Jul 20 ,2025
Synopsis:
Asian markets set for mixed start to Monday trade. Futures signaling opening declines in Australia and flat start in Hong Kong. Nikkei futures lower with Japan closed for Marine Day holiday. S&P 500 futures flat after capping off another positive week. Dollar strengthening against yen. Kiwi lower after NZ CPI came in softer. Australian bond yields down slightly after Treasuries firmed on Friday. Crude seeing mild initial gains while gold steady and copper retreating. Bitcoin unchanged after pulling back towards one-week low.
Commerce Secretary Lutnick reiterated 1-Aug is hard deadline for tariffs as negotiations continue. Japan's Akazawa to visit Washington this week in bid to try and break deadlock over issues such as auto tariffs and access to sensitive industries. South Korea national security adviser also planning to visit US following recent talk about including security in trade talks. US-EU talks continue with Bloomberg sources noted US eyeing +10% tariff with few exemptions. Separately, Bloomberg sources noted Trump administration planning to coincide 1-Aug tariffs with separate industry-specific levies potentially covering copper, pharma and chips.
Also making headlines, Japan's ruling coalition lost upper house majority in Sunday's election as PM Ishiba vowed to stay on as leader. Previews had discussed potential for loss of majority to strengthen opposition's hand in pushing for looser fiscal policy. SCMP highlighted expectations of a Trump-Xi meeting at APEC summit South Korea in late October. China vowed to crack down on unauthorized sales of strategic minerals. The Information reported NVDA told Chinese customers only limited supply of H20 chips available following US relaxation of export curbs.
On the economic front, China expected to keep 1Y and 5Y loan prime rates unchanged following last week's stronger-than-expected Q2 GDP and June activity data, which economists argued reduced stimulus urgency. PBOC actions focused lately on liquidity following cash market tightness and easing expectations in H2 have waned somewhat. New Zealand Q2 inflation came in just below expectations, strengthening expectations of an RBNZ rate cut in August. Breakdown showed moderation driven largely by tradeables category with domestic pricing pressures more elevated.
Pre-open Company News:
000660.KS -- StreetAccount Consensus Metrics Preview - SK Hynix Q2 Earnings
005380.KS -- StreetAccount Consensus Metrics Preview - Hyundai Motor Q2 Earnings
010120.KS -- StreetAccount Consensus Metrics Preview - LS Electric Q2 Earnings
175330.KS -- StreetAccount Consensus Metrics Preview - JB Financial Group Q2 Earnings
105560.KS -- StreetAccount Consensus Metrics Preview - KB Financial Q2 Earnings
024110.KS -- StreetAccount Consensus Metrics Preview - Industrial Bank of Korea Q2 Earnings
086790.KS -- StreetAccount Consensus Metrics Preview - Hana Financial Q2 Earnings
055550.KS -- StreetAccount Consensus Metrics Preview - Shinhan Financial Q2 Earnings
028050.KS -- StreetAccount Consensus Metrics Preview - Samsung E&A Co. Q2 Earnings
018260.KS -- StreetAccount Consensus Metrics Preview - SAMSUNG SDS CO. Q2 Earnings
034220.KS -- StreetAccount Consensus Metrics Preview - LG Display Q2 Earnings
004020.KS -- StreetAccount Consensus Metrics Preview - Hyundai Steel Q2 Earnings
086280.KS -- StreetAccount Consensus Metrics Preview - Hyundai GLOVIS Co. Q2 Earnings
012330.KS -- StreetAccount Consensus Metrics Preview - Hyundai Mobis Q2 Earnings
128940.KS -- StreetAccount Consensus Metrics Preview - Hanmi Pharmaceutical Co. Q2 Earnings
On Deck:
China:
Economic:
09:30 CST: 1 and 5 Year Loan Prime Rate; consensus 3.00% and 3.50%
India:
Earnings:
CRISIL (500092.IN), IDBI Bank (500116.IN), UCO Bank (532505.IN), DCM Shriram (523367.IN), CIE Automotive India (532756.IN), Oberoi Realty (533273.IN), PNB Housing Finance (540173.IN)
Thailand:
Earnings:
Krung Thai Bank Public Co. (KTB.TB)
Market Data:
Gold (Aug 25): ($5.60) or (0.17%) to $3352.70
WTI Crude (Aug 25): +$0.11 or +0.16% to $67.45
$-¥: (0.35) or (0.24%) to 148.4770
$-KRW: (0.63) or (0.05%) to 1390.5700
A$-$: (0.00) or (0.42%) to 0.6509
$-INR: (0.01) or (0.01%) to 86.1440
$-CNY: (0.00) or (0.01%) to 7.1770
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