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Thursday May 2, 2013 - 05:05:57 GMT
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| | Email Asian Market Update: Miss in China HSBC final manuf PMI, weak Australia building permits tip OIS probabilities in favor of RBA cut***Economic Data*** - Source

(CN) CHINA APR HSBC FINAL MANUFACTURING PMI: 50.4 V 50.5E >- (AU) AUSTRALIA MAR BUILDING APPROVALS M/M: -5.5% V +1.0%E (8-month low), Y/Y: 3.9% V 13.6%E - (AU) AUSTRALIA Q1 IMPORT PRICE INDEX Q/Q: 0.0% V -0.5%E; EXPORT PRICE INDEX Q/Q: 2.8% V 4.5%E - (KR) SOUTH KOREA APR HSBC MANUFACTURING PMI: 52.6 V 52.0 PRIOR (highest level since Mar 2011) - (JP) JAPAN APR MONETARY BASE Y/Y: 23.1% V 19.8% PRIOR (2-yr high) - (PH) PHILIPPINES MAR BUDGET BALANCE: (PHP): -35.2B V -11.7B PRIOR - (VN) VIETNAM APR HSBC MANUFACTURING PMI: 51.0 V 50.8 PRIOR - (TW) TAIWAN APR HSBC MANUFACTURING PMI: 50.7 V 51.2 PRIOR; Taiwan Apr Official Manufacturing PMI: 56.8 vs 62.4 prior - (NZ) NEW ZEALAND APR ANZ COMMODITY PRICE: 12.6% V 7.4% PRIOR (multi-year high) - (TH) THAILAND APR CONSUMER CONFIDENCE ECONOMIC: 73.9 V 75.0 PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.5% - S&P/ASX -0.6% - Kospi -0.3% - Shanghai Composite -0.1% - Hang Seng -0.3% - Jun S&P500 +0.3% at 1,582 - Jun gold +0.5% at $1,454/oz - Jun Crude Oil +0.1% at $91.11/brl ***Observations/Insights*** - Asian bourses were mostly in negative territory, as trading sentiment was pressured further by weak ADP payrolls in US hours and another weak manufacturing PMI print out of China. Revised HSBC data seems to have confirmed Chinese manufacturing growth has stalled, with a final print of 50.4 falling from the preliminary reading of 50.5, indicating second-half of April output continued to slow. HSBC's Chief Economist said that the slower growth of manufacturing activity in April confirmed a fragile growth recovery of the Chinese economy as external demand deteriorated and renewed destocking pressures built up. The data also revealed new export orders dipping below the 50-mark at 48.4 for the first time this year. Hong Kong's Hang Seng and the Shanghai Composite, returning from Labor Day holiday, extended their initial modest losses after the PMI figures. - In Australia, the number of home building permits for March fell sharply, further detracting from the view that lower rates have sufficiently stimulated activity in the housing sector. Building approvals declined 5.5% from the prior month. Swaps data are now pricing in about a 55% chance of a 25bps cut by the Reserve Bank of Australia (RBA) next week. The RBA board members has cut rates by 1.75% since November 2011 in an attempt to boost various sectors of the economy and have also remained steadfast in their view the persistently strong AUD is an impediment to Australia's export-driven economy. - In the currency markets, AUD/USD hit 1-week lowsbelow $1.0250 following the release of the building permits data but did not extend its decline after China PMI. A WSJ report with profiled some of the building AUD-bearish sentiment, with CFTC data showing AUD longs falling about 41% in prior month. USD/JPY remained support by the 97 handle, having bounced off the figure 4 times just in the past 24 hours. JPY did firm up briefly after Apr 4th BOJ meeting minutes revealed minority opinion cautioning against the perception the BOJ is monetizing Japan's debt. ***Fixed Income/Commodities*** - (CN) PBoC sets yuan mid point at 6.2082 v 6.1650 prior close (highest level since 2005 revaluation); leaves liquidity conditions unchanged this week - (JP) Japan BoJ offers to buy 600B in 5-10yr govt debt, 300B in debt with maturities over ten years - (AU) Australia MoF (AOFM) sells A$500M in Notes; Avg yield 2.7891%; Bid-to-cover 5.76x - (KR) South Korea state agency tenders to purchase addition 500 tons of copper - financial press - (NZ) BNZ FX strategist Jones: NZD may continue pullback after price fall in