Sep 24 ,2025
Synopsis:
Asian markets set for mostly negative start to Thursday trade. Futures signaling mild opening declines in Hong Kong and Australia, and flat start in Japan. S&P 500 futures flat following quiet Wednesday session. Australian and New Zealand bonds under pressure, tracking overnight weakness in Treasuries. FX markets steady following broad dollar strength. Crude coming off highs that followed hawkish Trump shift on Russia. Gold flat after pulling back from record high. Bitcoin unchanged following earlier rebound.
Another busy day of AI developments with Albaba (~9988.HK~) ADRs up 8% and driving 3% gain in Nasdaq Golden Dragon Index. Mirrored rally in Hong Kong on Wednesday after group flagged step-up in planned capex, unveiled new LLM and announced partnership with Nvidia (~NVDA~) to develop physical AI capabilities. Bloomberg sources said Intel (~INTC~) asked Apple (~AAPL~) for an investment, companies also said to have explored closer collaboration. Micron's (~MU~) earning drew positive takeaways but share price weakness a function of elevated expectations.
In trade news, White House began process to levy tariffs on more products with S.232 probes into robotics, industrial machinery and medical equipment. Reuters sources said US and Chinese officials to hold technical talks on trade and economic matters next Thursday but won't cover upcoming high-level negotiations. Treasury Secretary Bessent highlighted US aircraft engines and parts, chemicals and plastics as points of leverage in China trade negotiations. Reuters sources noted Trump on Thursday will sign executive order on TikTok deal.
Also making headlines, Japan Ministry of Finance proposed further reductions in issuance of superlong JGBs in liquidity enhancement auctions. Reuters sources noted G7 and EU weighing rare earths price floors, as well as a tariff on Chinese rare earths imports, in bid to reduce reliance on China. South Korea PM warned unresolved visa issue imperilling proposed investments in US. Economic calendar quiet with BOJ minutes and Japan SPPI due out.
Pre-open Company News:
086520.KS -- ECOPRO to acquire 19.99% stake in PT Bahodopi Nickel Smelting Indonesia for KRW197.82B
028300.KS -- HLB Co. launches KRW20.00B convertible note due Oct-28
7224.JP -- Japan Fair Trade Commission confirms ShinMaywa Industries violated Antimonopoly Act, exempts company from administrative fine
659.HK -- CTF Services reports FY net income attributable HK$2.16B vs FactSet HK$2.36B [3 est, HK$2.09-2.54B]
2689.HK -- Nine Dragons Paper Holdings reports FY net income attributable CNY1.77B vs guidance CNY1.70-1.90B and FactSet CNY1.64B [7 est, CNY881-2.28B]
544285.IN -- Swiggy trades (1.9%); Rapido stake sale seen as short-term cash boost
August World Crude Steel production +0.3% y/y to 145.3Mt -- World Steel Association
9005.JP -- Tokyu Corp reports August railway business revenue ¥12.57B, +3.8% y/y
8227.JP -- SHIMAMURA reports September Shimamura existing store sales +4.3% y/y
500440.IN -- Hindalco Industries upgraded to buy from reduce at Emkay Research
541143.IN -- Bharat Dynamics initiated sell at Asian Markets Securities
7747.JP -- Asahi Intecc downgraded to 3 from 2 at Daiwa Securities (Japan)
532439.IN -- Olectra Greentech appoints Mahesh Subramanian as MD for 3 years, effective 27-Sep
On Deck:
Japan:
Earnings:
Oracle Corp Japan (4716.JP)
Australia:
Earnings:
Liontown Resources (LTR.AU), Premier Investments (PMV.AU), Brickworks (BKW.AU), Washington H. Soul Pattinson & Co. (SOL.AU)
Market Data:
Gold (Dec 25): +$3.20 or +0.08% to $3771.30
WTI Crude (Nov 25): ($0.29) or (0.45%) to $64.70
$-¥: +1.13 or +0.77% to 148.7890
$-KRW: +9.28 or +0.67% to 1403.6500
A$-$: (0.00) or (0.16%) to 0.6585
$-INR: (0.03) or (0.03%) to 88.7784
$-CNY: +0.02 or +0.27% to 7.1312
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