Oct 15 ,2025
Synopsis:
Asia equities poised to open higher Wednesday. Futures in Japan, Hong Kong, Australia and South Korea traded firmer. Almost all Japan ADRs advanced though Golden Dragon China index fell 1.95%. US contracts steady following declines in S&P and Nasdaq overnight. Tech leads were negative with SOX index down a sharp 2.28% and US big tech skewed to losses. Treasuries were firmer with curve steepening. Dollar index was down 0.2%. Gold finished up 0.7% after reversing earlier declines. Bitcoin futures were down 2.9%. WTI crude ended down 1.3%, settling at its lowest level since early May.
Positive indications overall chalked up mainly to reinforced Fed easing expectations on the back of Powell's latest cautious rhetoric on the labor market, leaving an October rate cut still virtually fully priced in. However, US-China headlines remained a source of volatility. Trump threatened halt on cooking oil trade with China in retaliation for Bejing's refusal to buy US soybeans. Yet, USTR Greer added to reassurance that bilateral talks will go on to ease tensions and Trump still set to meet Xi at the South Korea APEC summit. Market attention turning to corporate earnings as bank results came in ahead of expectations.
Asia developments remain light. BofA Asia FMS showed region optimism continued to build across the region with China weightings moving back into net positive territory. IMF October WEO update upgraded its 2025 global GDP growth projection though warned much of it seems to reflect temporary adjustments to the new global tariff structure. Japan attention remains fixed on politics as parties scramble to assess viable coalition scenarios ahead of a possible parliamentary vote to appoint a new prime minister next week. China inflation data set to be the main macro event today with CPI and PPI expected to remain negative, further reinforcing the deflation narrative.
Pre-open Company News:
505537.IN -- StreetAccount Consensus Metrics Preview - Zee Entertainment Enterprises Q2 Earnings
507685.IN -- StreetAccount Consensus Metrics Preview - Wipro Q2 Earnings
500209.IN -- StreetAccount Consensus Metrics Preview - Infosys Q2 Earnings
540005.IN -- StreetAccount Consensus Metrics Preview - LTIMindtree Q2 Earnings
036460.KS -- Korea Gas reports September sales volume 1.9Mt vs year-ago 2.1Mt
603444.CH -- G-Bits Network Technology (Xiamen) guides 9M net income attributable CNY1.03-1.22B vs year-ago CNY657.5M
600009.CH -- Shanghai International Airport reports September operational statistics: Pudong takeoffs and landings 44,855, +5.7% y/y
600170.CH -- Shanghai Construction Group reports 9M new contracts signed CNY192.12B, (30.8%) y/y
540133.IN -- ICICI Prudential Life Insurance reports Q2 standalone EPS INR2.06 vs year-ago INR1.73
600515.CH -- Hainan Airport Infrastructure reports September takeoffs and landings 11,030, (6.7%) y/y
601699.CH -- Shanxi Lu'an Environmental Energy Development reports September raw coal production 5.3Mt, +6.1% y/y
1610.HK -- COFCO Joycome Foods reports September hog production 468K heads; fresh pork sales 29.0Kt
3407.JP -- Asahi Kasei to buy 14.0% stake in RC Core as part of capital and business alliance; terms undisclosed
1109.HK -- China Resources Land reports September gross contracted sales CNY17.60B, +4.2% y/y
On Deck:
China:
Economic:
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
08:00 CST: M2 NSA Y/Y; consensus
09:30 CST: PPI NSA Y/Y; consensus (2.3%)
09:30 CST: CPI NSA Y/Y; consensus (0.2%)
Japan:
Economic:
13:30 JST: Industrial Production SA M/M (Final); consensus
13:30 JST: Retail Sales NSA Y/Y (Final); consensus
Earnings:
Money Forward (3994.JP), West Holdings (1407.JP), Pasona Group (2168.JP), BayCurrent Inc (6532.JP), Saizeriya (7581.JP), Shochiku (9601.JP), Toho Co (9602.JP)
India:
Earnings:
Tata Communications (500483.IN), HDB Financial Services (544429.IN), Mangalore Refinery & Petrochemicals (500109.IN), KEI Industries (517569.IN), Oberoi Realty (533273.IN), L&T Finance (533519.IN), Angel One (543235.IN), Indian Railway Finance (543257.IN), Nuvoco Vistas (543334.IN)
Market Data:
Gold (Dec 25): +$17.40 or +0.42% to $4180.80
WTI Crude (Nov 25): +$0.01 or +0.02% to $58.71
$-¥: (0.52) or (0.34%) to 151.7730
$-KRW: +2.94 or +0.21% to 1429.4300
A$-$: (0.00) or (0.32%) to 0.6493
$-INR: +0.11 or +0.12% to 88.7823
$-CNY: +0.01 or +0.08% to 7.1380
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