mongolia Junzheng Energy & Chemical Group reports Q1 operational data
1385.HK -- Shanghai Fudan Microelectronics Group releases sustainability report
On Deck:
China:
Earnings:
Shengyi Technology (600183.CH), China National Software & Service (600536.CH), Greenland Holdings (600606.CH), Riyue Heavy Industry (603218.CH), Jiangsu Eastern Shenghong (000301.CH), Anker Innovations Technology (300866.CH), China Green Electricity Investment of Tianjin (000537.CH), AECC Aero-engine Control (000738.CH), Changjiang Securities (000783.CH), Unisplendour Corp. (000938.CH), Shanxi Coking Coal Energy Group (000983.CH), Beijing Shiji Information Technology (002153.CH), Andon Health (002432.CH), Chow Tai Seng Jewelry (002867.CH), China Great Wall Securities (002939.CH), Bank of Suzhou (002966.CH), Shenzhen Sunway Communication (300136.CH), Kunlun Tech (300418.CH), Hangzhou Chang Chuan Technology (300604.CH), Gemdale Corp. (600383.CH), Shanxi Coal International Energy Group (600546.CH), Sailun Group (601058.CH), Shanxi Lu'an Environmental Energy Development (601699.CH), CSI Solar (688472.CH), Ganfeng Lithium Group (002460.CH), Zhejiang Century Huatong Group (002602.CH), Zhejiang Century Huatong Group (002602.CH), Everbright Securities (601788.CH), China Tourism Group Duty Free (601888.CH), Shenwan Hongyuan Group (000166.CH), YTO Express Group (600233.CH), Haier Smart Home (600690.CH), Huatai Securities (601688.CH)
Hong Kong:
Earnings:
China Southern Airlines (1055.HK), COSCO SHIPPING Ports (1199.HK), Agricultural Bank of China (1288.HK), Industrial & Commercial Bank of China (1398.HK), CRRC Corp. (1766.HK), BBMG Corp (2009.HK), Shanghai Fosun Pharmaceutical (Group) Co. (2196.HK), China Vanke (2202.HK), China CRSC (3969.HK), Bank of China (3988.HK), China Energy Engineering (3996.HK), Guangshen Railway (525.HK), CITIC Securities (6030.HK), Flat Glass Group (6865.HK), Air China (753.HK), Sinotrans (598.HK), Huadian Power International (1071.HK), COSCO SHIPPING Energy Transportation (1138.HK), Zoomlion Heavy Industry Science & Technology (1157.HK), China Railway Construction (1186.HK), China Maple Leaf Educational Systems (1317.HK), People's Insurance Co. (Group) of China (1339.HK), Metallurgical Corp. of China (1618.HK), Postal Savings Bank of China (1658.HK), Tianli International Holdings (1773.HK), China Kepei Education Group (1890.HK), COSCO SHIPPING Holdings (1919.HK), BAIC Motor (1958.HK), China Chunlai Education Group (1969.HK), China Minsheng Banking (1988.HK), China Zheshang Bank (2016.HK), PICC Property & Casualty (2328.HK), COSCO SHIPPING Development (2866.HK), WH Group (288.HK), Liaoning Port (2880.HK), Maanshan Iron & Steel (323.HK), Bank of Communications (3328.HK), Zhuzhou CRRC Times Electric (3898.HK), China Railway Group (390.HK), China Merchants Bank (3968.HK), ASMPT (522.HK), Shenzhen Expressway (548.HK), CSC Financial (6066.HK), CanSino Biologics (6185.HK), Qingdao Port International (6198.HK), Huaxin Cement (6655.HK), China Eastern Airlines (670.HK), Yangtze Optical Fibre & Cable Joint Stock (6869.HK), Guangzhou Baiyunshan Pharmaceutical Holdings (874.HK), CNOOC (883.HK), China Construction Bank (939.HK), China Suntien Green Energy (956.HK), China CITIC Bank (998.HK)
South Korea:
Earnings:
GS Engineering & Construction (006360.KS), KUMHO TIRE (073240.KS), Hyundai GLOVIS Co. (086280.KS), Hanmi Pharmaceutical Co. (128940.KS), KRAFTON (259960.KS), HD HYUNDAI Co. (267250.KS), HYBE Co. (352820.KS), Samsung Electronics (005930.KS), SKC Co. (011790.KS), KIWOOM Securities (039490.KS), ECOPRO (086520.KS), ECOPRO Materials (450080.KS)
Australia:
Earnings:
Sandfire Resources (SFR.AU), Coles Group (COL.AU), Mineral Resources (MIN.AU), Plenti Group (PLT.AU)
India:
Earnings:
Bajaj Finance (500034.IN), Trent Ltd (500251.IN), Ambuja Cements (500425.IN), Bharat Petroleum (500547.IN), CEAT Ltd (500878.IN), Schaeffler India (505790.IN), CIE Automotive India (532756.IN), Bajaj Finserv (532978.IN), UTI Asset Management (543238.IN), Star Health & Allied Insurance (543412.IN)
Singapore:
Earnings:
Frasers Centrepoint Trust (J69U.SP)
Taiwan:
Earnings:
Delta Electronics (2308.TT), Macronix International (2337.TT), Novatek Microelectronics (3034.TT)
Philippines:
Earnings:
International Container Terminal Services (ICT.PM), SM Prime Holdings (SMPH.PM)
Market Data:
Gold (Jun 25): +$0.80 or +0.02% to $3348.50
WTI Crude (Jun 25): ($0.05) or (0.08%) to $62.00
$-¥: (1.39) or (0.97%) to 142.2730
$-KRW: (2.48) or (0.17%) to 1435.8800
A$-$: +0.00 or +0.45% to 0.6425
$-INR: (0.23) or (0.26%) to 85.1602
$-CNY: +0.01 or +0.09% to 7.2940
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