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Friday May 3, 2013 - 07:40:55 GMT
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| | Email Asian Market Update: Asian markets mixed with Japan closed; investors await US employment data***Economic Data*** - Source

- (CN) CHINA APR NON-MANUFACTURING PMI: 54.5 V 55.6 PRIOR (14th straight month of expansion) >- (AU) AUSTRALIA Q1 PRODUCER PRICE INDEX (PPI) Q/Q: 0.3% V 0.2%E; Y/Y: 1.6% V 1.6%E - (HK) HONG KONG APR PURCHASING MANAGERS INDEX (PMI): 49.9 V 50.5 PRIOR (first contraction in 7 months) - (AU) AUSTRALIA APR AIG PERFORMANCE OF SERVICE INDEX: 44.1 V 49.6 PRIOR (4-month low; 15th month of contraction) ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 closed - S&P/ASX +0.1% - Kospi +0.1% - Shanghai Composite +1.6% - Hang Seng +0.6% - Jun S&P500 flat at 1,592 - Jun gold +0.4% at $1,474/oz - Jun Crude Oil -0.2% at $93.81/brl ***Observations/Insights*** Asian bourses recovered from yesterday's losses following the release of better than expected US jobless claims data, and the European Central Bank's (ECB) decision to lower its benchmark rate to a record low. The ECB also stated that it was prepared to act on further cuts if needed. Australian stocks were initially trading higher led by financials as Westpac Banking Corp beat estimates with a 17% rise in full-year profits. The S&P/ASX 200 later pared earlier gains as bank stocks reversed following the initial excitement over corporate earnings. In other Asian markets, South Korea's Kospi was up around 0.1% with the aid of positive earnings results from telecom stocks. The Hong Kong Hang Seng Index was up 0.7%. Also Philippines markets rose by more than 1.5% after S&P raised its sovereign rating to BBB- from BB+. Markets in Japan were closed for a public holiday. ***Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings fall by 6.0 tons to 1,069.2 ton (lowest since 1,063.4 in Sept of 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 10,431 tons from 10,452 tons - (AU) Australia MoF (AOFM) sells A$600M in 5.5% 2018 Bonds; Avg yield 2.6835%; Bid-to-cover 4.48x - (HK) Hong Kong May Day holiday gold sales over 50% y/y - HK press - (JP) Japan Iron and Steel Federation: FY12/13 steel exports rose 9.5% y/y to 43.8M tons (5th consecutive increase) - Nikkei News ***Speakers/Political/In the Papers*** - (CN) China Index Academy: Average price of new residential properties across 100 major cities in April rose 1% m/m and 5.34% y/y to CNY10.1K - SCMP - (CN) People's Daily calling for China to control LGFV (Local Government Financing Vehicle) lending - (CN) China, Russia sovereign funds to double joint fund size to $4B - Chinese press - (CN) China said to complete the framework for urbanization plan by the end of H1 - Chinese press - (CN) Rise in Shanghai pre-owned housing index said to be slowing; Prices rose in 120 out of 130 Shanghai areas by an average of 1.71% m/m - Shanghai Daily - (CN) China Banking Regulatory Commission (CBRC): Will control the direction of investment by wealth management products to keep investments in line with macro/industrial policies - Shanghai Daily - (CN) Death toll from the outbreak of H7N9 virus in China reached 27; 55-year old man in Hunan province among the dead reported this week - press - (AU) According to one survey, only 2 out of 18 economists polled expect RBA to cut rates next week - financial press - (AU) Fitch: New code would boost Australia retail credit - (NZ) New Zealand real estate agency Barfoot & Thompson: Auckland Apr House Sales 1,062 v 1,430 prior - financial press - (KR) Bank of Korea (BOK) concerned the yen carry trade will expand - Korean press - (KR) South Korea state-run think tank Korea Development Institute (KDI): Home prices to recover starting in Q2 - financial press - (KR) South Korea Unification Ministry spokesperson: South Korea continues to be in discussions regarding Kaesong exit - (HK) Hong Kong Monetary Authority (HKMA) Chief Chan: Property market cooling down; Hong Kong household debt at record highs - financial press - (PH) S&P raises Philippines sovereign rating to BBB- (investment grade) from BB+; Outlook stable - (PH) Moody's: Sees Philippines growth, momentum strengthening; revenue performance starting to slow - (VN) Vietnam Financial Supervisory Commission: lending rates may fall about 2-3% - financial press - (CA) CANADA FIN MIN NAMES STEPHEN POLOZ AS NEW BOC GOVERNOR; EFFECTIVE JUNE 3 ***Equities*** - LNKD: Reports Q1 $0.45 v $0.30e, R$324.7M v $315Me; -10.2% afterhours >- KRFT: Reports Q1 $0.76 v $0.65e, R$4.55B v $4.49Be; +2.0% afterhours - CBI: Reports Q1 $0.82 v $0.71e, R$2.25B v $2.26Be; -1.2% afterhours - AIG: Reports Q1 $1.49 v $0.88e, Net Premiums Written $8.4B v $8.8B y/y; +2.4% afterhours - OPEN: Reports Q1 $0.45 v $0.43e, R$45.5M v $45.6Me; -1.7% afterhours - SWIR: Reports Q1 -$0.02 v -$0.06e, R$101.4M v $134Me; -2.4% afterhours - MFLX: Reports Q2 -$0.97 (unclear if comparable) v -$0.26e, R$173.7M v $174Me (only 3 est) - AVD: Reports Q1 $0.59 v $0.40e, R$121.5M v $108Me - ELX: Reports prelim Q3 $0.20 (includes $0.06 benefit) v $0.14e, R$116.8M v $116Me - TTMI: Reports Q1 $0.13 v $0.10e, R$325.4M v $324Me; flat afterhours - DOLE: Reports Q1 $0.12 ex items v $0.16e, R$1.05B v $1.23Be; -2.0% afterhours - WTW: Reports Q1 $0.87 v $0.63e, R$486.9M v $486Me; +11.3% afterhours - MYL: Reports Q1 $0.62 v $0.62e, R$1.63B v $1.72Be; -3.5% afterhours - GILD: Reports Q1 $0.48 v $0.49e, R$2.53B v $2.56Be; +0.2% afterhours - FLR: Reports Q1 $1.02 v $0.96e, R$7.19B v $6.88Be; flat afterhours - DRIV: Reports Q1 $0.33 v $0.20e, R$113.7M v $102Me; -3.3% afterhours - WBC.AU: Reports H1 Net A$3.304B v A$3.003B y/y, Cash profit A$3.525B v A$3.47Be; To pay special dividend - AGO.AU: Reiterates on track to meet FY13 shipping guidance of 7.4-7.7M tons - JBH.AU: Guides FY13 NPAT A$112-116M, Rev about A$3.3B; 4-month SSS +3% (guided NPAT A$108-112M, Rev A$3.25B on Feb 10th) - ABC.AU: Sees 2013 cement, clinker sales lower y/y; sees 2013 profits similar to 2012 - Macquarie investment presentation - MQG.AU: Reports FY13 Net A$851M v A$821Me - Samsung Electronics 005930.KR: Galaxy S4 smartphone wins security approval from Pentagon - Korean press - Hyundai Motor 005380.KR: Reports Apr sales: 407.7K units, +9.7% y/y - update - KT 030200.KR: Reports Q1 Net KRW212.6B v KRW263Be, Op profit KRW367.3B v KRW575B y/y, Rev KRW6.10T v KRW5.76T y/y - Sands China 1928.HK: Reports Q1 Net $452.9M v $277.4M y/y; R$2.02B v $1.45B y/y - Asahi Kasei 3407.JP: May report FY13/14 op profit around 130B v 90B FY12/13 forecast - Mitsubishi Chemical 4188.JP: May report FY13/14 op profit above 150B, +60% from the FY12/13 forecast - Nikkei News Related (UPDTE ) -


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