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Tuesday May 13, 2014 - 07:48:35 GMT
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Asian Market update Australia property sector growth slows . China weakens CNY despite visit from Lew

***Economic Data*** - (AU) AUSTRALIA Q1 HOUSE PRICE INDEX Q/Q: 1.7% (1-year low) V 3.0%E; Y/Y: 10.9% V 10.4%E > - (AU) AUSTRALIA MAR HOME LOANS M/M: -0.9% V +1.0%E; INVESTMENT LENDING: -0.8% V +4.4% PRIOR; OWNER-OCCUPIED LOAN VALUE: -1.2% V +1.8% PRIOR - (NZ) NEW ZEALAND APR FOOD PRICES M/M: +0.6% V -0.3% PRIOR (1st rise in 3 months) - (NZ) NEW ZEALAND APR ANZ TRUCKOMETER HEAVY M/M: +0.5% V -1.0% PRIOR - (JP) JAPAN APR MONEY STOCK M2 Y/Y: 3.4% V 3.4%E (one-year low); M3 Y/Y: 2.8% V 2.8%E - (UK) UK APR BRC SALES LFL Y/Y: 4.2% V 1.6%E (1st rise in three months; 3-year high) Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.7%, S&P/ASX +0.7%, Kospi +0.9%, Shanghai Composite flat, Hang Seng +0.2%, Jun S&P500 +0.1% at 1,894, Jun gold -0.2% at $1,293, Jun crude oil -0.1% at $100.54/brl ***Highlights/Observations/Insights*** - China markets are slightly more subdued after outsized gains overnight on reports of China State Council gradually relaxing FDI limits in listed companies. Economic data from China overnight were also mixed, with new Yuan loans missing estimates but M2 money supply growing above expectations. Investors await the release of the rest of April metrics - retail sales, industrial production, and FDI - later in today's session. In notable Chinese press, CSRC announced and additional 6 applicants for IPO, bringing the total pre-IPO disclosure filings to 319 since Apr 19th. On the currency front, PBoC once again set its Yuan midpoint at an 8-month low despite the impending visit from US Treasury Sec Lew, who is under increasing domestic pressure to take a more hard-line position on China's currency policy. - Slowing growth in property prices in Australia may continue to soothe RBA worries of overheating in the sector, with Q1 house price index slowing to a 1-year low. Mortgage lending also turned negative on the month for the first time in 3 months. JPMorgan economist noted there has been a "deceleration from the euphoria that we saw in the second half of last year" and the economy is undergoing a "slower pace of demand filter through to house prices." Also note that Australia will unveil its annual budget - one of the toughest in govt's recent history - later in today's session. - In M&A, shares of DTV were sharply higher afterhours after a press report suggested the company is in talks with AT&T over a $100/shr ($50B) deal. Separately, Pfizer was said to be looking to sweeten the cash component of its takeover bid for AstraZaneca and may present its new offer after UK parliamentary hearings. If rejected, Pfizer would reportedly consider a hostile takeover. - Shares of Rusal are up nearly 3% in Hong Kong despite reporting a Q1 loss of $169M v profit $49M y/y. Rev also fell to $2.12B v $2.68B y/y, but the company forecasted a 6% rise in global aluminum demand in 2014 to 55Mt. ***Fixed Income/Commodities/Currencies*** - (JP) Japan MoF sells 545.9B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.708% v 1.696% prior; Bid to cover: 4.62x v 2.93x prior - (CN) PBoC to drain CNY97B in 28-day repos (24th consecutive drain) > - GLD: SPDR Gold Trust ETF daily holdings fall 2.4 tonnes to 780.5 tonnes (lowest since Jan 2009) - USD/CNY: (CN) PBoC sets yuan mid point at 6.1636 v 6.1625 prior setting (weakest since Sept 9th 2013) ***Equities*** US markets: - RAX: Reports Q1 $0.18 v $0.12e, R$421M v $420Me; +13.3% afterhours - DTV: Reportedly deal with AT&T being discussed is around $100/shr which would vale the deal at $50B - financial press; +5.9% afterhours - MBI: Reports Q1 $1.32 v $0.84 y/y, R$577M v $219M y/y; +3.9% afterhours - CVG: Reports Q1 $0.32 v $0.29e, R$606M v $548Me; Raises quarterly dividend 17% to $0.07 from $0.06; +3.5% afterhours - MCK: Reports Q4 $2.55 v $2.38e, R$38.1B v $35.2Be; +3.3% afterhours - AZN: Pfizer said to be raising cash part of bid; may consider going hostile if offer fails - financial press; +1.4% afterhours - TELK: MabVax Therapeutics and Telik Sign Definitive Merger Agreement; -4.6% afterhours - RDEN: Reports Q3 -$0.84 v $0.02e, R$210.8M v $256Me; Hires Goldman to advise on strategic alternatives; -16.7% afterhours Notable movers by sector: - Financials: Ping An Insurance 2318.HK +1.0% (launches online financial product); Greentown China 3900.HK +2.3% (Apr sales results); Poly Property 119.HK +2.5% (Apr sales results) - Energy: Sinopec Shandong Taishan Petroleum 000554.CN +10.0%, Sinopec Shanghai Petrochemical 600688.CN +6.0% (PetroChina to sell Eastern Pipeline Co to public) - Industrials: Orica ORI.AU -5.4% (H1 results); China Resource Cement 1313.HK +2.7% (Q1 results); Shenzhen Auto Electric Power Plant 002227.CN +1.4%, BYD Corp 002594.CN +1.8% (China started construction of EV charging centers); Nissan Motor 7201.JP +4.5% (FY13/14 results); Isuzu Motors 7202.JP +5.7% (FY13/14 results); Mitsubishi Chemical Holdings 4188.JP +3.2% (plans to acquire Taiyo Nippon Sanso) - Technology: Square Enix Holdings 9684.JP +9.7% (analyst action); Sharp 6753.JP +5.4% (FY13 - Source


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