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TradeTheNews.com Asian Mid-session Update: AUD falls to 1-month lows on soft CAPEX data; Shanghai retreats as more brokers tighten margins - Source TradeTheNews.com

- (AU) AUSTRALIA Q1 PRIVATE CAPITAL EXPENDITURE (CAPEX) Q/Q: -4.4% V -2.2%E; 2nd straight decline - (JP) JAPAN APR RETAIL SALES M/M: 0.4% V 1.1%E; Y/Y: 5.0% V 5.5%E (13-month high) - (PH) PHILIPPINES Q1 GDP Q/Q: 0.3%V 1.4%E; Y/Y: 5.2% V 6.6%E; ***Index Snapshot (as of 03:30 GMT)***- Nikkei225 +0.7%, S&P/ASX -0.3%, Kospi +0.6%, Shanghai Composite -1.4%, Hang Seng -1.4%, Jun S&P500 -0.1% at 2,120***Commodities/Fixed Income***- Jun gold +0.1% at $1,187/oz, Jul crude oil +0.3% at $57.69/brl, Jul copper +0.1% at $2.77/lb- (US) API Petroleum Inventories: Crude +1.27M v -1.0Me (1st build in 4 weeks); Gasoline -3.6M v -1.2M prior - SLV: iShares Silver Trust ETF daily holdings rise to 9,862 from 9,857 - JGB: (JP) Japan MoF sells ¥2.30T in 2-yr JGBs; Avg yield: 0.001% v 0.000% prior; bid to cover: 3.83x v 3.90x prior (lowest bid to cover ratio since Nov 2011) - (CN) PBoC won't conduct open market operations (OMO) in today's session (12th consecutive halt); Net zero position this week (5th consecutive week of neutral position) - USD/CNY: PBoC sets yuan mid point at 6.1202 v 6.1198 prior setting; weakest Yuan setting since Apr 28th ***Market Focal Points/FX***- Asian indices are mixed despite the broad-based gains on Wall street. Sentiment in China is particularly fragile, as more brokers followed suit with higher margin requirements on growing worries of runaway credit bubble fuelling the equity market. Shanghai Composite entered midday break at its lows down 1.4% on margin adjustments by Guosen Securities and Southwest Securities among others despite fresh fiscal plans from policymakers. China vice Premier Zhang announced the govt will boost transport investment to stabilize economic growth, while CBRC head noted the regulators could allow extending maturities on construction loans to developers to help keep credit lines in the property market open.- In Australia, Q1 CAPEX contracted for the 2nd straight quarter and at a much faster pace than anticipated. ABS also posted significant revisions to CAPEX estimates for FY15/16 (A$104.4B, -24.6% y/y and down from A$109.8B prior est) and for FY14/15 (A$149.9B, -8.1% y/y and down from A$152.7B prior est). AUD/USD fell over 70pips in the wake of the data, hitting 1-month lows below 0.7680. Economist with JPMorgan noted the latest data will be more of a drag on GDP than expected but did not go as far as forecasting another RBA rate cut. RBC also said this would probably not be a great surprise to the central bank, and that the latest rate cut was preemptive amid CAPEX deterioration.- New Zealand cooperative Fonterra reduced its milk payout forecast for the current year by 10c to NZ$4.40/kg, but announced FY15/16 payout target at NZ$5.25/kg and also said dairy prices will likely recover. NZD/USD initially fell 30pips on the announcement to 0.7215 but then reversed all of those losses to trade as high as 0.7270 on forward-looking optimism. Fonterra chairman said rebalancing of supply and demand should take place over the season, leading to sustained price improvement. CEO was also upbeat on recovering demand for dairy products from China and SE Asia.- BOJ Gov Kuroda reiterated Japan is on track to achieving 2% inflation target in H1, adding there were not asset or stock market bubbles. On currency, Kuroda said the market reflects fundamentals of US being the most robust economy at this time. USD/JPY hit new 12-year highs on the passive stance by the central bank despite the recent parabolic yen selloff, rising some 70pips from the lows above ¥124.20. Separately, Japan retail sales were sharply higher, rising 5% y/y due to the rolloff of consumption tax hike last April. Sequentially, retail trade was up 0.4% - below expectations.***Equities***US equities / ADRs:- RALY: To be acquired by CA technologies at $19.50/shr in cash; valued at $480M; +42.5% afterhours - UHAL: Reports Q4 $2.43 (ex-items) v $2.17e, R$642.7M v $624Me; -0.4% afterhours- SMTC: Reports Q1 $0.27 v $0.28e, R$130.1M v $132Me; -7.2% afterhours- COST: Reports Q3 $1.17 v $1.15e, R$26.1B v $26.6Be- GOOG: To unveil overhaul of mobile payment products; To launch Android Pay that allows merchants to accept credit card payments from their mobile apps - NY TimesNotable movers by sector:- Consumer discretionary: Car Inc 699.HK -3.6% (substantial shareholder to dispose shares); Fonterra FCG.NZ -1.2% (cuts milk payout forecast)- Financials: Changjiang Securities 000783.CN -2.5% , Guosen Securities 002736.CN -0.4%, Southwest Securities 600369.CN -1.8%, China Merchants Securities 600999.CN -1.9% (brokers to tighten margin lending); Sunac China Holdings 1918.HK -3.7%(terminates acquisition of Kaisa); China Real Estate Corp 000736.CN -5.9% (clarification on restructuring); Mizuho Financial Group 8411.JP +5.5% (GE to pursue Japan segment)- Industrials: Zoomlion Heavy Industry Science and Technology 000157.CN +8.4% (approval to open financial business); JFE Holdings 5411.JP +0.6%, IHI Corp 7013.JP +3.4% (jv awarded order); Sany Heavy 600031.CN +6.8% (to sell phones); Jinzhou Port +10.0% (China to boost transport development)- Materials: Fortescue Metals Group FMG.AU +0.9% (CEO no interest to sell stake); New Hope Corporation NHC.AU -1.0% (Q3 results); Mirabela MBN.AU -3.9% (on track for guidance)- Utilities: Kyushu Electric Power Co 9508.JP +1.4% (restart plant); Chubu Electric Power Co 9502.JP +1.6% (jv to be largest buyer of LNG)- Energy: AGL Energy Ltd AGL.AU -0.6% (potential bid); China Power International 2380.HK +5.0% (to dispose shares in Shanghai Power)- Healthcare: Ain Pharmaciez Inc 9627.JP +12.3% (FY14/15 results)- SourceTradeTheNews.com

 

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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
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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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John M. Bland, MBA
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