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Thursday February 27, 2014 - 05:41:39 GMT
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| | Email Asian Market Update: Qantas shares shaken by H1 turbulence; Australia Q4 CAPEX falls, FY decline set to accelerate - Source

- (BR) BRAZIL CENTRAL BANK (BCB) RAISES SELIC TARGET RATE BY 25 BPS TO 10.75% (AS EXPECTED) >- (AU) AUSTRALIA Q4 PRIVATE CAPITAL EXPENDITURE Q/Q: -5.2% V -1.3%E (1st decline in 3 quarters) - (NZ) NEW ZEALAND JAN TRADE BALANCE (NZ$): 306M V 230ME (3rd straight month of trade surplus) - (NZ) NEW ZEALAND JAN NET MIGRATION: 3,090 V 2,900 PRIOR - (KR) SOUTH KOREA JAN CURRENT ACCOUNT BALANCE: $3.61B V $6.41B PRIOR; GOODS BALANCE: $3.32B V $5.69B PRIOR - (KR) South Korea final Jan Dept Store Sales y/y: 6.8% v -0.3% prior; Discount Store Sales y/y: +18.6% v -5.7% prior - (JP) Japan investors bought 598.8B (2nd week of net buys) in foreign bonds last week vs bought net 501.5B in prior week; Foreign Investors bought net 75.8B in Japan stocks v sold net 279.0B in prior week ***Highlights/Observations/Insights*** - Shares of Qantas are down sharply, falling nearly 9% after posting disappointing results. As expected, Australia's top airline announced 5K in job cuts and paid no dividend, as it tumbled to a loss of A$252M from a similar profit last year. Load factor was down 1.5pts, CAPEX for the next 2 years was cut by a A$1B, and some 50 aircraft deliveries are said to be cancelled or deferred. - China internet search engine is up over 8% in extended US session; BIDU beat on the top and bottom line, but also guided Q1 Rev much higher than expected. On the conference call, management was upbeat, forecasting accelerated revenue growth in 2014 and also noting progress from higher mobile investment. - Australia Q4 capex fell for the first time in 3 quarters, which also marked the biggest decline since Q3 of 2009. CAPEX in building/structures fell 3.5% q/q after a solid 6.3% rise in Q3, while investment in equipment was down by an even more stark 8.6% in Q4. Providing its first estimate for the current FY, Australia Stats Bureau expects an even larger decline of 17.4% y/y to A$124.9B. - AUD is the largest mover in an otherwise quiet FX market session, falling over 40pips on the CAPEX data below $0.8940. AUD/JPY also fell 40pips to 91.25, while AUD/NZD was down over 50 pips at NZ$1.0735, matching the lows in Dec, Jan, and 2-weeks ago. Separately, NZD was briefly boosted by January trade data that showed a third month of surplus. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.66T in 0.1% 2-yr notes, Avg Yield: 0.073% v 0.083% prior; bid to cover: 5.15x v 7.17x prior - (CN) PBoC to drain CNY60B in 14-day repos (4th consecutive drain); Drains net CNY160B this week v drained CNY108B prior (3rd week of net drain) >- USD/CNY: (CN) PBoC sets yuan mid point at 6.1224 v 6.1192 prior setting (weakest setting since Dec 5th) - SLV: iShares Silver Trust ETF daily holdings rise to 10,204 (highest since 10,208 on Dec 11th) tonnes from 10,159 tonnes prior (update) ***Speakers/Political/In the Papers*** - (CN) China Stats Bureau: Sees 2014 world economic growth accelerating - (CN) PBoC Director of Research Lu: sees China economy likely to be more volatile in 2014 - Chinese press - (JP) Japan, US to raise topic of China air zone at next UN meeting - Japanese press - (JP) Japan PM Abe: TransPacific Partnership (TPP) negotiations in final stages - addressing parliament - (KR) Bank of Korea (BOK) official: sees $55B current account surplus achievable for 2014 - financial press - (KR) Former South Korea Fin Min Sakong: BOK has room for rates cut to support economic growth - financial press - (US) Fed's Pianalto (FOMC voter, moderate): Bond buying generally eased financial conditions and borrowing costs - (UR) Moody's: External support for Ukraine seen difficult to implement ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +0.2%, S&P/ASX -0.5%, Kospi +0.1%, Shanghai Composite +0.6%, Hang Seng +0.9%, Mar S&P500 +0.2% at 1,845, Apr gold -0.1% at $1,327, Apr crude oil -0.3% at $102.31/brl US markets: - JCP: Reports Q4 -$0.68 v -$0.87e, R$3.78B v $3.87Be; +13.6% afterhours - BIDU: Reports Q4 $1.39(adj) v $1.38e, R$1.57B v $1.42Be; +8.2% afterhours - TROX: Reports Q4 -$0.42 v -$0.31e, R$436M v $437Me; +6.0% afterhours - ADSK: Reports Q4 $0.40 v $0.34e, R$586.6M v $572Me; +4.9% afterhours - AR: Reports Q4 $0.28 adj v $0.26e, R$480M (Non-GAAP) v $326Me; +1.6% afterhours - VALE: Reports Q4 Net $3.21B v $1.87B y/y; Rev $13.6B v $12.5B y/y; +0.4% afterhours - ACO: Board approves improved merger agreement with Imerys at $42.75/shr in cash (vs $42.50/shr offer from MTX); flat afterhours - RIG: Reports Q4 $0.73 v $0.72e, R$2.33B v $2.36Be; -0.5% afterhours - NTRI: Reports Q4 $0.04 v $0.01e, R$69.9M v $66.8Me; -4.9% afterhours - BWC: Reports Q4 $0.52 v $0.57e, R$802.8M v $829Me; increases buyback program to $750M buyback program (19% of market cap); -5.9% afterhours Notable movers by sector: - Consumer Discretionary: Gohigh Data Networks Technology 000851.CN +2.9% (launches online lottery website); Qantas Airways QAN.AU -8.9% (H1 results); Seven Group Holdings SVW.AU -2.1% (H1 results); SJM Holdings 880.HK +1.8% (FY13 results) - Financials: Liu Chong Hing Investment 194.HK -6.6% (FY13 results) - Materials: Global Construction Services GCS.AU +7.5% (H1 results) - Energy: Xinjiang Goldwind Science & Technology 2208.HK +1.9% (prelim FY13 results) - Industrials: Shenzhen Auto Electric Power Plant 002227.CN +8.6% (prelim FY13 results); Transfield Services TSE.AU -10.9% (H1 results) - Technology: Beijing SuperMap Software 300036.CN +4.2% (prelim FY13 results); Neusoft Corp 600718.CN +10.0% (alliance with Alibaba); Liaoning Julong Financial Equipment Corp 300202.CN +3.1% (prelim FY13 results); Tokyo Electron 8035.JP +1.8% (speculation positive cash flow); Toshiba 6502.JP +1.1%, Canon 7751.JP +0.8% (semiconductor joint development plans) - Source


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