China Imports YoY

China Balance of Trade

China Exports YoY

Japan Industrial Production MoM Final

Hong Kong stocks rose 48 points or 0.2% to 24,190 in early Monday trade, marking gains for the third session after Goldman Sachs upgraded equities in the city to market weight, citing stronger earnings growth amid improving capital markets and a pickup in property activity.  Also, hopes grew for a policy response from Beijing to tackle persistent deflation risks. However, further gains were capped by investor caution ahead of June trade data due later in the day. In May, China’s exports slowed sharply while imports fell more than expected, highlighting the impact of rising U.S. tariffs and subdued domestic demand. Markets also awaited key Chinese data later this week, including industrial output, retail sales, new yuan loans, and Q2 GDP. Meanwhile, U.S. futures dropped after President Trump threatened to impose a 30% tariff on imports from the EU and Mexico starting August 1. Early movers included Nio Inc. (9.9%), Geely Auto (2.4%), and Kuaishou Tech (2.1%).

Hong Kong Shares Inch Higher

Gold prices rose to around $3,360 per ounce on Monday, marking a fourth consecutive session of gains, as President Donald Trump’s announcement of new tariffs drove investors toward the safety of bullion. In letters to the EU and Mexico, Trump set a 30% tariff for both and referred to their respective trade deficits with the US as a “major threat” to national security. This follows a broader set of tariff hikes unveiled last week, targeting more than 20 countries—including Japan, South Korea, Canada, and Brazil—as well as a 50% duty on copper imports. The new measures are set to take effect on August 1. Meanwhile, investors are closely watching a series of key US economic reports this week—including CPI, PPI, industrial production, and retail sales—for clearer signals on the Federal Reserve’s next interest rate decision.

Gold Edges Up as Trump Imposes New Tariffs

The benchmark KOSPI rose 0.38% to around 3,187 on Monday, recouping losses from the previous session and reaching multi-year highs, driven by gains in auto and financial firms. Market sentiment showed a modest recovery despite President Trump’s announcement of 30% tariffs on imports from the European Union and Mexico, set to take effect on August 1. On the domestic front, investor confidence was further supported by the completion of President Lee Jae-myung’s cabinet appointments, reinforcing expectations for policy clarity and increased fiscal support under the new administration. Leading gains among major stocks were Hyundai Motor (2.16%), SK Hynix (1.78%), KB Financial Group (0.85%), and Kia Corporation (0.10%).

South Korea Shares Rebound on Sector Gains

The New Zealand dollar fell to around $0.599 on Monday, approaching a three-week low and extending losses from the previous session, as sentiment weakened on fresh US tariff threats that reignited global trade war fears. President Trump announced a 30% tariff on EU and Mexican goods starting August 1 and warned of further levies on other nations while urging trade partners to resume talks. Domestically, the Reserve Bank held its cash rate at 3.25% last week, as expected, but signaled openness to a rate cut in August if conditions warrant. Markets are pricing in a 65% chance of a 25bps cut next month, with nearly even odds of a further reduction to 2.75%. The dovish tone follows persistently soft data, including continued contraction in New Zealand’s services sector in June amid weak consumer confidence, high living costs, and ongoing uncertainty. Traders also await Chinese trade data for clues on the impact of US tariffs and potential front-loading, given strong NZ-China trade ties.

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