Jun 18 ,2025
Synopsis:
Asian markets set for negative start to Thursday trade. Futures signaling opening declines in Japan, Hong Kong and Australia. S&P 500 futures flat following choppy Wednesday session. Australian bonds little changed, mirroring Treasuries overnight. FX markets steady after dollar saw late strength following Fed hold. Crude fluctuating amid latest volley of Middle East headlines. Gold pulling back from earlier highs. Bitcoin remains rangebound.
Focus remains on Middle East and whether Trump will authorize US strikes on Iran. Trump held another National Security Council meeting on Wednesday after earlier saying he had idea on how to proceed but no decision made yet. Media sources noted Trump told senior aides late Tuesday he approved plans for strike but was waiting to see if Tehran abandons nuclear program. Iran foreign minister said remains committed to diplomacy though Trump repeated he was not looking for a ceasefire but total victory.
No surprise from Fed decision to leave rates on hold. Median dot for 2025 still showed two rate cuts (against some expectation for a downgrade to one), though latter years saw hawkish shift. Statement omitted line flagging risk of higher unemployment and inflation, with uncertainty having diminished (but still elevated). Chair Powell noted expectations of meaningful inflation ahead while reiterating Fed awaiting clarity on tariff impact. Market still pricing in two rate cuts in 2025 with first priced for September.
In other macro developments, New Zealand Q1 GDP growth a touch better than expected after RBNZ moved to data dependent stance in May. Australian employment data forecast to show moderation in jobs growth from April's outsized increase, and unchanged jobless rate. Taiwan central bank expected to leave rates on hold later Thursday amid competing considerations from strong exports, tariff uncertainty and strong currency. Late Wednesday, Bank Indonesia kept rates unchanged.
Pre-open Company News:
5214.JP -- Nippon Electric Glass to cease operation of Electric Glass Fiber UK in late June
9601.JP -- Shochiku to temporarily buy remaining shares in unit BS Shochiku Tokyu, transfer 100% of BS Shochiku Tokyu to KDDI, Sumitomo Corp.; terms undisclosed
600580.CH -- Wolong Electric Group proposes to seek Hong Kong IPO subject to approval
PIRC.IM -- Camfin's view is that previously disclosed shareholder agreement acknowledges the absence of a subject able to exercise control over Pirelli & C. (post EU close 17-Jun)
532331.IN -- Ajanta Pharma releases FY25 business responsibility and sustainability report
500295.IN -- Vedanta publishes Annual Report for FY2024-25
1558.HK -- YiChang HEC ChangJiang Pharmaceutical extends privatisation long-stop date to 31-Dec from 30-Jun
ASTS -- AST Spacemobile announces partnership with Vodafone Idea
300568.CH -- Shenzhen Senior Technology Material completes CNY100-200M buyback
6965.JP -- Hamamatsu Photonics KK upgraded to outperform from neutral at Tokai Tokyo
1177.HK -- Sino Biopharmaceutical presents results of preclinical, phase Ib clinical study of rovadicitinib for treatment of aGVHD at 2025 EHA Congress
1585.HK -- Yadea Group Holdings upgraded to buy from hold at UOB Kay Hian Securities
MEGA.TB -- Mega Lifesciences Public upgraded to add from hold at CGS International
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
EC Healthcare (2138.HK), Beisen Holding (9669.HK)
Australia:
Economic:
11:30 AEST: Unemployment Rate; consensus 4.2%
11:30 AEST: Employment SA; consensus +20K
India:
Earnings:
Aegis Logistics (500003.IN)
Market Data:
Gold (Aug 25): ($19.20) or (0.56%) to $3388.90
WTI Crude (Jul 25): +$0.15 or +0.20% to $75.29
$-¥: (0.30) or (0.20%) to 144.9920
$-KRW: (10.38) or (0.75%) to 1371.2900
A$-$: +0.00 or +0.36% to 0.6505
$-INR: +0.11 or +0.13% to 86.6134
$-CNY: +0.00 or +0.05% to 7.1884
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