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Tuesday May 6, 2014 - 04:44:17 GMT
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| | Email Asian Market Update: Australia trade surplus slows despite strong iron ore shipments; Markets await RBA statement - Source

(AU) AUSTRALIA MAR TRADE BALANCE (A$): 0.7B (4th consecutive month of surplus; 3-month low) V 1.0BE - (TW) TAIWAN APR CPI Y/Y: 1.7% V 1.5%E; WPI Y/Y: 0.1% V 0.7%E - (PH) PHILIPPINES APR CPI M/M: 0.4% V 0.3%E; Y/Y: 4.1% V 4.1%E; CORE CPI Y/Y: 2.9% V 2.9%E Market Snapshot (as of 03:30 GMT): - Nikkei225 closed, S&P/ASX +0.4%, Kospi closed, Shanghai Composite +0.2%, Hang Seng closed, Jun S&P500 +0.2% at 1,878, Jun gold flat at $1,309, Jun crude oil -0.1% at $99.43/brl ***Highlights/Observations/Insights*** - Asian trading volumes were largely subdued by bank holidays in Japan, Korea, and Hong Kong as well as generally trendless sentiment overnight on Wall Street. Australia is in the spotlight today, both in terms of economic data and earnings. March trade balance marked its 4th consecutive surplus, but at a 3-month low. Overall imports were flat and exports were down 2% on the month. Iron ore export components were most surprising, reaching A$7.38B v A$6.31B prior on value; On volume iron ore shipments rose 6% m/m, with 9% rise in exports to China and a 17% drop in shipments to Japan. Investors are also awaiting the latest RBA policy statement for any clues on whether the latest soft CPI data could tone down the recently more hawkish central bank rhetoric. - Australia's Leighton Holdings reported a 23.5% rise in net profit and a 5% increase in revenue. Leighton also affirmed FY14 net guidance, with CEO noting a good range of new project opportunities. David Jones posted a 4% rise in Q3 Revenue and a 2.4% increase in LFL sales. - Among the notable developments in China, CSRC was reported to have received an additional 30 applicants for IPO filings, bringing the total to 241 since Apr 19th. China Electricity Council was said to have guided H1 power consumption +6% y/y and 2014 growth at 7.0%. In the property space, city of Ningbo was reportedly considering an easing of its home purchase curbs. - Korean press cited BOK Gov Lee indicating the central bank will not adjust benchmark interest rates "unexpectedly", giving markets several months to prepare for higher rates through a series of statement signals. Separately, a survey of economists continues to project BOK maintaining rates unchanged in May for the 12th consecutive month. Korean Fin Min Hyun also expressed concern that consumption sentiment has deteriorated since the ferry disaster. ***Fixed Income/Commodities/Currencies*** - (CN) China to drain CNY60B in 28-day repos (22nd consecutive drain) - USD/CNY: (CN) China's State Administration of Foreign Exchange (SAFE) (fx regulator) official Guan: Yuan rise and depreciation are normal - Chinese press - USD majors remain contained to narrow ranges - EUR/USD is up about 10pips from the lows around $1.3880, USD/JPY is down some 15pips supported by 102 handle, while AUD/USD has quickly recovered from a softer than expected trade balance figure to regain the $0.9280 level, up about 10pips from opening lows. NZD/USD was the most notable mover, rising about 25pips to briefly test above the $0.87 handle - a 3 week high. ***Equities*** US markets: - PSMI: Reports Q1 -$0.24 (adj) v -$0.22e, R$41.3M v $34.3Me; +10.4% afterhours - PLOW: Reports Q1 $0.07 v -$0.02e, R$36.4M v $24.4Me; +9.6% afterhours - DATA: Reports Q1 -$0.01 v -$0.11e, R$74.6M v $62.9Me; +8.8% afterhours - AVGO: To join S&P 500 after the close of trading on May 7, replacing LSI which it is acquiring; +2.4% afterhours - APC: Reports Q1 -$5.30 (incl items) v $1.19e, R$5.84B v $3.99Be; +1.5% afterhours - CFN: Reports Q3 $0.60 v $0.63e, R$968M v $979Me; -1.2% afterhours - SMG: Reports Q2 $2.17 v $1.94e, R$1.08B v $1.08Be; -2.5% afterhours - AIG: Reports Q1 $1.21 v $1.08e, net premiums earned $8.23B v $8.56B y/y; -3.0% afterhours - ATHN: Greenlight's Einhorn: Betting against ATHN; stock is overpriced, could fall over 80% - Ira Sohn conf comments; -12.2% afterhours - AEIS: Reports Q1 $0.43 v $0.40e, R$140.9M v $142Me; -12.3% afterhours Notable movers by sector: - Materials: Lynas Corp Ltd LYC.AU -7.6% (plans A$10M in placement) - Industrials: Leighton Holdings LEI.AU +1.7% (Q1 results; Hochtief raises stake) - Technology: Beijing SuperMap Software 300036.CN +7.6%, Guangzhou Hi-Target Navigation Tech 300177.CN +2.4% (Tencent acquires stake in NavInfo); Zhejiang East Crystal Electronic 002199.CN +6.4%, Luxshare Precision Industry 002475.CN +5.2%, Suzhou Anjie Technology 002635.CN +6.0%, GoerTek Inc 002241.CN +5.4% (Apple closes above $600 for the first time since Nov 2012); HTC 2498.TW +2.7% (demand for HTC One M8 exceeds supply) - Telecom: China Unicom 600050.CN +1.9% (parent company to add stake) - Source


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