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Wednesday May 7, 2014 - 04:01:45 GMT
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| | Email Asian Market Update: RBNZ Gov Wheeler talks down NZD; Australia retail sales growth slows; Alibaba files IPO - Source

(CN) CHINA SERVICES APR PMI SERVICES: 51.4 V 51.9 PRIOR; COMPOSITE PMI: 49.5 (3rd consecutive contraction) V 49.3 PRIOR - (AU) AUSTRALIA MAR RETAIL SALES M/M: 0.1% V 0.4%E (8-month low), Q1 RETAIL SALES EX INFLATION Q/Q: 1.2% V 1.6%E - (AU) AUSTRALIA APR AIG PERFORMANCE OF CONSTRUCTION INDEX: 45.9 V 46.2 PRIOR (4th consecutive contraction) - (NZ) NEW ZEALAND Q1 AVERAGE HOURLY EARNINGS Q/Q: 0.7% V 1.0%E; PRIVATE WAGES EX-OVERTIME Q/Q: 0.3% V 0.5%E; PRIVATE WAGES INCL OVERTIME Q/Q: 0.3% (4-year low) V 0.5%E - (NZ) NEW ZEALAND Q1 UNEMPLOYMENT RATE: 6.0% V 5.8%E; EMPLOYMENT CHANGE Q/Q: 0.9% V 0.6%E; Y/Y: 3.7% V 3.4%E - (JP) JAPAN APR MARKIT PMI SERVICES: 46.4 V 52.2 PRIOR; PMI COMPOSITE: 46.3 (lowest since May 2011) V 52.8 PRIOR - (HK) HONG KONG APR HSBC PMI: 49.7 V 49.9 PRIOR - (UK) UK APR BRC SHOP PRICE INDEX Y/Y: -1.4% V -0.8%E (12th month of decline) Market Snapshot (as of 03:30 GMT): - Nikkei225 -2.3%, S&P/ASX -1.0%, Kospi -1.0%, Shanghai Composite -0.4%, Hang Seng -1.0%, Jun S&P500 flat at 1,863, Jun gold +0.3% at $1,312, Jun crude oil +0.6% at $100.07/brl ***Highlights/Observations/Insights*** - Nikkei225 is leading regional indices to the downside, falling 2.3% in the morning session in a catch-up sell-off after two days of holidays. Three consecutive sessions of JPY strength is also driving the sellers, sending the index to its 3-week low around 14,100. Apr 7-8th BOJ meeting minutes saw general agreement that consumer spending is resilient although some fluctuations exist due to sale tax hike, with domestic economy mostly in line with projections. - Remarks from RBNZ Gov Wheeler sent NZD/USD down about 40pips below the $0.87 handle. Wheeler noted that the strong NZD level is not sustainable and also foreshadowed downward pressure on dairy prices for the next 2-3 years. Note that earlier today the latest Fonterra auction saw prices fall for the 6th consecutive event. New Zealand employment data was also mixed, as unemployment rate remained at 6.0% despite the 0.9% q/q growth in employed as participation rate rose. - Alibaba formally filed a $1B placeholder IPO as speculated overnight. Reports indicating the company will likely raise $20B once it completes the IPO process. In the mean time, Alibaba's accompanying disclosure noted it had 136 mobile active users, 8M active sellers, 231M active buyers, and 11.3B active orders through the end of 2013. For 2013, Alibaba generated $6.5B in revenue. - Australia economic data was largely disappointing, with an 8-month low in retail sales growth and a 4th consecutive contraction in AiG construction PMI. AiG noted a solid upturn in apartment building activity overshadowed by a steeper rate of contraction in engineering construction and a decline in commercial construction. ANZ economists remain upbeat however, pointing to strong exports component in anticipating a solid Q1 GDP report. AUD/USD fell about 20pips to a session-low around $0.9330. - In notable Chinese press, former PBoC adviser Yu said CNY weakness will not last long, while CSRC announced another 32 IPO applications, bringing the total to 273 filings. China HSBC Services PMI slowed 0.5pts to 51.4, and resident economist remarked that "the service sector is still a relatively resilient part of the economy, but it is not expanding at a fast enough pace to offset the manufacturing slowdown." ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 250B in 1-3yr JGB, 250B in 3-5yr JGB and 170B in JGB with maturity over 10-yr - (AU) Australia MoF (AOFM) sells A$700M in 4.25% 2026 bonds; avg yield: 4.0050%; bid-to-cover: 4.88x - (KR) South Korea (MOF) sells 30-yr bonds at average yield of 3.775% - (KR) South Korea (MOF) sells 3-yr bonds; avg yield: 2.865%; bid-to -cover: 3.97x - (US) API PETROLEUM INVENTORIES: CRUDE: -1.82M (first draw in 5 weeks) v +1Me, GASOLINE: +2.45M v 0e, DISTILLATE: +763K v +1Me - SLV: iShares Silver Trust ETF daily holdings fall to 10,320 tonnes from 10,380 tonnes prior (first decline since Apr 29th) ***Equities*** US markets: - EA: Reports Q4 $0.48 adj v $0.10e, R$1.12B v $810Me; Raises FY14 guidance; Authorizes repurchase of up to $750M stock (8.5% of market cap); +15.9% afterhours - ARRS: Reports Q1 $0.47 v $0.45e, R$1.23B v $1.19Be; +10.9% afterhours - CZR: Announces Comprehensive Financing Plan; +7.8% afterhours - FSLR: Reports Q1 $1.10 v $0.50e, R$950M v $840Me; Exec: notes that Q2 EPS results to be significantly below consensus estimate (around $0.60e) due to timing of certain projects, but that indicates the strength of 2H 2014 [since FSLR just raised FY14 EPS guidance] - conf call; +4.1% afterhours - WPX: To Sell Certain Working Interests for $355M; +3.9% afterhours - XEC: To Acquire Cana-Woodford Assets for $497Ml to sell 50% stake in assets to Devon; +2.5% afterhours - ATVI: Reports Q1 $0.19 v $0.10e, R$772M v $689Me; +2.0% afterhours - MRO: Reports Q1 $0.88 v $0.72e, R$3.53B v $3.40Be; +1.6% afterhours - DIS: Reports Q2 $1.11 v $0.97e, R$11.7B v $11.2Be; +0.6% afterhours - GRPN: Reports Q1 -$0.01 v -$0.03e, R$757.6M v $734Me; -6.3% afterhours - FEYE: Reports Q1 -$0.53 v -$0.53e, R$74.0M v $71.6Me; Enters Agreement to acquire forensics co nPulse Technologies; No terms disclosed; -11.1% afterhours - GNC: Reports Q1 $0.75 v $0.76e, R$677.3M v $696Me; -11.4% afterhours - WFM: Reports Q2 $0.38 v $0.41e, R$3.32B v $3.35Be; Exec: Have taken some steps to lower prices at our stores; "Competition has accelerated" - conf call comments; 13.9% afterhours - ZU: Reports Q1 -$0.02 v $0.01e, R$238M v $232Me; -15.2% afterhours - DTLK: Reports Q1 $0.06 v $0.16e, R$139.5M v $155Me; -19.1% afterhours Notable movers by sector: - Consumer Discretionary: Giordano International 709.HK -% (H1 guidance) - Financials: Evergrande Real Estate 3333.HK -3.0% (Apr sales results); Financial Street Holdings 000402.CN +5.5% (controlling shareholder acquires stake on May 6th) - Industrials: Gem-Year Industrial 601002.CN +10.0%, Jinxi Axle 600495.CN +7.7%, China Railway Construction Corp 601186.CN +3.5%, CNR Corp 601299.CN +1.9%, CSR Corp 601766.CN +2.3% (China Premier Li in talks with Africa on high-speed railway) - Healthcare: Hangzhou Tigermed Consulting 300347.CN +2.8% (to acquire assets) - Source


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