May 13 ,2025
Synopsis:
Asian markets set for positive start to Wednesday trade. Hang Seng futures tracking for opening gains following Tuesday's pullback. Futures signaling mild early gains in Japan and Australia. US contracts flat after S&P 500 turned positive for the year. Australian bonds under pressure, tracking earlier Treasury curve bear steepening. Dollar steady after giving back some of Monday's gains. Crude flat after hitting two-week high. Gold little changed. Bitcoin fluctuating near late January high.
US-China trade de-escalation remains a widely cited driver of this week's rally. Tariff cuts prompting sell-side firms to review their forecasts with firms seeing reduced downside risks to US and China economic growth. Some also adopted slightly more bullish stance on US and China equities. At same time, de-escalation tempered easing expectations with market pricing in fewer Fed rate cuts in 2025 while reduced tariff rate seen reducing incentive for Beijing to rollout fresh fiscal stimulus.
In corporate developments, JD.com (~9618.HK~) revenue beat with management highlighting user growth, improving macro backdrop and supply chain capabilities. SoftBank (~9984.JP~) Q4 net profit rebound aided by Vision Fund investment gains. Nissan (~7201.JP~) confirmed plans for job cuts and plant closures following sharp drop in operating profit. Group also withheld FY guidance. Semis in the news after ~NVDA~ struck deal with Saudi Arabia to build AI factories. US Commerce Department confirmed will rescind Biden-era AI diffusion rule as it overhauls chip export curbs..
Pre-open Company News:
500330.IN -- CORRECTION: Raymond reports Q4 consolidated EPS cont. ops INR3.11 vs year-ago INR1.81
7201.JP -- Nissan Motor reports Q4 net income attributable (¥676B) vs StreetAccount (¥114.71B)
500124.IN -- Dr. Reddy's Laboratories upgraded to accumulate from hold at KRC Research
2618.TT -- EVA Airways reports Q1 EPS NT$1.10 vs FactSet NT$1.22 [5 est, NT$1.05-1.31]
532443.IN -- Cera Sanitaryware downgraded to hold from buy at Anand Rathi Securities
532689.IN -- PVR INOX downgraded to accumulate from buy at Elara Capital
7201.JP -- Nissan Motor aims to reduce global workforce by 20,000 employees in total FY2024-27
500002.IN -- ABB India downgraded to reduce from accumulate at Elara Capital
2615.TT -- Wan Hai Lines reports Q1 EPS NT$3.11 vs FactSet NT$2.87 [4 est, NT$2.29-3.40]
500087.IN -- Cipla Ltd reports Q4 consolidated profit attributable to shareholders INR12.22B vs FactSet INR10.30B
4549.JP -- Eiken Chemical reports FY net income attributable ¥2.23B vs guidance ¥2.62B and FactSet ¥2.93B [2 est, ¥2.46-3.40B]
036570.KS -- StreetAccount Consensus Metrics Preview - NCsoft Q1 Earnings
6407.JP -- CKD Corp reports FY net income attributable ¥13.52B vs FactSet ¥12.75B [12 est, ¥12.20-13.50B]
4549.JP -- Eiken Chemical issues new mid-term plan FY25-27; guides FY27 net income attributable ¥4.20B vs FY25 guidance ¥3.77B
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
VTech Holdings (303.HK)
Japan:
Economic:
08:50 JST: Domestic CGPI NSA Y/Y; consensus
Earnings:
