No Major Reaction Initially Seen Following Mixed China Data

Apr 16 21, 06:19 GMT

General Trend

Shanghai Composite and Hang Seng saw cautious gains in early trading amid economic data [Shanghai Consumer Discretionary index outperforms amid better retail sales; Quiet session thus far for HK TECH index].
Nikkei has pared the opening gain, currently trades near flat.
ASX 200 has moved modestly lower after the higher open [Financial and Energy indices are among the decliners (Australia 10-yr yield tracks decline in UST yield; Origin Energy cut guidance); Resources and Consumer Discretionary indices rise modestly].
Taiwan Semi declines ~2% following earnings/guidance.
Companies due to report during the NY morning include Ally Financial, Bank of New York Mellon, Citizens Financial, Kansas City Southern, Morgan Stanley, PNC Financial, State Street.

Headlines/Economic Data

Australia/New Zealand

China/Hong Kong

Hang Seng opened +0.1%, Shanghai Composite +0.2%.
(CN) CHINA Q1 GDP Q/Q: 0.6% V 1.4%E; Y/Y: 18.3% V 18.5%E.
(CN) CHINA MAR INDUSTRIAL PRODUCTION Y/Y: 14.1% V 18.0%E; YTD Y/Y: 24.5% V 26.5%E.
(CN) CHINA MAR RETAIL SALES Y/Y: 34.2% V 28.0%E; YTD Y/Y: 33.9% V 31.7%E.
(CN) CHINA MAR YTD FIXED URBAN ASSETS Y/Y: 25.6% V 26.0%E.
(CN) CHINA MAR PROPERTY INVESTMENT YTD Y/Y: 25.6% V 30.0%E.
(CN) CHINA MAR NEW HOMES PRICES M/M: 0.4% V 0.4% PRIOR; Y/Y: 4.6% V 4.3% PRIOR.
(CN) China Mar Surveyed Jobless Rate: 5.3% v 5.4%e.
(CN) China Stats Bureau (NBS): Foundation for economic recovery yet to be consolidated; 2021 CPI likely kept in moderate range.
(CN) China Finance Ministry auctions 1-month deposits at 3.0%.
(CN) China PBOC sets Yuan reference rate: 6.5288 v 6.5297 prior.
(CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v Net CNY0B prior.
(US) Said that President Biden is close to choosing Nick Burns as the China ambassador – Axios.
China Huarong [2799.HK]: Said to plan full repayment of Apr 2027 bonds – financial press.
Huarong International [993.HK]: Huarong Securities (unit) said to have wired funds for local [CNY] bond due Sunday (Apr 18th) – Press.
Geely [175.HK]: Launches first model from EV brand Zeekr – press.

Japan

Nikkei 225 opened +0.5%.
Toshiba [6502.JP]: No Decision has been made to reject CVC proposal; Proposal is preliminary and not binding [comments on press speculation].
Toshiba [6502.JP]: Reportedly considering rejecting CVC’s ¥5,000 offer – press.
Toshiba [6502.JP]: Said to have told banks to not provide loans to CVC – Press.
Nissan Motor [7201.JP]: Said to plan to cut production during May at several Japan assembly plants amid semiconductor shortage – press.
Renesas [6723.jp]: Taiwan Semi reportedly to boost semiconductor production for Renesas – Japan press.
(JP) US President Biden and Japan PM Suga to meet at the White House on Friday (April 16th) at 1:30 PM EST, the leaders will also hold a press conference at 4:15 PM EST; Confirms US and Japan to issue statement on Taiwan Strait; US and Japan to announce $2.0B initiative related to 5G technology.
(JP) Bank of Japan (BoJ) reportedly considers raising economic outlook – press.
(JP) Bank of Japan (BOJ) Gov Kuroda: BOJ clarified Yield Target range for market function.
(JP) Japan govt said to expand virus measures to 4 additional prefectures – financial press.
(JP) Japan Fin Min Aso: Govt has decided on spending for shorter business hours support, Will provide additional support if needed.

Korea

Kospi opened flat.
(KR) South Korea Sells KRW715B in 50-year bonds: Avg yield 2.100% v 1.970% prior.
Hyundai Motor [005380.KR]: Said to again halt Asan Plant from Apr 19-20th due to chip shortages – Yonhap.

Other Asia

(SG) SINGAPORE MAR NON-OIL DOMESTIC EXPORTS M/M: +1.2% V -4.0%E; Y/Y: 12.1% V +2.6%E.

North America

(US) MAR ADVANCE RETAIL SALES M/M: 9.8% V 5.8%E; RETAIL SALES (EX-AUTO) M/M: 8.4% V 5.0%E.
(CN) US Senate Finance Panel to hold hearing on trade with China on Apr 22nd (Thursday).

Europe

Daimler [DAI.DE]: Reports Q1 Prelim Adj EBIT €4.97B v €3.99Be (vs €719M y/y); Favourable sales momentum at Mercedes-Benz Cars driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter 2021.
(RU) JPMorgan: There is no immediate impact on EMBI and GBI Emerging market indices from US Sanctions on Russia.

Levels as of 01:20 ET

Nikkei 225, +0.1%, ASX 200 -0.1% , Hang Seng +0.3%; Shanghai Composite +0.5% ; Kospi +0.1%.
Equity S&P500 Futures: -0.1%; Nasdaq100 -0.2%, Dax flat; FTSE100 flat.
EUR 1.1974-1.1950 ; JPY 108.94-108.61 ; AUD 0.7758-0.7723 ;NZD 0.7179-0.7151.
Gold -0.1% at $1,764/oz; Crude Oil +0.2% at $63.56/brl; Copper -0.4% at $4.2085/lb.