Sep 22 ,2025
Synopsis:
Asian markets set for mostly positive start to Tuesday trade. Futures signaling flat start in Hong Kong and mild opening gains in Australia. Japan closed for public holiday. S&P 500 futures flat afterhours. Australian bonds weakening after Treasury yields rose 2-4 bp along the curve. Dollar little changed on major crosses. Crude unchanged. Gold steady after claiming new record high. Bitcoin retreated to two-week low.
Regional stocks to open on back of positive leads from US, where benchmarks extended post-Fed gains amid focus on favorable signaling for stocks from resumption of Fed easing with potential for rally to broaden out. Elsewhere, ~NVDA~/Open AI deal put more traction behind AI secular growth narrative, contributing to SOX's 1.6%). However, Nasdaq Golden Dragon index dropped 1%, tracking Monday's tech-driven pullback in Hong Kong.
Busy Monday of Fedspeak with St Louis's Musalem, Atlanta's Bostic and Cleveland's Hammack sounding note of caution about further rate cuts amid inflation concerns. Governor Miran unsurprisingly more dovish, saying rates should be ~2 pp lower. Markets pricing in ~41 bp of cuts through year-end, compared to updated dot plot projecting two more rate cuts. However, concerns have also been raised over market's more aggressive 2026 rate cut outlook than implied by Fed's dot plot.
In company news developments, Nvidia (~NVDA~) to invest up to $100B in OpenAI as part of new strategic partnership around data centers and other AI infrastructure. Fallout continued from White House move to impose $100K fee for H1-B visas, with Indian IT stocks experiencing biggest loss in five months. China regulators ramping up oversight of online content by after issuing rectification orders to Kuaishou Technology (~1024.HK~) and Weibo (~9898.HK~). More details surrounding TikTok deal with Oracle (~ORCL~) to retrain leased algorithm..
Pre-open Company News:
9533.JP -- TOHO GAS completes up-to-¥15.0B buyback
7911.JP -- TOPPAN Holdings subsidiary TPC to be listed on TSE prime market on 16-Oct
2268.HK -- WuXi XDC Cayman initiated buy at Western Securities (timing uncertain)
600535.CH -- Tasly Pharmaceutical Group receives NMPA's additional indication approval for recombinant human prourokinase injection
000250.KS -- SAM CHUN DANG PHARM's Eylea biosimilar VGENFLI (SCD411) receives MFDS approval
1177.HK -- Sino Biopharmaceutical receives NMPA's acceptance notice for TQF3250 capsule's IND application
000250.KS -- SAM CHUN DANG PHARM receives exclusive sales and supply contract for Eylea biosimilar SCD411, terms undisclosed
1171.HK -- Yankuang Energy Group proposes spin-off listing of subsidiary Kasong Science and Technology on NEEQ
8001.JP -- ITOCHU acquires 20.0% stake in AND Pharma for ¥16.2B
000630.CH -- Tongling Nonferrous Metals Group completes buyback programme for 54.0M shares totalling CNY200.0M
Spain (ANFAC) July car production 187.6K , +2% y/y. August production 70.3K, (4.2%) y/y
002709.CH -- Guangzhou Tinci Materials Technology files for Hong Kong IPO through JP Morgan, CITIC Securities, GF Securities
532187.IN -- Indusind Bank appoints Viral Damania as CFO, effective today
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Australia:
Earnings:
Myer Holdings (MYR.AU), Tuas (TUA.AU)
New Zealand:
Earnings:
KMD Brands (KMD.NZ)
Malaysia:
Economic:
00:00 EST: CPI NSA Y/Y; consensus +1.2%
Market Data:
Gold (Dec 25): +$6.70 or +0.18% to $3781.80
WTI Crude (Oct 25): $0.00 or 0.00% to $62.64
$-¥: (0.26) or (0.17%) to 147.7100
$-KRW: (7.82) or (0.56%) to 1389.3900
A$-$: +0.00 or +0.08% to 0.6599
$-INR: +0.20 or +0.23% to 88.3045
$-CNY: (0.00) or (0.03%) to 7.1137
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