Jul 08 ,2025
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling opening gains in Japan, and flat starts in Hong Kong and Australia. S&P 500 futures flat afterhours. Australian bonds extending Tuesday's selloff following surprise RBA hold. Treasury yields weakened slightly overnight. FX markets steady following listless offshore session. NY copper surged to record high following Trump's tariff announcement, though futures have since pulled back. Gold little changed. Crude off earlier highs. Bitcoin remains range bound.
President Trump hardened tariff stance on Tuesday by foreshadowing copper tariffs of 50%, pharma tariffs of 200% and hosing down suggestions of a tariff deadline extension beyond 1-Aug. Also vowed to soon hit BRICS nations with additional 10% tariff. Market again shrugged off Trump's latest tariff salvo with TACO narrative continuing to provide degree of support. Talks with major trading partners continue amid reports some deals close. However, countries such as Japan and South Korea maintaining red lines.
RBNZ expected to leave OCR unchanged at 3.25% with statement reiterating data-dependent stance. Hold expectations mostly supported by better-than-expected New Zealand Q1 GDP growth, though markets fully pricing in another rate cut after July, and 60% chance of follow-up reduction with economists pointing to weak Q2 metrics. China CPI and PPI forecast to show deflation pressures persisted in June, coming after official PMI showed manufacturing remained in contraction.
Pre-open Company News:
532540.IN -- StreetAccount Consensus Metrics Preview - Tata Consultancy Services Q1 Earnings
3533.TT -- Lotes Co. reports June revenue NT$2.64B, +13.3% y/y
000591.CH -- CECEP Solar Energy reports H1 electricity generation 6.97B kWh, +22.4% y/y
003490.KS -- KOREAN AIR LINES Co. releases sustainability report
543287.IN -- Lodha Developers Limited trades flat; muted pre-sales offset by record project additions
Bernstein initiates 1024.HK, BILI
600276.CH -- NMPA approves trial of Hengrui Pharmaceuticals's HRS-9821 for COPD
600276.CH -- NMPA approves trial of Hengrui Pharmaceuticals's SHR-2173 for primary membranous nephropathy
603979.CH -- JCHX Mining Management guides H1 net income attributable CNY1.07-1.12B vs year-ago CNY612.8M
2105.TT -- Cheng Shin Rubber Ind. reports June revenue NT$7.45B, (8.6%) y/y
503100.IN -- The Phoenix Mills +1.5%; Q1 consumption growth steady, leasing, hotels outperform
300294.CH -- China Resources Boya Biopharma to sell 80% stake in Boya Xinhe for CNY158.2M through public tender
272.HK -- Shui On Land reports H1 contracted property sales CNY3.47B; StreetAccount notess year-ago CNY623M
883.HK -- CNOOC appoints Zhang Chuanjiang as chairman, effective today
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
09:30 CST: PPI NSA Y/Y; consensus (3.2%)
09:30 CST: CPI NSA Y/Y; consensus 0%
Japan:
Earnings:
ABC-MART (2670.JP), SHIFT Inc (3697.JP), BELLSYSTEM24 Holdings (6183.JP), Saizeriya (7581.JP), Mani Inc (7730.JP)
Australia:
Economic:
11:30 AEST: Building Approvals SA M/M; consensus +2%
Malaysia:
Economic:
03:00 EST: BN Overnight Policy Rate; consensus +3%
Market Data:
Gold (Aug 25): ($7.50) or (0.23%) to $3309.40
WTI Crude (Aug 25): ($0.19) or (0.28%) to $68.14
$-¥: +0.74 or +0.51% to 146.8170
$-KRW: (5.29) or (0.38%) to 1370.3000
A$-$: +0.00 or +0.53% to 0.6526
$-INR: (0.15) or (0.17%) to 85.7074
$-CNY: (0.00) or (0.03%) to 7.1731
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