Feb 01 ,2026
Synopsis:
Asian markets set for mixed start to Monday trade. Futures signaling opening declines in Hong Kong and flat start in Japan. Australia lower in initial trade. S&P 500 futures weakening. Australian bonds steady ahead of expected RBA rate hike on Tuesday. Comes after Treasury curve bear steepened Friday in aftermath of Warsh's nomination as Fed chair. Yen touch lower following Takaichi remarks, dollar steady elsewhere after recovering from four-year low. Crude under pressure after OPEC+ agreed to maintain steady output while Iran negotiations remain alive. Gold and silver stabilizing from Friday's historic sell-off. Bitcoin selloff continues, down to lowest since Apr-2024.
China official PMIs showed manufacturing unexpectedly fell back into contraction last month. Sub-indexes showed output slowed, new orders went backward, and new export order declines quickened. Non-manufacturing activity also swung to contraction, marking worst result since Dec-2022 with construction a notable drag. Separately, private survey showed growth in China new home prices eased last month. South Korea export growth rose sharply in January amid LNY base year effects and 103% surge in semiconductor exports.
Commodity volatility the big market story following Friday's huge reversal in gold (biggest daily drop in decades) and silver (biggest daily drop ever), heightening focus on very crowded longs and speculative froth being fueled by Chinese traders. Dollar rebound on Warsh nomination also mentioned as a downside catalyst for metals. Moves being made to curb frenzy with CME sharply raising gold and silver margins while some Chinese banks hiked minimum investment amount for gold accumulation services.
In other developments, Japan PM Takaichi discussed FX on weekend with comments appearing to stop short of voicing explicit support for weaker yen. India budget featured increased investment in infrastructure and manufacturing. In company news, FT sources said Ford (~F~) held talks with Xiaomi (~1810.HK~), BYD (~1211.HK~) and other Chinese autos about partnership in US. BYD auto sales fell 29% y/y in January.
Pre-open Company News:
002594.CH -- BYD Co. reports January vehicle production volume 232,358 units, (29.1%) y/y
500570.IN -- Tata Motors Passenger Vehicles reports January sales 71,066 units, +47.1% y/y
9868.HK -- XPeng, Inc. delivers 20,011 vehicles in January; StreetAccount notes the year-ago figure was 30,350
505200.IN -- Eicher Motors reports January total motorcycle sales (units) 104,322, +14% y/y
2347.TT -- Synnex Technology International subsidiary plans up to NT$1B investment in Concentrix stock
544569.IN -- Tata Motors Commercial Vehicles reports January sales 41,549 units vs StreetAccount 39,072 units
1171.HK -- Yankuang Energy Group to sell subsidiary Inner Mongolia Xintai Coal for CNY3.05B
500520.IN -- Mahindra & Mahindra reports December overall auto sales 104,309 vehicles, +24% y/y
002353.CH -- Yantai Jereh Oilfield Services Group subsidiary signs $181.5M (~CNY1.26B) contract with US customer
2238.HK -- Guangzhou Automobile Group reports January vehicle production 111K vs year-ago 116K
2333.HK -- Great Wall Motor reports January production 90,074 units, (9.2%) y/y
500495.IN -- Escorts Kubota reports January tractor sales 9,799 vs StreetAccount 8,182
544225.IN -- Ola Electric Mobility commences deliveries of 9.1kWh residential BESS, secures BIS certification for 5.2kWh variant
600995.CH -- China Southern Power Grid Energy Storage responses to new pumped storage and grid-side energy storage pricing policies
On Deck:
Japan:
Earnings:
Ono Pharmaceutical (4528.JP), Kotobuki Spirits (2222.JP), OTSUKA CORP (4768.JP), TDK (6762.JP), Kyocera (6971.JP), Murata Manufacturing (6981.JP), Daiwa Securities (8601.JP), Yamato Holdings (9064.JP), CALBEE (2229.JP), NH Foods (2282.JP), Tokyo Electron Device (2760.JP), Kagome (2811.JP), Macnica Holdings (3132.JP), Joyful Honda (3191.JP), Sumitomo Bakelite (4203.JP), Nippon Kayaku Co. (4272.JP), Yamato Kogyo (5444.JP), Yokogawa Bridge Holdings (5911.JP), Hirogin Holdings (7337.JP), The Chiba Bank (8331.JP), The Kiyo Bank (8370.JP), Mizuho Financial (8411.JP), Central Japan Railway (9022.JP), Chubu Electric Power (9502.JP), Osaka Gas (9532.JP)
South Korea:
Earnings:
Samsung SDI (006400.KS), Cheil Worldwide (030000.KS)
India:
Earnings:
Thermax (500411.IN), Honeywell Automation India (517174.IN), City Union Bank (532210.IN), Mahindra Lifespace Developers (532313.IN), Campus Activewear (543523.IN), AARTI Industries (524208.IN), Olectra Greentech (532439.IN), Indus Towers (534816.IN), Chalet Hotels (542399.IN), RailTel Corp. of India (543265.IN), Aditya Birla Lifestyle Brands Ltd. (544403.IN)
Indonesia:
Economic:
11:00 SAST: CPI NSA Y/Y; consensus +3.6%
Singapore:
Earnings:
CapitaLand India Trust (CY6U.SP), Keppel Infrastructure Trust (A7RU.SP), Parkway Life REIT (C2PU.SP)
Market Data:
Gold (Apr 26): +$1.30 or +0.03% to $4746.40
WTI Crude (Mar 26): ($1.85) or (2.84%) to $63.36
$-¥: +0.33 or +0.21% to 155.1040
$-KRW: (0.15) or (0.01%) to 1450.6600
A$-$: (0.00) or (0.21%) to 0.6949
$-INR: (0.28) or (0.30%) to 91.6943
$-CNY: (0.00) or (0.01%) to 6.9508
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