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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.15%), Hang Seng Futures +0.40%, ASX SPI 200 (0.77%), S&P Futures (0.20%)

Jul 15 ,2025

  • Synopsis:

    • Asia equities poised to open mostly softer Wednesday. Futures in Japan, South Korea and Australia traded lower, while Hong Kong advanced. Japan ADRs were broadly weaker while Nasdaq Golden Dragon China index rallied 2.76%. US contracts lower following mixed cash performance in S&P 500 and Nasdaq with breadth notably weak. Key bright spot in tech with SOX index up 1.27% mainly driven by Mag 7 with Nvidia (NVDA) the standout. Treasuries weaker with a bit of curve flattening; policy-sensitive 2Y yield up 5bp and nearing 4% after CPI. Dollar index up 0.6%. Gold finished down 0.7%. Bitcoin futures down 2.9%. WTI crude settled down 0.7%.

    • Weaker sentiment mostly influenced by the highly anticipated US CPI data. While headline metrics were softer than expected, evidence of tariff cost passthrough dampened some Fed rate cut expectations. Odds of a September move still seen slightly above 50%. This dynamic overtook early tailwinds from statements that Nvidia and AMD (AMD) were green-lit to resume AI chip exports to China, though was credited for the higher close in Nasdaq. US banks fell amid somewhat mixed guidance and elevated expectations.

    • In latest tariff rhetoric, US Treasury Secretary Bessent downplayed the urgency of the US-China tariff truce expiry of 12-Aug noting the deadline was flexible and talks were going well. President Trump announced a US-Indonesia deal that would see Indonesia paying 19% tariff while US would not be taxed. Indonesia said to have agreed to buy billions worth of US energy, farm products and Boeing (BA) jets. Indonesia faces additional levies on transshipments from a higher tariff country, continuing a feature of SE Asia deals after the Vietnam precedent. Confirmation still pending with still no formal statement released on the Vietnam deal.

    • Elsewhere, attention on Japan's upper house election ramping up ahead of the 20-Jul vote. Growing fiscal policy concerns driving long-term JGB yields higher. Latest bond market narrative indicated inflation implications offered some ammunition for hawkish BOJ trades, adding to yield pressures. Markets parsing each media opinion poll analysis broadly pointing to struggles for the ruling coalition to maintain a majority in the house. LDP in particular facing uphill battles across the ballot. Press sources indicated PM Ishiba seeking to meet Bessent on Friday before election weekend, though with no signs of breakthrough for a trade deal.

  • Pre-open Company News:

    • 8697.JP -- Japan Exchange completes ¥20.00B buyback programme for 12.8M shares

    • 8242.JP -- H2O Retailing reports June consolidated sales (3.7%) y/y

    • 600995.CH -- China Southern Power Grid Energy Storage reports H1 operating data

    • 9948.JP -- Arcs Co. reports June same-store net sales +2.4% y/y

    • 2282.JP -- NH Foods sets 9.5M-share secondary offering price at ¥4,809/share

    • 600995.CH -- China Southern Power Grid Energy Storage reports preliminary H1 net income attributable CNY802.0M, +28% vs year-ago CNY626.2M

    • 601021.CH -- Spring Airlines reports June traffic +11.64% y/y

    • 3036.TT -- WT Microelectronics, Nichidenbo agree to swap shares on basis of one Nichidenbo share for 0.668 WT Microelectronics share

    • 540133.IN -- ICICI Prudential Life Insurance reports Q1 standalone EPS INR2.08 vs FactSet INR2.77 [2 est, INR2.68-2.86]

    • 1766.HK -- CRRC Corp. CFO Li Zheng resigns due to work reassignment, effective today

    • 1898.HK -- China Coal Energy reports June commercial coal production 1.1Mt, (4.9%) y/y

    • 2020.HK -- ANTA Sports Products provides Q2 operational update

    • 9992.HK -- Pop Mart International Group guides H1 revenue to increase by no less than +200% y/y

    • 2517.HK -- Guoquan Food (Shanghai) Co. guides H1 core operating profit CNY180-210M vs year-ago CNY124.9M

    • 601611.CH -- China Nuclear Engineering Corp. reports Jan-Jun new contracts signed CNY87.15B

  • On Deck:

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.6%

    • India:

      • Earnings:

        • ITC Hotels Ltd. (544325.IN), Angel One (543235.IN)

  • Market Data:

    • Gold (Aug 25): ($1.60) or (0.05%) to $3335.10

    • WTI Crude (Aug 25): +$0.35 or +0.53% to $66.87

    • $-¥: +1.07 or +0.72% to 148.7900

    • $-KRW: +3.96 or +0.29% to 1386.4500

    • A$-$: (0.00) or (0.46%) to 0.6519

    • $-INR: +0.00 or +0.01% to 85.9931

    • $-CNY: +0.00 or +0.07% to 7.1720

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