May 12 ,2026
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling mild opening declines in Japan and Australia, and flat start in Hong Kong. S&P 500 futures down slightly afterhours. Australian bonds under pressure with curve steepening after Treasury yields backed up further on Tuesday. Crude steady after WTI rallied back above $100. Gold and silver reversing higher. FX markets steady following mild dollar strength. Bitcoin continues to fluctuate around $80K.
Semi/memory pullback the overnight market development with SOX losing 3% (down as much as 7% at one stage). INTC and MU dropped 4% and 7% respectively. Follows Tuesday's selloff in Asian memory names, where profit-taking was mentioned as a catalyst following preceding massive run-up that raised concerns about near-term overheating. Overbought technical signals, narrow breadth and pickup in demand for downside protection among other talking points that have tempered some of the exuberance surrounding the AI trade.
President Trump arriving in Beijing for summit with President Xi. Speaking to reporters Trump said trade will be priority of talks. Preview articles noted trade truce likely to be extended with US seeking Chinese purchase commitments on agricultural, energy and Boeing aircraft. Two sides have also floated creation of Board of Trade to manage relationship. Press noted Xi aiming to push Trump to harden wording against Taiwan independence though US officials signaled there will be no change in stance. Trump downplayed likelihood of Iran being a focal point of talks though there had been questions surrounding Xi's willingness to pressure Tehran..
Pre-open Company News:
C09.SP -- City Developments proposes off-market equal access offer for non-redeemable convertible non-cumulative preference shares at offer price SG$0.78 in cash
China April railway passenger turnover 142.67B passenger-km, +9.2% y/y
7267.JP -- StreetAccount Consensus Metrics Preview - Honda Motor Q4 Earnings
500124.IN -- Dr. Reddy's Laboratories reports Q4 consolidated net profit INR2.21B vs year-ago INR15.87B
KURA -- Kura Oncology and Kyowa Kirin to present updated frontline ziftomenib / 7+3 combination data at EHA 2026 Congress
9433.JP -- KDDI, Coincheck enter into business, capital alliance agreements; KDDI to buy 14.9% stake in Coincheck through third-party allotment of new shares
3702.TT -- WPG Holdings declares FY dividend NT$3.8/share; StreetAccount notes year-ago NT$3.2/share
7618.HK -- JINGDONG Industrials launches up to $200M on-market share buyback to run for 24 months
532921.IN -- APSEZ unit Astro offshore enters contract with Oceaneering International for specialised offshore and subsea opportunities in Europe
1921.HK -- Dalipal Holdings provides update on Middle East market
2202.HK -- China Vanke signs 2026 loan framework agreement with Shenzhen Metro worth CNY2.50B
500493.IN -- Bharat Forge signs long-term contract with Embraer for landing gear forgings
541154.IN -- StreetAccount Consensus Metrics Preview - Hindustan Aeronautics Q4 Earnings
500400.IN -- Tata Power Co. reports Q4 consolidated net income attributable INR9.96B, (4%) vs year-ago INR10.43B
