May 08 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling opening gains in Japan, and flat starts in Hong Kong and Australia. S&P 500 futures slightly weaker afterhours following another risk-on session. Australian and New Zealand bonds under pressure, taking cues from earlier Treasury curve bear flattening. FX markets little changed after dollar index hit one-month high. Crude adding to overnight gains while gold steadying following earlier pullback. Bitcoin rallying through $100K for first time since early February.
Overnight strength tabbed to positive developments on trade front after US and UK signed trade agreement. Details confirmed earlier press leaks with US leaving in place 10% baseline tariff. Meanwhile, Trump expressed optimism ahead of US-China meeting in Switzerland, flagging reduction of 145% tariffs if talks go well. NY Post sources earlier noted US weighing reducing China tariffs to 50-54% as soon as next week while potentially cutting tariffs on neighboring Asian nations to 25%.
Economic calendar headlined by China trade data. Reuters consensus looking for sharp slowdown in April export growth as US tariffs went into effect, reversing March's outsized increase that reflected front-loading effects. Imports forecast to have declined at a faster pace amid tepid domestic demand. Lead indicators pointing to further trade deterioration with manufacturing new export orders contracting at fastest pace since Dec-2022 in April. Anecdotal reports also highlighting mounting pressure on factories, leading to idled assembly lines.
Pre-open Company News:
China April stock market trading turnover CNY25.347T vs month-ago CNY31.326T
377300.KS -- Street Takeaways - kakaopay Q1 Earnings
145720.KS -- Dentium reports Q1 Operating profit KRW9.58B vs FactSet KRW25.27B [3 est, KRW17.10-36.90B]
6135.JP -- Nidec decides to withdraw tender offer for Makino Milling Machine effective 9-May
506820.IN -- India's CDSCO approves AstraZeneca Pharma India to import Enhertu for additional indication
8850.JP -- Starts declares final dividend ¥65/share vs guidance ¥55/share
532483.IN -- Follow up: Canara Bank reports Q4 net interest income INR94.42B vs FactSet INR93.03B
3397.JP -- TORIDOLL Holdings reports April existing stores sales +8.4% y/y
2353.TT -- Acer Inc reports Q1 EPS NT$0.17 vs FactSet NT$0.33 [4 est, NT$0.30-0.36]
2892.TT -- First Financial Holding reports April PBT NT$2.73B; StreetAccount notes year-ago was NT$2.61B
Taiwan reports April export value of synthetic resin, plastic and rubber $1.50B vs year-ago $1.55B, (3.4%) y/y
Taiwan reports April export value of electronics components $16.41B vs year-ago $12.94B, +26.8% y/y
2303.TT -- United Microelectronics reports April revenue NT$20.45B, +3.6% y/y
3900.HK -- Greentown China Holdings reports April self-investment project sales CNY11.6B; StreetAccount notes year-ago figure was CNY14.5B
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: Trade Balance NSA; consensus +$100.9B
08:00 CST: Import Y/Y; consensus (7%)
08:00 CST: Export Y/Y; consensus +4%
08:00 CST: New Yuan Loans; consensus
08:00 CST: Loan Growth Y/Y; consensus
Japan:
Economic:
08:30 JST: Real Household Consumption Expenditure Y/Y; consensus
08:30 JST: Real Household Income Y/Y; consensus
08:50 JST: FX Reserves M/M; consensus
14:00 JST: Leading Index (Preliminary); consensus
Earnings:
