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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.33%), Hang Seng Futures (1.26%), ASX SPI 200 (0.57%), S&P Futures +0.03%

Jul 23 ,2026

  • Synopsis:

    • Asia equities poised for a notably softer open Friday. Futures in Japan, South Korea and Hong Kong were down 1%, Australia fell moderately. Japan ADRs skewed negative, Golden Dragon China index fell 0.57%. US contracts stabilized from sharp overnight declines. Sectors mostly lower. Tech leads were negative with SOX index down 0.54%. US big tech mostly lower. Weakness concentrated in Mag 7 with Bloomberg index down a sharp 4.78%. US Treasuries were weaker with curve flattening. Dollar index was up 0.3%. Gold finished down 2.4%. Bitcoin futures were down 1.9%. WTI crude settled up 6.2%, off best levels but finishing above $90/barrel for the first time since 10-Jun.

    • Yesterday's post-close big tech earnings reverberated through the cash session leading to standout selloffs in Alphabet (GOOGL) and Tesla (TSLA) especially. Attention continues with Intel (INTC) rallying on strong results. Middle East situation re-emerged as a notable factor in equities as ongoing escalation in conflict took Brent crude oil prices back to $100. US President Trump threatened "major military punishment" for Iran and Houthis as CENTCOM announced strikes against Iranian military targets for the 13th straight day. Bond yield implications underlining turbulence in corporate debt markets given the scale of hyperscaler financing. Recent discussions of debt implications from leasing pipeline place overall AI risks much higher.

    • On Asia-centric topics, US Federal Register confirmed new tariffs of 10-12.5% on some 60 countries over forced labor allegations, effective after midnight Friday ET, replacing the expiring 10% levy. Net implications seemingly limited as countries such as Japan anticipate any adverse changes would not over-ride the non-stacking principle stipulated in existing trade deals, and carveouts in others such as the USMCA. US-China working out details of the Board of Trade framework, while MOFCOM confirmed they are exploring reciprocal tariff reductions on $30B of goods. Trump said President Xi will visit Washington on 24-Sep and AI will be discussed. Despite recent contentious developments, Secretary of State Rubio and China Foreign Minister Wang met this week to lay the groundwork for a "very positive visit."

    • Elsewhere, US Treasury semi-annual currency report revealed few developments in the currency manipulation list though commentary on Japan drew some attention. Explicitly acknowledged yen undervaluation in REER terms and reaffirmed commitment to close consultations. Also suggested monetary policy normalization would help anchor inflation expectations and reduce excess FX volatility. Yet, yen market remains skeptical of signals for a potential pickup in BOJ rate hike cadence. Economist consensus still looks for the next move in December, keeping with entrenched assumptions of a semi-annual pace. However, October calls are fairly closely behind and this scenario attracting more attention in the JGB market driving curve flattening momentum.

  • Pre-open Company News:

    • 138930.KS -- StreetAccount Consensus Metrics Preview - BNK Financial Group Q2 Earnings

    • 533278.IN -- StreetAccount Consensus Metrics Preview - Coal India Q1 Earnings

    • 542904.IN -- Follow up: Ujjivan Small Finance Bank reports Q1 net interest income INR11.86B vs FactSet INR11.70B

    • 500110.IN -- Chennai Petroleum reports Q1 standalone EPS INR68.27 vs year-ago (INR3.80)

    • 532541.IN -- StreetAccount Consensus Metrics Preview - Coforge Q1 Earnings

    • 000661.CH -- Changchun High-Tech Industry (Group) Co.'s clinical trial application for GenSci136 accepted by NMPA

    • 294870.KS -- IPARK HYUNDAI DEVELOPMENT launches KRW30.00B buyback; to run from tomorrow through 23-Oct

    • 011070.KS -- StreetAccount Consensus Metrics Preview - LG Innotek Co. Q2 Earnings

    • 688779.CH -- Hunan Changyuan Lico guides H1 net income attributable CNY340.0-400.0M vs year-ago (CNY26.8M)

    • 1929.HK -- Chow Tai Fook Jewellery Group reports Q1 retail sales value growth +15.1% y/y

    • 017670.KS -- SK Telecom establishes SK Hyper with KRW 750B investment for AI data center business

    • 1052.HK -- Yuexiu Transport Infrastructure reports June toll revenues

  • On Deck:

    • China:

      • Earnings:

        • Contemporary Amperex Technology (300750.CH)

    • Japan:

      • Economic:

        • 08:30 JST: CPI Core National Y/Y; consensus

        • 08:30 JST: CPI National Y/Y; consensus +1.6%

        • 08:30 JST: CPI ex-Fresh Food and Energy; consensus +1.8%

      • Earnings:

        • Shin-Etsu Chemical (4063.JP), Chugai Pharmaceutical (4519.JP), Canon Marketing Japan (8060.JP), JAFCO Group (8595.JP)

    • South Korea:

      • Earnings:

        • Kia Corp. (000270.KS), Hyundai WIA (011210.KS), Hana Financial (086790.KS), Doosan Fuel Cell (336260.KS), Doosan Robotics (454910.KS), Samsung Epis Holdings (0126Z0.KS), Cheil Worldwide (030000.KS), HYUNDAI ROTEM (064350.KS), LX Semicon (108320.KS)

    • India:

      • Earnings:

        • Atul Ltd (500027.IN), Hindustan Zinc (500188.IN), Grindwell Norton (506076.IN), NTPC Ltd (532555.IN), REC Ltd (532955.IN), Steel Authority of India (500113.IN), ACC Ltd (500410.IN), Welspun (532144.IN), Jindal Steel (532286.IN), ZF Commercial Vehicle Control Systems India (533023.IN), Lodha Developers (543287.IN), KFin Technologies (543720.IN), OneSource Specialty Pharma (544292.IN)

    • Singapore:

      • Earnings:

        • iFAST Corp. (AIY.SP)

    • Thailand:

      • Earnings:

        • Delta Electronics (Thailand) Public (DELTA.TB)

  • Market Data:

    • Gold (Aug 26): +$1.50 or +0.04% to $4051.70

    • WTI Crude (Sep 26): ($0.02) or (0.02%) to $92.17

    • $-¥: +0.67 or +0.41% to 163.8220

    • $-KRW: (3.42) or (0.23%) to 1473.6500

    • A$-$: (0.00) or (0.41%) to 0.6968

    • $-INR: +0.31 or +0.32% to 96.8769

    • $-CNY: (0.00) or (0.01%) to 6.7723

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