Google, SpaceX in talks to launch data centers in orbit; AI and related power segments lead Pure Play declines in intraday themes (12-May)
On Deck:
China:
Economic:
08:00 CST: New Yuan Loans; consensus
08:00 CST: M2 NSA Y/Y; consensus +8.3%
08:00 CST: Foreign Direct Investment Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
Hong Kong:
Earnings:
Tencent Holdings (700.HK), Samsonite Group (1910.HK)
Japan:
Economic:
08:50 JST: Bank Loans NSA Y/Y; consensus
Earnings:
Toray Industries (3402.JP), INPEX Corp (1605.JP), Japan Petroleum Exploration (1662.JP), MatsukiyoCocokara & Co. (3088.JP), Isetan Mitsukoshi Holdings (3099.JP), Resonac Holdings (4004.JP), Mitsubishi Chemical (4188.JP), ZEON Corp (4205.JP), freee KK (4478.JP), Takeda Pharmaceutical (4502.JP), Sumitomo Pharma (4506.JP), CyberAgent (4751.JP), GS Yuasa (6674.JP), Nissan Motor (7201.JP), Tokyo Seimitsu (7729.JP), SCREEN (7735.JP), Citizen Watch (7762.JP), Dai Nippon Printing (7912.JP), Mitsui Fudosan (8801.JP), Mitsubishi Estate (8802.JP), Odakyu Electric Railway (9007.JP), SoftBank Group (9984.JP), Nittetsu Mining (1515.JP), Mitsui Matsushima Holdings (1518.JP), Takamatsu Construction Group (1762.JP), Obayashi (1802.JP), TOA Corp (1885.JP), Daiwa House Industry (1925.JP), EXEO Group (1951.JP), Shin Nippon Air Technologies (1952.JP), DAI-DAN Co. (1980.JP), Hibiya Engineering (1982.JP), JAC Recruitment (2124.JP), Morinaga Milk Industry (2264.JP), Systena (2317.JP), Takara Holdings (2531.JP), Suntory Beverage & Food (2587.JP), Rigaku Holdings (268A.JP), ARIAKE JAPAN (2815.JP), Nissin Foods Holdings (2897.JP), Daiwabo Holdings (3107.JP), Skylark Holdings (3197.JP), Metaplanet (3350.JP), Kuraray (3405.JP), Seiren (3569.JP), Tosoh Corp (4042.JP), Denka Co. (4061.JP), Nippon Shokubai (4114.JP), Appier Group (4180.JP), Mitsubishi Gas Chemical (4182.JP), Mitsui Chemicals (4183.JP), Ube (4208.JP), Sekisui Jushi (4212.JP), Tekscend Photomask (429A.JP), DKS Co. (4461.JP), Sanyo Chemical Industries (4471.JP), Medley (4480.JP), Kaken Pharmaceutical (4521.JP), Rohto Pharmaceutical Co. (4527.JP), Tsumura & Co (4540.JP), JCR Pharmaceuticals (4552.JP), PeptiDream (4587.JP), Healios KK (4593.JP), ROUND ONE (4680.JP), BML Inc (4694.JP), Toei Animation (4816.JP), Noevir Holdings (4928.JP), Takara Bio (4974.JP), Dexerials (4980.JP), Earth Corp (4985.JP), INFRONEER Holdings (5076.JP), Sumitomo Osaka Cement (5232.JP), Tokai Carbon (5301.JP), NIPPON STEEL (5401.JP), Maruichi Steel Tube (5463.JP), The Japan Steel Works (5631.JP), Mitsui Kinzoku (5706.JP), Mitsubishi Materials (5711.JP), Yokogawa Bridge Holdings (5911.JP), Japan Material (6055.JP), Tsugami (6101.JP), OPTORUN (6235.JP), MODEC Inc (6269.JP), Union Tool (6278.JP), Nissei ASB Machine (6284.JP), Organo (6368.JP), Tsubakimoto Chain (6371.JP), RAIZNEXT (6379.JP), Heiwa Corp (6412.JP), Sankyo (6417.JP), KITZ Corp (6498.JP), PHC Holdings (6523.JP), Kokusai Electric (6525.JP), Shibaura Mechatronics (6590.JP), OMRON (6645.JP), Oki Electric Industry Co. (6703.JP), Meiko Electronics (6787.JP), Azbil Corp (6845.JP), Micronics Japan (6871.JP), Yamaichi Electronics (6941.JP), Lifenet Insurance (7157.JP), Mebuki Financial Group (7167.JP), Isuzu Motors (7202.JP), Nissan Shatai (7222.JP), Kyokuto Kaihatsu Kogyo (7226.JP), NOK Corp (7240.JP), KYB Corp (7242.JP), Koito Manufacturing (7276.JP), F.C.C. (7296.JP), TS TECH (7313.JP), Hirogin Holdings (7337.JP), Matsuda Sangyo (7456.JP), Daiichikosho (7458.JP), AS ONE (7476.JP), Pan Pacific International Holdings (7532.JP), Riken Keiki (7734.JP), A&D Holon Holdings (7745.JP), Menicon (7780.JP), Furuya Metal (7826.JP), BANDAI NAMCO Holdings (7832.JP), Fuji Seal International (7864.JP), ASICS Corp (7936.JP), Nichiha (7943.JP), Japan Pulp & Paper (8032.JP), Seiko Group (8050.JP), Yamazen (8051.JP), GOLDWIN (8111.JP), Toho Holdings (8129.JP), Sangetsu (8130.JP), Sanrio (8136.JP), KISOJI (8160.JP), Sumitomo Mitsui Financial (8316.JP), The 77 Bank (8341.JP), Fukuoka Financial Group (8354.JP), The Shiga Bank (8366.JP), North Pacific Bank (8524.JP), Tokyo Tatemono (8804.JP), Sumitomo Realty & Development (8830.JP), Keio Corp (9008.JP), Fuji Kyuko (9010.JP), Konoike Transport (9025.JP), SENKO Group Holdings (9069.JP), Nippon Express Holdings (9147.JP), MITSUI-SOKO HOLDINGS (9302.JP), Hikari Tsushin (9435.JP), Renova (9519.JP), Capcom (9697.JP), TKC Corp (9746.JP), Funai Soken Holdings (9757.JP), Valor Holdings (9956.JP)
South Korea:
Economic:
08:00 KST: Unemployment Rate; consensus 2.7%
Earnings:
NCsoft (036570.KS), DoubleUGames (192080.KS), SK Networks (001740.KS), Korea Electric Power (015760.KS), Hanatour Service (039130.KS), GS Holdings (078930.KS), SK Innovation (096770.KS), E-Mart (139480.KS), HD HYUNDAI Co. (267250.KS), SK ie technology (361610.KS), Korea Gas (036460.KS)
Australia:
Economic:
11:30 AEST: Wage Price Index Y/Y; consensus
Earnings:
Paladin Energy (PDN.AU), Xero (XRO.AU), GrainCorp (GNC.AU)
New Zealand:
Economic:
15:00 NZST: Inflation Expectations Y/Y; consensus
India:
Earnings:
Hindustan Petroleum (500104.IN), GlaxoSmithKline Pharmaceuticals (500660.IN), The Bombay Burmah Trading (501425.IN), NLC India (513683.IN), Balaji Amines (530999.IN), TVS Motor (532343.IN), Bharti Airtel (532454.IN), Tube Investments of India (540762.IN), OneSource Specialty Pharma (544292.IN), Knowledge Realty Trust (544481.IN), SKF India (Industrial) (544572.IN), SKF India (500472.IN), LIC Housing Finance (500253.IN), DCM Shriram (523367.IN), Redington (532805.IN), DLF Ltd (532868.IN), eClerx Services (532927.IN), ZF Commercial Vehicle Control Systems India (533023.IN), Metropolis Healthcare (542650.IN), Kaynes Technology India (543664.IN), SignatureGlobal (India) (543990.IN)
Singapore:
Earnings:
Daiwa House Logistics Trust (DHLU.SP)
Taiwan:
Earnings:
Cheng Shin Rubber Ind. (2105.TT), Hotai Motor (2207.TT), EVA Airways (2618.TT), Lotes Co. (3533.TT), PharmaEssentia (6446.TT), Merida Industry (9914.TT)
Thailand:
Earnings:
CP All Public (CPALL.TB), WHA Corp. Public (WHA.TB)
Philippines:
Earnings:
JG Summit Holdings (JGS.PM), Ayala Corp (AC.PM)
Market Data:
Gold (Jun 26): +$40.80 or +0.87% to $4727.50
WTI Crude (Jun 26): ($0.17) or (0.17%) to $102.01
$-¥: +0.36 or +0.23% to 157.5870
$-KRW: +15.72 or +1.07% to 1490.1400
A$-$: (0.00) or (0.12%) to 0.7240
$-INR: +0.25 or +0.26% to 95.6403
$-CNY: (0.00) or (0.06%) to 6.7911
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