Asia Market Movers: Trump announced a trade agreement with South Korea earlier - recap ICYMI

Thursday, 31 Jul, 2025 News Trump announced a trade agreement with South Korea earlier - recap ICYMI 15% Tariff Deal Avoids Higher Rate: The U.S. will implement a 15% tariff on South Korean imports, sidestepping a potential 25% tariff that would have come into effect on August 1 without an agreement Central Banks PBOC is expected to set the USD/CNY reference rate at 7.2062 – Reuters estimate People's Bank of China USD/CNY reference rate is due around 0115 GMT. The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as Learn more Stock market update South Korea's KOSPI stock index jumps 0.65% higher after US trade deal South Korea's KOSPI stock index jumps 0.6+5% higher after US trade deal Hyundai motor +3% Earlier: Trump announces a trade deal with South Korea News Japan Preliminary June Industrial production +1.7% m/m (expected -0.6%) Japan Preliminary June Industrial production come in improved from May, a welcome development.  +4% y/y prior -2.4% +1.7% m/m expected -0.6%, prior -0.1% Still to come from Japan today: Economic News Japan June Retail sales +2.0% y/y (expected +1.8%) Japan June Retail sales come in much better than expected, a welcome development. The Bank of Japan will remain on hold today is the expectations (see links below for previews).  +1.0% m/m prior News Chinese state media says some deep seated & structural problems in trade talks with US Xinhua commentary on China-U.S. trade talks China is 100% sincere in the consultations Some deep-seated and structural problems in China-US economic and trade relations cannot be solved overnight Chin Central Banks RBA Dep Gov Hauser: Says the CPI data were very welcome Reserve Bank of Australia Deputy Governor Andrew Hauser CPI data were very welcome ( ICYMI, CPI lower ) Trimmed mean dead in line with our forecasts Full impact of tariffs is yet to come This will be Central Banks Reserve Bank of Australia Deputy Governor Andrew Hauser speaking coming up Fireside chat with Deputy Governor Andrew Hauser at the Barrenjoey Economic Forum, Sydney. Live link when it begins. Listening out for any hints of the August interest rate cut coming up from the Bank Learn more Central Banks PREVIEW - BOJ likely to hold steady, market too hawkish on October hike odds Bank of America anticipates the Bank of Japan will keep its policy rate unchanged at 0.5% when it concludes its 30–31 July meeting, warning that current market expectations for a near-term hike—partic

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