Economic Data

- (SI) SINGAPORE Q2 FINAL GDP Q/Q: +0.1% V -0.3%E; Y/Y: 2.4% V 2.3%E

- (AU) AUSTRALIA JUL NAB BUSINESS CONFIDENCE: 11 (2 1/2-year high) V 8 PRIOR; NAB BUSINESS CONDITIONS: 8 (4-year high) V 2 PRIOR

- (AU) AUSTRALIA Q2 HOUSE PRICE INDEX Q/Q: 1.8% V 1.0%E; Y/Y: 10.1% V 9.3%E

- (AU) AUSTRALIA JUN CREDIT CARD BALANCES (A$): 49.9B V 49.7B PRIOR; CREDIT CARD PURCHASES: 23.1B V 22.9B PRIOR

- (AU) Australia ANZ Roy Morgan Weekly W/W: 108.5 v 115.0 prior

- (NZ) NEW ZEALAND REINZ JULY HOUSE PRICE INDEX: 3,885 V 3,913 PRIOR; M/M: -0.7% V -0.3%; HOUSE SALES Y/Y: -13.0% V -6.1% PRIOR

- (NZ) NEW ZEALAND JUL ANZ TRUCKOMETER HEAVY M/M: +2.6% V -0.7% PRIOR (first increase in 3 months)

- (JP) JAPAN JUL PPI M/M: 0.3% V 0.4%E; Y/Y: 4.3% V 4.4%E

- (UK) UK JULY BRC SALES LFL Y/Y: -0.3% V +0.9%E (2nd consecutive decline)


Index Snapshot (as of 02:30 GMT)

- Nikkei225 +0.4%, S&P/ASX +1.1%, Kospi +0.3%, Shanghai Composite -0.6%, Hang Seng -0.2%, Sept S&P500 +0.1% at 1,934


Commodities/Fixed Income/Currencies

- Dec gold -0.2% at $1,308, Sept crude oil -0.2%, Sept Copper -0.4% at $3.16/lb

- (US) PIMCO: Lowers Total Return Fund's holding of US Treasuries to 45% in July from 47% in June - financial press

- JGB: (JP) Japan MoF sells ¥547B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.676% v 1.703% prior; Bid to cover: 4.06x v 3.12x prior

- (CN) PBoC to drain CNY20B in 14-day repos (5th consecutive drain)

- (AU) Australia MoF (AOFM) sells A$100M in 3.0% 2025 indexed Bonds; avg yield: 1.1056%; bid-to-cover: 5.47x

- USD/CNY: (CN) PBoC sets yuan mid point at 6.1517 v 6.1522 prior setting (4th consecutive firmer setting; Strongest setting since July 14th)


Market Focal Points/Key Themes

- Easing of tensions on the Russia/Ukraine border continues to prop up risk assets, even as the situation on the ground remains highly fluid. Russian Foreign Ministry had reportedly secured an agreement with Ukraine govt to participate in a humanitarian mission to provide aid to displaced locals in a joint effort with representatives from the US and EU. This could potentially lead to a more lasting ceasefire and de-escalation in violence that is estimated to have killed over 1K people since April. Subsequent reports however also indicate that US Pres Obama's conversation with Ukraine's Poroshenko insist that any Russian help must require full consent from Kiev, which remains extremely suspicious of Moscow sending additional personnel into the country and has accused Russia of still amassing 45K troops near the border. Obama is also pushing for the Ukraine military to be restrained in military operations to avoid further civilian casualties.

- In Iraq, the problem of political vacuum continues to play out in the botched transition in the post of prime minister. Iraq's Maliki maintains the nomination of Al-Abadi by the new Pres Masoum has no legal basis, solidifying his claim to the 3rd term as PM with support of his State of Law party. Pres Obama held a press conference, reiterating that US supports the new Iraqi President Masoum and the newly-named PM Al-Abadi. Obama also said US airstrikes have prevented ISIS from making further advances on Erbil, but it will be easier for Iraqi army to mobilize once the govt transition is sorted out.

- Australia dominated economic calendar ahead of more notable releases of Japan GDP and more China July figures later this week. Improvement in NAB business sentiment was particularly impressive, hitting 10-quarter high on Confidence and 4-year high on Conditions components. NAB chief economist said "stronger sales and profits are driving the trend, but the recovery continues to be relatively jobless with the employment index seeing more moderate gains." AUD/USD bounced about 20pips on the release toward $0.9270. NZD/USD is testing 2-month lows below $0.8420, with losses accelerating after a bigger slide in New Zealand house prices.


Equities

US markets:

- ICPT: Reports Q2 -$0.79 v $1.26e, R$0.4M v $0.4Me (2 est); updates clinical trials for its lead product candidate in cirrhosis and NASH; +57.7% afterhours

- TRAK: Reports Q2 $0.41 v $0.37e, R$225M v $213Me; +13.3% afterhours

- DTSI: Reports Q2 $0.47 v $0.13e, R$36.2M v $28.4Me; +11.8% afterhours

- RAX: Reports Q2 $0.16 v $0.16e, R$441.1M v $437Me, guides Q3 R$454-461M v $455Me; -1.5% afterhours

- MTZ: Reports Q2 $0.40 v $0.41e, R$1.10B v $1.11Be; -3.6% afterhours

- CZR: Reports Q2 -$3.24 v -$1.24e, R$2.19B v $2.21Be; -4.8% afterhours

- CALL: Reports Q2 $0.31 v $0.32e, R$29.5M v $31.6Me (only 1 est.); -8.7% afterhours

- NUAN: Reports Q3 $0.27 v $0.27e, R$475.5M v $499Me, Guides Q4 $0.24-0.29 v $0.35e, R$500-520M v $541Me, Cuts FY14 guidance; -9.9% afterhours

- INTX: Reports Q2 -$0.11 v $0.08 y/y, R$64.3M v $80.7M y/y; to restructure; -15.9% afterhours

- NIHD: Reports Q2 -$3.65 v -$2.38, R$968.8M v $877Me, liquidity position not sufficient to support business; -58.8% afterhours

Notable movers by sector:

- Consumer Discretionary: Slater & Gordon Ltd SGH.AU +5.1% (FY14 results); Domino's Pizza Enterprises DMP.AU +8.0% (FY14 results)

- Consumer staples: Yonghui Superstores Co Ltd 601933.CN +10.0% (Dairy Farm acquires stake); Henan Shuanghui Investment & Development 000895.CN -1.6% (H1 results)

- Financials: Poly Property Group 119.HK -2.2% (July operating results); Mitsubishi UFJ Financial Group 8306.JP +1.6% (planning to work with client on risk assets)

- Materials: Ishihara Sangyo Kaisha 4028.JP -2.2% (Q1 results)

- Industrials: Toyo Tanso 5310.JP -3.5% (H1 results); Bradken Ltd BKN.AU +4.9% (FY14 results)

- Technology: Tencent Holdings 700.HK +0.8% (may bid for Sinopec's retail business); Anhui USTC iFlytek 002230.CN +3.3% (H1 results)

- Utilities: Ebara Corp 6361.JP -3.6% (Q1 results)

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.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE

EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE

EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates. 

EUR/USD News

GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone

GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone

GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the BoE will begin the rate-cut cycle this year.

GBP/USD News

Gold ends Q1 2024 at record highs, what’s next?

Gold ends Q1 2024 at record highs, what’s next?

Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.

Gold News

Ripple's move above this key level could trigger nearly 50% rally for XRP

Ripple's move above this key level could trigger nearly 50% rally for XRP

Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.

Read more

US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount

The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.

Read more

Majors

Cryptocurrencies

Signatures