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Tuesday August 5, 2014 - 04:39:36 GMT
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| | Email Asian Market Update: China HSBC Services PMI hits record low; Australia posts another trade deficit - Source

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 -0.2%, S&P/ASX -0.3%, Kospi -0.4%, Shanghai Composite -0.4%, Hang Seng -0.1%, Sept S&P500 -0.1% at 1,930 ***Commodities/Fixed Income/Currencies*** - Dec gold +0.1% at $1,290, Sept crude oil +0.1% at $98.43/brl, Sept Copper -0.1% at $3.24/lb - GLD: SPDR Gold Trust ETF daily holdings fall 1.7 tonnes to 800.1 tonnes (lowest since July 10th) - SLV: iShares Silver Trust ETF daily holdings fall to 10,010 tonnes from 10,014 tonnes prior - JGB: (JP) Japan MoF sells 2.18T in 0.6% (0.6% prior) 10-yr notes; Avg yield: 0.522% v 0.562% prior; Bid to cover: 4.29x v 3.43x prior - (CN) PBoC to drain CNY30B in 14-day repos (3rd consecutive drain) ***Market Focal Points/Key Themes*** - Regional indices are modestly lower while SP500 futures are down 0.1% in thin afternoon trade. Early optimism that followed a rebound on Wall St has dissipated with the release of record-low HSBC services PMI figure from China. HSBC economist noted the "weakness in the headline number likely reflects the impact of the ongoing property slowdown in many cities as property related activity see less business... meanwhile, the employment and business sentiment indices remain stable." Separately, Chinese press speculated lending activity by China's top 4 banks in July would slow to CNY210B v CNY290B in June. - Australia trade deficit was slightly more narrow than expected but still marked its 3rd consecutive contraction. Exports to China rose nearly 4% and shipments of iron ore were up by nearly 5%, albeit from a downwardly revised volume for June. Today's RBA policy statement is not expected to contain many surprises. Analysts are unanimous in expectation for another rate hold, and a vast majority sees the RBA standing pat for the remainder of the year. In notable Australia earnings, Downer EDI is down 4% after posting flat FY14 earnings growth and guiding FY15 profit lower. - Looking ahead, central bank calendar remains busy for the balance of the week. In Asia, RBI statement will follow that of the RBA later today, with some chatter forecasting a more dovish tilt. BOJ decision will be released on Friday, and local press is also speculating that board members are considering a more cautious assessment of output and exports. Recall last week Japanese press reported there may be some growing discord among policy members. Also in Japan, Toyota Motors is on tap to post Q1 results today after market close. ***Equities*** US markets: - NBTF: To be acquired by Peoples Bancorp in cash and stock deal valued at $31/shr, or $109M; +23.9% afterhours - GTAT: Reports Q2 -$0.16 v -$0.15e, R$58.0M v $63.2Me, raises FY14 guidance; +11.3% afterhours - CAR: Reports Q2 $0.68 v $0.63e, R$2.19B v $2.14Be; +4.2% afterhours - AIG: Reports Q2 $1.25 (adj) v $1.05e, R$9.21B (net premiums written); +2.7% afterhours - MRO: Reports Q2 $0.89 v $0.74e, R$2.94B v $3.19Be; +2.0% afterhours - THC: Reports Q2 -$0.11 v $0.00e, R$4.04B v $3.93Be, Raises FY14 EBITDA guidance; +1.1% afterhours - WAIR: Reports Q3 $0.34 v $0.36e, R$395.6M v $406Me; -2.7% afterhours - SYKE: Reports Q2 $0.27 v $0.26e, R$320.5M v $321Me, Lowers FY14 guidance to $1.34-1.41 v $1.51e, R$1.31-1.32B v $1.32Be; -3.1% afterhours - SALE: Reports Q2 $0.08 v $0.18e, R$59.5M v $59.8Me; -20.8% afterhours Notable movers by sector: - Consumer Discretionary: Daiichikosho 7458.JP +2.6% (Q1 results) - Consumer staples: WH Group 288.HK +7.7% (IPO debut) - Financials: Cinda International 111.HK +9.7% (H1 guidance); HSBC 5.HK +0.8% (H1 results); Greentown China 3900.HK -10.6% (H1 guidance); Bank of Yokohama 8332.JP -3.9% (Q1 results); NTT Urban Development Corp 8933.JP +4.8% (Q1 results); Yamaguchi Financial Group 8418.JP -1.9% (Q1 results); Suruga Bank 8358.JP -4.8% (Q1 results) - Industrials: Brother Industries 6448.JP -3.5% (Q1 results); Isuzu Motors 7202.JP +4.8% (Q1 results); Japan Steel Works 5631.JP -7.7% (Q1 results); Downer DOW.AU -4.0% (FY14 results) - Technology: Tamron 7740.JP +2.0% (Q2 results); Rakuten 4755.JP +5.1% (H1 results) - Source


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