Jul 17 ,2025
Synopsis:
Asian markets set for positive start to Friday trade. Futures signaling opening gains in Japan, Australia and Hong Kong. US contracts little changed afterhours after S&P 500 and Nasdaq made fresh record highs. Australian bonds strengthening further following dovish takeaways from Thursday's weak jobs data. Treasuries weakened overnight with curve flattening. Dollar weakening against majors. Crude and gold flat. Bitcoin steady after retreating from earlier highs.
Overnight strength put down to stronger-than-expected US data (retail sales and jobless claims), corresponding with market trimming expected 2025 Fed rate cuts to ~41 bp. Latest Fedspeak mixed with Governor Kugler backing unchanged rates amid continued tariff inflation uncertainty, while Fed Governor Waller and SF Fed's Daly voiced support for rate cuts. Tech earnings another focus with TSMC (2330.TT) up 3% in US after raising FY guidance. NFLX down afterhours following beat and raise.
Japan core inflation fell by more than expected in June, though ex-energy inflation unexpectedly rose. Trade negotiations remain in flux ahead of 1-Aug tariff deadline. Treasury Secretary Bessent to meet Japan PM Ishiba Friday but not expected to touch on tariffs. Nikkei reported Japan and EU looking to strengthen trading relations via cooperation agreement on rare earths. Japan upper house election on Sunday with polls suggesting ruling coalition will struggle to retain majority.
Pre-open Company News:
300720.KS -- Hanil Cement to absorb and merge with its subsidiary, Hanil Hyundai Cement Co.
2330.TT -- Follow-up: TSMC guides Q3 revenue $31.8-33.0B vs FactSet $31.74B [24 est, $28.96-34.42B]
688072.CH -- Piotech guides Q2 net income attributable CNY238.0-247.0M vs year-ago CNY118.6M
991.HK -- Datang International Power Generation reports H1 total on-grid power generation 123.99B kWh, +1.3% y/y
541729.IN -- HDFC Asset Management reports Q1 standalone profit after tax INR7.48B vs StreetAccount INR6.79B
151.HK -- Want Want China Holdings releases sustainability report
6855.HK -- Ascentage Pharma closes 22.0M shares placement at HK$68.60/share
600276.CH -- NMPA approves Jiangsu Hengrui Pharma's SHR-8068 + Almonertinib to clinical trial for treatment of advanced NSCLC
345.HK -- Vitasoy International Holdings releases sustainability report
6201.JP -- Toyota Industries downgraded to hold from outperform at CLSA
688012.CH -- Advanced Micro Fabrication Equipment Inc China guides H1 net income attributable CNY680.0-730.0M vs year-ago CNY516.7M
600276.CH -- NMPA approves phase II trial of combining Hengrui Pharmaceuticals's SHR-8068, adebrelimab, bevacizumab, apatinib mesylate for colorectal cancer
600566.CH -- Hubei Jumpcan Pharmaceutical enters trading halt tomorrow; pending release of results of CNY26.93/share tender offer
1836.HK -- Stella International Holdings reports Q2 revenue $444.0M, +3% vs year-ago $431.6M
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
08:30 JST: CPI Core National Y/Y; consensus
08:30 JST: CPI National Y/Y; consensus +3.4%
08:30 JST: CPI ex-Fresh Food and Energy; consensus +3.4%
Earnings:
Tokyo Steel Manufacturing (5423.JP)
South Korea:
Earnings:
POSCO Future M Co. (003670.KS), HYUNDAI ENGINEERING & CONSTRUCTION CO. (000720.KS)
India:
Earnings:
Atul Ltd (500027.IN), Hindustan Zinc (500188.IN), Reliance Industries (500325.IN), Mangalore Refinery & Petrochemicals (500109.IN), Mastek (523704.IN), L&T Finance (533519.IN)
Malaysia:
Economic:
00:00 EST: GDP NSA Y/Y (Preliminary); consensus +4.2%
Thailand:
Earnings:
TMBThanachart Bank Public Co. (TTB.TB)
Market Data:
Gold (Aug 25): +$2.10 or +0.06% to $3347.40
WTI Crude (Aug 25): $0.00 or 0.00% to $67.54
$-¥: +0.45 or +0.31% to 148.3390
$-KRW: +4.25 or +0.31% to 1391.5800
A$-$: (0.00) or (0.50%) to 0.6497
$-INR: +0.15 or +0.17% to 86.0464
$-CNY: +0.00 or +0.05% to 7.1827
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