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Wednesday April 30, 2014 - 05:16:44 GMT
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| | Email Asian Market Update: BOJ unanimous in keeping policy unchanged, market awaits outlook on growth/inflation; Japan wage inflation accelerates while manufacturing slum - Source TradeThe

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T (AS EXPECTED) - (JP) JAPAN MAR LABOR CASH EARNINGS Y/Y: 0.7% V 0.1%E (two years high) - (JP) JAPAN APR MARKIT/JMMA MANUFACTURING PMI: 49.4 V 53.9 PRIOR (1st contraction in 14 months) - (JP) JAPAN MAR VEHICLE PRODUCTION Y/Y: 14.0% V 7.1% PRIOR - (JP) JAPAN MAR PRELIM INDUSTRIAL PRODUCTION M/M: 0.3% V 0.5%E, Y/Y: 7.0% V 7.2%E - (AU) AUSTRALIA MAR PRIVATE SECTOR CREDIT M/M: 0.4% V 0.4%E; Y/Y: 4.4% V 4.5%E - (NZ) NEW ZEALAND MAR MONEY SUPPLY M3 Y/Y: 5.0% V 6.9% PRIOR - (NZ) NEW ZEALAND APR ANZ ACTIVITY OUTLOOK: 52.5 V 58.2 PRIOR; ANZ BUSINESS CONFIDENCE: 64.8 V 67.3 PRIOR - (NZ) NEW ZEALAND MAR BUILDING PERMITS (incl apartments) M/M: 8.3% V 2.0%E - (KR) SOUTH KOREA MAR INDUSTRIAL PRODUCTION M/M: 0.9% V 1.0%E; Y/Y: 2.7% V 3.7%E - (KR) SOUTH KOREA MAR CYCLICAL LEADING INDEX CHANGE Y/Y: -0.3% V -0.1% PRIOR - (KR) SOUTH KOREA MAY MANUFACTURING BUSINESS SURVEY: 86 V 86 PRIOR; NON-MANUFACTURING SURVEY: 74 V 73 PRIOR - (SG) SINGAPORE MAR MONEY SUPPLY M1 Y/Y: 6.9% V 7.8% PRIOR; M2 Y/Y: 2.0% V 2.4% PRIOR - (SG) SINGAPORE MAR CREDIT CARD BAD DEBTS: 21.8M V 19.8M PRIOR; CREDIT CARD BILLINGS: 3.7B V 3.1B PRIOR - (SG) SINGAPORE Q1 PRELIM UNEMPLOYMENT RATE: 2.1% V 1.8%E - (TW) TAIWAN Q1 PRELIM GDP Y/Y: 3.0% V 3.0%E Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.2%, S&P/ASX -0.1%, Kospi +0.1%, Shanghai Composite +0.1%, Hang Seng -1.1%, Jun S&P500 -0.1% at 1,869, Jun gold -0.2% at $1,294, Jun crude oil -0.8% at $100.47/brl ***Highlights/Observations/Insights*** - Top-tier names reporting results after the close of the US trading session are all trading down, boding poorly for "momentum stocks" ahead of the Wednesday open. Arguably the most high-profile company to post Q1 was Twitter, falling over 11% afterhours despite doubling its revenue and also raising its guidance for FY revenue. Investors were largely disappointed with the 25% user growth despite the upbeat management commentary, sending shares below its all-time lows around $38/shr. eBay beat on top and bottom line but booked a $6B charge and also guided Q2 EPS below consensus. Seagate is down modestly in extended session as revenue missed marginally, while the conference call guidance of at least $3.30B v $3.37Be was seen as somewhat conservative. - A broad set of economic data from Japan painted a mixed picture going into the crucial BOJ update on inflation and growth projections and subsequent commentary by Gov Kuroda after Tokyo close. Labor cash earnings - a closely covered gauge of consumer "cost-push" inflation intended to lead to higher salaries - finally accelerated at a 2-year high rate, giving cabinet officials the strongest evidence of a "virtuous cycle" engineered by the ultra-aggressive Abenomics policies. The more recent Markit manufacturing PMI figure for April disappointed however, falling into its 1st contraction in over a year. Both Output and New Export Orders subindices were also in contraction, with some of the slowdown likely anticipated by the higher sales tax. - BOJ policy decision contained no update on economic assessment or accompanying statement, which is typical on the day when the central bank announces its Semiannual Outlook for Economic Activity and Prices. In another unanimous decision, BOJ maintained its annual pace of monetary base increase at 60-70T. - A report from China Academy of Social Sciences offered a more cautious forecast for 2014 GDP of 7.4% than the official govt and the most recent IMF target of 7.5%. A separate note from CASS researcher warned growth could slow to as low as 7.0%. Also of note, Xinhua press citing vice premier Ma reported policymakers may struggle to complete rail construction goal in 2014. ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$700M in 3.25% 2025 Bonds; avg yield: 4.0311%; bid-to-cover: 4.87x - SLV: iShares Silver Trust ETF daily holdings fall to 10,178 from 10,282 tonnes (first decline since Apr 2nd) - (US) API PETROLEUM INVENTORIES: CRUDE: +3M (4th consecutive build) v +2Me, GASOLINE: -50K v -0.5Me, DISTILLATE: +690K v +0.5Me - USD/CNY: (CN) PBoC sets yuan mid point at 6.1580 v 6.1556 prior setting (1st weaker CNY setting in 6sessions) ***Equities*** US markets: - RFMD: Reports Q4 $0.12 v $0.10e, R$256M v $251Me; +6.6% afterhours - CHRW: Reports Q1 $0.63 v $0.62e, R$3.14B v $3.20Be; +3.6% afterhours - FISV: Reports Q1 $0.82 v $0.74e, R$1.23B v $1.21Be; +3.1% afterhours - MAR: Reports Q1 $0.57 v $0.51e, R$3.29B v $3.29Be; 200K rooms in pipeline +35% y/y; +1.2% afterhours - RVBD: Reports Q1 $0.24 v $0.23e, R$266M v $265Me; -0.8% afterhours - STX: Reports Q3 $1.34 v $1.26e, R$3.41B v $3.42Be; Guides Q4 Rev at least $3.3B v $3.37Be; GM about 28.0% v 28.5% q/q; Unit demand to be down a few pts - conf call; -0.9% afterhours - X: Reports Q1 $0.34 v $0.34e, R$4.45B v $4.58Be; -2.1% afterhours - ACE: Reports Q1 $2.27 v $2.13e, R$3.97B v $4.14Be; -2.3% afterhours - EBAY: Reports Q1 $0.70 v $0.67e, R$4.26B v $4.22Be; takes charge to repatriate $6B in foreign earnings; -4.3% afterhours - PNRA: Reports Q1 $1.55 v $1.52e, R$605M v $601Me; -4.4% afterhours - ESRX: Reports Q1 $0.99 v $1.01e, R$23.7B v $23.5Be; -5.6% afterhours - USNA: Reports Q1 $1.15 v $1.31e, R$182.4M v $187Me; Share Repurchase Authorization increased to $200M (18% of market cap); -7.0% afterhours - TTS: Reports Q1 $0.09 v $0.12e, R$64.4M v $68.0Me; -7.1% afterhours - TWTR: Reports Q1 $0.00 v -$0.03e, R$250M v $237Me; -11.2% afterhours - VPRT: Reports Q2 $0.24 v $0.59e, R$286.2M v $310Me; -15.8% afterhours - AUXL: Cuts FY14 Net guidance to loss $15M to flat vs $45-50M prior, cuts Rev guidance to $380-420M v $483Me ($450-490M prior); -21.6% afterhours Notable movers by sector: - Consumer staples: Woolworths Ltd WOW.AU -2.4% (Q3 results); Inner Mongolia Yili Industrial Group 600887.CN +6.2% (FY13 results) - Consumer discretionary: Alps Electric 6770.JP +4.4% (FY13/14 results) - Financials: China CITIC Bank 998.HK -1.7% (Q1 results); CITIC Securities 6030.HK -1.7% (Q1 results); ICBC 1398.HK -1.3% (Q1 results); Bank of Communication 3328.HK -1.4% (Q1 results); Shanghai Pudong Development Bank 600000.CN +0.8% (plans to issue preferred shares) - Materials: Aluminum Corp of China 2600.HK -1.7% (Q1 results); Shandong Chenming Paper Holdings 1812.HK -5.8% (Q1 results); Nippon Steel & Sumitomo Metal Corp 5401.JP +1.1% (speculation on FY13/14 results); Tokuyama 4043.JP -2.8% (FY13/14 results); Sanyo Chemical 4471.JP -2.8% (FY13/14 results) - Energy: China Oilfield Services 2883.HK -1.8% (Q1 results) - Technology: Alpine Electronics 6816.JP -5.7% (FY13/14 results) - Industrials: China State Construction Engineering 601668.CN +1.0% (Q1 results); China Railway Corp 390.HK -1.1% (Q1 results) - Healthcare: Shanghai Fosun Pharmaceutical 2196.HK +2.8% (Q1 results) - Utilities: Huadian Power International 1071.HK +3.2% (Q1 results) - Source


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