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Friday May 2, 2014 - 04:40:12 GMT
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| | Email Asian Market Update: Australia homes sales growth slows, wholesale inflation accelerates due to softer AUD***Economic Data*** - Source

- (AU) AUSTRALIA Q1 PPI Q/Q: 0.9% V 0.6%E; Y/Y: 2.5% V 2.2%E >- (AU) AUSTRALIA MAR HIA NEW HOME SALES M/M: 0.2% (3-month low) V 4.6% PRIOR - (JP) JAPAN APR MONETARY BASE Y/Y: 48.5% V 54.8% PRIOR - (JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: +7.2% V +2.0%E (multi-year high) >- (JP) JAPAN MAR JOBLESS RATE: 3.6% (matches 6-year low) V 3.6%E; JOB-TO-APPLICANT RATIO: 1.07 V 1.06E - (NZ) NEW ZEALAND APR ANZ COMMODITY PRICE M/M: -4.0% (biggest decline in 2 years) V -0.1% PRIOR - (KR) SOUTH KOREA APR HSBC MANUFACTURING PMI: 50.2 V 50.4 PRIOR - (TW) TAIWAN APR HSBC MANUFACTURING PMI: 52.3 V 52.7 PRIOR (weakest PMI since Sept 2013) - (VN) VIETNAM APR HSBC MANUFACTURING PMI: 53.1 (record high; 8 months of expansion) V 51.3 PRIOR - (ID) INDONESIA APR CPI M/M: 0.0% V 0.1%E; Y/Y: 7.3% V 7.3%E; CORE CPI: 4.7% V 4.7%E - (ID) INDONESIA MAR EXPORTS Y/Y: +1.2% V -1.1%E - (ID) INDONESIA APR HSBC MANUFACTURING PMI: 51.1 V 50.1 PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.2%, S&P/ASX +0.1%, Kospi -0.2%, Shanghai Composite closed, Hang Seng +0.6%, Jun S&P500 +0.1% at 1,878, Jun gold +0.1% at $1,284, Jun crude oil +0.1% at $99.47/brl ***Highlights/Observations/Insights*** - Australia is in the spotlight in terms of economic data for today's session that was otherwise marked by its typically low pre-NFP (non farm payrolls) volatility. HIA new home sales rose for the 3rd consecutive month but also at the lowest pace in 3 months. Australia's Q1 PPI - reported over a week after the lower than expected CPI - was surprisingly higher, but a closer look suggested the weaker AUD was responsible for much of the PPI gains. According to Australia Stats Bureau, price rise reflected an increase of 0.7% in the prices of domestically produced products and a increase of 2.7% for imported products. ASB said "the depreciation of the Australian dollar against major trading currencies contributed to this rise." - On the corporate front, Australia's Myer Holdings reported a 0.9% decline in Q3 revenues while LFL sales rose 0.2%. Macquarie Group posted slightly better than expected FY14 net profit and 330bp rise in ROE, however tier 1 ratio declined 10bps and loan impairment rose moderately. Shares of MYR fell over 2% and MQG was up slightly. - China Index Academy reported the average price of new residential properties across 100 major cities rising for the 23rd consecutive month but very marginally - April's 0.1% growth slowed from 0.4%. The academy noted the "growth in home prices, both monthly and annually, has narrowed for the fourth straight month in April, with the number of cities registering price increases falling notably... A couple of factors, including policy loosening in some cities and continuing tighter credit at commercial banks, further boosted a wait-and-see sentiment among some home seekers." Shanghai Composite remains closed for holiday until Monday. - Japan's Sony opened sharply lower after cutting its projections for the FY13/14 after close on