Asian equity markets are mixed, as China benefited from bullish calls out of Morgan Stanley and local broker Guotai Junan Securities, while Nikkei225 was led lower by new 18-month high in the Yen. Investors have also shrugged the mixed China inflation data which fell short of consensus but still matched multi-month highs of 2.3% in CPI - strength that was once again primarily the function of higher food prices. World Bank affirmed China 2016 GDP target at 6.7% but still forecast a gradual slowdown, stating the recent improvement in data does not necessary signify a rebound. World Bank also cut its outlook for developing East Asia Pacific 2016 GDP to 6.3% from 6.4% and 2017 GDP to 6.2% from 6.3%. Recall late last month, ADB also cut its developing Asia 2016 GDP to 5.7% from 6.0% and sets 2017 at 5.7%. Institutional investors have been turning increasingly bearish on Japan since the January swoon - BlackRock has reportedly joined Citigroup, Credit Suisse, and AMP Capital in expressing doubts over Abenomics. Reports citing a survey by Merrill Lynch showing overweight positions on Japanese stocks also fell for a third straight month in March as investors sold a net of ¥5T since 2nd week of Jan - the longest bearish streak since 1998. Recent splintering within the BOJ was also underscored by some critical comments from the retired BOJ member Shirai, who said there was little room to cut negative rates further and that buying more assets could only be effective for another couple years.
Nikkei -0.42% Hang Seng +0.36% Shanghai +1.93%
Eur$1.1414 CNH 6.4770 CNY 6.4670 JPY 107.92 GBP 1.4127 CHF 0.9529 RUB$ 66.8128 WTI$ 39.58 (-0.35%)
S&P -0.04% EuroStoxx -0.03% Dax -0.08% CAC -0.17% SMI +0.21%
Macro :
ECB Can’t Create Growth in Europe, Carmignac Tells FuW
The Yen’s Puzzling Surge, Explained in One Morgan Stanley Theory
Musk’s Reusable-Rocket Dream Comes True With Drone-Ship Landing
Portugal’s Costa Wants Creation of Vehicle for NPLs, TSF Says
China March Retail Auto Sales Rise 7.8% on Year: PCA
Keep an eye on :
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- AIR FP : Airbus Says France, Germany Halt Export Credit Amid U.K. Probe
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- BARC LN : Barclays Branches Used as Collection Points for Amazon: Mail
- BMW GY : BMW to Recall Some Imported BMW 7 Series Models in China: Xinhua
- BOSCH : Bosch Senses Weakening Diesel Demand, CFO Tells Boersen-Zeitung
- CBK SM : CaixaBank, Dos Santos Reach Agreement on BPI, Noticias Says
- CA FP : +ve article in Barron's
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- DGE LN : Diageo Chairman Humer Preparing to Step Down, Sunday Times Says
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- GATE SW : HNA Agrees to Buy Airline Caterer Gategroup for $1.5 Billion - offered CHF53 vs 44.10 friday (20%)
- HMSN LN : London Planning Officials Don’t Recommend Hammerson Housing Plan - FT - http://on.ft.com/1SGnK4r
- ING FP : Ingenico Buys French FinTech Think&Go NFC for Undisclosed Price
- LSE LN : Deutsche Börse-LSE tie-up hits opposition because of Brexit - FT - http://on.ft.com/1USZAJZ
- RCS IM : RCS receives all-share public offer from Cairo Communications, offfered 0.12 shares
- ROG VX : Roche’s Atezolizumab Granted FDA Priority Review
- SAP GY : SAP 1Q Prelim. Non-IFRS Rev., Oper. Profit Trail Ests.
- SAP GY : SAP 1Q Results Weak, Exane Says; Expects Limited Market Reaction
- SIE GY : Siemens Signs MOU for 2,200mw Power Plant Project in U.A.E.
- TSLA US : Could announces updates to Model S car as soon as next week, a new front face similar to the new Model X, LED headlights, and more luxury features, a price increase of Model S - http://cnet.co/1YnfdYb
- SCR FP : Covea Buys 5.64% Stake in Scor, Les Echos Says
- GLE FP : SocGen Confirms Offices Searched by Investigators Last Week
- SREN VX : Car gadgets expected to crunch insurers FT - http://on.ft.com/1qH1nWn
- FP FP : Total CEO Interested in Gas Downstream Sales in China: Caixin
- VATT SS : Vattenfall will most probably sell German brown coal business to EPH - Sueddeutsche Zeitung
- VIV FP : Universal Music, Sony, Warner Seek New YouTube Agreements: FT
- VIV FP : Vivendi/Mediaset Share Swap Pay-TV Deal is Win-Win, Liberum Says
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- VOW3 GY : Ex-Volkswagen CEO Winterkorn Still Gets Paid Salary, Bonus: FAS
- VOW3 GY : VW CEO Mueller to Propose 30% Bonus Cut for Exec. Board: BamS