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Thursday, 05 May 2016
01:03
Analysis details: 01:09

- As a reminder energy, industrials and materials led US markets lower, despite crude recovering back above the USD 44/bbl level, as a cautious tone persisted amid mixed data in which US ADP Employment Change missing estimates ahead of Friday's key job data.

- ASX 200 has stemmed losses supported by energy & financials after WTI reclaimed USD 44/bbl and NAB H1 cash profit rose 6.5% despite missing estimates. 

Source: RANsquawk
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Thursday, 05 May 2016
00:52
Source: BBG
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Thursday, 05 May 2016
00:41
Thursday, 05 May 2016
00:29

Takata (7123 JT)
- Co. could widen their air bag recall in the US by up to 40mln. (Nikkei)

JX Nippon Oil (5020 JT)
- Co. has developed a cheap and flexible plastic-rubber material and is looking at potential applications in housing and autoparts. (Nikkei)

Sharp (6753 JT)
- Co. is mulling moving its HQ to a factory in Osaka Prefecture which is jointly operated with Hon Hai (2317 TT). (Kyodo)

Other Stories
- Japan PM Abe states he will act if necessary on a firm JPY. (Kyodo)

Source: BBG
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Thursday, 05 May 2016
00:28

Daewoo Shipbuilding & Marine Engineering Co. (042660 KS)
- Co. Q1 net profit came to KRW 31.4bln compared to a loss of KRW 1.12trl in the prior quarter. (Yonhap)

KKC Corp (002380 KS)
- Co. Q1 operating profit KRW 85.7bln vs. Exp. KRW 74.0bln. (BBG)

Korean Air Lines (003490 KS)
- The labour union for pilots at Co. has filed a suit against its Chairman Cho Yang-ho wirh claims of being defamed recent comments allegedly ridiculing pilots. (Yonhap)

Source: BBG
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Thursday, 05 May 2016
00:27

NAB (NAB AT)
- Co. H1 cash profit rose 6.5% to  AUD 3.31bln vs. Exp. 3.36bln.
-  H1 statutory net loss AUD 1.74bln.
- Maintains interim dividend at AUD 0.99.
- Total charge for bad/doubtful loans at AUD 375mln.  (BBG)

Crown Resorts (CWN AT)
- James Packer has stepped down from his position as co-chair of Macau-focused Melco Crown Entertainment after Co. sold part of its for USD 800mln. (SMH)

Borald (BLD AT)
- Co. sees H2 underlying earnings to decline compared to H1. (BBG)

Oil Search (OSH AT)
- Co. has begun discussions with Asian clients over negotiating shorter-term price contracts in an effort to avoid a sharp downturn in spot prices for LNG. (SMH)

Macquarie (MQG AT)
- Co said to consider a potential bid for National Grid stake. (AFR)

BT Investment Management (BT AT)
- Co. H1 net investment management rose 26% to AUD 78.3mln. (BBG)

ASX (ASX AT)
- Co. said to conduct study regarding tightening IPO and backdoor listing requirements. (BBG)

Scentre Group (SCG AT)
- Co. sees FY FFO growth at around 3%. (BBG)

Santos (STO AT)
- Co. Chief Executive Kevin Gallagher stated a reconfiguration of Co.’s oil and gas portfolio after a cost-reduction and stabilisation phase is completed but will not sell any assets immediately. (SMH)

Virgin Australia (VAH AT)
- Air New Zealand (AIR NZ) has flagged to its investors that it is targeting to  all or part of its 25.9 per cent stake in Virgin Australia by June 30, in a move that could result in the Kiwi carrier paying a special dividend. (SMH)

Sky Network Television (SKT AT)
- Co. reach a 5-year pact with Australian National Rugby League. (BBG)

ANZ Bank (ANZ AT), Suncorp (SUN AT)
- ANZ will benefit by AUD 80mln by passing only a portion of the 25bps rate cut with Suncorp also following suit by also reducing home loan rates by a smaller amount than the RBA. (SMH)

Basic Materials/Energy
- Iron ore fell 5.2% to to prints largest 2-day loss since July, according to Metal Bulletin. (BBG)
- WTI crude futures reclaimed USD 44/bbl. (BBG)

Other Stories
- The Federal Government will announce a further AUD 4bln in cuts and spending from now to the July 2nd federal election. (SMH)

Source: BBG
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Thursday, 05 May 2016
00:17
Source: RTRS
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Thursday, 05 May 2016
00:16
Source: BBG
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Thursday, 05 May 2016
00:02

Says:

- Quantitative easing was not a complete or perfect solution.
- Bond purchasing was correct thing to do after crisis. 

Source: BBG/RTRS
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Wednesday, 04 May 2016
23:59
Wednesday, 04 May 2016
23:52
Source: BBG
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Wednesday, 04 May 2016
23:45
Analysis details: 23:45

- As a guide, Fed's Kashkari is a Non-Voter. 

Source: BBG
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Wednesday, 04 May 2016
22:55

- Maintains interim dividend at AUD 0.99. 
- Total charge for bad/doubtful loans at AUD 375mln. 

Source: BBG
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Wednesday, 04 May 2016
22:30
Source: BBG
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Wednesday, 04 May 2016
22:12

UK

UK Construction PMI (Apr) M/M 52.0 vs. Exp. 54.0 (Prev. 54.2 ); lowest reading since Jun'13.