Thursday. Unemployment rate in Japan remained steady in March at its 6-year low of 3.6%, prompting Chief Cabinet Sec Suga to remark that labor situation is steadily improving. Separately, local press indicated Japan govt will consider a corporate tax cut from FY15/16, in line with recent remarks from cabinet officials. - Entering the 2nd half of the Asian session, financial press reports surfaced of a "large-scale" attack by Ukraine military on the center of pro-Russian rebels stronghold town of Slaviansk. Gold and Yen pairs remained little changed on the reports. ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 110B in JGB with maturity below 1-yr, 400B in 5-10 yr JGB as well as 2.5T T-bills - (AU) Australia MoF (AOFM) sells A$700M in 5.25% 2019 Bonds; avg yield: 3.2795%; bid-to-cover: 5.08x - (JP) Japan investors bought net 70.8B in foreign bonds last week vs sold net 418.2B in prior week; Foreign Investors bought net 195.9B in Japan stocks v bought net 194.0B in prior week - GLD: SPDR Gold Trust ETF daily holdings fall 2.3 tonnes to 785.6 tonnes (lowest since Jan 2009) - (US) Weekly Fed Balance Sheet Total Assets Week ending April 30th: $4.30T v $4.30T prior; Reserve Bank Credit: $4.25T v $4.25T prior; M1: +$4.9B v +$28.3B prior; M2: -$25.8B v +$25.2B prior; M1 y/y change: 10.4% (6-month high) v 10.2% w/w; M2 y/y change: 6.1% v 6.1% w/w ***Equities*** US markets: - NTRI: Reports Q1 $0.01 v -$0.03e, R$122.2M v $121Me; +14.8% afterhours - SKUL: Reports Q1 -$0.12 v -$0.17e, R$39.1M v $39.2Me; +9.0% afterhours - AEM: Reports Q1 $0.61 adj v $0.25e, R$491.8M v $445Me; +5.3% afterhours - MCRS: Reports Q3 $0.72 v $0.66e, R$349M v $333Me; +4.1% afterhours - QLGC: Reports Q4 $0.24 v $0.22e, R$115.7M v $114Me; +3.4% afterhours - WYNN: Reports Q1 $2.32 v $2.11e, R$1.51B v $1.48Be; +2.5% afterhours - OUTR: Reports Q1 $1.27(adj) v $0.92e, R$600.4M v $585Me; +2.1% afterhours - AKAM: Reports Q1 $0.58 v $0.53e, R$454M v $440Me; Guides Q2 $0.53-0.57 v $0.53e, R$464-478M v $458Me - conf call; +1.5% afterhours - VRTX: Reports Q1 -$0.65 v -$0.70e, R$118M v $137Me; +1.4% afterhours - WU: Reports Q1 $0.37 v $0.35e, R$1.35B v $1.35Be; +1.0% afterhours - KRFT: Reports Q1 $0.85 v $0.78e, R$4.36B v $4.50Be; -0.7% afterhours - EXPE: Reports Q1 $0.16 v $0.13e, R$1.20B v $1.18Be; -2.5% afterhours - FLR: Reports Q1 $0.92 v $0.96e, R$5.38B v $6.55Be (unclear if comparable); -3.4% afterhours - LNKD: Reports Q1 $0.38 v $0.35e, R$473.2M v $468Me; Raises FY14 guidance; -4.4% afterhours - MTW: Reports Q1 $0.17 v $0.22e, R$850M v $920Me; -5.1% afterhours - OPEN: Reports Q1 $0.45 adj v $0.42e, R$53.8M v $54.4Me; -6.7% afterhours Notable movers by sector: - Consumer Discretionary: Wynn Macau 1128.HK +4.4% (Q1 results); Myer Holdings MYR.AU -2.3% (Q3 results) - Financials: Macquarie Group Limited MQG.AU +1.0% (FY14 results) - Industrials: China Railway Group 390.HK +9.3%, China Railway Construction Corp 1186.HK +7.2% (China Vice Premier comments on railway) - Technology: Sony Corp 6758.JP -1.5% (guides FY13/14) - Utilities: Oki Electric Industry 6703.JP +3.4% (speculation on FY13/14 results) - Telecom: China Mobile 941.HK -2.2%, China Unicom 762.HK -3.7%, China Telecom 728.HK -2.5% (China's pilot VAT program) - Source


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