May 05 ,2025
Synopsis:
Asian markets set for mixed start to Tuesday trade. Futures signaling opening gains in Hong Kong as China markets resume trade following Labor Day break. Australia tracking for negative start. Japan remains closed for public holiday. US contracts flat after snapping nine-day positive streak. Australian and New Zealand yields backing up after Treasury curve steepened on Monday. Crude flat after coming off worst levels following weekend OPEC+ production hike agreement. Gold nearing one-week high. Bitcoin coming off overnight lows.
FX volatility has picked up in recent days with EM Asia currencies seeing sharp upswings. Focus mostly on TWD, with its record two-gain sparking concerns about impact on exporter earnings. Thin liquidity though to have magnified upside with China and Japan markets closed Monday. Repatriation flows amid US dollar pessimism highlighted as well. Speculation of FX agreement in US-Taiwan trade talks was attributed for upside, though Taiwan denied and blamed speculative behavior. Asian financial authorities forced to respond with HKMA reportedly selling record HKD on Monday after currency hit upper end of trading band.
Nothing particularly incremental in US-Asia trade developments. Tariffs clouding US-Japan deal prospects with Trump administration refusing Tokyo's request for full exemption from reciprocal, steel, aluminum and auto tariffs. LDP lawmakers also balking at proposal to increase rice imports from US. Elsewhere, Bloomberg sources noted India proposed zero-for-zero tariffs on steel, auto parts and pharmaceuticals during trade talks with US. Trump on Sunday said some trade deals could happen as soon as this week though he was light on details.
Pre-open Company News:
Spain (ANFAC) Apr new passenger car registrations 98,522 units, +7.1% y/y
Italy Apr new passenger car registrations 139,084 units, +2.7% y/y -- UNRAE (post EU close 2-May)
2344.TT -- Winbond Electronics reports Q1 EPS (NT$0.24) vs FactSet (NT$0.14) [4 est, (NT$0.22)-(0.05)]
002128.CH -- Inner Mongolia Dian Tou Energy to consider acquiring assets from controlling holder by issuing new shares combined with cash payment
2633.TT -- Taiwan High Speed Rail reports April revenue NT$4.52B, +2.4% y/y
DTD.VN -- Thanh Dat Investment Development reports Q1 net income VND9.60B, +53% vs year-ago VND6.26B
000625.CH -- Chongqing Changan Automobile reports April vehicle production 194,304 units, (6.8%) y/y
5274.TT -- ASPEED Technology reports Q1 EPS NT$23.46 vs FactSet NT$20.28 [10 est, NT$17.15-22.50]
2344.TT -- Winbond Electronics to launch NT$530M on-market buyback
531595.IN -- Capri Global Capital reports Q4 EPS INR2.14 vs year-ago INR0.99
533278.IN -- Coal India signs MoU with U.P. Rajya Vidyut Utpadan Nigam to set up 500MW solar power project
6446.TT -- PharmaEssentia reports April revenue NT$1.23B, +83.7% y/y
5296.MK -- MR. D.I.Y. Group (M) reports Q1 EPS 1.8sen vs FactSet 1.2sen [1 est]
On Deck:
South Korea:
Earnings:
PI Advanced Materials (178920.KS), KakaoBank (323410.KS)
Australia:
Economic:
11:30 AEST: Building Approvals SA M/M; consensus
Earnings:
Imdex (IMD.AU)
India:
Earnings:
CG Power & Industrial Solutions (500093.IN), Kajaria Ceramics (500233.IN), Safari Industries (India) (523025.IN), Godrej Consumer Products (532424.IN), JBM Auto (532605.IN), Alembic Pharmaceuticals (533573.IN), One 97 Communications (Paytm) (543396.IN), CRISIL (500092.IN), Hindustan Petroleum (500104.IN), Kansai Nerolac Paints (500165.IN), KEI Industries (517569.IN), Poly Medicure (531768.IN), Bank of Baroda (532134.IN), Radico Khaitan (532497.IN), Mahanagar Gas (539957.IN), Polycab India (542652.IN), Aptus Value Housing Finance India (543335.IN), Vedant Fashions (543463.IN)
Singapore:
Earnings:
Frasers Hospitality Trust (ACV.SP)
Taiwan:
Earnings:
Vanguard International Semiconductor (5347.TT), Wistron (3231.TT), GlobalWafers (6488.TT), momo.com (8454.TT)
Thailand:
Earnings:
Advanced Info Service Public (ADVANC.TB)
Philippines:
Economic:
09:00 SST: CPI Y/Y; consensus +1.9%
Earnings:
Ayala Land (ALI.PM)
Market Data:
Gold (Jun 25): +$19.00 or +0.57% to $3341.30
WTI Crude (Jun 25): +$0.05 or +0.09% to $57.18
$-¥: (1.34) or (0.92%) to 143.6320
$-KRW: (25.52) or (1.82%) to 1374.3700
A$-$: +0.00 or +0.29% to 0.6463
$-INR: (0.29) or (0.34%) to 84.2209
$-CNY: (0.00) or (0.02%) to 7.2703
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