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Friday May 9, 2014 - 05:27:54 GMT
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| | Email Asian Market Update: China CPI hits 18-month lows; RBA Quarterly Statement affirms 2014 GDP and CPI, lowers mid-term growth targets - Source

- (CN) CHINA APR CPI Y/Y: 1.8% (lowest since Oct 2012) V 2.1%E; M/M: -0.3% V -0.5% PRIOR >- (CN) CHINA APR PPI Y/Y: -2.0% V -1.9%E (26th month of decline; Y/Y decline slows for the first time in 5 months.) - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED); 12th straight pause - (NZ) NEW ZEALAND APR CARD SPENDING RETAIL M/M: 0.3% V 0.6%E; CARD SPENDING TOTAL M/M: -0.4% V -0.2% PRIOR - (JP) JAPAN APR OFFICIAL RESERVE ASSETS: $1.28T V $1.28T PRIOR - (PH) PHILIPPINES MAR EXPORTS: $5.23B V $4.65B; Y/Y: 11.2% V 13.2%E - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.00%, AS EXPECTED Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.6%, S&P/ASX -0.3%, Kospi +0.1%, Shanghai Composite -0.4%, Hang Seng -0.1%, Jun S&P500 -0.1% at 1,871, Jun gold +0.2% at $1,290, Jun crude oil +0.2% at $100.46/brl ***Highlights/Observations/Insights*** - China's consumer inflation rate slowed sharply, prompting speculation over the need for further policy easing. Slowing growth in food prices was behind most of the deceleration at 2.3% v 4.1% prior, while non-food component was actually slightly higher at 1.6% v 1.5% prior. PPI was in deflation territory for the 26th consecutive month, but the decline actually slowed for the first time in 5 months. NBS economist said April CPI would likely be the lowest in H1, which is likely to keep policymakers on the sidelines. - Among notable Chinese press reports, CASS researcher warned the outsized China shadow banking can lead to liquidity crisis. CSRC reported just 9 IPO filings in today's session, well off the double-digit pace of the past few days. - RBA released its quarterly monetary policy statement featuring updated GDP and inflation projections. RBA raised H12014 GDP target 3.00% v 2.75% prior, affirmed FY14 at 2.75%, but also lowered 2015 GDP to 2.75-3.75% v 3.0-4.0% prior and H12016 GDP to 2.75-4.25% v 3.0-4.5% prior. On inflation, RBA lowered its core CPI target for 2014 to 2.5% from 2.75% midpoint prior, but also raised 2015 headline to 2.75% from 2.5% prior. AUD/USD moved to session lows below $0.9350 on the release, as RBA noted low rates would be needed for some time yet and inflation is within target over the forecast horizon, potentially defusing some of the expectations of an RBA rate hike in Q4 of 2014. - Bank of Korea was on hold at 2.50% as expected. BOK Gov Lee reiterated the economy is showing sustained recovery trend, but also hardened rhetoric on the rapidly rising KRW after it hit a 6-year high this week, noting "substantial" appreciation is not desirable and would have negative impact on exports. - In M&A space, the contentious $35B merger of equals between Publicis and Omnicom was called off. Reports pointed to frayed relations at the top level of management in addition to some of the regulatory snags that the deal hit since being announced last year. ***Fixed Income/Commodities/Currencies*** - (US) Weekly Fed Balance Sheet Total Assets Week ending May 7th: $4.30T v $4.30T prior; M1: -$10.5B (first decline in 5 weeks) v +$4.9B prior; M2: +$51.2B (biggest rise in 6 months) v -$25.8B prior; M1 y/y change: 10.4% v 10.4% w/w; M2 y/y change: 6.2% (4-month high) v 6.1% w/w - (JP) BOJ offers to buy 250B 1-3yr JGB, 250B in 3-5yr JGB and 400B in 5-10yr JGB - USD/CNY: (CN) PBoC sets yuan mid point at 6.1581 v 6.1557 prior setting (weakest Yuan setting since Apr 24th) ***Equities*** US markets: - MELI: Reports Q1 $0.69 v $0.59e, R$115.4M v $118Me; +7.6% afterhours - MDVN: Reports Q1 -$0.18 v -$0.03e, R$124.5M v $105Me; +5.8% afterhours - PPO: Reports Q1 $0.30 v $0.28e, R$161.0M v $162Me; Announces 4.5M share buyback (10% of shares outstanding); +5.1% afterhours - GPS: Reports April SSS +9% v -1.5%e; guides Q1 $0.56-0.57 v $0.55e; +4.6% afterhours - SYMC: Reports Q4 $0.47 v $0.42e, R$1.65B v $1.65Be; +2.8% afterhours - NWSA: Reports Q3 $0.11 v $0.03e, R$2.08B v $2.06Be; +2.1% afterhours - CSC: Reports Q4 $1.09 v $1.03e, R$3.33B v $3.37Be; raises quarterly dividend by 15% to $0.23/shr; Approves repurchase authorization of $1.5B; +0.1% afterhours - AAPL: Reportedly may announce deal to purchase Beats Electronics next week for $3.2B - FT; -0.3% afterhours - CBS: Reports Q1 $0.79 v $0.75e, R$3.86B v $3.95Be; -2.3% afterhours - OMC: Publicis-Omnicom deal valued at $35B said to have been called off - financial press; -2.7% afterhours - TUMI: Reports Q1 $0.12 v $0.17e, R$108.6M v $117Me; -6.9% afterhours - UBNT: Reports Q3 $0.50 v $0.49e, R$148.3M v $141Me; -8.6% afterhours - JAZZ: Reports Q1 $1.61 v $1.86e, R$247M v $261Me; -8.6% afterhours - SSTK: Reports Q1 $0.20 v $0.21e, R$72.8M v $69.7Me; -8.7% afterhours Notable movers by sector: - Consumer Discretionary: Gree 3632.JP -7.0% (9-mo results); JB Hi-Fi JBH.AU +2.9% (provides trading update; announces repurchase); Toppan Printing 7911.JP +3.6% (FY13/14 results) - Financials: Guoyuan Securities 000728.CN +1.8% (strategic alliance with Wind Corp); ORIX Corp 8591.JP +4.2% (FY13/14 results) - Materials: Mitsui Mining & Smelting 5706.JP -4.7% (FY13/14 results) - Industrials: Great Wall Motor 2333.HK -15.1% (delays launch of Haval H8); China Rongsheng Heavy Industries Group 1101.HK +5.6% (Giant Interactive's Shi Yuzhu said to have subscribed convertible bonds); Leighton Holdings LEI.AU +6.0% (Hochtief raises stake) - Technology: Pegatron Corp 4938.TW +5.2% (Q1 results); Toshiba Corp 6502.JP +1.8% (FY13/14 results) - Source


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