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TradeTheNews.com Asian Market Update: Equity indices broadly higher and Yen lower as China HSBC flash PMI sparks a rally - Source TradeTheNews.com

- (CN) CHINA MAY HSBC/MARKIT FLASH MANUFACTURING PMI: 49.7 V 48.3E (5-month high; 2nd consecutive sequential increase; 5th month of sub-50 contraction) >- (JP) JAPAN MAY MARKIT/JMMA MANUFACTURING PMI: 49.9 (2nd consecutive contraction) V 49.4 PRIOR - (AU) Australia May Consumer Inflation Expectation: 4.4% v 4.2% prior (3-year high) - (NZ) NEW ZEALAND Q2 TWO-YEAR INFLATION EXPECTATION: 2.36% V 2.33% PRIOR - (NZ) NEW ZEALAND APR ANZ JOB ADS: 2.6% (4th consecutive increase) V 1.2% PRIOR - (TW) TAIWAN APR UNEMPLOYMENT RATE: 4.0% V 4.1%E - (KR) SOUTH KOREA APR DEPT STORE SALES Y/Y: -1.4% V -1.1% PRIOR; DISCOUNT STORE SALES Y/Y: -4.1% V -3.7% PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.6%, S&P/ASX +1.2%, Kospi +0.6%, Shanghai Composite +0.4%, Hang Seng +0.8%, Jun S&P500 +0.2% at 1,888, Aug gold +0.4% at $1,293, Jul crude oil flat at $104.04/brl ***Highlights/Observations/Insights*** - Risk-on sentiment, already on display in a strong session of gains on Wall St, shifted into high gear following the release of stronger than expected China HSBC flash manufacturing PMI. Despite remaining in sub-50 contraction territory for the 5th straight month, the contraction was also the smallest in the set and marked a 2nd consecutive month of sequential improvement. New export orders and Output prices - critical PMI components for their indication of external demand and domestic inflation - marked a change of direction toward expansion. Employment component remained soft however, with contraction actually deteriorating further. HSBC economist said "employment index fell further to 47.3, which implies that this month's uptick in sentiment has not yet filtered through to the labour market", and also warned that "downside risks to growth remain, particularly as the property market continues to cool." Nikkei225 is leading the charge, boosted by softer Yen, as USD/JPY rose nearly 40pips above 101.70. - In other notable economic data, Australia consumer inflation expectations hit a 3-year high of 4.4% - well above the 2-3% RBA target range. AUD/USD rally was mostly evident after the China PMI, with the pair spiking some 50pips above 0.9270. NZD/USD was up 30pips from the lows just before China data above 0.8580. RBNZ's 2-year inflation forecast was raised to 2.36% from 2.33% and 1-year forecast to 2.08% v 2.03% prior. RBNZ also projected 1-year GDP at 3.3%, up from 3.2% prior, while the 2-year was affirmed at 2.9%. - Among key equity movers, Australia's James Hardie is up over 3% after the company doubled its profit in Q4. China's JD.com reportedly priced its IPO at $19/ADS, above the prospected range of $16-18, despite the weak results and moderate afterhours declines in shares of SINA and Weibo. ***Fixed Income/Commodities/Currencies*** - (JP) Japan investors bought net 1.41T in foreign bonds last week vs bought net 345.7B prior week; Foreign Investors sold net 97.0B in Japan stocks last week vs sold net 153.7B in prior week - (CN) PBoC to drain CNY30B in 28-day repos (27th consecutive drain); Injects net CNY120B v injected CNY44B prior (2nd consecutive injection, biggest injection since third week of Jan) - (NZ) New Zealand renews currency swap facility with PBoC for CNY25B - USD/CNY: (CN) PBoC sets yuan mid point at 6.1658 v 6.1645 prior setting (weakest setting since Sept 6th) - GLD: SPDR Gold Trust ETF daily holdings fall 3.3 tonnes to 776.9 tonnes (2nd consecutive decline; Lowest since Dec 2008) ***Equities*** US markets: - WSM: Reports Q1 $0.48 v $0.44e, R$974M v $943Me; +5.9% afterhours - NTAP: Reports Q4 $0.84 v $0.80e, R$1.65B v $1.67Be; Raises quarterly dividend 10% to $0.165/shr from $0.15/shr; +1.0% afterhours - ATVI: Announces Sale of 41.5M shares of Common Stock by Vivendi S.A. (5.8% of shares outstanding); -0.6% afterhours - SINA: Reports Q1 $0.15 v $0.04e, R$171.5M v $170Me (in line with prelim Q1 on 5/2); -4.4% afterhours >- WB: Reports Q1 -$0.03 v -$0.13 y/y, R$67.5M v $25.9M y/y; -6.2% afterhours - JD: Said to have priced 93.7M share IPO at $19.00/ADR vs $16.00-18.00 forecasted - financial press - DRI: Starboard said to launch proxy fight for entire Darden Restaurants Board - financial press Notable movers by sector: - Consumer Discretionary: Li & Fung Ltd 494.HK +3.0% (comments from CEO) - Energy: Kansai Electric Power 9503.JP -3.7% (court rules against restart of reactors); Oil Search Ltd OSH.AU +1.5% (press speculation on merger with Woodside); Woodside Petroleum Ltd WPL.AU +1.7% (positive outlook) - Industrials: Zhengzhou Yutong Bus 600066.CN -5.7% (announces acquisition; plans private placement); Inner Mongolia Hotision & Monsod Drought Resistance Greening 300355.CN +1.4% (awarded contract); James Hardie JHX.AU +3.5% (Q4 results) - Technology: Skyworth Digital 751.HK -6.9% (FY profit warning); Gree Electric Appliances 000651.CN +0.7% (optimistic comment from Chairwoman); Leishi International 300104.CN +3.7% (enters strategic alliance) - Utilities: Changchun Gas 600333.CN +10.0%, Shaanxi Provincial Natural Gas 002267.CN +10.0% (China and Russia signs deal on natural gas) - Source TradeTheNews.com

 

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Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
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