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TradeTheNews.com Asian Mid-session Update: Nikkei hits 18-year high; Shanghai continues rebound - Source TradeTheNews.comc
- (CN) CHINA MAY CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 1.1% v 1.4% prior - (CN) CHINA JUN WESTPAC BUSINESS SENTIMENT SURVEY: 112.3 V 111.1 PRIOR - (AU) AUSTRALIA MAY SKILLED VACANCIES M/M: -1.0% V -0.8% PRIOR - (JP) JAPAN MAY PPI SERVICES Y/Y: 0.6% V 0.5%E; 2-year low ***Index Snapshot (as of 03:30 GMT)***- Nikkei225 +0.6%, S&P/ASX +0.3%, Kospi +0.1%, Shanghai Composite +0.9%, Hang Seng +0.1%***Commodities/Fixed Income***- Aug gold -0.1% at $1,176/oz, Aug crude oil -0.1% at $61.09/brl, Jul copper flat at $2.61/lb- (US) API Petroleum Inventories: Crude -3.2M v -2.5Me (3rd straight draw); Gasoline +0.4M v -0.5Me - (CN) China MOF sells 2-yr bonds, avg yield 2.44% - (JP) BOJ offers to buy ¥375B in 1-3yr JGBs, ¥400B in 3-5yr JGBs, and ¥400B in 5-10yr JGBs ***Market Focal Points/FX***- Shanghai Composite continues its bounce after an outsized 13% drop last week. Analysts have processed the latest release of China flash PMI and now anticipate further PBoC easing. Nomura sees two more RRR cuts and two more interest rate cuts by PBoC this year, forecasting Q2 GDP slowing to 6.6% from 7% in Q1. ANZ also stated latest data sees 2015 GDP 7% as challenging to achieve. Today's data were also mixed - Westpac business index rose to 112.3 from 111.1, but Conf Board Leading Index growth slowed. Residend economist said LEI was dragged down by weak manufacturing data, poor export performance, and still-struggling new construction starts- BOJ released the minutes of its May meeting when it upgraded economic assessment for the first time in 2 years, largely reiterating easing is exerting intended effects with continued monitoring of risks and price trends. Of note, one board member warned the side effect of easing could top benefits, sending USD/JPY to session lows. Recall the more recent BOJ decision last week did not produce a rumored fracture that would have questioned opend ended QE stance.- Australia released May skilled vacancies decline of 1% m/m. The fall registered advertisements of 153.5K, a 10-month low.- Bank of Korea Gov Lee continued to express concern about the impact of MERS on broader economy. Recall the latest surprise BOK rate cut was attributed on the potential impact of the outbreak.***Equities***US ADRs:- MEET: Guides Q2 higher to R$10.5-10.7M v $9Me ($9-9.5M prior); +20.1% afterhours - VNDA: Announces Positive Results from the Relapse Prevention Study in Patients with Schizophrenia (REPRIEVE) Demonstrating the Long-Term Maintenance Effects of Fanapt (iloperido); +4.6% afterhours - NFLX: *ANNOUNCES 7-1 STOCK SPLIT; +3.3% afterhours - PRXL: Guides Q4 $0.70-0.78 v $0.74e, Rev $517-533M v $533Me, initial FY16 $3.02-3.38 v $3.24e, R$2.16-2.216B v $2.21Be; -0.8% afterhours - SYY: US Judge: Merger with US Foods should be halted for further antitrust review, ruling in favor of FTC - financial press; -1.9% afterhours- SourceTradeTheNews.com
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