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TradeTheNews.com Asian Market Update: AUD rallies on upgrade in FY14/15 CAPEX forecast; Japan retail sales slump as higher tax sets in - Source TradeTheNews.com

(JP) JAPAN APR RETAIL SALES M/M: -13.7% V -11.7%E; Y/Y: -4.4% V -3.3%E (biggest decline since Mar 2011) >- (AU) AUSTRALIA Q1 PRIVATE CAPITAL EXPENDITURE (CAPEX) Q/Q: -4.2% V -1.9%E (2nd quarterly decline) - (AU) AUSTRALIA APR HIA NEW HOME SALES M/M: 2.9% (4th consecutive rise) V 0.2% PRIOR - (BR) BRAZIL CENTRAL BANK (BDB): LEAVES SELIC TARGET RATE UNCHANGED AT 11.00%, AS EXPECTED (first pause since Apr 2013) - (PH) PHILIPPINES Q1 GDP Q/Q: 1.2% V 1.9%E; Y/Y: 5.7% V 6.4%E - (KR) SOUTH KOREA MAR CURRENT ACCOUNT BALANCE: $7.1B V $7.3B PRIOR; GOODS BALANCE: $10.6B V $8.0B PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.1%, S&P/ASX -0.1%, Kospi -0.1%, Shanghai Composite flat, Hang Seng +0.5%, Jun S&P500 +0.1% at 1,910, Aug gold -0.1% at $1,258, Jul crude oil +0.2% at $102.94/brl ***Highlights/Observations/Insights*** - Japan retail sales registered their biggest annual decline in over 3 years, as both m/m and y/y figures missed estimates. Note that this is the first reporting month of data since consumption tax went up to 8% from 5% on April 1st. - Also in Japan, a former BOJ dissenter and one of the more dovish board members Shirai said she was confident the central bank would achieve its inflation target, but also noted it could take more than 2 years under the current flexible targeting. She also noted that easing would continue after FY15/16 and cautioned that policymakers need to see the impact of next sales tax rise before judging if 2% inflation stable. Recall that up until the most recent BOJ decision, Shirai wanted the BOJ to express more concern over the pace of improvement in employment and income situation in its "Risks to Outlook" section of the statement. - Australia released its Q1 CAPEX data, and while the main figure missed estimates for the 2nd consecutive quarter of deceleration, AUD shot higher on upgrade in FY14/15 spending projections. Est2 for FY14/15 CapEx was raised to A$137.1B, which is still down -12.0% y/y but up from prior A$124.9B est #1. FY13/14 forecast was lowered to A$162.8B, flat y/y and down from A$167.1B Est #5. - Brazil Central Bank announced it was pausing its tightening campaign that started over a year ago. As expected, the BDB left its SELIC target rate at 11.0% in a unanimous decision, noting it was taking both the macroeconomic situation and inflation outlook into account. ***Speakers/Political/In the Papers*** - (CN) China regulators said to have requested banks conduct stress test - Chinese press - (KR) South Korea state-run think tank Korea Development Institute (KDI): Lowers 2014 GDP forecast to 3.7% vs 3.9% prior - Korean press - (JP) BOJ's Shirai: Sees 2% inflation with no major burden on businesses, households; Positive cycle of output, income, expenditure likely to continue in Japan ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.48T in 0.1% 2-yr notes, Avg Yield: 0.0860% v 0.089% prior; bid to cover: 6.2x v 5.90x prior - (JP) Japan investors bought net 90.5B in foreign bonds last week vs bought net 1.41T prior week; Foreign Investors bought net 32.6B in Japan stocks last week vs sold net 97.0B in prior week - (CN) PBoC to drain CNY10B in 28-day repos (29th consecutive drain); Injects net CNY20B this week v injected CNY120B prior (3rd consecutive week of net injection) >- (US) API PETROLEUM INVENTORIES: CRUDE: +3.49M (largest build since April 15th) v 0e, GASOLINE: -1.44M v 0e, DISTILLATE: +820K v +0.5Me - USD/CNY: (CN) PBoC sets yuan mid point at 6.1705 (weakest setting since Sept 6th) v 6.1694 prior setting - AUD/USD is the most notable mover among the USD majors after the FY14/15 CAPEX upgrade from Australia that potentially bodes well for a strong Q1 GDP on tap for next week. AUD/USD initially fell 20pips on weaker than expected Q1 print to a low of $0.9210 before rising above $0.9280 session high. NZD/USD consolidated its outsized decline overnight, remaining supported above $0.8470. GBP/USD recovered some lost ground to trade above $1.6720, above 30pips higher from the lows of the late US session. ***Equities*** US markets: - PANW: Reports Q3 $0.11 v $0.10e, R$151M v $146Me; +11.0% afterhours - AAPL: Confirms acquisition of Beats Music for $3B in cash and stock; +0.1% afterhours - GMAN: Reports Q1 -$0.04 (incl items) v $0.02e, R$143M v $142Me; -15.4% afterhours - TLYS: Reports Q1 $0.02 v $0.02e, R$111.1M v $115Me; -23.4% afterhours - MSFT: Said to be in discussion with Salesforce on cloud partnership - financial press Notable movers by sector: - Consumer Discretionary: Shiseido 4911.JP +2.4% (new products) - Healthcare: Jointown Pharmaceutical 600998.CN +7.6%, China National Medicines 600511.CN +0.9% (China FDA may allow online sales) - Technology: Inotera Memories Inc 3474.TW +5.6% (guidance); Kingsoft Corp 3888.HK -8.7% (Q1 results); Inspur Electronic Information Industry 000977.CN +6.0% (new campaign) - Industrials: Kawasaki Heavy Industries 7012.JP +0.9% (investment plans) - Materials: Toll Holdings TOL.AU +4.6% (FY14 guidance); Kentor Gold KGL.AU +8.4% (resource update); Sojitz 2768.JP +1.9% (expansion plans) - Energy: Origin Energy ORG.AU +1.7% (production update) - Source TradeTheNews.com

 

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