Oct 21 ,2025
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling opening gains in Japan, negative starts in Hong Kong and Australia. S&P 500 futures flat following listless Tuesday session. Australian bonds little changed after Treasury curve bull flattened overnight. FX markets steady after dollar index rose to one-week high. Gold and silver stabilizing following big Tuesday selloff. Crude adding to earlier gains. Bitcoin down sharply from highs.
Precious metals pullback the big story after gold dropped by most since 2013 and silver recorded its worst day since 2021. Selloff largely a function of the preceding massive run-up to record highs that pushed technical indicators into overbought territory. Liquidity dynamics thought to have played a role following last week's LME silver short squeeze and record inflows into gold ETFs. Selloff also put some scrutiny on debasement narrative (short FX, long precious metals and Bitcoin).
Market paying attention to US-China trade updates after Trump again voiced optimism about a deal with Xi at APEC summit though also nodded to possibility of meeting not happening. Some thought Trump-Xi summit hinges on outcome of meeting between Bessent and China Vice Premier He Lifeng this weekend in Malaysia. Fentanyl, soybeans and Taiwan will be focus of talks according to Trump, who repeated that 100% tariffs will go ahead on 1-Nov if no deal.
Few surprises from new Japan PM Takaichi's press conference Tuesday, where she talked up cost-of-living initiatives. Her ascension to PM was preceded by run-up in Japan equities to record high, bear flattening of JGB yield curve and some yen weakness. Nikkei discussed views that magnitude of those moves may be somewhat more moderate than initially expected as less dovish JIP and appointment of Satsuki Katayama as finance minister (bringing fiscal policy credibility) tempers expectations of aggressive fiscal stimulus.
Pre-open Company News:
000028.CH -- China National Accord Medicines reports preliminary Q3 net income attributable CNY291.2M vs year-ago CNY322.1M
BSRC.TB -- Bangchak Corp. Public launches tender offer to acquire remaining stake in Bangchak Sriracha Public in share swap deal; to run from 24-Oct to 27-Nov
300012.CH -- Centre Testing International Group downgraded to recommend from strong recommend at Founder Securities (timing uncertain)
817.HK -- China Jinmao Holdings Group initiated buy at Changjiang Securities (timing uncertain)
AVAV -- AeroVironment and Korean Air sign MOU to advance medium unmanned aircraft systems for The Republic of Korea
4519.JP -- Chugai Pharmaceutical reports Alecensa median overall survival of 81.1 months in ALK-positive non-small cell lung cancer
500124.IN -- StreetAccount Consensus Metrics Preview - Dr. Reddy's Laboratories Q2 Earnings
600511.CH -- China National Medicines reports Q3 net income attributable CNY543.7M, +13.1% y/y
000703.CH -- Hengyi Petrochemical completes buyback programme for 29.2M shares totalling CNY184.9M
9930.HK -- Horizon Construction Development operational update: 9M net income attributable declined by more than (70%) y/y
UK's Trade Remedies Authority proposes that an anti-dumping measure on imports of aluminium foil in rolls from China be kept in place
BGIN -- Bgin Blockchain IPO opens at $6.00 on the Nasdaq
2001.JP -- NIPPN Corp's 4.9M-share secondary priced at ¥2186/share
9992.HK -- Pop Mart International Group provides Q3 business update: overall revenue +245-250% y/y
BBL.TB -- Bangkok Bank Public reports Q3 net income attributable THB13.79B vs StreetAccount THB10.95B
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
CSPC Innovation Pharmaceutical (300765.CH), China Jushi (600176.CH)
Hong Kong:
Earnings:
Topsports International Holdings (6110.HK), China Unicom (Hong Kong) (762.HK), China Overseas Grand Oceans Group (81.HK)
Japan:
Economic:
08:50 JST: Trade Balance NSA (Preliminary); consensus
08:50 JST: Export NSA Y/Y (Preliminary); consensus +5.7%
08:50 JST: Import NSA Y/Y (Preliminary); consensus
Australia:
Earnings:
Mirvac (MGR.AU), Woodside Energy Group (WDS.AU)
Malaysia:
Economic:
00:00 EST: CPI NSA Y/Y; consensus +1.4%
Singapore:
Earnings:
Sabana Industrial REIT (M1GU.SP)
Market Data:
Gold (Dec 25): +$27.30 or +0.66% to $4136.40
WTI Crude (Nov 25): $0.00 or 0.00% to $57.82
$-¥: +1.18 or +0.78% to 151.9250
$-KRW: +9.53 or +0.67% to 1430.7400
A$-$: (0.00) or (0.31%) to 0.6492
$-INR: +0.14 or +0.16% to 88.0218
$-CNY: +0.00 or +0.02% to 7.1214
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