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Chinese lenders, including Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd.
and Bank of China Ltd. will report earnings as the US-China trade war threatens to erode their margins. China may need more stimulus measures, including rate cuts, as the economy faces tariff risks, which could dim the margin outlook for these banks, according to Bloomberg Intelligence analysts Francis Chan and Nicholas Ng.
In the latest twist, US President Donald Trump appears to be softening his stance toward China. The Trump administration is considering reducing tariffs on Chinese imports, in some cases by more than half, in a bid to de-escalate tensions, the Wall Street Journal reported Wednesday. While Trump said his administration was talking with China on trade, Chinese officials have dismissed speculation that progress has been made in bilateral communications, a sign of ongoing disconnect between the two nations.
HSBC Holdings Plc and Standard Chartered Plc are also vulnerable to such risks, with BI saying almost 40% of their revenue would be impacted by declining regional trade volume. Highlights to look out for: Monday : Oriental Land’s (4661 JP) fourth-quarter operating profit is likely to surge 51%, consensus shows. Jefferies said that the Osaka Expo and the opening of Junglia in Okinawa, along with heat waves, may be risk factors for traffic heading into the summer.
The key focus will be the new midterm plan, which is expected to be released alongside the results. Its pricing strategy and capital allocation will be watched closely. Tuesday : Outlooks from Bank of China (3988 HK), ICBC (1398 HK), CCB (939 HK) and AgBank (1288 HK) will be closely watched as uncertainty from US tariffs may dim earnings.
HSBC’s (HSBA LN) commentary on rate sensitivity and outlook for trade-related income and tariff turbulence will be the focus, BI said. The lender is considering outsourcing part of its trading business to lift returns. China Vanke (2202 HK) 2025 contracted sales may drop by 30%, steeper than analysts’ forecast of a 15% decline, weighed by weakening buyer confidence and its shrinking supply pipeline, BI said.
Cosco Shipping (1919 HK) faces hefty levies to dock at US ports, a move aimed at bolstering the Western nation’s shipbuilding industry. The levy is in addition to broad-based tariffs on Chinese exports, and threatens to increase shipping costs by as much as 35%, according to BI. Preliminary first-quarter profit rose 73%, according to a filing.
GoTo (GOTO IJ) is expected to post a narrower net loss on lower expenses, consensus estimates show. A Grab-GoTo merger remains the talk of the town, Maybank said, adding that GoTo is already in a net-cash position of $1.4 billion and not exposed to major unprofitable assets.
Wednesday : Tokyo Electron’s (8035 JP) fourth-quarter operating profit likely rose 25%, consensus estimates show, and it probably beat its own guidance, BI said. That was helped by strong demand for its high bandwidth memory chip for artificial intelligence. Operating profit in fiscal 2026 will likely rise modestly from a high base in 2025, when China stocked up on chip tools ahead of export curbs, according to BI.
Thursday : No major earnings of note. Friday : Standard Chartered’s (STAN LN) quarterly adjusted pretax income likely rose 1.6%.
The lender’s Asia focus makes it vulnerable to the trade war, which threatens its revenue, BI said. Lending margins should narrow sequentially, in keeping with interest rate cuts. Also Read: US SEC chair Paul Atkins to attend crypto task force roundtable on April 25.