DeNA Co. (2432.JP), MatsukiyoCocokara & Co. (3088.JP), artience (4634.JP), Nippon Sheet Glass (5202.JP), Sumitomo Metal Mining (5713.JP), Recruit (6098.JP), Towa Corp (6315.JP), Kubota (6326.JP), Brother Industries (6448.JP), Minebea Mitsumi (6479.JP), Hamamatsu Photonics KK (6965.JP), Tokyo Seimitsu (7729.JP), Yamaguchi Financial Group (8418.JP), SBI Holdings (8473.JP), KATITAS (8919.JP), Kyushu Railway (9142.JP), SG Holdings (9143.JP), Nippon Telegraph & Telephone (9432.JP), Autobacs Seven (9832.JP), SHO-BOND Holdings (1414.JP), COMSYS Holdings (1721.JP), Penta-Ocean Construction (1893.JP), EXEO Group (1951.JP), DAI-DAN Co. (1980.JP), Open Up Group (2154.JP), Morinaga & Co. (2201.JP), Meiji (2269.JP), NH Foods (2282.JP), McDonald's Holdings (2702.JP), EDION Corp (2730.JP), Seria Co. (2782.JP), ARIAKE JAPAN (2815.JP), The Monogatari (3097.JP), Nitto Boseki (3110.JP), Tokyu Fudosan (3289.JP), Asahi Kasei (3407.JP), TOCALO Co. (3433.JP), Food & Life Companies (3563.JP), GungHo Online Entertainment (3765.JP), Rengo (3941.JP), OSAKA SODA (4046.JP), NOF Corp (4403.JP), Chugoku Marine Paints (4617.JP), ROUND ONE (4680.JP), BML Inc (4694.JP), Fullcast Holdings (4848.JP), KOSE Corp (4922.JP), Pola Orbis Holdings (4927.JP), T. Hasegawa (4958.JP), Kobayashi Pharmaceutical (4967.JP), Nitta Corp (5186.JP), Noritake (5331.JP), NIPPON STEEL (5401.JP), Yodogawa Steel Works (5451.JP), Maruichi Steel Tube (5463.JP), Pacific Metals (5541.JP), Iyogin Holdings (5830.JP), Shizuoka Financial Group (5831.JP), Rinnai (5947.JP), Okuma Corp (6103.JP), Shibuya (6340.JP), TADANO (6395.JP), THK CO. (6481.JP), Wacom Co. (6727.JP), Panasonic (6752.JP), Hosiden (6804.JP), HIROSE ELECTRIC (6806.JP), Mitsubishi Heavy Industries (7011.JP), Kawasaki Heavy Industries (7012.JP), Nishi-Nippon Financial Holdings (7189.JP), F.C.C. (7296.JP), Daishi Hokuetsu Financial Group (7327.JP), Juroku Financial Group (7380.JP), Argo Graphics (7595.JP), Colowide (7616.JP), SCREEN (7735.JP), Noritsu Koki (7744.JP), Furuya Metal (7826.JP), Pilot Corp (7846.JP), Okamura (7994.JP), Yuasa Trading (8074.JP), Hanwa Co. (8078.JP), Inabata & Co. (8098.JP), Unicharm (8113.JP), KISOJI (8160.JP), Royal Holdings (8179.JP), The 77 Bank (8341.JP), The Hachijuni Bank (8359.JP), The Ogaki Kyoritsu Bank (8361.JP), The Shiga Bank (8366.JP), Nanto Bank (8367.JP), The Hyakugo Bank (8368.JP), The Awa Bank (8388.JP), Seven Bank (8410.JP), Fuyo General Lease (8424.JP), AIFUL Corp (8515.JP), Monex Group (8698.JP), Mitsui Fudosan (8801.JP), Tokyo Tatemono (8804.JP), Leopalace21 (8848.JP), Keisei Electric Railway (9009.JP), Konoike Transport (9025.JP), Nishi-Nippon Railroad (9031.JP), Keihan Holdings (9045.JP), NIKKON Holdings (9072.JP), MITSUI-SOKO HOLDINGS (9302.JP), Sumitomo Warehouse (9303.JP), Electric Power Development (9513.JP), Japan Airport Terminal (9706.JP), Fujita Kanko (9722.JP), Funai Soken Holdings (9757.JP), Kato Sangyo (9869.JP)
South Korea:
Earnings:
NAVER (035420.KS), Lotte Energy Materials (020150.KS), Celltrion (068270.KS), Hyundai Department Store (069960.KS), GS Holdings (078930.KS), HANKOOK TIRE & TECHNOLOGY Co. (161390.KS), GS Retail Co. (007070.KS), COWAY Co. (021240.KS)
Australia:
Earnings:
QBE Insurance Group (QBE.AU)
India:
Earnings:
Cholamandalam Financial Holdings (504973.IN), Navin Fluorine International (532504.IN), Shyam Metalics & Energy (543299.IN), ABB India (500002.IN), Birla Corp. (500335.IN), Thermax (500411.IN), Great Eastern Shipping (500620.IN), Alkyl Amines Chemicals (506767.IN), Cera Sanitaryware (532443.IN), C.E. Info Systems (543425.IN)
Singapore:
Earnings:
Oversea-Chinese Banking Corp. (O39.SP), Frasers Property (TQ5.SP), Daiwa House Logistics Trust (DHLU.SP), Fraser & Neave (F99.SP), SIA Engineering (S59.SP)
Taiwan:
Earnings:
Asia Cement (1102.TT), Far Eastern New Century (1402.TT), Walsin Lihwa (1605.TT), Lotus Pharmaceutical (1795.TT), Catcher Technology (2474.TT), Lotes Co. (3533.TT), Alchip Technologies (3661.TT), PharmaEssentia (6446.TT), Giant Manufacturing (9921.TT)
Thailand:
Earnings:
Thai Oil Public (TOP.TB), Regional Container Lines Public (RCL.TB), Thai Union Group Public (TU.TB), WHA Corp. Public (WHA.TB)
Market Data:
Gold (Jun 25): +$16.90 or +0.51% to $3322.90
WTI Crude (Jun 25): +$0.21 or +0.35% to $60.12
$-¥: +2.13 or +1.48% to 145.9470
$-KRW: +5.29 or +0.38% to 1403.8500
A$-$: (0.00) or (0.45%) to 0.6395
$-INR: +0.88 or +1.04% to 85.6540
$-CNY: +0.01 or +0.12% to 7.2338
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