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Tuesday April 23, 2013 - 06:58:53 GMT
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| | Email Asian Market Update: Shanghai Composite, AUD, metals tumble on weak China Flash PMI Manufacturing data***Economic Data*** - Source

(CN) CHINA APR HSBC FLASH MANUFACTURING PMI: 50.5 V 51.5E - (AU) AUSTRALIA FEB CONFERENCE BOARD LEADING INDEX: 0.3% V 0.1% PRIOR (8-month high) - (KR) South Korea Credit Finance Association (CREFIA): Credit card spending rose 5.6% y/y in Mar to KRW45.3T - Korean press ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.3% - S&P/ASX +0.9% - Kospi -0.6% - Shanghai Composite -1.9% >- Hang Seng -1.0% - June S&P500 -0.3% at 1,552 - Jun gold +0.4% at $1,427/oz - May Crude Oil +0.9% at $88.81/brl ***Observations/Insights*** Asian markets were mostly in negative territory as Asia's largest economy signaled it continues to face global headwinds. The Shanghai Composite extended declines following the release of preliminary April manufacturing data out of China. The HSBC flash PMI data fell to 50.5, less than the 51.5 expected, and below the 51.6 reported in last month. In addition, the sub-index of new export orders fell below the 50-point level to 48.6 suggesting demand for Chinese exporters remain weak. Regional indices traded lower across the board, even though Australia's S&P/ASX weathered the weak Chinese data the best, finding support at the technically significant 5,000 level and helped by strong corporate data. ***Currencies/Fixed Income/Commodities*** - (CN) China Banking Regulatory Commission (CBRC): CNY3.5T in LGFV (Local Government Financing Vehicle) loans could face repayment in the next three years - Chinese press - GLD: SPDR Gold Trust ETF daily holdings fall by 18.4 tons to 1,104.7 ton (lowest since 1,104.6 in Feb of 2010) - (CN) Vegetable prices across China's major cities are up 10% m/m as of Apr 20th - China Daily - Risk-off sentiment in the currency markets became particularly pronounced following the release of disappointing China HSBC flash manufacturing PMI. AUD and NZD were predictably the most hit to the benefit of USD and JPY, though European currencies also did not escape the selling flows. AUD/USD fell some 30 pips in the wake of the data and was down about 50 pips for the session around $1.0225. NZD/USD was also down nearly 50 pips from session's best levels, falling to $0.8380, as traders look ahead to tomorrow's RBNZ rate decision. USD/JPY also fell over 60pips in the 2 hours following the release of China PMI, already under pressure from disappointing existing US sales data in US hours and a technical failure at the pivotal 100 handle. On the crosses, AUD/JPY and NZD/JPY were down by over 100pips below 101 and 82.70 levels respectively at their lows, while EUR/JPY fell about 100 pips as well to 128.60. ***Speakers/Political/In the Papers*** - (JP) Japan PM Abe: Will seek to raise minimum wage - financial press - (JP) BoJ Gov Kuroda: Market expectations for price increases gradually changing; expects easing to have broad impact on Japan economy - (JP) Eight China vessels reported to have entered near disputed Senkaku Islands - Japanese press - (JP) Japan Econ Min Amari: JPY exchange rate reflects acknowledgement of Japan's policies from G20 >- (JP) S&P: Japan credit quality hinges on bold growth strategy - (CN) China Ministry of Industry and Information Technology (MIIT): China export situation does not look optimistic; industrial economy faces certain downward pressure - (KR) China's Chief of the General Staff General Fang Fenghui: China opposes North Korea's nuclear program; Wants to return to disarmament talks that include two Koreas, China, Russia, Japan and US - Shanghai Daily - (KR) South Korea Defense Ministry spokesman Kim: North Korea is ready to conduct a nuclear test at any time; has been ready since February - (KR) Ruling and opposition parties in South Korea's parliament said to have reached an agreement to raise official retirement age to 60 - Korean press - (KR) South Korea Ministry of Land, Transport and Maritime Affairs: Q1 international traffic rose 10% y/y to 12.5M passengers - Korean press - (IN) India Fin Min Chidambaram: Core and WPI inflation figures showing slowdown but have not eased - financial press ***Equities*** - NFLX: Reports Q1 $0.31 v $0.18e, R$1.02B v $1.01Be; +19.5% afterhours - ACE: Reports Q1 adj $2.17 v $1.93e, R$3.80B v $3.94Be; -0.3% afterhours - TXN: Reports Q1 $0.32 v $0.30e, R$2.89B v $2.87Be; +0.5% afterhours - RCII: Reports Q1 $0.80 v $0.85e, R$819.3M v $850Me; -6.6% afterhours - SWFT: Reports Q1 $0.21 (adj) v $0.17e, R$856.8M v $863Me; +6.8% afterhours - ILMN: Reports Q1 $0.46 v $0.38e, R$331M v $310Me; +7.3% afterhours - Wuliangye Yibin 000858.CN: Reports Q1 Net CNY3.6B v CNY3.1B y/y, Rev CNY8.7B v CNY8.2B y/y - VAH.AU: Australia Competition and Consumer Commission (ACCC) will not oppose proposed acquisition of 60% stake of Tiger Airways >- WPL.AU: To pay special dividend of $0.63/shr; to target dividend payout ratio of 80% underlying net - WES.AU: Reports Q3 coal production 2.27M tons, -15.2% q/q - Oki Electric 6703.JP: May Report FY12/13 Op profit of over 10B by several billion yen; Guides FY13/14 Op profit 22B - Nikkei News - Yamada Denki 9831.JP: Reports FY12/13 Net 22B v 34B y/y, Op Profit 33.0B v 57.3B y/y, Rev 1.70T, -7% y/y - All Nippon 9202.JP: May report FY12/13 Op profit 110B v 110B prior guidance - Nikkei News - Tosoh 4042.JP: Raises FY12 Net guidance to 16.0B from 8.0 prior, Op profit to 24B from 20B prior - Source 


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