NZD rises after jobs data

Asia Market Update: Asian trading continues to be impacted by holidays; JP and CN return from extended holidays on Thurs; NZD rises after jobs data.

General trend

- Energy stocks move higher after overnight rise in oil prices.

- S&P ASX 200 has gained after the flat open [Financial, Resources and Energy indices rise; ANZ declined after reporting earnings].

- Hang Seng is lower after earlier paring decline [Energy cos. move higher; TECH index drops over 2%; SJM drops after earnings, L’Occitane rises ].

- Nasdaq FUTs erased gain.

- Hon Hai rises after issuing April sales.

- Markets in Japan, Shanghai and South Korea to return from holiday on Thurs (May 6th).

- Companies due to report during the NY morning include Ardmore Shipping, BorgWarner, CyberArk Software, Emerson Electric, Exelon, Flex Ltd, GM, Barrick Gold, Hilton, Jones Lang LaSalle, LL Flooring, Madison Square Garden Sports, NiSource, New York Times, Office Depot, Owens & Minor, Performance Food Group, Reynolds Consumer Products, Scotts Miracle-Gro, Standard Motor Products, Spirit Aerosystems, SunPower Corp, Tupperware..

Headlines/Economic data

Australia/New Zealand

- ASX 200 opened 0.0%.

- ANZ.AU Reports H1 (A$) cash profit 2.99B v 1.41B y/y; Rev 8.4B v 8.9B y/y.

- (NZ) Fonterra Global Dairy Trade Auction Dairy Trade price index: -0.7% v -0.1% prior.

- (NZ) Reserve Bank of New Zealand (RBNZ) Semi-Annual Financial Stability Report (FSR): Financial system sound but vulnerabilities remain, have so far come through pandemic better than expected.

- (NZ) NEW ZEALAND Q1 UNEMPLOYMENT RATE: 4.7% V 4.9%E; Employment Change Q/Q: 0.6% v +0.6% prior ; Y/Y: +0.3% v -0.1%e.

- (NZ) Reserve Bank of New Zealand (RBNZ) Deputy Gov Bascand: There is greater risk of housing price correction; we are in an uncertain economy at the moment.

- WBC.AU Acknowledges AISC proceedings related to interest rate swap in 2016.

- (NZ) Reserve Bank of New Zealand Assistant Gov Hawkesby: Funds for Lending Program (FLP) is serving its purpose.

- (AU) Australia sells A$1.2B v A$1.2B indicated in 1.00% Nov 2031 bonds, avg yield 1.7453%, bid to cover 3.35x.

- (AU) AUSTRALIA MAR BUILDING APPROVALS M/M: 17.4% V 3.0%E.

Japan

- Nikkei 225 closed for holiday.

- Market to re-open tomorrow.

- (JP) Osaka and Tokyo Prefectures in Japan said to seek extending state of Emergency – Press.

- (JP) Japan ministry of internal affairs report finds that in 2020 child population reached record low after 40 years of decline, lowest on record since 1950 - press.

Korea

- Kospi closed for holiday.

- (KR) US Defense official Jennifer Walsh: North Korea continues to build up its chemical and biological weapons, in addition to its other weapons of mass destruction (WMD) such as nuclear weapons, this poses a threat to the US and South Korea - Yonhap.

China/Hong Kong

- Hang Seng opened -0.5%; Shanghai Composite closed for holiday.

- (HK) Hong Kong Apr PMI (Whole Economy): 50.3 v 50.5 prior (3rd consecutive expansion).

- (HK) Hong Kong Mar Retail Sales Value Y/Y: 20.1% v 34.0%e; Retail Sales Volume Y/Y: 19.8% v 33.3%e.

Other

- (TW) US Commerce Department said to have asked Taiwan companies to prioritize US automakers when supplying chips – press.

- (SG) Singapore Apr PMI (whole economy): 51.8 v 53.5 prior (lowest since Dec 2020, 5th consecutive expansion).

- (PH) Philippines Apr CPI Y/Y: 4.5% v 4.7%e (4th consecutive month above target range).

- (IN) India Central Bank (RBI) Gov Das announces loan repayment relief and steps to boost credit to key sectors to get through the pandemic [unscheduled comments].

North America

- (US) Treasury Sec Yellen: Not predicting or recommending rates increase; Expects full employment next year.

- (US) Fed's Kashkari (dove, non-voter): Fed has powerful tools to fight inflation if needed; If Govt raises taxes to pay for new spending, it won't be inflationary.

Europe

- (CN) EU said to suspend efforts to ratify China-EU investment deal – AFP.

- (DE) German Finance Min Scholz (Chancellor candidate) economic aid will be extended; wants an investment offensive and to make private more responsible for investment in public infrastructure - Handelsblatt interview.

- DAI.DE Nissan to sell 16.4M shares, its entire stake, (1.54% stake) at of €69.85/shr.

Levels as of 01:15ET

- Hang Seng -0.6%; Shanghai Composite closed; Kospi closed; Nikkei225 closed; ASX 200 +0.5%.

- Equity Futures: S&P500 +0.1%; Nasdaq100 +0.1%, Dax -2.1%; FTSE100 -0.1%.

- EUR 1.2066-1.1999; JPY 109.48-109.03; AUD 0.7765-0.7676; NZD 0.7209-0.7116.

- Commodity Futures: Gold -0.8% at $1,777/oz; Crude Oil +2.5% at $66.09/brl; Copper +0.5% at $4.55/lb.