Oct 26 ,2025
Synopsis:
Asian markets tracking for early morning upside Monday. Futures signaling opening gains in Japan and Hong Kong. Australia also off to positive start. S&P 500 futures trading higher following weekend trade developments. Australian bonds weakening. Dollar firming against yen and Korean won, steady elsewhere. Crude strengthening alongside equity futures while gold pulling back. Bitcoin rallying towards two-week high.
US and China negotiators reached trade agreement framework for final sign-off by Presidents Trump and Xi on Thursday. Bessent said he expects China to delay rare earths curbs by a year and revive US soybeans purchases. Also expects Trump to put off 100% tariffs slated to kick in on 1-Nov. Two sides discussed expanding trade, fentanyl cooperation, and imposition US port fees on Chinese ships though US will retain export controls. Outcome largely fits with market expectations of an agreement that tamps down recent flareup in tensions.
US efforts to strike agreements elsewhere picked up traction following deals with Vietnam, Malaysia, Thailand and Cambodia involving critical minerals cooperation, purchase commitments and addressing non-tariff barriers. Tensions between US and Brazil continued to thaw with Trump predicting quick trade deal after meeting Lula. US-India trade deal also getting close with most issues reportedly resolved. US-Canada tensions notching higher again after Trump threatened 10% tariff over Ontario's Reagan ad. US-South Korea talks remain stuck over investment pledge.
Central bank meetings, economic data, earnings and APEC summit headline busy week. Fed and BOC expected to cut by 25 bp while BOJ and ECB anticipated to hold. China PMIs (Fri) forecast to show factory and non-manufacturing activity remained subdued this month. APEC summit gets underway with focus squarely on Trump-Xi meeting. Asia earnings season continues with SK Hynix (Wed) and Samsung Electronics (Fri) scheduled to report. Also big week of US earnings with bulk of Mag7 companies reporting.
Pre-open Company News:
002518.CH -- Shenzhen Kstar Science & Technology reports Q3 net income attributable CNY190.5M, +38.36% y/y
2255.HK -- Haichang Ocean Park Holdings appointed Zhan Xinwei CFO, effective 24-Oct
9688.HK -- ZAI Lab initiated buy at UBS
090430.KS -- StreetAccount Consensus Metrics Preview - Amorepacific Q3 Earnings
543066.IN -- SBI Cards & Payment Services downgraded to hold from buy at Nuvama Institutional Equities
543066.IN -- SBI Cards & Payment Services downgraded to hold from buy at HSBC
002670.CH -- Guosheng Financial Holding reports Q3 net income attributable CNY32.8M, (15.00%) y/y
500247.IN -- Kotak Mahindra Bank upgraded to buy from neutral at BofA
000960.CH -- Yunnan Tin reports Q3 net income attributable CNY683.4M, +41.34% y/y
168.HK -- Tsingtao Brewery's acquisition of Jimo Yellow Wine terminated as conditions have not been met
000629.CH -- Pangang Group Vanadium & Titanium Resources reports Q3 net income attributable CNY50.6M, +10.28% y/y
603083.CH -- CIG Shanghai reports Q3 net income attributable CNY138.4M, +92.92% y/y
486.HK -- Rusal holder SUAL Partners requests EGM for the purposes of consideration of distribution of dividends
002056.CH -- Hengdian Group DMEGC Magnetic reports Q3 net income attributable CNY432.4M, +51.98% y/y
543064.IN -- FDA classifies inspection at Cohance Lifesciences's Hyderabad FDF Unit-I as official action indicated
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Earnings:
Sichuan Biokin Pharmaceutical (688506.CH)
Hong Kong:
Earnings:
Sinopharm Group (1099.HK), China State Construction International Holdings (3311.HK)
Japan:
Earnings:
Shionogi & Co. (4507.JP), Nitto Denko (6988.JP), Canon (7751.JP), Macnica Holdings (3132.JP), Hogy Medical (3593.JP), Koei Tecmo Holdings (3635.JP), Pacific Industrial (7250.JP)
South Korea:
Earnings:
POSCO Future M Co. (003670.KS), POSCO (005490.KS), POSCO DX (022100.KS), Hanwha Ocean (042660.KS), POSCO INTERNATIONAL (047050.KS), Samsung SDI (006400.KS), Samsung Card Co. (029780.KS)
New Zealand:
Earnings:
ikeGPS Group (IKE.NZ)
India:
Earnings:
Tata Investment (501301.IN), Supreme Industries (509930.IN), Adani Energy Solutions (539254.IN), PNB Housing Finance (540173.IN), Jubilant Ingrevia (543271.IN), Bata India (500043.IN), Raymond (500330.IN), SRF Ltd (503806.IN), Indian Oil Corp. (530965.IN), Indus Towers (534816.IN), Sumitomo Chemical India (542920.IN), Mazagon Dock Shipbuilders (543237.IN), Tamilnad Mercantile Bank (543596.IN), KFin Technologies (543720.IN)
Market Data:
Gold (Dec 25): ($49.10) or (1.19%) to $4088.70
WTI Crude (Dec 25): +$0.37 or +0.60% to $61.87
$-¥: +0.16 or +0.11% to 153.0310
$-KRW: (1.04) or (0.07%) to 1437.9800
A$-$: +0.00 or +0.38% to 0.6537
$-INR: +0.01 or +0.01% to 87.8363
$-CNY: (0.00) or (0.01%) to 7.1206
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