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Thursday April 17, 2014 - 05:26:55 GMT
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| | Email Asian Market Update: High-profile Weibo IPO prices at bottom of range; China FDI slows further - Source

- (CN) CHINA MAR ACTUAL FOREIGN DIRECT INVESTMENT (FDI) YTD: 5.5% V 10.4% PRIOR (3-month low) >- (AU) AUSTRALIA Q1 NAB BUSINESS CONFIDENCE: 6 V 8 PRIOR - (AU) AUSTRALIA MAR RBA FX TRANSACTIONS MARKET (A$): 736M V 369M PRIOR - (AU) AUSTRALIA MAR NEW MOTOR VEHICLE SALES M/M: -0.3% V -0.1% PRIOR; Y/Y: -2.8% V -3.6% PRIOR - (NZ) NEW ZEALAND MAR ANZ JOB ADS M/M: 1.1% V 3.4% PRIOR (3rd consecutive rise) - (NZ) NEW ZEALAND APR ANZ CONSUMER CONFIDENCE INDEX: 133.5 V 132.0 PRIOR; M/M: +1.1% V -0.8% PRIOR (1st increase in 3 months) - (KR) SOUTH KOREA MAR PPI Y/Y: -0.5% V -0.9% PRIOR (18th consecutive decline) - (SG) SINGAPORE MAR ELECTRONIC EXPORTS Y/Y: -16.1% V -4.5%E; NON-OIL DOMESTIC EXPORTS M/M: -8.9% V -3.0%E; Y/Y: -6.6% V 0.5%E Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.4%, S&P/ASX +0.4%, Kospi -0.3%, Shanghai Composite -0.2%, Hang Seng +0.2%, Jun S&P500 -0.2% at 1,849, Jun gold -0.1% at $1,302, May crude oil +0.3% at $104.02/brl ***Highlights/Observations/Insights*** - IBM and Google are down over 3% in extended session after largely disappointing Q1 earnings results, as both missed substantially on the top line. Google saw a 26% y/y rise in paid clicks, but cost per click (the rate the advertisers pay when people click on post-search ads) fell 9%. IBM segment revenues saw declines in both hardware and technology services, even as software rose modestly. Sandisk is the big outperformer in extended session, beating on top and bottom lines and announcing it would accelerate repurchases in Q2. - China FDI slowed to a 3-month low on a YTD basis, reflecting further cooling in the economy. On y/y basis for March, FDI actually fell by 1.5% - its first decline in over a year. Investment from developing Asia continued to grow, however investment from Japan plummeted by 47%, while that from US and Europe were down 1.9% and 25% respectively. Following overnight announcement of a RRR cut for rural banks by China premier Li, analysts are skeptical the limited monetary stimulus would make much of a difference. Further comments from Premier Li today suggested the state council is remaining steadfast without a major initiative, reiterating policymakers will maintain fiscal and monetary policy stance unchanged. - Japan's primary pension fund GPIF head Ito said the body is working in adjusting portfolio changes toward more investment in stocks vs bonds as price levels change. Ito noted changes will likely be more felt in the next 2 months. Separately, BOJ Gov Kuroda reiterated easing to continue until 2% inflation stable, though he continued to forecast CPI likely remaining around 1.25% for some time, presumably as consumption levels adjust to higher sales tax. - Australia Q1 NAB Business Confidence fell slightly. NAB economist attributed the decline to elevated AUD, which he said would continue to impact competitiveness of some industries. He also noted AUD levels are eroding mining profit margins, with conditions particularly weak in wholesale, construction and mining. - Top Australia energy companies released their quarterly production figures. Woodside output was in line with output and more notably, the company had little to announce on the Leviathan project in Israel. Santos production was down slightly y/y, though the company also affirmed its FY forecast. - With the 4-party talks among Russia, Ukraine, US, and EU diplomats on Ukraine conflict starting in Geneva today, US officials have acknowledged that they do not have a high degree of confidence over any breakthrough. Talks are said to be expected to focus on a blueprint toward de-escalation, though US is already preparing additional sanctions if the situation remains unchanged after talks. Earlier, reports surfaced of a gunfire exchanged in Ukraine's southeast town of Mariupol after dozens of separatists reportedly confronted a local military base with gunfire and Molotov cocktails. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan's MoF sells 1.10T in 1.5% (1.5% prior) 20-year JGBs; Avg yield: 1.468% v 1.527% prior; bid-to-cover: 3.99x v 3.69x prior - (JP) Japan investors bought net 115.5B (1st net purchase in 4 weeks) in foreign bonds last week vs sold net 380.5B in prior week; Foreign Investors sold net 83.5B in Japan stocks v bought net 223.6B in prior week - (CN) PBoC to drain CNY95B in 28-day repos (18th consecutive drain); Drains net CNY41B this week v injected CNY55B prior - GLD: SPDR Gold Trust ETF daily holdings rise 8.4 tonnes to 798.4 tonnes (lowest since Feb 10th) ***Equities*** US markets: - SNDK: Reports Q1 $1.44 v $1.25e, R$1.51B v $1.50Be; Guides Q2 R$1.55-1.625B v $1.58Be; Affirms FY14 R$6.4-6.8B v $6.7Be; Raises FY14 gross margin 47-49% range (prior 45-48%); Expecting to increase share repurchases beginning in Q2 - conf call; +5.8% afterhours - URI: Reports Q1 $0.90 (adj) v $0.70e, R$1.18B v $1.17Be; +3.0% afterhours - AXP: Reports Q1 $1.33 v $1.30e, R$8.20B v $8.41Be; -0.6% afterhours - DHR: Reports Q1 $0.81 v $0.80e, R$4.66B v $4.68Be; CEO to retire; -1.6% afterhours - GOOG: Reports Q1 $6.27 v $6.32e, R$12.2B v $12.9Be; -3.2% afterhours - NSR: Reports Q1 $0.84 v $0.89e, R$229.9M v $232Me; -3.4% afterhours - IBM: Reports Q1 $2.54 v $2.54e, R$22.5B v $23.0Be; -4.2% afterhours - WB: Said to price 16.8M (planned to sell 20M ADS) ADS in IPO at $17/shr, lower end of $17-19/shr expected range Notable movers by sector: - Consumer Discretionary: Markor International Furniture 600337.CN +3.2% (FY13 results) - Financials: Huatai Securities 601688.CN +0.3% (FY13 results) - Materials: Stanley Fertilizer 002588.CN +1.9% (FY13 results); Doray Minerals DRM.AU +2.3% (Q1 production results); Mount Gibson Iron Ltd MGX.AU -1.8% (Q3 production results) - Energy: Woodside Petroleum Ltd WPL.AU +1.0% (Q1 production results); Santos STO.AU -0.2% (Q1 production results) - Industrials: NRW Holdings NWH.AU +3.6% (awarded contract) - Technology: Anhui USTC iFlytek 002230.CN +0.9% (Q1 results); Tencent 700.HK +1.2% (launches CandyCrush in China); Canon 7751.JP +2.0% (speculation on Q1 results) - Source


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