Oct 08 ,2025
Synopsis:
Asian markets set for positive start to Thursday trade. Futures signaling opening gains in Japan and flat start in Hong Kong. Australia opens higher. S&P 500 futures up slightly after index posted another record close on Wednesday. Australian and New Zealand bonds strengthening in contrast to muted Treasury price action overnight. FX markets steady after dollar index hit two-month high. Gold pulling back from record high with silver also under some pressure. Crude weakening. Bitcoin flat.
Mainland China markets resume trade following Golden Week holiday. Early focus is on holiday spending data for signposts on consumer demand, though preliminary figures indicative of ongoing weakness after government data showed slowdowns in passenger traffic, box office, retail and restaurant sales growth. Analysts highlighted lack of wealth effect from rallying stock prices with consumers weighed down by rising unemployment and depressed property market. Economists anticipate China growth slowing over Q4 though policymaker response seen limited to fine-tuning as opposed to large stimulus.
Positive leads for Asia tech sector following rebound in US AI space that saw SOX rally 3%. While there has been a recent focus on AI bubble risks driven by circularity dynamic, and concerns over financing, ROI and productivity, pickup in deal activity has been cited as a tailwind. NVDA the notable Mag 7 gainer following report it is weighing $2B equity stake in xAI as part of $20B fund raise. Some attention to Jensen Huang's comments that Blackwell demand is "really, really high." Meanwhile, CSCO to launch new networking chip to connect AI data centers.
Yen weakness the big story in FX markets with currency hitting February low against dollar. Takaichi's LDP leadership victory the catalyst mentioned for yen's latest deprecation with market-implied odds of an October rate hike below 30%. Yen weakness getting attention of authorities after Finance Minister Kato on Wednesday said closely monitoring any excessive FX moves. FX strategists have turned more caution on yen, reviving discussion about levels that could trigger a more forceful response.
Pre-open Company News:
3405.JP -- Kuraray downgraded to 3 (neutral) from 2 at Daiwa Securities (Japan)
3533.TT -- Lotes Co. reports September revenue NT$2.89B, +4.1% y/y
512455.IN -- CCI approves Lloyds Metals and Energy's transaction for acquiring 49.99% stake in Thriveni Pellets
2376.TT -- Gigabyte Technology reports September revenue NT$27.99B, +4.7% y/y
2301.TT -- Lite-On Technology reports September revenue NT$15.43B, +30.2% y/y
119.HK -- Poly Property Group reports September contracted sales CNY3.9B; StreetAccount notes the year-ago figure was CNY3.4B
1969.HK -- China Chunlai Education Group chairman donates data center access to the company
16.HK -- Sun Hung Kai Properties releases sustainability report
1813.HK -- KWG Group Holdings reports September pre-sales value CNY745M, +23.5% y/y
9969.HK -- InnoCare Pharma enters into exclusive license, subscription agreement with Zenas BioPharma
2886.TT -- Mega Financial Holding reports September net income NT$2.82B; StreetAccount notes year-ago figure was NT$2.40B
1996.HK -- Redsun Properties Group reports September contracted sales CNY272M; StreetAccount notes the year-ago figure was CNY601M
532725.IN -- Solar Industries India receives order worth INR4.83B from South Eastern Coalfields
On Deck:
China:
Economic:
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
Japan:
Earnings:
Seven & I Holdings (3382.JP), AEON Financial Service (8570.JP), FAST RETAILING (9983.JP), Hisamitsu Pharmaceutical (4530.JP), OSG Corp (6136.JP), Kohnan Shoji (7516.JP), Sugi Holdings (7649.JP), Nomura Co. (9716.JP), Yoshinoya Holdings (9861.JP)
Australia:
Economic:
11:00 AEST: Consumer Inflation Expectation; consensus
Taiwan:
Economic:
16:00 TST: Export NSA Y/Y; consensus +36.9%
Market Data:
Gold (Dec 25): ($37.50) or (0.92%) to $4033.00
WTI Crude (Nov 25): ($0.59) or (0.94%) to $61.96
$-¥: +0.71 or +0.47% to 152.6110
$-KRW: +6.45 or +0.46% to 1422.5200
A$-$: +0.00 or +0.06% to 0.6585
$-INR: +0.03 or +0.04% to 88.7693
$-CNY: (0.00) or (0.02%) to 7.1185
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