Fonterra auction - NZ press - GLD: SPDR Gold Trust ETF daily holdings fall by 3.3 tons to 1,075.2 ton lowest since 1,063.4 in Sept of 2009) ***Speakers/Political/In the Papers*** - (CN) China state researcher: China should carefully watch rising hidden bad loans - Chinese press >- (CN) China Academy of Social Sciences (CASS): Sees China 2013 GDP around 8% (7.5% official target) and inflation at 3.4% (3.5% official target) - Chinese press - (CN) China Apr home prices +1% m/m - - (CN) Beijing April used home sales -88% m/m - Chinese press - (CN) China Q2 GDP may rise about 8% from 7.7% in Q1; CPI seen around 2.3% - Chinese press citing the outlook in State Information Center - (AU) Swaps data now pricing in about a 55% chance of a 25bps RBA rate cut next week - financial press - (NZ) Westpac: Raises 2014 GDP forecast to 3.6% from 3.2% amid Canterbury rebuild - NZ press - (KR) South Korea Unification Ministry official: To provide KRW300B in emergency funds to Kaesong industrial zone - Korean press - (KR) South Korea top nuclear envoy travelling to China to discuss issues related to North Korea - Korean press - (HK) Hong Kong Monetary Authority (HKMA) Leaves Base Rate at 0.50% (as expected) - (CA) BOC Gov Carney: Central bank guidance requires clear policy frameworks; guidance can affect market rates; there is more momentum in domestic economy than BOC anticipated in Q1 ***Equities*** - FB: Reports Q1 $0.12 v $0.13e, R$1.46B v $1.45Be; +0.3% afterhours - LVS: Reports Q1 $0.72 v $0.66e, R$3.30B v $3.25Be; +0.9% afterhours - BRCD: Reports prelim Q2 $0.15-0.16 v $0.15e, R$536-541M v $564Me ($0.14-0.16, R$555-575M prior); -0.7% afterhours - CAR: Reports Q1 $0.08 v $0.01e, R$1.69B v $1.72Be; flat afterhours - MCO: Berkshire Hathaway sells over 6% of its stake, approx 1.75M shares; -0.6% afterhours - TSO: Reports Q1 $0.73 v $0.71e, R$8.16B v $7.17Be; -0.7% afterhours - ALL: Reports Q1 $1.47 v $1.32e, R$8.46B v $7.39Be; +0.5% afterhours - PRU: Reports Q1 $2.28 v $1.89e, R$11.8B v $12.5Be; +1.7% afterhours - V: Reports Q2 $1.92 v $1.81e, R$2.96B v $2.85Be; +2.1% afterhours - JDSU: Reports Q3 $0.10 v $0.11e, R$405.3M v $419Me; +2.5% afterhours >- YELP: Reports Q1 -$0.08 v -$0.05e, R$46.1M v $44.6Me; +11.7% afterhours - CBS: Reports Q1 $0.69 v $0.68e, R$4.04B v $4.04Be; +1.3% afterhours - STX: Reports Q3 $1.26 v $1.19e, R$3.53B v $3.39Be; +4.8% afterhours - Asahi Glass 5201.JP: May report Q1 op profit around 20B, -20% y/y - Nikkei News - Itochu 8001.JP: May report FY13/14 net profit around 290B, +4% from latest FY12/13 forecast - Nikkei News - Tokyo Steel 5423.JP: Exec: Public spending will raise the demand for steel; manufacturing to recover beginning in H2 - press - Sharp 6753.JP: Lenders said to be considering additional 100B of financing - financial press - Japan Airlines 9201.JP: Conducts 1st Boeing 787 Dreamliner test since issues involving batteries, grounding - Kyodo News - Eisai 4523.JP: Trial drug fights flu symptoms after 6 days of infection - Kyodo News - Panasonic PC: Sold about 100B in share holdings to boost cash reserves - Nikkei News - Mazda 7261.JP: Reports April US sales -7.5% y/y; to 19,864 units - Mitsubishi Motors 7211.JP: Reports April US sales -15% y/y - SK Telecom 017670.KR: Reports Q1 Net KRW345.9B v KRW327Be - Kia Motors 000270.KR: Reports April US sales flat y/y; to 47.6K units - Hyundai 005380.KR: Reports April US sales +2% y/y; to 63.3K units - GNC.AU: ADM confirms to acquire GrainCorp at A$12.20/shr or A$3.4B - AWE.AU: On target to achieve FY12/13 operational goals - Macquarie conference presentation - FCG.NZ: (NZ) Decline in dairy prices in Fonterra auction attributed to improved supply amid abating drought conditions - NZ press - Air China 753.HK: To increase Vancouver, BC-Bejing flights from 7 to 11/week on May 17th - financial press - DBS.SG: Reports Q1 Net S$950M v S$836Me, Rev S$2.32B v S$2.17B y/y - Source


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