Oct 02 ,2025
Synopsis:
Asian markets set for cautious start to Friday trade. Futures signaling flat open in Japan and Australia, and mild opening declines in Hong Kong. Mainland China and Korean markets closed for public holidays. S&P 500 futures flat afterhours. Australian bond yields edging lower following this week's rate backup on hawkish RBA takeaways. Treasuries were unchanged overnight. Crude hovering just above early May lows. Gold also off overnight lows. Bitcoin flat after reaching mid-August highs.
US markets little changed on Thursday with ongoing government shutdown a headline focus but not much of a directional driver (yet). Some concern about potential hit to employment, corporate confidence and investment if shutdown continues, and Trump carries out threat of mass firings and gutting of government programs. Also concern about complication to October Fed rate cut if there is prolonged delay to important data releases such as upcoming nonfarm payrolls and CPI.
AI-driven global semi/tech rally another area of focus with SOX up 2%. OpenAI at center of news following supply agreement with Samsung and SK Hynix, reports of a Stargate cooperation discussions with TSMC and Hon Hai Precision, and completion of employee share sale valuing company at $500B. Alibaba ADRs up another 3% on cloud revenue growth expectations following JP Morgan price target upgrade. Nasdaq Golden Dragon index finished up another 1%.
BOJ Deputy Governor Uchida speech late Thursday characterized Tankan results as positive with business sentiment improving and corporate earnings elevated. Repeated BOJ consensus view on inflation outlook and reaffirmed core stance that rates will rise if economy and price developments track forecasts. His speech comes ahead of Governor Ueda's address to business leaders Friday morning. Markets pricing in roughly even chance of October rate hike.
Pre-open Company News:
6622.JP -- Daihen downgraded to equal-weight from overweight at Morgan Stanley
3563.JP -- Food & Life Companies reports September same-store sales +4.7% y/y
005930.KS -- Samsung Electronics completes KRW3.510T buyback
9697.JP -- Capcom upgraded to 2 from 3 at Daiwa Securities (Japan)
9600.JP -- ORIX unit to buy all shares of I-NET Corp at ¥2,530/share through tender offer
7581.JP -- Saizeriya reports September existing store net sales +14.8% y/y
489.HK -- Dongfeng Motor Group submits application for VOYAH's listing
1590.TT -- Airtac International Group reports September revenue NT$3.01B, +21.7% y/y
On Deck:
Japan:
Economic:
08:30 JST: Unemployment Rate; consensus 2.4%
Earnings:
YASKAWA Electric (6506.JP), Arclands (9842.JP)
Market Data:
Gold (Dec 25): +$14.60 or +0.38% to $3882.70
WTI Crude (Nov 25): +$0.20 or +0.33% to $60.68
$-¥: +0.04 or +0.02% to 147.1100
$-KRW: +2.83 or +0.20% to 1405.6300
A$-$: (0.00) or (0.21%) to 0.6598
$-INR: +0.04 or +0.04% to 88.7203
$-CNY: (0.00) or (0.01%) to 7.1186
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