Reuters - Trump adviser Navarro: U.S, Germany should discuss trade outside EU

Yesterday night article if you missed it

From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 03/06/17 22:06:24
Subject: Reuters - Trump adviser Navarro: U.S, Germany should discuss trade outside EU
Trump adviser Navarro: U.S, Germany should discuss trade outside EU

Trump administration trade adviser Peter Navarro said on Monday the $65 billion U.S. trade deficit with Germany was "one of the most difficult" trade issues, and bilateral discussions were needed to reduce it outside of European Union restrictions.

Navarro, the director of the new White House National Trade Council, also in an address to economists in Washington depicted chronic trade deficits as a threat to national security and said the Trump administration would seek to "reclaim" parts supply chains that had moved overseas.

Navarro said that Germany has too long used the argument that the EU dictates its trade policy and that it does not control the value of the euro.

"I think that it would be useful to have candid discussions with Germany about ways that we could possibly get that deficit reduced outside the boundaries and restrictions that they claim that they are under," Navarro told a National Association for Business Economics conference.

"But it's a serious issue. Germany is one of the most difficult trade deficits that we're going to have to deal with but we're thinking long and hard about that."

He said an visit by German Chancellor Angela Merkel to Washington next week could include discussions on how to improve the U.S.-German economic relationship as part of the administration's agenda to make trade "free, fair and reciprocal."

Navarro's comments follow his complaints last month that Germany was exploiting a weak euro to gain a trade advantage.

But the Trump adviser, who shares the trade policy spotlight with new U.S. Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin, said he would wait until a Treasury currency report due in mid-April to learn whether China is manipulating its currency and the yuan is undervalued.

Trump had said during his election campaign that he would declare China a currency manipulator on his first day in office, a move that would require demands from the administration for negotiations with Beijing. He has not made such a declaration, despite telling Reuters in an interview last month that China was the "grand champion" of currency manipulation.

Navarro said that according to classic trade theory, in his view, the yuan's value should rise and the dollar should fall so that trade equalizes. He said the current capital outflow pressure in China was largely due to China's drive to acquire companies abroad.

"If you look at it through that lens, it's clear that the Chinese currency is undervalued. Navarro said, adding that he would wait for the Treasury report for a final verdict.

Navarro also called out India for its high tariffs and Japan for its non-tariff trade barriers, and said negotiations to use U.S. leverage as the world's largest market were needed to bring these down and boost U.S. exports.

"If we are able to reduce our trade deficits through tough, smart negotiations, we should be able to increase our growth," Navarro said.

If current trade trends continue, foreign interests will eventually acquire wide swaths of the U.S. economy, he said, ultimately driving down wages and living standards for Americans in a grim "conquest by purchase" scenario.

(Mediapart) Emmanuel Macron veut réécrire la régulation financière

Emmanuel Macron veut réécrire la régulation financière

Se rangeant aux côtés des banques et des assurances, le candidat d’En Marche juge que les règles prudentielles sont trop contraignantes. Il souhaite à l’avenir que ce soit les ministres des finances et non les régulateurs qui les déterminent. Un premier pas pour effacer toutes les leçons de la crise financière.

S’il y avait encore un doute sur le positionnement d’Emmanuel Macron, il vient de le dissiper : il se place ostensiblement du côté de la finance. Tandis que l’attention de l’opinion publique est captée par le feuilleton quotidien de la droite, il avance discrètement ses propositions. Et quelles propositions ! Il ne s’agit rien de moins que de remettre en cause la régulation élaborée après la crise financière de 2008. Comme Trump, il propose de réécrire ces règles contraignantes. Au nom de l’économie bien sûr.

L’auditoire devant lequel il a émis cette idée lundi n’était sans doute pas prêt à aborder un tel sujet : Emmanuel Macron avait été alors invité à débattre avec les chefs d’entreprise de la CPME (ex-CGPME), comme le seraient avant et après lui Marine Le Pen et François Fillon le même jour. Alors que les petits patrons attendaient sans doute un discours plein de bonnes intentions en faveur des PME, le candidat d’En marche s’est brusquement emparé de la question réglementaire des banques et des assurances.

