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TradeTheNews.com Asian Market Update: China PMI rises for the 2nd month; Australia manufacturing remains in contraction - Source TradeTheNews.com
(CN) CHINA APR MANUFACTURING PMI: 50.4 V 50.5E (3-month high; 2nd
consecutive rise)
>- (AU) AUSTRALIA APR AIG PERFORMANCE OF MANUFACTURING INDEX: 44.8
(9-month low; 6th month in contraction) V 47.9 PRIOR
- (AU) AUSTRALIA Q1 IMPORT PRICE INDEX Q/Q: 3.2% V 1.8%E; EXPORT PRICE
INDEX Q/Q: 3.6% V 1.5%E
- (AU) AUSTRALIA APR RPDATA/RISMARK HOUSE PRICE INDEX: 0.3% V 2.3% PRIOR
- (KR) SOUTH KOREA APR CPI M/M: 0.1% V 0.1%E; Y/Y: 1.5% V 1.5%E (18th
month below 2.5-3.5% target band); CORE CPI Y/Y: 2.3% V 2.1% PRIOR
- (KR) SOUTH KOREA APR TRADE BALANCE: $4.5B V $4.3BE
Market Snapshot (as of 03:30 GMT):
- Nikkei225 +0.7%, S&P/ASX -0.8%, Kospi closed, Shanghai Composite
closed, Hang Seng closed, Jun S&P500 flat at 1,878, Jun gold -0.5%
at $1,289, Jun crude oil -0.1% at $99.67/brl
***Highlights/Observations/Insights***
- The start of Labor Day holiday weekend across much of the far east has
kept market volatility to a minimum. China govt put out its official
manufacturing PMI just shy of the consensus estimate. Despite the miss,
the headline figure marked a 3-month high and a 2nd consecutive month
of improvement, even as the most closely tracked subindex of New Export
Orders (gauge of external demand) fell into a contraction. Employment
component remained unchanged at 48.3, while backlog and inventories
recovered slightly. Earlier, China Premier Li warned the govt may need
to take more measures just to meet the official target for trade growth
in 2014, even though the govt has previously denied speculation it would
announce significant fiscal steps. Shanghai Composite index is closed
until Monday.
- In Australia, AiG Manufacturing PMI remained in contraction for the
6th consecutive month, and the April decline only deepened further. AiG
said "conditions remain extremely difficult in the manufacturing
export markets", even though inventories subindex nearly returned to
stabilisation. Employment subindex - the most telling of the AiG
components - contracted at a faster pace. AUD/USD was little moved by
either the China PMI or the AiG manufacturing index, unable to sustain
its upward momentum after a brief breach of the $0.93 handle.
- ANZ Bank shares fell nearly 2% after posting H1 results despite a 15%
rise in net profit. Net interest margins shrunk by 9bps to 2.15% and
common tier 1 ratio fell 15bps to 8.33% from H2 levels, while ROE was
flat on the year. On a conference call, CEO Smith said he expects a 10%
decline in loss provision for the FY as non-performing loans trend
continues to improve, and also forecasted capital ratio to recover to
8.5-9.0% range.
- USD/JPY pair traded in a 20pip range around ¥102.20, despite another
nudge by Japan PM Abe's influentiel economic adviser Hamada toward more
easing if the impact of higher sales tax becomes more pronounced.
Upbeat policy statement by the Fed and another $10B in monthly taper did
little to fix the overnight damage by the BOJ and its Gov Kuroda, whose
neutral remarks continued to detract from market expectations of more
easing this summer.
***Fixed Income/Commodities/Currencies***
- GLD: SPDR Gold Trust ETF daily holdings fall 4.2 tonnes to 787.9
tonnes (lowest since Jan 2009)
***Equities***
US markets:
- WTW: Reports Q1 $0.31 (adj) v $0.09e, R$409.4M v $399Me; +11.9%
afterhours
>- TMUS: Strength attributed to reports of another impending approach
by Sprint; Held meetings with banks regarding potential loan package -
financial press; +9.3% afterhours
- FLTX: Reports Q1 $0.19 v $0.16e, R$51.9M v $52.3Me; +3.6% afterhours
- FLEX: Reports Q4 $0.24 adj v $0.21e, R$6.72B v $6.09Be; +3.5%
afterhours
- ARO: Reaffirms Q1 -$0.75 to -$0.70 v -$0.72e; will cut 100 jobs and
will exit mall based locations; +3.4% afterhours
- WDC: Reports Q3 $1.94 v $1.88e, R$3.70B v $3.73Be; Guides Q4
$1.65-1.75 v $1.90e, R$3.5-3.6B v $3.7Be - conf call comments; -1.6%
afterhours
- MET: Reports Q1 $1.37 v $1.40e, R$17.1B v $17.5Be; -2.5% afterhours
- TEX: Reports Q1 $0.28 v $0.34e, R$1.65B v $1.70Be; reiterates FY14
guidance; -3.0% afterhours
- BYD: Reports Q1 -$0.04(adj) v $0.00e, R$708M v $718Me; -3.5%
afterhours
- JDSU: Reports Q3 $0.10 v $0.11e, R$418M v $432Me; -6.0% afterhours
- ARAY: Signs Three-Year Contract with Novation; Gains Access to Over
2,500 Member Hospitals for the CyberKnife M6 and TomoTherapy H Series;
-6.6% afterhours
Notable movers by sector:
- Consumer Discretionary: Japan Airlines Corp 9201.JP -1.5% (FY13/14
results); Start Today 3092.JP +16.0% (FY13/14 results)
- Consumer staples: Yamazaki Baking 2212.JP -6.3% (Q1 results)
- Financials: ANZ Bank ANZ.AU -1.6% (H1 results); Nomura Holdings
8604.JP +6.5% (FY13/14 results; repurchase plan)
- Technology: Seiko Epson Corp 6724.JP +15.9% (FY13/14 results)
- Source TradeTheNews.com
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AA: Major, A: High, B: Medium
Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
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Wed 29 May 2019
A 08:55 DE- Employment
AA 18:00 US- BOC Decision
A 18:30 US- EIA Crude
Thu 30 Mar 2019
AAEZ/CH- Holiday
A 12:30 US- Weekly Jobless
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