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TradeTheNews.com Asian Market Update: Nikkei hits 15,000 for the first time since early 2008***Economic Data*** - Source TradeTheNews.com
- (AU) AUSTRALIA Q1 WAGE COST INDEX Q/Q: 0.7% V 0.8%E (matches 6-quarter low); Y/Y: 3.2% V 3.3%E - (AU) AUSTRALIA APR NEW MOTOR VEHICLE SALES M/M: -1.6% V -0.6% PRIOR; Y/Y: 3.3% V 4.5% PRIOR - (KR) SOUTH KOREA APR UNEMPLOYMENT RATE: 3.1% V 3.2%E - (KR) SOUTH KOREA MAR CYCLICAL LEADING INDEX CHANGE Y/Y: +1.2% V -0.4% PRIOR - (JP) JAPAN MAR TERTIARY INDUSTRY INDEX M/M: -1.3% V -0.7%E - (NZ) NEW ZEALAND APR SKILLED JOB VACANCIES M/M: +5.4% V -1.5% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +2.3% - S&P/ASX -0.7% - Kospi -0.3% - Shanghai Composite -0.1% - Hang Seng +0.4% - Jun S&P500 -0.1% at - Jun gold flat at $1,425/oz - Jun crude oil +0.1% at $94.34/brl ***Observations/Insights*** - Nikkei225 surged to fresh multi-year highs, climbing above the 15,000-level for the first time since Jan 2008 as the JPY resumed its decline against the USD above ¥102.30. Isuzu Motors is up by more than 20% after reporting record profits for FY12/13 and providing much better than expected outlook for FY13/14. Sony shares also surged following reports of Third Point hedge fund founder Daniel Loeb calling for a spin-off of the firm's entertainment division. - Australia's S&P/ASX benchmark index retreated into negative territory after initially exceeding the 5,240 level, its highest level since June 2008, as mining companies deepened their losses due to lower commodity prices. Overall, investor sentiment remained subdued following the release of the FY13/14 federal budget that pushed back the return to surplus to FY15/16. AUD extended its selloff to fresh 11-month lows below the $0.99 handle after that release in early US hours before paring some of that decline in the Asian session. Australian government forecasted a record budget deficit of A$20B for the current year, defending its budget plans as a balanced approach that preserves Australia's labor market. ***Fixed Income/Commodities*** - (CN) China MOF sells CNY30B in 7-yr bonds, avg yield 3.28% - (AU) Australia MoF (AOFM) sells A$600M in 2027 bonds, avg yield 3.63%; Bid-to-cover 3.18x - (US) API PETROLEUM INVENTORIES CRUDE: +1.1M V 0E (3rd consecutive build); GASOLINE: -480K V -1ME; DISTILLATE: +1.92M V +0.5ME; UTILIZATION: 87.6% V 87.2% W/W ***Speakers/Political/In the Papers*** - (JP) Former Japan Fin Min official Sakakibara ('Mr Yen'): USD/JPY likely to turn around from ¥105 level - CNBC interview - (JP) Japan PM Abe: large JGB purchases by BOJ can have significant effect on market; Closely monitoring the bond market and its risks - (JP) Japan may raise its economic assessment due to recovery in exports - Yomiuri News >- (JP) According to a survey of economists, CPI for Q4 of FY14/15 will only reach about 0.6% vs BOJ's projections of 1.9% - Nikkei News - (CN) China Premier Li: There is limited room for fiscal stimulus - Chinese press - (CN) China electricity council official: China H1 power use may rise 5.5-6.5% y/y - Chinese press - (CN) Morgan Stanley: China steel consumption continues to remain strong; iron ore price strength could continue well into next year - financial press - (CN) BofA/ML cuts China 2013 GDP forecast to 7.6% from 8.0% prior, cuts 2014 GDP to 7.6% from 7.7 prior - (CN) China to start new wave of rail construction - Chinese press - (CN) China big four banks' May new loans seen at CNY80B as of May 12th - Chinese press - (KR) Moody's: Credit quality of Korean corporate firms to remain pressured - (KR) UN panel states North Korea continues efforts to import items for nuclear, missile program - (NZ) IMF: RBNZ policy may need to change to cool inflation; rising housing prices are a concern ***Equities*** - A: Reports Q2 $0.77 v $0.67e, R$1.73B v $1.74Be; Increases Stock Repurchase Program 100% to $1.0B; +0.7% afterhours - GOOG: Said to be prepared to launch Spotify-like streaming music service; +0.3% afterhours; Pandora -3.0% afterhours >- VIPS: Reports Q1 $0.17 v $0.04e, R$310.7M v $249Me; +10.8% afterhours - All Nippon Airways 9202.JP: Completes battery modification on 11 of 17 BA787 units; remaining 6 to be completed next week - Kyodo News - Mizuho 8411.JP: May report FY12/13 net profit around ¥560B v ¥500B prior forecast - Nikkei News - Oji Paper 3861.JP: Reports FY12/13 Net ¥25.6B v ¥22.2B y/y, Op proft ¥52.4B v ¥53.8B y/y, Rev ¥1.24T v ¥1.21T y/y - CBA.AU: Reports Q3 Net A$1.9B v A$1.7B y/y; On track to achieve FY13 net profit of over A$7.5B; +0.6% >- UGL.AU: Forecast FY13 Net $90-100M (Guided A$150-160M prior); -14.7% - CSR.AU: Reports FY13 Net Loss A$146.9M v profit A$76.3M y/y, EBITDA adj A$161.8M v A$246.3M y/y, Rev A$1.7B v A$1.8B y/y - SPN.AU: Reports FY13 Net A$279.1M v A$278Me, EBITDA A$975.5M +7.5% y/y, Rev A$1.64B +6.8% y/y - 2012.HK: Reports Q1 Net loss C$8.26M v loss C$32.3M y/y -
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