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TradeTheNews.com Asian Mid-session Update: Japan Q1 GDP tops estimates; PBY, TWC, UTX's Sikorsky rumored as takeover targets - Source TradeTheNews.com
- (JP) JAPAN Q1 PRELIMINARY GDP Q/Q: 0.6% V 0.4%E; ANNUALIZED GDP: 2.4% (1-year high) V 1.6%E - (AU) AUSTRALIA MAY WESTPAC CONSUMER CONFIDENCE INDEX: M/M: +6.4% V -3.2% PRIOR; First rise in 3 months ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +0.7%, S&P/ASX flat, Kospi +0.5%, Shanghai Composite +0.9%, Hang Seng -0.5%, Jun S&P500 flat at 2,123***Commodities/Fixed Income***- Jun gold +0.2% at $1,209/oz, Jul crude oil +0.9% at $58.50/brl, Jul copper flat at $2.84/lb- (US) API Petroleum Inventories: Crude -5.2M (3rd straight draw) v -1.1Me; Gasoline -1.2M v +0.25Me - (AU) Australia MoF (AOFM) sells A$700M 2026 Bonds; avg yield: 3.0561; bid-to-cover: 2.94x - (JP) BOJ offers to buy ¥375B in 1-3yr JGBs, ¥375B in 3-5yr JGBs, ¥240B in 10-25yr JGBs, and ¥140B in JGBs with maturity over 25-yr ***Market Focal Points/FX***- After emerging out of recession in Q4, Japan's Q1 GDP report was even more impressive, growing by its highest rate in a year on an annualized basis at 2.4% - well above consensus. Exports growth slowed to 2.4% from 3.2% and imports increased to 2.9% from 1.4% despite softer Yen and lower energy bill, but the rise in residential and corporate investment more than made up for those headwinds. The former increased by 1.8% after a 0.6% contraction in Q4, while the latter was up 0.4%, up from a flat print last quarter. Despite the strong results, Econ Min Amari warned to maintain vigilance against external risks and also prepare for Japan's recovery to be gradual. Nikkei rose nearly 1% into the morning break, while USD/JPY was up some 30 pips toward the ¥121 handle on risk-on flows.- Shanghai Composite remained bid with another 1% rise headed into the break. Investors were again enthused by more reform announcemens, as the govt unveiled a "Made in China 2025" manufacturing blueprint with a focus on robotics, aerospace, new-energy and advanced transport. Also of note, Chinese press report noted Shanghai and Shenzhen new trading accounts were down 2.8% on the week, but actively traded accounts were up 4.5%.- Ahead of the budget release later this week, NZD traded more subdued - NZD/USD consolidated some of the USD rally with a 30pip rise above 0.7370. Likewise, AUD/USD traded in a narrow 30pip range above 0.79 despite the strong rise in Westpac consumer confidence index. Resident economist said this rise was particularly notable since May release normally sees a fall due to the timing of the budget announcement. Westpac's Evans added "The surge in the Index this year represents the first time we have had a strong result in May since 2007... Whilst undoubtedly positive, the impact of the rate cut is likely to have been dominated by the response to the budget."***Equities***US equities / ADRs:- PBY: Said to have received takeover proposals from private equity name Golden Gate Capital and other suitors - financial press; +17.3% afterhours- CSC: Reports Q4 $1.26 v $1.20e, R$2.91B v $2.98Be ;*CONFIRMS PLAN TO SEPARATE INTO TWO INDEPENDENT, PUBLICLY TRADED COMPANIES; WILL PAY $10.50 SPECIAL DIVIDEND; +6.2% afterhours- ADI: Reports Q2 $0.73 v $0.72e, R$821M v $818Me; +1.5% afterhours- TWC: Altice said to be considering acquiring a US cable operator; Looking and held talks with TWC - financial press; +1.3% afterhours- YHOO: IRS has not made any decision on spinoff rules; Still considering potential changes - financial press; +1.2% afterhours- UTX: Boeing, Airbus, and Lockheed said to be considering bids for Sikorsky unit or a minority stake; Unit may be sold for about $10B - financial press; +0.8% afterhours- QIHU: Reports Q1 $0.57 adjusted v $0.51e, R$384M v $394Me; -0.4% afterhours- ADSK: Reports Q1 $0.30 v $0.28e, R$647M v $624Me; -1.8% afterhoursNotable movers by sector:- Financials: WesFarmers WES.AU -0.9% (FY15 capex guidance)- Technology: Kingsoft 3888.HK -2.8% (Q1 result)- Energy: Santos Ltd STO.AU -4.2%, Beach Energy BPT.AU -3.6% (Oil price decline)- Industrials: Cardno CDD.AU -26.7% (FY15 guidance); UGL Ltd UGL.AU +9.4% (be approached by private equity buyer); Shanghai Zhixin Electric 600517.CN +4.9% (new contract); Takata Corp 7312.JP -9.0% (settlement with airbag recall); AviChina Industry & Technology Co 2357.HK +9.5% (China manufacturing plan)- Materials: Iluka Resources ILU.AU -1.1% (guidance);BHP Billiton BHP.AU -3.2%, Rio Tinto RIO.AU -2.9%, Fortescue Metals Group FMG.AU -7.0% - Source TradeTheNews.com
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GVI Trading. Potential Price Risk Scale
Tue 31 July 2018
AA: Major, A: High, B: Medium
AA JP- Bank of Japan
A 06:00 DE- Retail Sales
A 09:00 EZ- flash HICP/GDP
AA 12:30 US- Core PCE Deflator
A 14:00 US- CB Consumer Confidence
Wed 1 Aug 2018
A Final Mfg PMIs
AA 12:15 US- ADP Private Payrolls
A 15:00 US- EIA Crude
AA 18:00 US- Federal Reserve Decision
Thu 2 Aug 2018
AA 11:00 GB- Bank of England Decision
A 13:30 US- Weekly Jobless
Fri 3 Aug 2018
A Final Services PMIs
AA 12:30 US- Employment
A 12:30 US/CA- Trade
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