May 01 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling opening gain in Japan and negative start in Australia. China markets closed for Labor Day holiday. Nasdaq futures weighed down slightly by afterhours decline in AMZN and AAPL. Australian bond yields steepening following earlier Treasury weakness. FX markets steady following dollar strength (yen lowest since early April). Crude reversing lower while gold lifting from overnight lows. Bitcoin flat near highest since late Feb-2025.
Big US tech reported after Thursday's close. AMZN Q2 guidance softer-than-expected with group citing trade and tariff policies as factor. AWS revenue missed expectations with growth slowing to 1-yeear low and contrasting with MSFT Azure's beat. AAPL beat on bottom line though flagged $900M cost impact from tariffs in Q3. Management noted minimal tariff impact in Q2 with few signs of demand being pull ahead. China revenue fell again, but in-line with expectations amid local competitive pressures.
Overnight, well-received earnings from big tech companies underpinned positive market sentiment and provided further support for the AI secular growth narrative ( MSFT and META were the standouts). Elsewhere, not much incremental on trade though de-escalation dynamic helped following China state media reports signaling openness to talks with Trump administration. Positive Trump conversations with Canada's Carney and Mexico's Sheinbaum were highlighted while EU also touted progress towards deal.
In other developments, South Korea April CPI inflation unchanged against expectations for slight fall. .South Korea political turmoil deepened after its finance minister resigned following acting President Han's earlier resignation. Japan Finance Minster Kato suggested Treasury holdings among cards it may use in trade talks with US In geopolitical news, Trump threatened secondary sanctions on buyers of Iranian oil, putting spotlight on countries such as China and Iran.
Pre-open Company News:
532500.IN -- Maruti Suzuki India reports April total sales (units) 179,791 vs StreetAccount 174,338
500520.IN -- Mahindra & Mahindra reports April auto sales 84,170 vehicles vs StreetAccount 81,025 vehicles
512599.IN -- Adani Enterprises reports Q4 consolidated EPS (cont. ops) INR32.98 vs year-ago INR3.49
543320.IN -- Eternal reports Q4 consolidated EPS INR0.04 vs FactSet INR0.05 [8 est, (INR0.17)-0.44]
533148.IN -- JSW Energy receives 1500MW/12,000MWh PSP from Uttar Pradesh Power Corporation
175.HK -- Geely Automobile Holdings reports April sales volume 234,112 units, +53% y/y
2333.HK -- Great Wall Motor reports April sales 100,061 units, +5.6% y/y
2282.HK -- MGM China Holdings reports Q1 adjusted EBITDA HK$2.37B vs FactSet HK$2.13B [4 est, HK$2.02-2.20B]
1801.HK -- Innovent Biologics reports Q1 product revenue of more than CNY2.4B, over +40% y/y
500113.IN -- Ashok Panda takes charge as finance director of Steel Authority of India, effective 30-Apr
600988.CH -- Chifeng Jilong Gold Mining releases ESG report 2024
On Deck:
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.4%
Earnings:
Nxera Pharma (4565.JP), ITOCHU (8001.JP), Ricoh Leasing (8566.JP), Japan Airlines (9201.JP), Itoham Yonekyu Holdings (2296.JP), M3 (2413.JP), Joyful Honda (3191.JP), Tamron (7740.JP), Mitsubishi (8058.JP), West Japan Railway (9021.JP)
Australia:
Economic:
11:30 AEST: Retail Sales SA M/M; consensus +0.6%
India:
Earnings:
Marico (531642.IN), Indian Overseas Bank (532388.IN), Godrej Properties (533150.IN), Jindal SAW (500378.IN), Sunteck Realty (512179.IN), Aether Industries (543534.IN), RR Kabel (543981.IN)
Indonesia:
Economic:
11:00 SAST: CPI NSA Y/Y; consensus +1.1%
Taiwan:
Earnings:
The Shanghai Commercial & Savings Bank (5876.TT)
Market Data:
Gold (Jun 25): +$23.30 or +0.72% to $3245.50
WTI Crude (Jun 25): ($0.38) or (0.64%) to $58.86
$-¥: +2.49 or +1.74% to 145.5530
$-KRW: +10.41 or +0.73% to 1435.1000
A$-$: (0.00) or (0.27%) to 0.6381
$-INR: +0.14 or +0.16% to 84.6968
$-CNY: (0.00) or (0.01%) to 7.2704
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