Soracom (147A.JP), Kajima (1812.JP), Ai Holdings (3076.JP), Toray Industries (3402.JP), GMO Payment Gateway (3769.JP), Terumo (4543.JP), Nippon Paint Holdings (4612.JP), Rakuten Group (4755.JP), Sony (6758.JP), Sysmex (6869.JP), Kyocera (6971.JP), Subaru (7270.JP), Ricoh Co. (7752.JP), TBS Holdings (9401.JP), KDDI Corp (9433.JP), GMO Internet Group (9449.JP), Square Enix Holdings (9684.JP), Nissui (1332.JP), Hazama Ando (1719.JP), Shimizu (1803.JP), HASEKO (1808.JP), Okumura (1833.JP), Raito Kogyo Co. (1926.JP), JGC Holdings (1963.JP), MIXI, Inc. (2121.JP), UT Group (2146.JP), MEGMILK SNOW BRAND (2270.JP), SBS Holdings (2384.JP), Gunze Ltd (3002.JP), Unitika (3103.JP), Daiwabo Holdings (3107.JP), Open House Group (3288.JP), RAKUS Co. (3923.JP), Sumitomo Chemical (4005.JP), Nippon Soda Co. (4041.JP), Central Glass Co. (4044.JP), Kaneka (4118.JP), Adeka Corp. (4401.JP), Medley (4480.JP), JustSystems (4686.JP), en Japan (4849.JP), SAWAI GROUP HOLDINGS (4887.JP), INFRONEER Holdings (5076.JP), Mitsuboshi Belting (5192.JP), Tokai Carbon (5301.JP), Daiki Aluminium Industry (5702.JP), Mitsubishi Materials (5711.JP), Chugin Financial Group (5832.JP), Toyo Seikan Group Holdings (5901.JP), Yokogawa Bridge Holdings (5911.JP), Sanwa Holdings (5929.JP), Bunka Shutter (5930.JP), Topre Corp (5975.JP), NHK Spring (5991.JP), Miura Co. (6005.JP), TAKUMA (6013.JP), SMC Corp (6273.JP), Tsubakimoto Chain (6371.JP), Fujitec (6406.JP), Heiwa Corp (6412.JP), NTN Corp (6472.JP), Pillar (6490.JP), Shibaura Mechatronics (6590.JP), MCJ Co. (6670.JP), Sanken Electric (6707.JP), Isuzu Motors (7202.JP), Musashi Seimitsu Industry (7220.JP), Kyokuto Kaihatsu Kogyo (7226.JP), Tachi-S (7239.JP), NOK Corp (7240.JP), TS TECH (7313.JP), AS ONE (7476.JP), Pan Pacific International Holdings (7532.JP), Menicon (7780.JP), Paramount Bed Holdings (7817.JP), TOPPAN Holdings (7911.JP), Yamazen (8051.JP), Iwatani (8088.JP), GOLDWIN (8111.JP), Toho Holdings (8129.JP), Sangetsu (8130.JP), Kaga Electronics (8154.JP), Aozora Bank (8304.JP), Sumitomo Mitsui Trust Group (8309.JP), Sumitomo Mitsui Financial (8316.JP), Tokyo Century (8439.JP), Tokyu Corp (9005.JP), Seibu Holdings (9024.JP), Hankyu Hanshin Holdings (9042.JP), Seino Holdings (9076.JP), Daiei Kankyo (9336.JP), Hikari Tsushin (9435.JP), Toei Co. (9605.JP), TKC Corp (9746.JP), Fuji Soft (9749.JP)
South Korea:
Economic:
08:00 KST: Unemployment Rate; consensus 2.7%
Earnings:
NCsoft (036570.KS), Samsung Fire & Marine Insurance Co. (000810.KS), DoubleUGames (192080.KS), Korea Investment Holdings Co. (071050.KS), MERITZ Financial Group (138040.KS)
Australia:
Economic:
11:30 AEST: Wage Price Index Y/Y; consensus +3.2%
Earnings:
EBR Systems (EBR.AU), GrainCorp (GNC.AU)
India:
Earnings:
Apar Industries (532259.IN), Shree Renuka Sugars (532670.IN), Lupin Ltd (500257.IN), Aditya Birla Real Estate (500040.IN), Apollo Tyres (500877.IN), JB Chemicals & Pharmaceuticals (506943.IN), eClerx Services (532927.IN), Brigade Enterprises (532929.IN), V-Guard Industries (532953.IN), RITES Ltd (541556.IN), Hitachi Energy India (543187.IN), Piramal Pharma (543635.IN)
Singapore:
Economic:
08:00 SST: GDP NSA Y/Y (Final); consensus +3.8%
Earnings:
CSE Global (544.SP), EC World Real Estate Investment Trust (BWCU.SP)
Taiwan:
Earnings:
Hon Hai Precision Industry (2317.TT), Gigabyte Technology (2376.TT)
Thailand:
Earnings:
Land & Houses Public Co. (LH.TB), Thai Life Insurance Public (TLI.F.TB)
Philippines:
Earnings:
JG Summit Holdings (JGS.PM), Monde Nissin (MONDE.PM), San Miguel (SMC.PM)
Market Data:
Gold (Jun 25): +$11.40 or +0.35% to $3259.20
WTI Crude (Jun 25): ($0.03) or (0.05%) to $63.64
$-¥: (1.01) or (0.68%) to 147.4610
$-KRW: (0.48) or (0.03%) to 1416.0100
A$-$: +0.01 or +1.60% to 0.6474
$-INR: +0.15 or +0.18% to 85.0495
$-CNY: +0.00 or +0.03% to 7.2054
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