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Friday April 11, 2014 - 05:24:35 GMT
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TradeTheNews.com Asian Market Update: Nikkei225 falls to 6-month lows below 14K; China CPI recovers from 13-month lows - Source TradeTheNews.com

- (CN) CHINA MAR CONSUMER PRICE INDEX (CPI) Y/Y: 2.4% (1st rise in 6 months) V 2.4%E; M/M: -0.5% V 0.5% PRIOR >- (CN) CHINA MAR PRODUCER PRICE INDEX (PPI) Y/Y: -2.3% V -2.2%E PRIOR (25th month of decline; Biggest decline in 8 months) - (JP) JAPAN MAR DOMESTIC CGPI M/M: 0.0% V +0.1%E; Y/Y: 1.7% (9-month low) V 1.8%E - (JP) JAPAN MAR MONEY STOCK M2 Y/Y: 3.5% (10-month low) V 4.0%E; M3 Y/Y: 2.9% V 3.2%E - (NZ) NEW ZEALAND MAR FOOD PRICES M/M: -0.3% V -1.0% PRIOR (2nd straight decline) - (NZ) NEW ZEALAND MAR HOUSE PRICE INDEX: 3,965 V 3,835 PRIOR; HOUSE SALES Y/Y: -10.0% V -7.6% PRIOR - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.00%; AS EXPECTED Market Snapshot (as of 03:30 GMT): - Nikkei225 -2.3%, S&P/ASX -1.0%, Kospi -0.8%, Shanghai Composite -0.5%, Hang Seng -0.8%, Jun S&P500 +0.1% at 1,829, Jun gold flat at $1,320, May crude oil -0.2% at $103.23/brl ***Highlights/Observations/Insights*** - Asian equity indices are tracking a broad selloff on Wall Street, where the gains over the prior two session were swiftly erased on Thursday. Nikkei225 is the biggest decliner, falling over 2% below 14,000 mark amid continued JPY strength. This is a 6-month low for the Japanese index, and for the year, Nikkei225 is now down a whopping 15%. - Bank of Japan released the minutes of its March meeting when it cut its assessment of exports but raised output and capex. The minutes showed that members agreed easy policy is working steadily, prices are moving in line with forecasts, and weakness in exports would be temporary. Economic data from Japan continued to show modest deterioration, most notably with corporate goods price growth slowing to a 9-month low. - China released mixed inflation figures for the month of March. CPI was in line with consensus at 2.4%, arresting a decline of 5 consecutive months and quelling concerns over consumer inflation after last month's figure fell to a 13-month low of 2.0%. PPI remained in negative territory for 25th consecutive month, which should keep investors unnerved over the possibility of wholesale deflation feeding into retail trends. We should also note that Feb-Mar period saw an abrupt reversal in CNY strength, potentially helping on the inflation front. - In Australia, Bank of Queensland reported H1 net profit down 34% y/y at A$134.7M and Rev rose 8%. Shares were halted in Sydney after BOQ also announced $400M acquisition of Investec Bank (Australia) Limiteds Specialist Finance and Leasing Businesses. - The focus in the US earnings season shifts toward financials on Friday, with JPMorgan and Wells Fargo on tap to report Q1 results. ***Fixed Income/Commodities/Currencies*** - (CN) China MOF fails to sell 1-yr Bonds - financial press - JGB: (JP) Japan MoF sells 636.8B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.696% v 1.635% prior; Bid to cover: 2.93x v 4.28x prior - (AU) Australia MoF (AOFM) sells A$700M in 5.75% 2021 Bonds; avg yield: 3.6982%; bid-to-cover: 4.08x - GLD: SPDR Gold Trust ETF daily holdings fall 0.3 tonnes to 806.2 tonnes (lowest since 805.2 on Mar 7th) - (TR) MOODY'S REVISED TURKEY OUTLOOK TO NEGATIVE FROM STABLE; REAFFIRMS SOVEREIGN RATING AT BAA3 - (US) Weekly Fed Balance Sheet Total Assets Week ending April 9th: $4.24T v $4.24T prior; Reserve Bank Credit: $4.20T v $4.19T prior; M1: +$20.1B (first rise in 4 weeks) v -$15.7B prior; M2: -$37.0B (biggest decline in a year, first decline in 4 weeks) v +$20.0B prior; M1 and M2 percent change at seasonally adjusted annual rates for the comparable week in 2013: M1 y/y change: 9.1% (6-week low) v 9.2% w/w; M2 y/y change: 5.4% (11-week low) v 6.2% w/w ***Equities*** US markets: - HRB: Reaches Definitive Agreement to Divest Its Bank; sees ongoing dilution of $0.07-0.09/year; +7.3% afterhours - APP: Reports Mar SSS -5.0%, cites Easter holiday shift & halts further monthly metrics; +6.1% afterhours - LSG: Reports prelim Q1 Cash Operating Costs of $630/oz; +1.4% afterhours - VISN: Announces strategic partnership with China Unicom to establish wifi service network; +1.2% afterhours - GPS: Reports March SSS -6% v -4.0%e; reaffirms guidance; -2.7% afterhours - YGE: Lowers Q1 PV module shipment guidance; Shipments to fall by low thirties percent q/q vs prior guidance of mid-twenties decrease; -4.8% afterhours - AVD: Guides Q1 EPS "zero to a few cents/shr", Rev to be down 33% y/y (prior down 20% y/y); -10.5% afterhours Notable movers by sector: - Consumer Discretionary: Coca-Cola Amatil CCL.AU -13.9% (trading update); FamilyMart 8028.JP -0.7% (FY13/14 results); Fast Retailing 9983.JP -8.0% (H1 results); Lawson 2651.JP +1.2% (FY13/14 results); Ryohin Keikaku 7453.JP +7.4% (FY13/14 results); Chiyoda 8185.JP +5.5% (FY13/14 results) - Financials: Bank of Queensland BOQ.AU halted (H1 results); CITIC Securities 6030.HK -3.6% (approved for China REIT listing) - Industrials: BYD Company 1211.HK -3.1% (Mar sales volume) - Technology: Seiko Epson Corp 6724.JP -4.9% (press speculation on FY13/14 earnings); Acer 2353.TW -1.8% (March results); Pegatron Corp 4938.TW -1.1% (Mar results) - Source TradeTheNews.com

 

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