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Tuesday April 7, 2015 - 04:28:43 GMT
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TradeTheNews.com Asian Mid-session Update: Samsung Electronics profits fall again; PBoC offers reverse repos at lower yield - Source TradeTheNews.com

(AU) AUSTRALIA FEB RETAIL SALES M/M: 0.7% V 0.4%E (5-month high) - (AU) AUSTRALIA MAR ANZ JOB ADS M/M: -1.4% V 0.7% PRIOR (first decline in 9 months) - (AU) AUSTRALIA MAR AIG PERFORMANCE OF SERVICES INDEX: 50.2 V 51.7 PRIOR (2nd consecutive expansion) - (JP) JAPAN MAR OFFICIAL RESERVE ASSETS: $1.25T V $1.25T PRIOR - (PH) PHILIPPINES MAR CPI M/M: -0.1% V 0.0%E; Y/Y: 2.4% V 2.6%E; CPI CORE Y/Y: 2.7% V 2.8%E ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +1.1%, S&P/ASX +1.3%, Kospi flat, Shanghai Composite +1.4%, Hang Seng closed, Jun S&P500 -0.1% at 2,071***Commodities/Fixed Income***- Jun gold -0.4% at $1,213/oz, May crude oil -0.8% at $51.75/brl, May copper +0.8% at $2.74/lb- GLD: SPDR Gold Trust ETF daily holdings fall 1.7 tonnes to 735.5 tonnes; Lowest since Jan 17th - (CN) PBoC to inject CNY20B in 7-day reverse repos (12th consecutive injection); Offer yield at 3.45% v 3.55% prior on Apr 1st (4th yield cut this year)- (KR) South Korea sells 30-yr govt bonds at avg yield of 2.350% - USD/CNY: PBoC sets yuan mid point at 6.1305 v 6.1348 prior setting (strongest yuan setting since Feb 16th) ***Market Focal Points/FX***- Asian indices are tracking the strong session of gains on Wall St, where investors cheered stronger than expected Services ISM and also concluded the disappointing non-farm payrolls could be written off due to adverse weather. A sharp bounce in the energy sector hurt airlines, even as May WTI consolidated the overnight rally below $52/brl. Central Banks of Australia and India are on tap for policy decisions in the afternoon session. Both are expected to hold rates, although the fixed income market is pricing in for the former to cut by 25bps to record low 2.00%. - Among the notable developments in the corporate space, weak iron ore prices plaguing Australia producers are threatening Atlas Iron as it announced a trading halt to consider its financial outlook, asset sale opportunities and capital structure. In South Korea, Samsung Electronics announced its preliminary guidance for Q1. Operating profit of KRW5.9T is seen topping consensus of KRW5.5T, even though it would also mark the 6th consecutive quarter of y/y decline, down over 30% from comparable period. Rev of KRW47T is seen down 12% y/y and below KRW50Te. Final results for Samsung will be released in late April.- In China, the PBoC announced its 12th consecutive injection in its regular market operation via 7-day repos. Moreover, the central bank lowered the offering yield by another 10bps after taking a pause in reducing that rate last week. Among notable press from China, one report called stock margin trading risk controllable even though margin debt hit a fresh record high in March. Regionally, China and Japan fin mins announced plans to hold their first high-level meeting since April 12th, with some of the attention dedicated to AIIB.- Economic datapoints of note were largely out of Australia, even though the impact on the markets was muted going into the RBA decision. Retail sales topped consensus, hitting a 5-month high, with analysts noting the impact of lower borrowing costs from latest RBA cuts. Ahead of next week's official employment data, Australia ANZ job ads registered their first sequential decline in 9 months, and ANZ economist said the figures "may suggest that peak growth in job advertisements has now passed." AiG Services PMI slowed, but remained in expansion for 2nd straight month. AiG economists noted that "despite the benefits from a lower Australian dollar and a pickup in residential building activity over the past year, respondents expressed ongoing concerns about weak local economic conditions, fragile consumer and business sentiment." - AUD/USD rose as high as $0.7620 in the session in the aftermath of the retail sales beat, up about 40pips from session lows. Other USD majors were in narrow ranges - EUR/USD bounced from late US session selloff but the recovery was capped at $1.0950, and USD/JPY traded within 20 pips above 119.40.***Equities***US equities / ADRs:- AZZ: Guides FY15 slightly above midpoint of prior $2.40-2.60 v $2.48e, Rev below prior $825-850M v $836Me; reaffirms FY16; - CLVS: Receives Breakthrough Therapy Designation for Rucaparib for Monotherapy Treatment of Advanced Ovarian Cancer in Patients with BRCA-mutated Tumors (Inclusive of both Germline and Somatic BRCA Mutations); +9.1% afterhours- CLDX: Phase 2 EMERGE Study of Glembatumumab Vedotin in Metastatic Breast Cancer Published in Journal of Clinical Oncology; +0.9% afterhours- VIA: To record Q2 $785M charge related to realignment of businesses, sees cost savings of $350M; will temporarily halt buyback program; -0.6% afterhours- GM: Canada to Sell 73.4M shares of GM Common Stock (4.5% of outstanding); -1.7% afterhours- MERU: Restructuring sales organization; exploring strategic options, affirms Q1; -2.0% afterhours- SHLM: Reports Q2 adj $0.39 v $0.43e, R$542.3M v $588.5M y/y; -2.9% afterhours- HLSS: New Residential Investment announces entry into purchase agreement and termination of merger agreement with HLSS; New Residential Investment to acquire HLSS for $1.2B; -3.2% afterhours- OCUL: Reports Topline Clinical Data for its Second Phase 3 Clinical Trial Evaluating OTX-DP for the Treatment of Post-Surgical Ocular Inflammation and Pain; -16.5% afterhoursNotable movers by sector:- Consumer Discretionary: Olympus Corp 7733.JP +2.1% (seeks to expand market share in China); Adastria Holdings 2685.JP -12.7% (FY14/15 results)- Financials: Industrial Bank of China 601166.CN +5.6%, Ping An Bank 000001.CN +2.9%, Shanghai Pudong Development Bank 600000.CN +2.8% (China to establish financial institution for affordable home mortgages)- Materials: Perseus Mining PRU.AU +3.3% (shareholder raises stake); Beadell Resources BDR.AU -5.9% (Q1 sales results); Rio Tinto RIO.AU +1.5% (completes share repurchases)- Industrials: CSR 601766.CN +10.0%, CNR 601299.CN +10.0% (China approves CSR, CNR merger)- Technology: Samsung Electronics 005930.KR -0.1% (prelim Q1 results)- Healthcare: Pharmaxis PXS.AU +11.5% (interim Phase 1 results) - Source TradeTheNews.com

 

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