Equities Gained WTD Ahead of Earnings and Economic Data [CSOP APAC Midweek Glance]

East Asia 

LCU WTD return: +1.36%

• LCU gained WTD in USD ahead of earnings season and economic data for market participants to gauge trade war impacts.

• The US noted bilateral negotiations with 17 partners (excluding China), claiming Beijing may yield under sustained 145% tariff pressure.

• LCU’s gains WTD are led by TSMC, Toyota Motor Corp and MUFG.

• TSMC is likely to sustain lead over competitors with gains in sub-2nm processing and 3D packaging which reinforces its technological edge.

SQU WTD return: +1.30%

• SQU rose WTD in USD and gains were led by Delta Electronics, Sea Ltd, Goto Gojek Tokopedia.

• Delta Electronics gained as 1Q net profit rose 27% YoY beating average analyst estimates. Subsequently, it was raised from sell to buy by DBS, and from underperform to neutral by Asia Plus Securities.

China 

SHD SCY

• PBOC governor Pan Gongsheng stated during a meeting in Washington that policymakers have "ample tools at their disposal" and will take further measures if necessary to counter tariff impacts.

• After consecutive net injections via open market operations, China’s overnight repo rate briefly dipped below 1.6% on Monday.

• Chinese bond prices rallied across multiple tenors, with the 10-year government bond yield dropping to its lowest since early February, per ChinaBond valuations.

US

• JPM noted minimal April tax season impact to money markets, with stable overnight benchmark rates and a $118bn taxable MMF outflow aligning with 2022/2024 trends.

• MMF balances are expected to rebound swiftly post-tax season and stay high, per historical patterns.

• Moving to equities, S&P 500 posted sixth straight gain on hopes firms can navigate slowing economic growth and tariff risks, though the longevity of the rally is dependent on U.S. inflation and GDP data due Wednesday -- key indicators of pre-April tariff economic health.

• Meanwhile, Trump tweaked auto tariffs to avoid duty overlaps.

Source: CSOP, Bloomberg, JPM, as of 2025/04/29

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LCU

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SCY

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SQQ/SQU

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SHD

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