Jul 03 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling opening gains in Japan and Australia, and mildly negative start in Hong Kong. S&P 500 futures touch weaker afterhours (US markets closed Friday for Independence Day holiday). Australian bonds weakening following overnight backup in Treasury yields. Dollar steady on major crosses after strengthening following US payrolls. Crude and gold little following earlier declines. Bitcoin unchanged after nearing one-month high.
Stronger-than-expected headline US payrolls and surprise drop in unemployment rate triggered hawkish market reaction with Treasury yield curve bear flattening (2Y up 10 bp). Futuresalso moved to price in flatter rate path with no rate cut expected before September. Speaking separately, Atlanta Fed's Bostic repeated need for wait-and-see approach against backdrop of still resilient economy and tariff-related inflation uncertainty. Other major development overnight was Congressional passage of Trump's Big, Beautiful Bill.
In trade developments, President Trump said probably going to begin sending letters to various countries from Friday stipulating tariff rates ahead of 9-Jul deadline. Said White House negotiating couple of other deals, coming after concluding deal with Vietnam that resulted in 20% tariff rate and 40% tariff on transshipped goods. Prospects of agreement with other Asian nations more uncertain after Trump threatened tariffs on Japan. Talks with India remain at an impasse over issues as agriculture though officials still voicing hopes for deal.
Pre-open Company News:
2408.TT -- Nanya Technology reports June revenue NT$4.07B, +21.1% y/y
543350.IN -- Vijaya Diagnostic Centre initiated accumulate at SMIFS Securities
009540.KS -- KCC Corp to issue KRW849.63B exchangeable bonds due 30-Jun-2030
2202.HK -- China Vanke obtains up to CNY6.25B shareholder loan from Shenzhen Metro; pledges CNY2.22B of Onewo shares
1382.HK -- Pacific Textiles's Vietnam plant is ready to return to production similar to pre-Typhoon Yagi levels
600276.CH -- NMPA approves trial of Hengrui Pharmaceuticals's SHR-4506 injection fluid for the treatment of advanced malignant tumors
813.HK -- Shimao Group sells its 50% stake in Beijing mixed-use project to JV partner Fuwah International Group for CNY156.2M
600276.CH -- NMPA approves Hengrui Pharma's SHR8058 to market for treatment of meibomian gland dysfunction-related dry eye
6890.JP -- China's NEEQ accepts submission of Ferrotec unit Hangzhou Semiconductor Wafer's IPO application
1918.HK -- Sunac China Holdings reports June contracted sales value CNY7.55B; StreetAccount notes the year-ago figure was CNY1.56B
9988.HK -- Alibaba Group proposes HK$12B offering of bonds exchangeable into shares of Alibaba Health
000709.CH -- HBIS Co. controlling shareholder Hansteel completes purchase of up to CNY432M of shares on market as announced on 6-Jan
On Deck:
Japan:
Economic:
08:30 JST: Real Household Consumption Expenditure Y/Y; consensus
08:30 JST: Real Household Income Y/Y; consensus
Earnings:
DISCO Corp. (6146.JP), SAN-A CO. (2659.JP), ASKUL Corp (2678.JP), YASKAWA Electric (6506.JP), Hiday Hidaka (7611.JP), Arcs Co. (9948.JP)
Philippines:
Economic:
09:00 SST: CPI Y/Y; consensus +1.6%
Market Data:
Gold (Aug 25): ($3.20) or (0.10%) to $3339.70
WTI Crude (Aug 25): +$0.14 or +0.21% to $67.14
$-¥: +1.12 or +0.78% to 144.7790
$-KRW: +2.44 or +0.18% to 1358.6800
A$-$: (0.00) or (0.14%) to 0.6573
$-INR: (0.21) or (0.25%) to 85.3728
$-CNY: +0.00 or +0.04% to 7.1682
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