Jul 31 ,2025
Synopsis:
Asian markets set for negative start Friday following latest volley of trade headlines. Futures signaling opening declines in Japan, Australia and Hong Kong. S&P 500 and Nasdaq futures weaker afterhours with AMZN under pressure post-earnings. Australian yield curve bear steepening following lackluster Treasury price action overnight. Muted FX market response to tariff orders with dollar steady against other currencies. Bitcoin continuing to pull back.
Trade the focus today. Ahead of 1-Aug deadline White House provided list of tariff rates for several countries. Those on the list yet to reach trade deals face specified tariff rates, while some not on list get baseline 10% reciprocal tariff. Trump hiked Canada fentanyl tariffs to 35% from 25% (which he had threatened to do). Earlier, Trump said Mexico getting 90-day extension due to related work on US border dynamics. Among Asian countries, Taiwan sees 20% tariffs, while Thailand, Malaysia and Cambodia get 19% rate and India receives 25% tariff.
On economic front, US nonfarm payrolls forecast to show step down in headline jobs growth and uptick in jobless rate. Some focus will be on private payrolls following soft June numbers that informed views of underlying labor market weakness. Comes after somewhat hawkish takeaways from Fed Chair Powell's post-meeting press conference where he didn't offer much signaling about near-term rate path. According to Fedwatch, market pricing in ~40% chance of September rate cut vs nearly 60% a week ago.
Big US tech earnings continue to roll through afterhours with AMZN operating profit coming in below expectations. There was some attention to AWS growth trailing major rivals while Q2 capex was higher than forecast. AAPL revenue growth blew past expectations amid strong iPhone sales and rebound in China. Overnight, takeaways focused on well-received results from META and MSFT that further underpinned AI secular growth theme..
Pre-open Company News:
531162.IN -- Emami Ltd reports Q1 consolidated EPS INR3.76 vs FactSet INR3.45 [4 est, INR3.10-4.10]
4549.JP -- Eiken Chemical reports Q1 net income attributable ¥600M, +23% vs year-ago ¥486M
532343.IN -- TVS Motor reports Q1 standalone EPS INR16.39 vs FactSet INR15.95 [10 est, INR15.20-16.97]
2395.TT -- Advantech reports Q2 EPS NT$2.30 vs FactSet NT$3.08 [15 est, NT$2.33-3.47]
298050.KS -- HS HYOSUNG ADVANCED MATERIALS reports Q2 operating profit KRW58.74B vs FactSet KRW57.84B [5 est, KRW55-59.20B]
543335.IN -- Aptus Value Housing Finance India reports Q1 consolidated EPS INR4.38 vs FactSet INR4.16 [3 est, INR4.09-4.30]
500425.IN -- Ambuja Cements reports Q1 standalone EPS INR3.47 vs year-ago INR2.33
2379.TT -- Realtek Semiconductor reports Q2 EPS NT$7.62 vs FactSet NT$9.10 [15 est, NT$7.59-10.92]
005940.KS -- NH Investment & Securities Co. launches KRW650B placement at KRW20,150/share
386.HK -- Sinopec (China Petroleum & Chemical) guides H1 CAS net income attributable CNY20.1-21.6B vs year-ago CNY35.70B
6823.HK -- HKT Trust & HKT reports H1 net income attributable HK$2.07B, +4% vs year-ago HK$1.99B
1128.HK -- Wynn Macau increases senior unsecured revolving credit facility by $1.0B-equivalent (HK$7.85B) to $2.5B-equivalent
9939.HK -- Kintor Pharmaceutical completes patient enrolment in phase III KX-826 tincture 1.0% for treatment of male adult AGA
On Deck:
Hong Kong:
Earnings:
Far East Horizon (3360.HK), Xinyi Energy Holdings (3868.HK), Xinyi Glass Holdings (868.HK), Xinyi Solar Holdings (968.HK)
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.5%
Earnings:
Mitsui & Co. (8031.JP), Coca-Cola Bottlers Japan Holdings (2579.JP), Mitsubishi Chemical (4188.JP), OTSUKA CORP (4768.JP), TDK (6762.JP), Casio Computer (6952.JP), ITOCHU (8001.JP), Kanematsu (8020.JP), KDDI Corp (9433.JP), Yamazaki Baking Co. (2212.JP), Kotobuki Spirits (2222.JP), CALBEE (2229.JP), NH Foods (2282.JP), dely, Inc (299A.JP), Nitto Boseki (3110.JP), Joyful Honda (3191.JP), Sumitomo Chemical (4005.JP), IBIDEN (4062.JP), Daicel (4202.JP), Ono Pharmaceutical (4528.JP), Taiyo Holdings (4626.JP), Nitta Corp (5186.JP), AGC (5201.JP), NIPPON STEEL (5401.JP), DMG MORI (6141.JP), JVCKenwood (6632.JP), First Bank of Toyama (7184.JP), Argo Graphics (7595.JP), HOYA Corp (7741.JP), Yamaha (7951.JP), Nintendo (7974.JP), Marubeni (8002.JP), H2O Retailing (8242.JP), Seibu Holdings (9024.JP), Mitsui O.S.K. Lines (9104.JP)
South Korea:
Economic:
11:00 KST: Trade Balance NSA; consensus +$4.7B
11:00 KST: Import NSA Y/Y; consensus +0.8%
11:00 KST: Export NSA Y/Y; consensus +4.4%
Earnings:
Kumho Petrochemical Co. (011780.KS), Amorepacific (090430.KS), LX International (001120.KS), AmorePacific Group (002790.KS)
India:
Earnings:
GlaxoSmithKline Pharmaceuticals (500660.IN), ITC Ltd (500875.IN), Graphite India (509488.IN), UPL Ltd (512070.IN), Honeywell Automation India (517174.IN), Safari Industries (India) (523025.IN), Ramkrishna Forgings (532527.IN), Adani Power (533096.IN), Godrej Properties (533150.IN), Delhivery (543529.IN), Ratnamani Metals & Tubes (520111.IN), LIC Housing Finance (500253.IN), JK Lakshmi Cement (500380.IN), Capri Global Capital (531595.IN), Narayana Hrudayalaya (539551.IN), Tube Investments of India (540762.IN), Alivus Life Sciences (543322.IN)
Indonesia:
Economic:
11:00 SAST: CPI NSA Y/Y; consensus +2.05%
Singapore:
Earnings:
Oversea-Chinese Banking Corp. (O39.SP)
Market Data:
Gold (Dec 25): ($4.80) or (0.14%) to $3343.80
WTI Crude (Sep 25): +$0.13 or +0.19% to $69.39
$-¥: +1.27 or +0.85% to 150.7820
$-KRW: (1.66) or (0.12%) to 1391.5100
A$-$: (0.00) or (0.07%) to 0.6429
$-INR: (0.16) or (0.18%) to 87.4897
$-CNY: +0.01 or +0.07% to 7.1995
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