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Thursday April 3, 2014 - 04:53:09 GMT
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| | Email Asian Market Update: China non-manufacturing PMIs retreat, Australia retail sales growth slows***Economic Data*** - Source

(CN) CHINA MAR NON-MANUFACTURING PMI: 54.5 V 55.0 PRIOR >- (CN) CHINA MAR HSBC SERVICES PMI: 51.9 (highest reading since Nov 2013) V 51.0 PRIOR; COMPOSITE PMI: 49.3 V 49.8 PRIOR - (HK) HONG KONG MAR HSBC PMI: 49.9 V 53.3 PRIOR (lowest reading and first contraction since Aug 2013) - (AU) AUSTRALIA FEB TRADE BALANCE (A$): 1.2B (4th consecutive month of surplus) V 800ME >- (AU) AUSTRALIA FEB RETAIL SALES M/M: 0.2% V 0.3%E (7-month low) - (AU) AUSTRALIA MAR AIG PERFORMANCE OF SERVICES INDEX: 48.9 V 55.2 PRIOR (3-month low) - (JP) JAPAN MAR MARKIT PMI SERVICES: 52.2 (highest reading since Oct 2013) V 49.3 PRIOR; PMI COMPOSITE: 52.8 (15th consecutive month of expansion) V 52.0 PRIOR - (JP) Japan investors sold net 763.6B in foreign bonds last week (2nd straight week of net sales) vs sold net 395.5B in prior week; Foreign Investors sold net 515.5B in Japan stocks (net sellers for 3rd week) v sold net 191.0B in prior week - (KR) SOUTH KOREA MAR FOREIGN RESERVES: $354.3B V $351.8B PRIOR - (BR) BRAZIL CENTRAL BANK (BDB) RAISES SELIC TARGET RATE BY 25BPS TO 11.00%, AS EXPECTED Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.9%, S&P/ASX +0.2%, Kospi +0.3%, Shanghai Composite -0.2%, Hang Seng +0.4%, Jun S&P500 flat at 1,883, Jun gold +0.1% at $1,291, May crude oil -0.2% at $99.42/brl ***Highlights/Observations/Insights*** - Shanghai Composite has reversed from the higher open, as soft non-manufacturing PMI prints appear to overshadow the "targeted stimulus" announced by policymakers overnight. Rail names rallied after China Cabinet unveiled accelerated investment in the sector along with tax reduction for small companies. However the index retreated, as both HSBC Composite Services PMI and non-manufacturing official PMI fell 0.5pts in March. HSBC chief economist noted that "combined with the weaker manufacturing PMI reading, the underlying strength of the economy is softening... which should ultimately weigh on the labour market." - Softer growth in Australia retail sales drove AUD/USD down over 30pips below $0.9220, as modest 0.2% m/m increase marked a 7-month low. JPMorgan economists noted that while the drop-off is not disastrous, coming after several strong months, but the cautious spending does reflect a "soggy" labor market. Traders also shrugged a higher than expected trade surplus, with a look into the components showing a slowdown in exports to China to A$8.18B v A$8.39B prior and also a near-10% dro in shipments of coal. RBA Gov Stevens was similarly cautious in his remarks, indicating that despite some promising signs, the transition away from mining remains challenging. - Brazil raised rates for the 9th time in the current tightening cycle, meeting expectations of a 25bp hike to 11% but also removing a passage reflecting "continuity" in policy adjustment from its statement. - Chile experienced more strong aftershocks in the same region following last night's 8.2 quake - 7.4 and 7.7 - prompting more orders of evacuation of northeast parts of the country. May copper contract remained steady around $3.02, having erased much of the overnight gains. ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY50B in 14-day repos, CNY40B in 28-day repos (13th consecutive drain); drains net CNY62B this week v drained CNY98B prior (8th week of drain) - SLV: iShares Silver Trust ETF daily holdings fall to 10,208 tonnes from 10,212 tonnes prior ***Equities*** US markets: - GILD: Reports positive results from phase III study of Sofosbuvir among Hepatitis C patients in Japan; showed 97% response rate; +1.9% afterhours - CY: Guides Q1 Rev "to exceed the higher end" of previous guidance of $169-171M v $165Me; CFO Brad Buss to retire; +1.1% afterhours - ONNN: Acquires Truesense Imaging for $92M in cash; expects immediate accretion; +1.1% afterhours - CAH: To Acquire AccessClosure, a Leading US Manufacturer of Extravascular Closure Devices for $320M; -0.4% afterhours - JNPR: Determined to cease development of application delivery controller technology; To reduce global headcount by 6% - filing; -1.1% afterhours - CACI: Cuts FY14 $5.12-5.51 v $5.78e, Rev $3.5-3.6B v $3.69Be (previously guided $5.59-5.98, R$3.65-3.80B on 1/29), cites reduced and delayed government spending; -8.9% afterhours Notable movers by sector: - Consumer Discretionary: ABC-MART 2670.JP +2.2% (press speculation on FY13/14 results); Fonterra FCG.NZ +1.5% (announces partnership with Woolworths for Victoria) - Financials: Steadfast Group SDF.AU flat (acquires asset); Sealand Securities 000750.CN +5.6% (private placement plan); Yango Group 000671.CN -2.8% (FY13 results) - Industrials: Zhejiang East Crystal Electronic 002199.CN -4.6% (FY13 results); China Railway Construction Corp 1186.HK +8.9%, China Railway Group 390.HK +6.7%, CSR Corp 1766.HK +3.7% (China announces targeted stimulus) - Technology: Sharp Corp 6753.JP +2.8% (to increase LCD shipments to China) - Telecom: Coolpad Group 2369.HK +2.1% (comments from CFO) - Source


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