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Thursday May 8, 2014 - 05:24:55 GMT
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| | Email Asian Market Update: China markets rally on strong trade data; Aussie hits 2-week high on another positive employment change - Source

(CN) CHINA APR TRADE BALANCE: $18.5B V $16.7BE; (3-month high) >- (AU) AUSTRALIA APR EMPLOYMENT CHANGE: +14.2K V +8.8KE; UNEMPLOYMENT RATE: 5.8% V 5.9%E - (NZ) NZ APR QV HOUSE PRICES Y/Y: 8.4% V 8.8% PRIOR - (JP) JAPAN APR TOKYO AVERAGE OFFICE VACANCIES: 6.6% V 6.7% PRIOR - (JP) Japan Mar Conference Board Leading Economic Index: 100.3; m/m: -0.3% v -0.2% prior - (SK) SOUTH KOREA APR FOREIGN RESERVES: $355.9B V $354.3B PRIOR - (KR) SOUTH KOREA MAR L M/M: 0.2% V 0.8% PRIOR/M2 MONEY SUPPLY M/M: 0.5% V 1.0% PRIOR - (UK) UK APR RICS HOUSE PRICE BALANCE: 54% V 55%E - (US) MAR CONSUMER CREDIT: +$17.53B (4-month high) V +$15.0BE Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.1%, S&P/ASX +0.8%, Kospi +0.2%, Shanghai Composite +1.2%, Hang Seng +0.7%, Jun S&P500 flat at 1,875, Jun gold +0.1% at $1,290, Jun crude oil +0.1% at $100.85/brl ***Highlights/Observations/Insights*** - Sentiment has brightened considerably earlier in the US session as the geopolitical standoff on Ukraine's eastern border appears to be abating. In China, improved April trade data also point at a recovery after a set of consistently disappointing prints over the past few months. Trade surplus hit a 3-month high, but more importantly, both imports and exports grew despite expectations of another month of y/y declines. Iron ore imports rose over 20%, while crude oil shipments rose double digits. Shanghai Composite is leading the regional indices, up over 1% above 2,030. - Aussie dollar is the most notable gainer among the USD majors, hitting 2-week highs above $0.9370. In addition to strong China data, AUD was also boosted by better than expected employment figures, with unemployment rate coming in below expectations and employment change topped consensus. All of the new jobs were in the full-time segment, and analysts also pointed to a slight decline in the adjusted "trend unemployment", supporting RBA's more upbeat on the labor sector statement earlier in the week. Also of note, ahead of next week's release of Australian budget, Treasurer Hockey said the "debt tax" on Australia's top earners will not have a large impact on business or consumer confidence. - In corporate developments, National Australia Bank was up nearly 1% after reporting H1 Net A$2.86B v A$2.52B y/y on Rev of A$9.20B, up 4.2% y/y. Tier1 ratio rose 40bps to 8.64%, and interim dividend was set 6.5% higher at A$0.99. Qantas announced corporate restructuring steps intended to save A$2B by FY17 and A$800M cost savings by FY15, with shares rising over 2% in the afternoon session. Toyota Motors FY13/14 results headline a busy afternoon of earnings after Tokyo close. ***Fixed Income/Commodities/Currencies*** - (JP) Japan MoF sells 2.19T in 0.6% (0.6% prior) 10-yr notes; Avg yield: 0.602% v 0.634% prior; Bid to cover: 3.54x v 4.76x prior - (CN) PBoC to drain CNY60B in 28-day repos (23rd consecutive drain); Drains net CNY60B this week v injected CNY91B prior - (NZ) New Zealand sells NZ$200M in 2030 Bonds; avg yield: 2.7980%; bid-to-cover: 2.825x ***Equities*** US markets: - SCTY: Reports Q1 -$0.26 v -$0.73e, R$63.5M v $51.9Me; +6.9% afterhours - SFM: Reports Q1 $0.22 v $0.20e, R$722.6M v $707Me; +6.8% afterhours >- GMCR: Reports Q2 $1.08 v $0.95e, R$1.10B v $1.05Be; +6.6% afterhours - Z: Reports Q1 +$0.02 v -$0.07e, R$66.2M v $63.4Me; Raises FY14 R$304-308M v $293Me (prior R$288-294M); Guides Q2 R$75.5-76.5M v $72Me - conf call; +3.6% afterhours - RIG: Reports Q1 $1.25 v $1.00e, R$2.34B v $2.25Be; +3.3% afterhours - CAR: Reports Q1 $0.16(ex items) v $0.08e, R$1.86B v $1.82Be; +2.5% afterhours - FOXA: Reports Q3 $0.47 v $0.35e, R$8.22B v $7.89Be; +2.4% afterhours - CTL: Reports Q1 $0.66 v $0.61e, R$4.54B v $4.47Be; +1.0% afterhours - PRU: Reports Q1 $2.40 v $2.27e, R$12.9B v $11.7Be; +0.6% afterhours - CZR: Reports Q1 -$2.82 v -$1.16e, R$2.10B v $2.22Be; -3.4% afterhours - MDR: Reports Q1 -$0.21 v -$0.12e, R$604M v $665Me; -5.3% afterhours - TSLA: Reports Q1 $0.12 v $0.08e, Non-GAAP R$713M v $693Me; -7.6% afterhours Notable movers by sector: - Consumer Discretionary: Qantas Airways QAN.AU +2.1% (releases restructure plan); Fast Retailing 9983.JP +2.4% (to open new stores); Jinling Hotel 601007.CN +2.2% (enters strategic alliance with Taobao) - Financials: National Australia Bank NAB.AU +0.9% (H1 results) - Energy: Nisshinbo Holdings 3105.JP +5.9% (FY13/14 results) - Industrials: Japan Steel Works 5631.JP -7.4% (FY13/14 results) - Technology: Nintendo 7974.JP -1.9% (FY13/14 results); Asustek Computer 2357.TW -6.9% (analyst action) - Telecom: Softbank 9984.JP -2.3% (FY13/14 results) - Source


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