Latest EU Referendum tracker from BMG Research: 45% (nc), Leave, 43% (+2) Remain and 13% (-1) Undecided. (DK/PNTS)


EU

EU Retail Sales (Mar) M/M -0.50% vs. Exp. -0.10% (Prev. 0.20% , Rev. 0.30%)
EU Retail Sales (Mar) Y/Y 2.10% vs. Exp. 2.60% (Prev. 2.40% , Rev. 2.70%)

EU Services PMI (Apr F) M/M 53.1 vs. Exp. 53.2 (Prev. 53.1)
EU Composite PMI (Apr F) M/M 53 vs. Exp. 53 (Prev. 53.1 )


US

US Balance of Trade (Mar) M/M -40.4B vs. Exp. -41.2B (Prev. -47.06B)
US Imports (Mar) M/M 217.1B  (Prev. 225.13B )
US Exports (Mar) M/M 176.6B  (Prev. 178.07B )

US Composite PMI (Apr F) M/M 52.4 (Prev. 51.3)
US Services PMI (Apr F) M/M 52.8 vs. Exp. 52.1 (Prev. 51.3)
US ISM Non-Manufacturing PMI (Apr) M/M 55.7 vs. Exp. 54.8 (Prev. 54.5)

US Durable Goods Orders (Mar F) M/M 0.80% vs. Exp. 0.80% (Prev. 0.80%)
US Factory Orders (Mar) M/M 1.10% vs. Exp. 0.60% (Prev. -1.70%, Rev. -1.90%)

US ADP Employment Change (Apr) M/M 156K vs. Exp. 195K (Prev. 200K, Rev.194K)


COMMODITIES
 
US DOE Crude Oil Inventories (Apr 29) W/W 2784k vs. Exp. 750k (Prev. 1999k)
US crude output fell 1.26% to 8.825mln bpd. (BBG)

OPEC are said to be heading for June talks without a planned limit, with 2 delegates said to have stated that there is no need to talk about a freeze to output due to supply and demand fundamentals having changed. (BBG)

IEA stated that Iranian oil is returning to the market somewhat quicker than expected. (BBG)

 

MARKET RECAP

US stocks slumped to three week lows, as financial markets found themselves on the back-foot, with risk off sentiment lingering in the market. Defensive sector Utilities outperformed in the S&P 500 amid the risk off tone, while a similar story was once again seen in the Energy, Industrial and Material sectors, all of which lagged. As a result, the S&P 500 and Dow Jones closed the session down for the fourth time in five days. The DJIA finished down 0.56% at 17,651.26, S&P 500 finished down 0.59% at 2,051.12 and the NASDAQ-100 down 0.68% at 4,312.01.

The US 10y T-note had little direction in the day, and showed the indecision of the markets in anticipation for Friday’s NFP’s. The weaker risk markets proved to offer a light tailwind and led to a lockstep curve finishing around unchanged. The 10y Jun’16 futures contract closed at 130.14, up 4+ ticks.

Source: BBG
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Wednesday, 04 May 2016
22:12

US stocks slump to three week lows, as financial markets found themselves on the back-foot, with risk off sentiment lingering in the market. Defensive sector Utilities outperformed today in the S&P amid the risk off tone, while a similar story was once again seen in the Energy, Industrial and Material sectors, all of which lagged. As a result, the S&P 500 and Dow Jones closed the session down for the fourth time in five days. The DJIA finished down 0.56% at 17,651.26, S&P 500 finished down 0.59% at 2,051.12 and the NASDAQ-100 down 0.68% at 4,312.01. A big talking point on the day was the Sohn Investment Conference, an annual event in which a parade of the world’s biggest investors offer trading ideas before an audience. This year’s line-up included David Einhorn, Stanley Druckenmiller and Jeffery Gundlach, while Jim Chanos continued his assault on Elon Musk, reiterating that he is short Tesla and SolarCity.

The day saw two main data points, both of which both contributed to the negative sentiment. ADP employment change came in at 156k (Exp. 196k), while DoE crude oil inventories reported a build of 2.78mln, greater than the Exp. 1.22mln and last night’s API headline. This led oil lower and it maintained the trend throughout the day and was duly felt in FX markets. Due to the risk off tone and weakness in oil, CAD and AUD were weaker on the day, with USD/CAD gaining as much as 150pips.

The US 10y T-note had little direction in the day, and showed the indecision of the markets in anticipation for Friday’s NFP’s. The weaker risk markets proved to offer a light tailwind and led to a lockstep curve, finishing near unchanged. The 10y Jun’16 futures contract closed at 130.14, up 4+ ticks.

Source: RANsquawk
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Wednesday, 04 May 2016
22:00
Source: RANsquawk
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Wednesday, 04 May 2016
22:00
Wednesday, 04 May 2016
21:56
Wednesday, 04 May 2016
21:54
Source: BBG
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Wednesday, 04 May 2016
21:45

- To repurchase added USD 1.5bln shares. 

Source: BBG
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Wednesday, 04 May 2016
21:34
Source: BBG
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Wednesday, 04 May 2016
21:32
Wednesday, 04 May 2016
21:31
Source: BBG
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Wednesday, 04 May 2016
21:30
Source: BBG
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