>>> What to look at today - 28th of April 2025

Asian shares had a modest start to the week as investors awaited progress in US trade negotiations with the region and signs of further stimulus from China before taking risky bets. A regional gauge advanced 0.7% while futures for the S&P 500 declined 0.6%, indicating a four-day US equities rally may snap. Gold dropped as much as 1.6% as traders unwound positions on signs the metal’s advance may have run too far and too fast. Treasuries and the dollar were steady. Amid Asia’s busiest earnings week this season, investors will focus on key economic data- the Bank of Japan’s rate decision, and US jobs report and gross domestic product data - to see if the recent steadiness in markets will continue as tariff tensions tamp down. Traders are also taking some comfort from hopes that the Federal Reserve may reduce interest rates earlier than expected. The “market is getting more sanguine in recent weeks, but I’m more inclined to stay defensive, and stay more oriented to domestic plays across markets,” said Xin-Yao Ng, a fund manager at Aberdeen Investments in Singapore. “The environment will remain highly uncertain and volatile throughout the year, with constant tension around tariffs and geopolitics.” Investors will be on watch for any signs of progress in US trade negotiations after President Donald Trump suggested another delay to his higher tariffs was unlikely. Asian economies geared for exports and facing some of the highest US “reciprocal” tariffs are leading the way over their western counterparts in trade negotiations with the administration. To help manage the next steps, the Trump team has drafted a framework to handle negotiations with about 18 countries, including a template that lays out common areas of concern to guide the discussions. US Treasury Secretary Scott Bessent said the Trump administration is working on bilateral trade deals with 17 key trading partners, not including China. Bessent reiterated the administration’s argument that Beijing will be forced to the negotiating table because China can’t sustain Trump’s latest tariff level of 145% on Chinese goods. Equities in China and Hong Kong fluctuated between gains and losses Monday. Some investors also doubt that Wall Street’s history of quick resurrections will repeat. They’re sweating over categories of high-frequency data that, while far from front-page news, may provide clues as to whether April’s policy disruption will cause lasting economic pain. Meanwhile, China’s finance minister Lan Fo’an said the nation will adopt more proactive and effective policies to achieve its growth target and “bring stability and impetus to the global economy,” in a statement posted on the ministry’s Website on Saturday. Chinese officials on Monday reiterated their plan to strengthen support for employment and the economy. The country is confident of reaching economic targets this year, officials said. The People’s Bank of China also said it will maintain ample liquidity in the markets and will cut banks’ reserve requirements and interest rates in a “timely manner.” In Japan, Toyota Industries Corp. is poised to surge by the daily limit even as investors scrambled to interpret what Toyota Motor Corp. Chairman Akio Toyoda’s proposal to buy out the company would mean for corporate governance at Japan’s largest business group.

Nikkei +0.32% Hang Seng +0.22% CSI +0.05% Shanghai +0.01% Shenzen -0.68%

Eur$ 1.1370 CNH 7.2952 CNY 7.2949 JPY 143.45 GBP 1.3322 CHF 0.8270 RUB 82.5587 TRY 38.4486 WTI$ 63.31 +0.46% Gold 3,298 -0.65% BTC 94,141 -0.17% ETH 1,793 -0.56%

S&P -0.58% Nasdaq -0.66% EuroStoxx +0.00% FTSE -0.06% Dax -0.03% SMI -0.31%

Macro :
- India and Pakistan troops exchange fire in Kashmir
- Big Tech’s Earnings Problem Is Estimates May Be Way Too High
- US Approves Possible $2.19b Sale of Tomahawk Arms to Netherlands
- *BELGIUM OUTLOOK TO NEGATIVE FROM STABLE BY S&P
- Only about half of Republicans say Trump has focused on the right priorities, AP-NORC poll finds
- Wall Street’s New Tariff Safe Haven: High-Tax Biotech Stocks - WSJ (attached)
- Gold’s Bullish Sentiment Seen Easing as Record Rally Stumbles

Keep an eye on :
- AIR FP : Airbus closes in on Spirit deal, *SPIRIT AEROSYSTEMS SIGNS DIVESTITURE PACT WITH AIRBUS
- AKZA NA : Akzo Nobel Is Interested in BASF’s Coatings Division, FD Says
- BNJ NA : France’s Banijay Exploring Takeover Offer for ITV: FT
- BALN SW : Switzerland Inc. Fends Off Activist Cevian With Insurance Merger, Baloise Disclosed Solvency Ratio for 2024 of 204%
- BGN IM : Mediobanca Offers to Buy Banca Generali in €6.3 Billion Deal
- BAS GY : Akzo Nobel Is Interested in BASF’s Coatings Division, FD Says
- 1211 HK : BYD -4.2% BYD Falls After Decline in Net Profit Per Vehicle: Street Wrap
- CEP US : Cantor SPAC Surge Hits 197% on Deal to Form Bitcoin Vehicle
- ROO LN : Deliveroo in Talks With DoorDash on 180 Pence/Share Proposal
- DTE GY : T-Mobile Under Pressure from Rising Competition: Street Wrap
- EQNR NO : NY Wind Farm Halted After Unpublished Study Was Found: Burgum
- FORTUM FH : Fortum exits India renewables market with sale to I Squared's Hexa Climate
- 9660 HK : Horizon : +2.58%
- IDR SM : Indra Says It’s Analyzing Various Opportunities, Including EM&E
- ITV LN : France’s Banijay Exploring Takeover Offer for ITV: FT
- KVUE US : Kenvue Jumps on Report Third Point Has Built Up Its Stake
- MMB FP : Lagardere 1Q Revenue EU1.98B Vs. EU1.88B Y/y
- MB IM : Mediobanca Offers to Buy Banca Generali in €6.3 Billion Deal
- NVDA US : China's Huawei Develops New AI Chip, Seeking to Match Nvidia -- WSJ (attached)
- ORSTED DC : Vestas Warns Wind Industry Is Falling Behind Climate Goals: FT
- 1913 HK : Prada -0.81%
- STR AV : Strabag FY Dividend per Share Beats Estimates
- TSLA US : Elon Musk’s XAI Holdings Is in Discussions to Raise $20 Billion
- 8TRA GY : Traton 1Q Sales Miss Estimates
- UNI SM : Unicaja 1Q Net Income Beats Estimates
- VK FP : Vallourec Gets Contract from Kuwait Oil Company
- VWS DC : Vestas Warns Wind Industry Is Falling Behind Climate Goals: FT
- VIV FP : Vivendi 1Q Revenue EU69.4M Vs. EU69M Y/y
- VOD LN : Octopus-backed Fern explores push into UK mobile operations- FT
- WIHL SS : Wihlborgs 1Q Income From Property Management Meets Estimates