HomeContributorsFundamental AnalysisUSD Index Pared Decline, China PMI Data Due On Fri

USD Index Pared Decline, China PMI Data Due On Fri

General Trend

  • S&P ASX 200 has moved higher after the flat open [Resources index rose after production update from Newcrest Mining; Woolworths weighs on Consumer Staples index].
  • Shanghai ended the morning session +0.2% [Financials rise ahead of bank earnings; Consumer indices decline].
  • Hang Seng has remained higher [Property firms trade generally higher; TECH index lags despite rise in Nasdaq FUTs; Tencent said to face antitrust related fine].
  • Another heavy day for HK/CN earnings [Sinopec moved higher; Standard Chartered beat ests ; BYD Co. declined; Companies due to report later today include PetroChina, Air China, Bank of China and ICBC].
  • Japan markets to return from holiday on Fri (April 30th), markets to be closed for holiday May 3-5th (Mon-Wed).
  • China April PMI data is due on Fri [official PMIs and Caixin Manufacturing PMI to be released].
  • Companies due to report during the NY morning include AllianceBernstein, Alliance Data, AGCO, Altra Industrial Motion, American Tower, Allegheny Technologies, Baxter International, Bristol-Myers, Peabody Energy, Caterpillar, Comcast, Cirrus Logic, Citrix Systems, DISH, Dominos Pizza, Generac, Hershey, IntercontinentalExchange, IMAX, International Paper, Keurig DR Pepper, Kraft Heinz, Laboratory Corporation, MasterCard, McDonald’s, Altria, Merck, Newmont, Northrop Grumman, Overstock, PG&E Corp, Parker Hannifin, Royal Caribbean, Sonic Automotive, S&P Global, SolarWinds, Molson Coors, Thermo Fisher, Tempur Sealy, LendingTree, Textron, Willis Towers Watson.

Headlines/Economic Data

Australia/New Zealand

  • ASX 200 opened 0.0%.
  • NCM.AU Reports Q3 gold production 512.4K oz v 518.8K y/y; ASIC $891/oz v $827/oz y/y.
  • FMG.AU Reports Q3 Iron Ore shipments 42.3Mt v 42.3Mt y/y; Ore mined 53.6Mt v 41.9Mt y/y; affirms FY guidance.
  • (AU) Australia Q1 Import Price Index Q/Q: +0.2% v -1.6%e; Export Price Index Q/Q: 11.2% v 9.0%e.
  • (AU) Australia Treasurer Frydenberg: Unemployment rate to recover to full employment in~2-years.

Japan

  • Nikkei 225 closed for holiday.
  • 5486.JP Bain confirms tender offer for co. at ÂĄ2,181/shr; To delist company when tender offer completes in Nov (yesterday after the close).
  • 6723.JP Reports Q1 Net ÂĄ13.7B v ÂĄ11.3B y/y; Op ÂĄ30.2B v ÂĄ13.3B y/y; Rev ÂĄ203.7B v ÂĄ178.7B y/y (yesterday after the close).

Korea

  • Kospi opened +0.1%.
  • (KR) South Korea May Business Manufacturing Survey: 98 v 91 prior (10 year high); Non-Manufacturing Survey: 82 v 78 prior (highest since Dec 2011).
  • 005930.KR Reports final Q1 (KRW) Net 7.09T v 4.9T y/y; Op 9.38T v 9.3T prelim; Rev 65.4T v 65.0T prelim.

China/Hong Kong

  • Hang Seng opened +0.7%; Shanghai Composite opened 0.0%.
  • 386.HK Reports Q1 (CNY) Net +18.5B v -19.2B y/y, Rev 577B v 555.5B y/y.
  • 700.HK China competition regulator said to be preparing substantial fine for Antitrust violations of ‘at least CNY1.54B’.
  • (CN) China PBOC sets Yuan reference rate: 6.4715 v 6.4853 prior.
  • (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v Net CNY0B prior.
  • (HK) Hong Kong Monetary Authority (HKMA): Money markets operating smoothly with ample liquidity.

North America

  • LOGI Reports Q4 $1.45 v $0.96e, Rev $1.54B v $1.16Be; raises FY20 dividend 10% y/y, raises buyback $750M to $1.0B (5.2% of market cap).
  • (US) President Biden: US is in competition with China; Will stand up to unfair trade practices such as subsidies for state owned companies and theft of US tech and IP.
  • AAPL Reports Q2 $1.40 v $1.00e, Rev $89.6B v $77.6Be; Authorized increase of $90B to its share buyback; Raises Quarterly dividend 7.3% to $0.22/shr; Guides Q3 Rev grow strong double digits y/y; however sequential drop will be larger than usual in part due to supply constraints which will reduce Q3 Rev by $3-4B – earnings call.
  • F Reports Q1 $0.89 v $0.16e, Rev $36.2B v $31.1Be; Sees losing ~50% of planned Q2 production and 10% of planned H2 production citing chip shortage.
  • (US) Treasury Sec Yellen: More optimistic for strong retail rebound this year.
  • (US) FOMC LEAVES TARGET RANGE UNCHANGED BETWEEN 0.00-0.25% (AS EXPECTED); RISKS TO THE OUTLOOK REMAIN, INFLATION HAS RISEN BUT LARGELY REFLECTS TRANSITORY FACTORS.

Europe

  • (UK) Mar Car Manufacturing 115.5K units, +46.6% y/y; YTD Manufacturing 306.6K units, -4.0% y/y – SMMT.
  • (EU) ECB chief Lagarde: too early to say if Europe has seen the worst of the pandemic; there are still downside risks but there is a light of the end of the tunnel with vaccinations picking up.

Levels as of 01:15ET

  • Hang Seng +0.8%; Shanghai Composite +0.3%; Kospi -0.1%; Nikkei225 +0.2%; ASX 200 +0.3%.
  • Equity Futures: S&P500 +0.5%; Nasdaq100 +0.9%, Dax 0.0%; FTSE100 +0.2%.
  • EUR 1.2151-1.2122; JPY 108.67-108.44; AUD 0.7818-0.7782; NZD 0.7287-0.7248.
  • Commodity Futures: Gold +0.6% at $1,784/oz; Crude Oil +0.3% at $64.02/brl; Copper +0.8% at $4.53/lb.

 

Trade The News
Trade The Newshttp://www.tradethenews.com/
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

Featured Analysis

Learn Forex Trading