Aug 14 ,2025
Synopsis:
Asian markets set for mixed start to Friday trade. Futures signaling opening gain in Japan, negative start in Hong Kong and flat open in Australia. S&P 500 futures unchanged afterhours. Australian yield curve steepening, taking cues from overnight Treasury weakness. FX markets steady after yen retraced earlier gains in wake of Bessent's remarks about BOJ hiking rates. Crude rebounded while gold flat. Bitcoin nursing losses after Bessent said US not buying more crypto.
Very quiet US session after hotter-than-expected US PPI failed to dent market conviction for September Fed rate cut. While more Fed officials have voiced openness to September rate cut, latest Fedpseak pushing back against idea of 50 bp reduction. Corporate activity was another focus after Nasdaq Golden Dragon index fell 2% overnight with JD.com (9618.HK) ADRs losing 3%. Group delivered top-line beat though operating profit miss and margin contraction illustrative of intense competition in food delivery space.
Consensus looking for broad slowdown in China activity last month with industrial production, fixed asset investment and retail sales growth all forecast to have slowed. Extreme weather and government's anti-involution campaign looming as overhangs. Property market another focus with real estate investment declines forecast to have deepened. Japan GDP forecast to have returned to growth in Q2, reflecting positive contribution from capex and net exports. Private consumption estimates range from positive contribution to small drag.
Pre-open Company News:
034730.KS -- SK reports Q2 Operating profit KRW199.55B vs year-ago KRW725.91B
004990.KS -- Lotte Corp reports Q2 operating profit KRW40.64B, (28%) vs year-ago KRW56.06B
301029.CH -- Dongguan Yiheda Automation reports H1 net income attributable CNY281.7M, +26% vs year-ago CNY222.7M
348370.KS -- Enchem reports Q2 operating profit (KRW2.73B) vs year-ago KRW593.4M
6957.JP -- Minebea Mitsumi extends tender offer for Shibaura Electronics to 28-Aug and raises price to ¥6,200/share from ¥5,500/share
093370.KS -- FOOSUNG reports Q2 operating profit KRW14.77B vs year-ago KRW4.24B
600329.CH -- Tianjin Pharmaceutical Da Ren Tang Group reports H1 net income attributable CNY1.93B vs guidance CNY1.84-2.00B and year-ago CNY657.7M
178320.KS -- SEOJIN SYSTEM reports Q2 operating profit (KRW5.97B) vs year-ago KRW31.14B
500008.IN -- Amara Raja Energy & Mobility reports Q1 standalone EPS INR10.60 vs FactSet INR13.03 [6 est, INR12.00-14.30]
1898.HK -- China Coal Energy reports July commercial coal production 11.1Mt, (8.7%) y/y
457190.KS -- ISU Specialty Chemical reports Q2 operating income (KRW4.65B) vs year-ago KRW7.95B
007390.KS -- NATURECELL reports Q2 operating profit (KRW286.8M) vs year-ago KRW1.25B
728.HK -- China Telecom reports Q2 mobile net adds 4.3M
009970.KS -- Youngone Holdings reports Q2 Operating profit KRW162.58B, (17%) vs year-ago KRW195.87B
On Deck:
China:
Economic:
10:00 CST: Industrial Output NSA Y/Y; consensus +5.9%
10:00 CST: Retail Sales NSA Y/Y; consensus +4.6%
Earnings:
Hainan Drinda New Energy Technology (002865.CH)
Hong Kong:
Earnings:
Towngas Smart Energy (1083.HK), SITC International Holdings (1308.HK), SINOPEC Engineering (Group) (2386.HK), Yuexiu Transport Infrastructure (1052.HK), China Everbright Greentech (1257.HK), China Resources Building Materials Technology Holdings (1313.HK), China Hongqiao Group (1378.HK), Ascletis Pharma (1672.HK), CITIC Telecom International Holdings (1883.HK), Fire Rock Holdings (1909.HK), Sands China (1928.HK), Dekon Food & Agriculture Group (2419.HK), Wanguo Gold Group (3939.HK), OrbusNeich Medical Group Holdings (6929.HK), Qunabox Group (917.HK), China Merchants Land (978.HK), Xiaocaiyuan International Holding (999.HK)
Japan:
Economic:
08:50 JST: GDP SAAR Q/Q (Preliminary); consensus +0.4%
08:50 JST: GDP SA Q/Q (Preliminary); consensus +0.1%
08:50 JST: GDP Y/Y (Preliminary); consensus +0.9%
13:30 JST: Industrial Production SA M/M (Final); consensus
13:30 JST: Retail Sales NSA Y/Y (Final); consensus
Australia:
Earnings:
Centuria Office REIT (COF.AU), Mirvac (MGR.AU)
Malaysia:
Economic:
00:00 EST: Current Account; consensus +MYR1.7B
00:00 EST: GDP NSA Y/Y (Final); consensus +4.5%
Market Data:
Gold (Dec 25): ($3.20) or (0.09%) to $3380.00
WTI Crude (Sep 25): +$1.24 or +1.98% to $63.89
$-¥: +0.34 or +0.23% to 147.7300
$-KRW: +8.14 or +0.59% to 1387.8700
A$-$: (0.00) or (0.74%) to 0.6498
$-INR: +0.24 or +0.27% to 87.6918
$-CNY: +0.00 or +0.06% to 7.1793
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