Ses propositions sont simples : il veut reprendre la main sur la régulation financière. Pour lui, les régulateurs ont des positions beaucoup trop rigides, voire dogmatiques. Il vaudrait bien mieux que cette tâche prudentielle soit confiée aux ministres des finances européens. Ils seraient beaucoup plus à même, selon Emmanuel Macron, d’établir les ratios prudentiels (Bâle 2 et 3 pour les banques, Solvency 2 pour les assurances) qui fixent le niveau de fonds propres pour les banques et les assurances. « Ce que je souhaite, c'est que les grands ratios de solvabilité de liquidité et de fonds propres des banques et des assurances puissent être discutés au niveau européen à l'Ecofin chaque année et qu'on en fixe, avec des objectifs de financement économique, les grandes règles », a expliqué Emmanuel Macron.

Le candidat d’En Marche juge que ces règles sont trop contraignantes, et finissent par être plus néfastes que bénéfiques pour l’économie. En tout cas, elles ne sont pas du tout « adaptées à la France », selon lui. « Nous nous sommes fait avoir », a-t-il assuré. Les règles prudentielles des établissements financiers « touchent beaucoup les économies comme les nôtres qui n'étaient pour rien dans l'origine de la crise ». « Les instances prudentielles veulent de la prudence, donc elles n'ont qu'un objectif de réduction du risque et donc elles ont désincité (sic) les banques et les assurances à financer l'économie », a-t-il regretté.

L’argumentation n’est pas nouvelle. Elle est développée depuis des années par les banquiers et les assureurs, en guerre contre toutes les régulations financières qui leur ont été imposées après la crise financière. Tous mettent en avant le prétexte du financement de l’économie pour obtenir l’assouplissement voire l’annulation de ces règles, qui encadrent plus strictement leurs engagements. Dans les faits, ces dernières ne semblent avoir guère gêné la distribution de crédit. Selon les statistiques de la banque de France, le volume de crédit accordé aux entreprises non financières a augmenté de 4,8 % en rythme annuel, fin janvier, ce qui est en phase avec une économie qui croît d’à peine 1 % par an.

Pour les chefs d’entreprise, le problème de toute façon n’est pas là. Les difficultés actuelles qu’ils rencontrent ne sont d’ailleurs pas liées à l’accès au crédit, mais au flou sur l’avenir. Ce sont les carnets de commandes, l’augmentation des débouchés, de la consommation qui les incitent à investir, à se développer et pas le crédit. En gros, des questions de demande et non d’offre.

Jusqu’à présent, les banques françaises ne semblent pas avoir pâti non plus des nouvelles règles qui leur sont imposées. Alors que leurs concurrentes comme Unicredit en Italie ou Deutsche Bank en Allemagne sont en train de procéder à des augmentations de capital qui se chiffrent en dizaines de milliards pour restaurer leur bilan, elles se classent parmi les établissements financiers les plus profitables en Europe. BNP Paribas a affiché un résultat net de 7,7 milliards d’euros en 2016, AXA de 5,8 milliards d’euros, la Société générale de 3,9 milliards, le Crédit agricole de 3,5 milliards. Des résultats qui les placent en tête du CAC 40.

Mais l’avenir est plus sombre, disent-elles. Les exigences plus strictes qui vont leur être imposées vont renchérir le coût du capital. Tout cela ne peut que nuire aux banques et à leurs clients, assurent-elles. Nombre d’économistes et de régulateurs doutent de cette analyse. « Cela ne tient pas la route », affirme par exemple David Miles, membre du comité de politique monétaire de la Banque d’Angleterre.

Ce qui ne tient pas la route non plus, c’est que le monde financier, dans un univers de taux zéro voire négatif, dans un environnement économique languissant qui se remet mal de la crise, continue d’afficher des exigences de rentabilité du capital de 15 % et plus, comme avant la crise, comme si rien ne s’était passé. Ce décalage grandissant entre l’économie réelle et le capitalisme financier ne peut que pousser à la spéculation et à des prises de risque de plus en plus insensées. Ce que justement la régulation veut éviter.

Emmanuel Macron ne peut ignorer toutes ces données. Alors pourquoi demande-t-il à revenir sur tout l’encadrement mis en place après la crise financière ? Car, même s’il lie habilement la remise en cause de la régulation au financement de l’économie, ses propositions reviennent bien à cela. Confier la régulation à des ministres, très éloignés de ces questions, plutôt qu’à des régulateurs qui connaissent parfaitement le milieu bancaire et les risques qu’il fait peser sur l’ensemble de l’économie, c’est redonner tout le pouvoir à la finance. Comment croire que les lobbies financiers ne se précipiteront pas pour murmurer à l’oreille du ministre les mesures qu’ils attendent, voire leur écrire les textes ? Ils font déjà le siège en permanence de la commission européenne. Autant dire que la finance doit s’auto-réguler et écrire elle-même ses règles. Comme elle l’a fait avant 2008, avec le succès que l’on sait.

En quelques phrases, devant un auditoire auquel le message n’était pas destiné, Emmanuel Macron a fait l’aveu de ses convictions profondes. La crise financière de 2008 qui a mené l’économie mondiale au bord du gouffre et dont les pays occidentaux se remettent avec difficulté ne semble être, selon lui, qu’un accident de l’histoire. Il n’y a aucune leçon à retenir de ce choc, aucune mesure de prévention à adopter. Le capitalisme financier ne saurait être contraint. Comme il le dit, il connaît parfaitement « la grammaire des affaires ».

FT : Newly listed Tikehau Capital hunts for ‘opportunistic’ deals

Newly listed Tikehau Capital hunts for ‘opportunistic’ deals
Parisian asset manager’s shares start trading on Tuesday

Tikehau Capital, the European asset manager, is on the hunt for “opportunistic” acquisitions now that it has listed on Euronext Paris through a reverse merger, its founders told the Financial Times as its shares were due to start trading on Tuesday.

Tikehau, which is named after a Pacific coral atoll in French Polynesia, has roughly €10bn assets under management and it invests in private equity, and debt and liquid strategies. The Paris-based company has offered to buy shares in Salvepar, a listed investment vehicle, in return for shares in the newly listed Tikehau Capital.

Last November, Tikehau purchased an 80 per cent stake in the manager of IREIT Global, an investment trust which invests in a portfolio of income-generating real estate in Europe. It also signed a deal last year to manage Lyxor’s investments in its European debt funds.

“Last year we already bought two companies [in the asset management sector] and being listed will give us the currency to do more. It gives us a way to effectively acquire businesses and portfolios,” said Mathieu Chabran, who co-founded the firm in 2004 with Antoine Flamarion.

Tikehau’s ambitions are part of a wider consolidation in the asset management industry, which is under pressure to cut costs and boost performance, according to the Tikehau founders, who worked at Merrill Lynch and Goldman Sachs, respectively.

Some notable deals include the just-announced £3.8bn acquisition of Aberdeen Asset Management by Standard Life, Ares Capital’s purchase of American Capital for $3bn, and Janus Capital Group and Henderson Group’s merged $300bn assets under management.

Tikehau’s main UK competitor is Intermediate Capital Group and it numbers Jean-Pierre Mustier — chief executive of UniCredit — among its former employees.

Mr Flamarion said the listing would help expand Tikehau’s reach globally. He said: “The company wants to grow and develop outside France and Europe and so there comes a time we consider being listed will probably get more visibility for the business.”

Mr Chabran said Tikehau planned to be selective as it looks for deals because of wider worries of assets hitting the market at record prices. He added: “We will remain extremely opportunistic in that respect. We are not saying that we are going to be buying everything that arises.”

>>> What to look at today - 7th of March 2017

Dow -0.24% S&P -0.33% Nasdaq -0.37% Russell -0.71%
A morning sell-off was met with a slight uptick in buying interest on Monday afternoon, leaving the major averages with modest losses to start the new week on lower-than-average trading volume. Ten of eleven sectors finished Monday's session in the red. The energy sector (+0.3%) was the lone winner. The top spot on the leaderboard has been an elusive one for the energy sector, which remains in last place in the 2017 sector standings with a year-to-date loss of 5.2%.
Crude oil didn't aid the energy sector's uptick, finishing Monday's session with a loss of 0.2% at $53.22/bbl. US After Hours MEET +19% following earnings/guidance/acquisition news, DISH +5% to join S&P 500... CASY -4% following earnings/guidance, several names lower following offerings. Asia indices are mixed as investors shrugged political drama in Washington. Energy led other sectors in US session despite lower oil prices, while Financials and Materials slumped. Nikkei225 put in a modest drop as USD/JPY sank back below ¥114. AUD/USD was also volatile, with RBA delivering a modest upgrade of economic conditions, but not enough to materially shift expectations for a rate hike this year.

Nikkei -0.18% Hang Seng +0.31% CSI +0.22% Shanghai +0.26%

Eur$ 1.0601 CNH 6.89004 CNY 5.8983 JPY 113.76 GBP 1.2224 CHF 1.001 RUB 58.2290 WTI$ 53.10 -0.19%

s&p -0.14% EuroStoxx -0.14% FTSE -0.33% Dax -0.10% SMI -0.06%

Macro :
- French Equities Raised to Bullish at Jefferies Ahead of Vote


Keep an eye on :
- BCP PL : BCP Plans to Cut Non-Performing Exposure by EU1b/Yr Through 2018
- BMW GY : BMW CEO Sees Europe Market Slowing to Single-Digit Gain in 2017
- CO FP : Casino Aims for Sales, Earnings Growth in 2017
- CNA LN : Centrica Pension Deficit a Constraint, Rating Cut: Credit Suisse
- COMB BB : Bois Sauvage Raises Dividend by 1%; NAV Advances to EU369/Share
- EIT IM : RAI Way Said to Consider Takeover of Berlusconi’s EI Towers
- ENI IM : Eni, Enel CEOs to Stay at Posts; Moretti to Be Replaced: Stampa
- ILD FP : Iliad Deputy CEO Says Banking Business Not Short-Term Priority
- LISP SW : Lindt Outlook Cautious ‘for the First Time in Years’: Baader
- OHL SM : OHL Said to Mull Selling Part of Mexican Stake: El Confidencial
- PST IM : Poste Italiane to Distribute 80% of Net Income as 2016 Div: CEO
- PSPN SW : PSP Swiss Property 2016 Net Rises 6.9% as New CEO Appointed
- SAN SM : Santander Agrees to Sell Stake in Allfunds for EU470M
- SRG IM : Snam FY Rev. Beats Est., Co. to Introduce Interim Dividend
- SOW GY : Software AG to Cancel Treasury Shares, Sets EU100m Buyback
- TEG GY : TAG Immobilien Will Sell as Many as 4.1 Mln Treasury Shares
- TIT IM : Telecom Italia Is Said to Weigh Bid for Soccer Online-TV Rights
- TIT IM : Telecom Italia Said to Close Its Brussels Office to Cut Costs
- TGYM IM : Technogym FY16 Net Rev. EU555m; Proposes Div. of EU0.065/Shr
- FR FP : Valeo to Buy Back Shares Within EU75m Limit by May 19
- VOW3 GY : VW Sticks to Strategy Amid PSA-Opel Deal, CEO Says in Interview
- VOW3 GY : Wolfgang Porsche Says He’s Not in Touch With Piech on Allegation
- VOW3 GY : VW to Continue Investing Into Diesel Engines, Handelsblatt Says

>>> Europe : Brokers Upgrades & Downgrades - 7th of March 2017

>>> Up
*Addeco Reiterate OverWeight at JPMorgan, PT CHF75
*Cargotec Raised to Buy at HSBC, PT EU52
*Ferrexpo Raised to Neutral at Credit Suisse
*Glencore Raised to Neutral at JPMorgan, PT 330p
*Norsk Hydro Raised to Buy at Norne Securities, PT NOK60

>>> Down
*Centrica Cut to Neutral at Credit Suisse
*Dialog Cut to Neutral at Main First Bank AG, PT EU51
*EON Cut to Underweight at Santander, PT EU7.20
*JCDecaux Cut to Hold at Berenberg
*Mitie Cut to Underperform at Jefferies, PT 175p
*Pop Emilia Cut to Neutral at Goldman, PT EU5
*SSE Cut to Sell at Citi

>>> Initiations
*Borr Drilling Rated New Buy at ABG Sundal, PT NOK35
*Geberit Rated New Hold at Baader-Helvea, PT CHF453
*Stabilus Rated New Hold at M.M. Warburg, PT EU60

>>> Call
*FRENCH EQUITIES RAISED TO BULLISH AT JEFFERIES

>>> Iliad mobile revenues pass €2bn

Iliad, the low-cost French telecoms company owned by billionaire entrepreneur Xavier Niel, grew profits by a fifth last year as its mobile revenues passed €2bn for the first time.

The group’s net profits grew 20 per cent in 2016 to over €400m,
according to its annual results published on Tuesday. Overall turnover was up 7 per cent to €4.7bn during the year.

Five years after Iliad disrupted the French mobile market by bursting on the scene as the fourth operator with a low-cost service, the group has grown to represent almost a quarter (24 per cent) of fixed line market share, and 18 per cent of the mobile market, it said on Tuesday.

Iliad’s mobile revenues grew 12 per cent in 2016 as subscribers
migrated to its more expensive €19.99/month offer, which helped to increase average revenue per user – a key measure for telecoms providers. The number of 4G subscribers grew 60 per cent to almost 6m.

During 2016, Iliad invested nearly €1.3bn in fixed and mobile
infrastructures in France.

The group has now set its sights on Italy. In July last year Iliad signed an agreement with the Hutchison and VimpelCom groups, as part of the merger of H3G and Wind, to acquire assets that enable it to become the fourth mobile operator in Italy.

On Tuesday Iliad gave no further details on its launch in Italy, and said it’s a “unique opportunity.”

The launch is targeted for later this year and Iliad will have a market share of less than 10 per cent in the country’s mobile market.

>>> Asian Update

Asia Mid-Session Market Update: RBA on hold with slightly rosier view of domestic economy; THAAD system components start to arrive in Korea

***US Session Highlights***
- (US) Trump trade adviser Navarro: Questions Chinese, Japanese, German and Indian trade fairness; Can reduce trade deficit through negotiations
- (MX) Mexico central bank begins auction of $1B in non-deliverable forwards (start of $20B program to bolster the peso)
- (MX) MEXICO FEB CONSUMER CONFIDENCE: 75.7 V 68.6E
- (US) JAN FACTORY ORDERS: 1.2% V 1.0%E
- IEA Chief Economist Birol: beginning to see a second wave of US shale growth, the size of which will determine the oil price direction

***US markets on close: Dow -0.2%, S&P500 -0.3%, Nasdaq -0.4%***
- Best Sector in S&P500: Energy
- Worst Sector in S&P500: Materials
- Biggest gainers: RRC +4.1%, COG +3.5%, SWN +3.0%, NFLX +2.0%, MRO +1.8%
- Biggest losers: ENDP -6.9%, CSRA -4.3%, FTR -3.8%, FSLR -3.7%, RIG -3.6%
- At the close: VIX 11.2 (+0.3pts); Treasuries: 2-yr 1.31% (flat), 10-yr 2.49% (flat), 30-yr 3.10% (+1bps)

***US movers afterhours***
- MEET: Reports Q4 $0.19 v $0.19e, R$29.2M v $28.7Me; +18.5% afterhours
- WFT: Names Mark A. McCollum new CEO effective in late April; +14.6% afterhours
- ASNA: Reports Q2 -$0.07 v -$0.10e, R$1.75B v $1.75Be; +7.8% afterhours
- DISH: To be added to S&P500 Index, effective at the open on March 13th; +5.3% afterhours
- PIR: Guides Q4 $0.32-0.34 v $0.30e; Rev -2.6%; SSS +0.2% - We are raising our estimates for earnings per share and adjusted earnings per share for the fourth quarter and full year as a result of a number of key factors; +5.0% afterhours
- CRM: IBM and Salesforce announce global strategic partnership centered on artificial intelligence; +2.1% afterhours
- THO: Reports Q2 $1.23 v $1.26e, R$1.59B v $1.51Be- Q2 Consolidated RV backlog $1.38B v $1.21B q.qq; -2.5% afterhours
- CASY: Reports Q3 $0.58 v $0.88e, R$1.77B v $1.82Be; To repurchase up to $300M in common stock (6.7% of market cap); -4.6% afterhours
- PCRX: Files to sell $300M aggregate principal amount of convertible senior notes due 2022; -4.9% afterhours
- KTWO: Reports Q4 -$0.30 v -$0.26e, R$61.8M v $61.5Me- Guides initial FY17 R$263-270M v $270Me - Guides initial FY17 adj EBITDA $6-10M; -8.0% afterhours

***Politics***
- (US) House releases text of Obamacare replacement bill: To include refundable tax credits tied to age and income

***Asia Key economic data:***
- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH RATE TARGET UNCHANGED AT 1.50% (AS EXPECTED)
- (AU) AUSTRALIA FEB AIG PERFORMANCE OF CONSTRUCTION INDEX: 53.1 V 47.7 PRIOR (1st expansion in 5-months)
- (TW) TAIWAN FEB CPI Y/Y: 0.0% V 0.7%E; WPI Y/Y: 2.2% V 3.0%E

***Asia Session Notable Observations, Speakers and Press***
- Asia indices are mixed as investors shrugged political drama in Washington. Energy led other sectors in US session despite lower oil prices, while Financials and Materials slumped. Nikkei225 put in a modest drop as USD/JPY sank back below ¥114. AUD/USD was also volatile, with RBA delivering a modest upgrade of economic conditions, but not enough to materially shift expectations for a rate hike this year.
- AUD rose going into the decision to session highs of 0.7630 on expectations of hawkish language and then fell back below 0.76 on release of another neutral statement. Most notably, RBA added that "exports have risen strongly and non-mining business investment has risen over the past year" and also acknowledged better Q4 GDP by noting that "consumption growth was stronger towards the end of the year". However, RBA also reiterated that inflation remains quite low and cheered depreciating exchange rate in assisting economy transition from its mining boom. Fixed income markets were pricing in about a 30% chance of a rate hike this year going into the statement, and after the decision those odds rose only about 3pts.
- Tensions on the Korean peninsula continued to simmer as White House released a statement that President Trump spoke with leaders of Japan and South Korea. Trump said the North Korea launch is a violation of UN resolutions and poses a "serious threat". On a related note, US commander in the region said the launch justifies THAAD deployment which started today and may begin operating as soon as next month. Recall that China has been a vocal opponent of THAAD deployment in the region, cancelling joint exercises with South Korea and urging termination of the system.

China
- (CN) China NDRC: Sees coal prices falling steadily, coal supply is sufficient
- (CN) UBS Economist Hu: Sees PBOC cutting RRR 4x in 2017; benchmark rate hike unlikely this year
- (CN) PBOC Dep Gov Yi Gang: Will seek to prevent systemic risk and moral hazard in markets - Chinese press

Japan
- (JP) Japan Fin Min Aso: China needs to address overcapacity and debt issues
- (JP) Japan Center for Economic Research (JCER): Japan Jan GDP estimated at -0.5% m/m v -0.5% prior - Nikkei

Australia
- (AU) AMP's Oliver: RBA to remain on hold until H2 of 2018 - SMH
- (NZ) IMF: New Zealand household debt continues to be a risk to financial stability

Korea
- (KR) Commander of US Pacific Command: North Korea's latest missile launch confirms the need for THAAD deployment; some equipment, including 2 launch pads for Thaad US missile defense system, has arrived in South Korea; Thaad may start operating as soon as April
- (KR) White House: Pres Trump spoke to Japan PM Abe and South Korea acting Pres Hwang; North Korea poses a "serious threat" and latest missile launch is a clear violation of UN resolutions - press
- (KR) South Korea govt think tank (KDI): Modest economic recovery losing momentum due to faltering consumption - Korean press

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.2%, Hang Seng +0.4%, Shanghai Composite -0.1%, ASX200 +0.2%, Kospi +0.7%
- Equity Futures: S&P500 flat; Nasdaq flat; Dax +0.3%; FTSE100 +0.2%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0570-1.0595; JPY 113.85-114.10; AUD 0.7575-0.7630; NZD 0.6980-0.7020
- Apr Gold flat at $1,225/oz; Apr Crude Oil flat at $53.20/brl; May Copper +0.1% at $2.66/lb
- (IQ) Iraq energy min: Iraq would participate if OPEC decides to extend the cut agreement past June 30th, but too soon to say if it should be extended - Ceraweek conf comments
- (AU) Australia Port Hedland Feb Iron Ore Exports 35.7Mt v 40.3Mt m/m
- GLD SPDR Gold Trust ETF daily holdings fall 3.8 tonnes to 836.8 tonnes; lowest since Feb 10th; 2nd straight decline
- (CN) PBOC SETS YUAN MID POINT AT 6.8957 V 6.8790 PRIOR; weakest CNY setting since Jan 17th
- (CN) PBOC to inject combined CNY30B v CNY40B prior in 7-day, 14-day and 28-day reverse repos
- (JP) Japan MoF sells ¥723B in 0.8% (0.6% prior) 30-yr bonds; Avg yield: 0.821% v 0.907% prior; Bid to cover: 3.14x v 3.23x prior
- (KR) South Korea sells 30-yr Govt bonds at 2.369%

***Asia equities / Notables / movers by sector***
- Consumer discretionary: 848.HK Maoye International Holdings -1.3% (profit warning); 7956.JP Pigeon Corp +1.5% (FY16/17 result)
- Financials: 6030.HK CITIC Securities +1.6% (Feb result); 1918.HK Sunac China Holdings +3.4%, 688.HK China Overseas Land +1.3% (Feb result); WFD.AU Westfield Corp -1.5% (Credit Suisse cuts rating)
- Industrials: 2333.HK Great Wall Motor +0.8% (Feb result); 4005.JP Sumitomo Chemical Co +2.3% (to triple OLED screen capacity); 6103.JP Okuma Corp +2.4% (Goldman Sachs raises rating); 7211.JP Mitsubishi Motors -1.5% (Nomura cuts rating)
- Technology: 066570.KR LG Electronics Inc +5.0% (strong preorders of G6 smartphone); 7751.JP Canon +2.1% (efforts to form profit structure); 7974.JP Nintendo Co +1.9% (Switch device sales)
- Materials: RRL.AU Regis Resources -3.5%, RSG.AU Resolute Mining -3.6%, SBM.AU St Barbara -1.5% (gold declines)
- Utilities: 5803.JP Fujikura -2.5% (Nomura cuts rating)

>>> US After Hours Summary: MEET +19% following earnings/guidance/acqui

After Hours Summary: MEET +19% following earnings/guidance/acquisition news, DISH +5% to join S&P 500... CASY -4% following earnings/guidance, several names lower following offerings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: MEET +19.3% (also announces acquisition), ASNA +5.3%, PIR +5%, ATSG +3.6%, WMC +3.6% (ticking higher)

Companies trading higher in after hours in reaction to news: GMAN +15% (after closing near lower on reports that the company may be preparing a potential bankruptcy filing), VRML +11% (attains out-of-state provider status with Medi-Cal, California's Medicaid program, for OVA1 access to over 12 mln beneficiaries), DISH +5.3% (to replace Linear Technology in S&P 500), WFT +4.4% (appointed Mark McCollum as President and Chief Executive Officer with an effective start date in late April 2017), LJPC +3.4% (insider buy disclosures, also Tang Capital Partners increases active stake), CRM +2.1% (IBM and Salesforce announce Landmark Global Strategic Partnership)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: KTWO -8%, AKBA -6.3%, LPCN -4.6% (light volume; also entered into a Controlled Equity Offering with Cantor - may offer and sell shares of common stock having an aggregate offering price of up to $20 mln), CASY -4.2% (also announces $300 mln share repurchase), ALOG -4.2% (ticking lower - also approves plan of restructuring), KFY -2.7% (light volume), THO -2.5%

Companies trading lower in after hours in reaction to news: PCRX -4.7% (announces proposed offering of $300 million aggregate principal amount of convertible senior notes), HASI -3.4% (commences a public offering of 3,000,000 shares of common stock; provides Q1 update in connection with the commencement of a 3 mln share common stock offering), STAY -2.6% (announces secondary offering and repurchase of paired shares by selling stockholders), FRC -1.9% (agrees to sell 2,000,000 shares of its common stock in an underwritten public offering)