Jun 24 ,2025
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling opening gains in Hong Kong, muted starts in Japan and Australia. S&P 500 futures unchanged afterhours following Tuesday risk-on session on reduced Middle East tensions. Australian bonds strengthening, taking cues from overnight Treasury rally. Crude lifting from two-week low. Gold steady near two-week low. Dollar nursing fresh losses against other currencies. Bitcoin flat after rebounding from early May lows.
Geopolitical tensions tamping down with Iran-Israel ceasefire holding, pulling crudeback below pre-war levels. Focus seemingly shifting back to prospect of negotiations after Iran's president said willing to return to talks. Also some attention to Trump posting that China can continue purchasing oil from Iran - remarks that were seen as a surprise given existing US sanctions (though China widely acknowledged as indirect purchaser of Iranian crude).
Latest trade headlines mixed afterNEC director Hassett said he sees deals coming after Big Beautiful Bill passes, though timing there still uncertain. FT highlighted EU warnings about €95B package of retaliatory tariffs aimed at increasing leverage in negotiations ahead of 9-Jul deadline. Also limited signs of progress in US-Asia talks with Japan's Akazawa set for seventh round of talks this week. South Korea reiterated request for tariff exemptions, including steel and auto levies, following talks this week.
In his Congressional testimony, Fed Chair Powell largely maintained wait and see approach to rate cuts. Reiterated tariffs likely to push up inflation though also nodded to prospect of rate cuts if inflation pressures remain contained. Powell's testimony comes after recent remarks from potential successors Waller and Bowman voiced openness to rate cut as soon as July. However, Tuesday Fedspeak put more emphasis on patient approach. Markets continue to price in two rate cuts by year-end with first occurring in September.
Pre-open Company News:
RECSI.NO -- REC Silicon announces receipt of letter from largest shareholder Hanwha
600483.CH -- Fujian Funeng controlling shareholder Fujian Energy Group acquires 21.4M shares totalling CNY199.5M
883.HK -- CNOOC signs contract for exploration and production of hydrocarbons on Zhylyoi subsoil area in Kazakhstan
7276.JP -- Koito Manufacturing downgraded to neutral from buy at Mizuho Securities
5975.JP -- Topre Corp downgraded to neutral from buy at Mizuho Securities
1318.HK -- Mao Geping Cosmetics initiated buy at Jefferies
7014.JP -- Namura Shipbuilding initiated buy at Goldman Sachs
4732.JP -- USS Co. to conduct off-auction buyback of 10.3M shares for ¥1,549.50/share at 08:45 JT tomorrow
6806.JP -- HIROSE ELECTRIC upgraded to outperform from neutral at Okasan Securities
9101.JP -- Nippon Yusen downgraded to B+ from A at Mito Securities
9880.HK -- UBTECH Robotics initiated overweight at China Merchants Securities (timing uncertain)
4919.JP -- Milbon downgraded to 3 from 2 at Daiwa Securities (Japan)
5401.JP -- NIPPON STEEL downgraded to 2 from 1 at Daiwa Securities (Japan)
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
China Dongxiang (Group) (3818.HK), DL Holdings Group (1709.HK), Yidu Tech (2158.HK)
Japan:
Economic:
14:00 JST: Leading Index (Final); consensus
Market Data:
Gold (Aug 25): +$2.60 or +0.08% to $3336.50
WTI Crude (Aug 25): +$0.70 or +1.09% to $65.07
$-¥: (1.30) or (0.89%) to 144.8530
$-KRW: (15.84) or (1.16%) to 1355.3600
A$-$: +0.00 or +0.48% to 0.6490
$-INR: (0.38) or (0.45%) to 85.9290
$-CNY: (0.01) or (0.12%) to 7.1707
If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.
This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE