>>> Asian Update

Asian Mid-session Update: BOJ again lowers inflation assessment; Kiuchi amends descent in favor of reducing monetary base growth to ¥45T from ¥80T


***Economic Data***
- (JP) JAPAN FEB CURRENT ACCOUNT: ¥1.4T V ¥1.2TE; ADJ CURRENT ACCOUNT: ¥604B V ¥605BE; TRADE BALANCE: -¥143B V -¥240BE (lowest deficit in 18 months)
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index:109.7 v 112.3 prior
- (TW) TAIWAN MAR CPI Y/Y: -0.6% V -0.7%E; WPI Y/Y: -8.6% V -7.8%E
- (PH) PHILIPPINES FEB EXPORTS: $4.5B v $4.4B PRIOR; Y/Y: -3.1% v +0.8%E
- (KR) South Feb Jan "L" Money Supply M/M: +0.7% v +0.9% prior; M2 Money Supply M/M: 1.0% v 0.2% prior
- (UK) UK MAR BRC SHOP PRICE INDEX Y/Y: -2.1% V -1.7% PRIOR (22nd consecutive decline, biggest decline since Dec 2006)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.4%, S&P/ASX +0.2%, Kospi +0.5%, Shanghai Composite -0.3%, Hang Seng +2.1%, Jun S&P500 -0.1% at 2,066

***Commodities/Fixed Income***
- Jun gold -0.2% at $1,208/oz, May crude oil -1.9% at $52.98/brl, May copper -0.7% at $2.74/lb
- (US) API PETROLEUM INVENTORIES: CRUDE: +12.2M (largest build since Feb 18th; 4th straight build) v +3.5Me, GASOLINE: +2.7M v -1.5Me, DISTILLATE: -0.33M v +1Me
- GLD: SPDR Gold Trust ETF daily holdings fall 2.4 tonnes to 733.1 tonnes; Lowest since Jan 17th
- (AU) Australia MoF (AOFM) sells A$500M in 3.75% bonds due 2037; Avg yield: 2.8421%; Bid-to-cover: 2.69x
- (AU) RBA, PBoC enter A$40B currency swap agreement
- (CN) China MOF sells 10-year bonds at 3.64%

***Market Focal Points/FX***
- Equity indices are mixed, reflecting the tone of uncertainty from the US session where markets opened higher for the 3rd straight day but rolled over into marginal negative by the close. Hang Seng is a notable outperformer with a catch-up rally after returning from an extended holiday break. Both Hong Kong index and Shanghai Composite hit 7-year highs today, even though the latter fell by as much as 1% later in the afternoon session.

- In USD majors, the greenback traded softer across the board, particularly vs NZD and JPY currencies. NZD/USD rose about 40pips above $0.7530, AUD/USD was up 30pips above $0.7660, and EUR/USD rose about 30pips above $1.0840 at the highs. USD/JPY crashed below ¥120 handle right after the BOJ policy decision amid signs of strain in the policy board, down over 40pips from session highs. While the BOJ maintained its annual pace of growth in monetary base at ¥80T and maintained its economic assessment, board member Kiuchi amended his prior dissent of favoring the pre-October easing in exchange for more specific reduction of annual base growth to ¥45T. Interestingly, the statement said that call was voted down by "majority", not 8-1 margin as his other dissent for more extended timeline toward 2% inflation, and suggesting he may have garnered some support in his position. On inflation, the BOJ also lowered its CPI assessment for the 2nd straight month to 0% from prior view of 0.0-0.5%. Outlook for inflation remains at 0% as well.

- In energy, crude prices fell by over a dollar below $53/brl after a multi-week high build in API petroleum inventories. There were also reports that top Iranian officials would travel to Beijing this week to discuss oil projects as Tehran prepares for lifting of western sanctions. In the corporate energy space, BG confirmed press speculation that it is in late stages of discussing a bid by Shell that is rumored to be as high as £46B.

- In notable Chinese press reports, UBS economist warned that upcoming March and Q1 data would be soft, weighed down largely by the ongoing property downturn and weak industrial investment. Fang.com announced Shanghai land sales in Q1 fell 104% y/y to 1.12M sqm, explaining the more aggressive policy in property adopted by the PBoC. Securities Journal report also indicated the govt may unveil subsidy for as much as CNY6/t for domestic iron ore producers in mid-April.

***Equities***
US equities / ADRs:
- RGLS: RG-125 (AZD4076), selected by AZN for the Treatment of NASH in Patients with Type 2 Diabetes/Pre-Diabetes; +10.7% afterhours
- PLAY: Reports Q4 $0.33 v $0.27e, R$207.1M v $201Me; -1.4% afterhours
- LGF: Tracking within the lower range of prior guided adj EBITDA of $1.2-1.3B over three fiscal years ending Mar 2017 - filing; -3.4% afterhours
- PNR: Guides Q1 lower to $0.65 v $0.77e, R$1.48B v $1.61Be ($0.75-0.77, Rev approx $1.6B prior guidance); will be taking cost actions; -4.3% afterhours

Notable movers by sector:
- Consumer Discretionary: Aeon 8267.JP +3.1% (expected to reduce capex); Takashimaya 8233.JP +1.3% (FY14/15 results); Myer Holdings MYR.AU +3.4% (Solomon Lew considering a bid)
- Consumer staples: Sugi Holdings 7649.JP +1.8% (FY14/15 results); San-A Co 2659.JP +7.4% (FY14/15 results); Create SD Holdings 3148.JP +10.0% (9-month results)
- Financials: Beijing Capital Land 2868.HK -10.4% (Mar sales results)
- Energy: Beach Energy BPT.AU +6.5% (may sell asset); AWE AWE.AU +3.4% (provides exploration update); Woodside Petroleum WPL.AU +2.2% (announces gas discovery)
- Industrials: Kawasaki Heavy Industries 7012.JP +1.6% (press speculation on FY15/16 results); Great Wall Motor 2333.HK +6.8% (Mar sales results); BYD Company Limited 1211.HK +6.0% (sets target for energy storage sales)
- Technology: Susino Umbrella 002174.CN +10.0% (announces acquisition)

>>> Us After Hours : MIND +1.7%, HABT +1.6%, PLAY +1.5%, PNR -4

After Hours Summary: MIND +1.7%, HABT +1.6%, PLAY +1.5%, PNR -4.0%, LGF -3.2%, TISI -1.5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: MIND +1.7%, HABT +1.6%, PLAY +1.5%, FLML +0.9%

Companies trading higher in after hours in reaction to news: RGLS
+9.4% (announced the selection of RG-125 for the treatment of Non Alcoholic Steatohepatitis in patients with type 2 diabetes/pre-diabetes, as a clinical candidate by AstraZeneca (
AZN) under the companies' strategic alliance), ELLI +1.7% (announced that Independent Bank has chosen Ellie Mae's Encompass all-in-one mortgage management solution as its platform for originating mortgages), CPHD +1.5% (announced appointment of Ilan Daskal to EVP and CFO, effective April 9, 2015)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: PNR -4.0%, LGF -3.2%, TISI -1.5%

Companies trading lower in after hours in reaction to news: AMZG -17.3% (announced entry into a Forbearance agreement with four holders, who collectively own or manage in excess of 50% of co's August notes), CPTA -4.6% (announced an offering of 3.5 mln shares of common stock; provides preliminary estimates of results as of April 7, 2015), LGF -3.2% (announced offering of 10 mln shares of common stock being sold by MHR Fund Management), BIP -1.9% (announced $750.5 mln equity offering), MUX -0.9% (reported armed robbery at El Gallo 1 min; an estimated 900 kg of gold-bearing concentrate containing ~7000 ounces of gold were stolen) 

WSJ : Shell in Talks to Buy BG Group


Shell in Talks to Buy BG Group
Deal for gas producer, which has $46 billion market cap, would be one of year’s biggest

Royal Dutch Shell PLC is in talks to acquire BG Group PLC, according to people familiar with the matter.

BG, a gas producer, has a market capitalization of £31 billion ($46 billion), meaning a deal for the company would be one of the year’s biggest.

It would be a rare megadeal in the energy patch, where oil prices have declined sharply since the summer. In the first quarter, there were only $19.1 billion in oil and gas deals, according to Dealogic.

A deal of this size also would solidify what was already shaping up to be a banner year for mergers and acquisitions. In the first quarter, deal volume rose 24% to $874.1 billion globally.

In February, BG Group said it was writing down the value of its oil-and-gas assets by nearly $9 billion, as the company adjusts to the plunge in oil prices.

Shell also has taken steps to adjust to lower commodity prices. In January, the company said it would curb its planned spending over the next three years by $15 billion and scale back on shale investments.

Shell has a market capitalization of $192.4 billion.

>>> US Close Dow-0,03% S&P-0,21% Nasdaq-0,14% Russell-0,57%


Closing Market Summary: Stocks Post Modest Losses Amid Persistent Dollar Strength

Equity indices halted their two-day win streak on Tuesday with the S&P 500 shedding 0.2%. The benchmark index surrendered its modest intraday gain during the final hour while the Nasdaq Composite (-0.1%) settled just ahead.

The major averages climbed out of the gate and hit their session highs during the initial 90 minutes; however, relative weakness among influential sectors like consumer discretionary (-0.5%), financials (-0.4%), and consumer staples (-0.4%) prevented the market from eclipsing the early high. Instead, equities spent the afternoon in a sideways drift and slid into negative territory shortly ahead of the close.

Only two sectors finished the day in the green with health care (+0.3%) holding the lead into the afternoon. The countercyclical group underperformed yesterday, but today's strength was fueled by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 341.92, +3.07) jumped 0.9% and helped the Nasdaq Composite display relative strength throughout the day.

In addition to receiving support from biotechnology, the tech-heavy Nasdaq benefited from strength among chipmakers. That being said, the PHLX Semiconductor Index ended just above its flat line after being up more than 0.8%. Similarly, the broader technology sector (-0.15%) settled just ahead of the broader market while its largest component—Apple (AAPL 126.01, -1.34)—lost 1.1%.

Elsewhere among cyclical sectors, energy (+0.3%) outperformed, narrowing its 2015 decline to 1.2% as crude oil soared 3.5% to $53.89/bbl. Strikingly, oil spent the day in a steady climb even as the Dollar Index (97.95, +1.18) jumped 1.2%. Most notably, the greenback rallied 1.1% against the euro, sending the single currency to 1.0815.

Also of note, the industrial sector (-0.1%) could not stay out of the red, but that masked relative strength among transport stocks after FedEx (FDX 171.16, +4.49) announced it will acquire TNT Express (TNTEY 8.26, +1.71) for $4.8 billion. The Dow Jones Transportation Average gained 0.5% while FedEx spiked 2.7%, helping the Dow Jones Industrial Average (-0.03%) finish ahead of other indices.

On the downside, the consumer discretionary sector (-0.5%) was the weakest performer among cyclical groups. Homebuilders struggled throughout the day while retail names slumped during the afternoon. The iShares Dow Jones US Home Construction ETF (ITB 28.01, -0.50) lost 1.8% while SPDR S&P Retail ETF (XRT 100.63, -0.88) settled lower by 0.9%.

Treasuries retreated throughout the morning, but backtracked from their lows throughout the afternoon. The benchmark 10-yr yield ticked down one basis point to 1.89%.

Today's participation was well below average with fewer than 650 million shares changing hands at the NYSE floor.

Economic data was limited to the Job Openings and Labor Turnover Survey and Consumer Credit:
  • The February Job Openings and Labor Turnover Survey showed that job openings increased to 5.133 million from a revised rate of 4.965 million (from 4.998 million) 
  • The Consumer Credit report for February was showed an increase of $15.50 billion while the consensus expected a reading of $12.50 billion 
    • The prior month's credit growth was revised to $10.80 billion from $11.60 billion 
Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while the FOMC minutes from the latest policy meeting will be released at 14:00 ET.
  • Nasdaq Composite +3.7% YTD 
  • Russell 2000 +4.0% YTD 
  • S&P 500 +0.9 YTD 
  • Dow Jones Industrial Average +0.3% YTD

(BUS) Halliburton to Separately Market for Sale Its Drill Bits, Directional Dril

BFW 04/07 20:16 *HAL TO MARKET DRILL BITS, DIRECTIONAL DRILLING, LWD/MWD UNITS
BN 04/07 20:15 *HAL TO MARKET DRILL BITS, DIRECTIONAL DRILLING, LWD/MWD UNITS
BFW 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
BN 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
Halliburton to Separately Market for Sale Its Drill Bits, Directional Drilling and LWD/MWD Businesses in Connection with Pending
2015-04-07 20:15:00.168 GMT

Halliburton to Separately Market for Sale Its Drill Bits, Directional
Drilling and LWD/MWD Businesses in Connection with Pending Baker Hughes
Acquisition

Business Wire

HOUSTON -- April 7, 2015

Halliburton Company (NYSE: HAL) today announced it will separately market for
sale the company’s Fixed Cutter and Roller Cone Drill Bits, Directional
Drilling and Logging-While-Drilling (LWD)/Measurement-While-Drilling (MWD)
businesses. The final sale of these businesses will not be completed until we
have reached acceptable terms and conditions negotiated by Halliburton, the
approval of Halliburton’s Board of Directors and final approvals of the Baker
Hughes acquisition by competition authorities.

“Thanks to employees’ hard work, these businesses represent strong products
and services in the oilfield services industry, and we believe the value
inherent in these businesses will be recognized by prospective buyers,” said
Dave Lesar, chairman and chief executive officer of Halliburton. “Although we
would prefer to retain these assets, we will be required to divest some of our
overlapping businesses to obtain competition authorities’ approvals as
anticipated when we announced the Halliburton-Baker Hughes transaction. We are
excited about the many benefits of our pending acquisition of Baker Hughes,
which was recently approved by the stockholders of both companies, and look
forward to creating a bellwether global oilfield services company for the
benefit of our stockholders, customers, employees and other stakeholders.”

Halliburton will operate as one company, including the businesses held for
sale, until the sale of the identified businesses is complete, and the company
remains focused on providing the same safe, reliable, cost-effective service
to its customers. Halliburton expects to complete the sale of the businesses
in the same timeframe as the closing of the pending Baker Hughes acquisition
late in the second half of 2015.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 75,000 employees,
representing 140 nationalities in over 80 countries, the company serves the
upstream oil and gas industry throughout the lifecycle of the reservoir — from
locating hydrocarbons and managing geological data, to drilling and formation
evaluation, well construction and completion, and optimizing production
through the life of the field. Visit the company’s website at
www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn,
Oilpro and YouTube.

Safe Harbor

The statements in this communication that are not historical statements,
including statements regarding Halliburton’s ability to negotiate acceptable
terms and conditions in connection with the divestitures, the approval of the
divestitures by Halliburton’s Board of Directors, the approvals from
competition authorities of the overall acquisition of Baker Hughes, and
expectations regarding the timing of the divestitures and the closing of the
acquisition of Baker Hughes, are forward-looking statements within the meaning
of the federal securities laws. These statements are subject to numerous risks
and uncertainties, many of which are beyond the company's control, which could
cause actual results to differ materially from the results expressed or
implied by the statements. These risks and uncertainties include, but are not
limited to: the timing to consummate the proposed transaction; the conditions
to closing of the proposed transaction may not be satisfied or the closing of
the proposed transaction otherwise does not occur; the risk a regulatory
approval that may be required for the proposed transaction is not obtained or
is obtained subject to conditions that are not anticipated; the diversion of
management time on transaction-related issues; the ultimate timing, outcome
and results of integrating the operations of Halliburton and Baker Hughes and
the ultimate outcome of Halliburton’s operating efficiencies applied to Baker
Hughes’ products and services; the effects of the business combination of
Halliburton and Baker Hughes, including the combined company’s future
financial condition, results of operations, strategy and plans; expected
synergies and other benefits from the proposed transaction and the ability of
Halliburton to realize such synergies and other benefits; results of
litigation, settlements, and investigations; and other risks and uncertainties
described in Halliburton’s Form 10-K for the year ended December 31, 2014,
recent Current Reports on Form 8-K, and other Securities and Exchange
Commission filings. These filings also discuss some of the important risk
factors identified that may affect Halliburton's business, results of
operations, and financial condition. Halliburton undertakes no obligation to
revise or update publicly any forward-looking statements for any reason.

Additional Information

This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation of
any vote or approval. This communication relates to a proposed business
combination between Halliburton and Baker Hughes. In connection with this
proposed business combination, Halliburton has filed with the Securities and
Exchange Commission (the "SEC") a registration statement on Form S-4,
including Amendments No. 1 and 2 thereto, and a definitive joint proxy
statement/prospectus of Halliburton and Baker Hughes and other documents
related to the proposed transaction. The registration statement was declared
effective by the SEC on February 17, 2015 and the definitive proxy
statement/prospectus has been mailed to stockholders of Halliburton and Baker
Hughes. INVESTORS AND SECURITY HOLDERS OF HALLIBURTON AND BAKER HUGHES ARE
URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS, REGISTRATION STATEMENT AND
OTHER DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors
and security holders may obtain free copies of these documents and other
documents filed with the SEC by Halliburton and/or Baker Hughes through the
website maintained by the SEC at http://www.sec.gov. Copies of the documents
filed with the SEC by Halliburton are available free of charge on
Halliburton’s internet website at http://www.halliburton.com or by contacting
Halliburton’s Investor Relations Department by email at
investors@Halliburton.com or by phone at +1-281-871-2688. Copies of the
documents filed with the SEC by Baker Hughes are available free of charge on
Baker Hughes’ internet website at http://www.bakerhughes.com or by contacting
Baker Hughes’ Investor Relations Department by email at
trey.clark@bakerhughes.com or alondra.oteyza@bakerhughes.com or by phone at
+1-713-439-8039 or +1-713-439-8822.

Participants in Solicitation

Halliburton, Baker Hughes, their respective directors and certain of their
respective executive officers may be considered participants in the
solicitation of proxies in connection with the proposed transaction.
Information about the directors and executive officers of Halliburton is set
forth in its Annual Report on Form 10-K for the year ended December 31, 2014,
which was filed with the SEC on February 24, 2015, and its proxy statement for
its 2015 annual meeting of stockholders, which was filed with the SEC on April
7, 2015. Information about the directors and executive officers of Baker
Hughes is set forth in its Annual Report on Form 10-K for the year ended
December 31, 2014, which was filed with the SEC on February 26, 2015, and its
proxy statement for its 2015 annual meeting of stockholders, which was filed
with the SEC on March 27, 2015. These documents can be obtained free of charge
from the sources indicated above. Additional information regarding the
participants in the proxy solicitations and a description of their direct and
indirect interests, by security holdings or otherwise, are contained in the
proxy statement/prospectus and other relevant materials filed with the SEC.

Contact:

Halliburton
For Investors:
Kelly Youngblood, 281-871-2688
Investor Relations
Investors@Halliburton.com
or
For Media:
Emily Mir, 281-871-2601
Public Relations
PR@Halliburton.com

-0- Apr/07/2015 20:15 GMT

>>> TRW suspension unit sale surpasses second round, sector advisors say


TRW suspension unit sale surpasses second round, sector advisors say

TRW Automotive Holdings’ (NYSE:TRW) sale of its suspension unit has advanced beyond the second round, two sector advisors said.

The bidder pool currently comprises mostly Asian strategics, the first advisor said. Both advisors said it was their understanding that TRW was angling for a strategic buyer, adding that, to their knowledge, sponsors did not advance into the second round of bids, on 17 March.

It appears that TRW would prefer a strategic buyer given that a strategic would be able to extract synergies from the business, they said, declining to elaborate.

The company has further management presentations scheduled through April and is looking to wrap these up soon, according to both advisors.

In February, this news service reported that TRW and Germany-based ZF Friedrichshafen had mandated BNP Paribas to sell TRW’s suspension business. Books had already been sent to prospective suitors on the unit, which manufactures track rod ends, control arms and ball joints for steering and suspension purposes and has around USD 40m to USD 50m in EBITDA. Sources estimated that TRW could receive offers that value the unit at 6x EBITDA.

Last month news reports indicated that India’s Amtek Auto (BOM:520077) was in talks to acquire the unit from TRW. Amtek declined to comment on the rumors. ZF declined to comment, while TRW did not return calls.

The European Commission has made the divestment a condition to approving ZF’s USD 13.5bn bid for TRW announced back in September.

(BFW) Vivendi Representative Denies Sky Is Acquisition Target

Vivendi Representative Denies Sky Is Acquisition Target
2015-04-07 20:00:20.115 GMT


By Anthony Palazzo
(Bloomberg) -- Vivendi representative comments by phone.
* Earlier, Reuters said Vivendi is looking at a possible
acquisition of Sky as one of several options: Link


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

--With assistance from Beth Mellor in New York.

To contact the reporter on this story:
Anthony Palazzo in Los Angeles at +1-323-782-4228 or
apalazzo@bloomberg.net
To contact the editors responsible for this story:
Anthony Palazzo at +1-323-782-4228 or
apalazzo@bloomberg.net
Beth Mellor