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Nikkei Outperforms After Prior Losses

General trend

  • Nikkei has risen by over 2% [the index lost 2% in each of the last 2 sessions; On Wed BOJ purchased ETFs for the first time since Mar; Japanese automakers have tracked gains in the US; Nidec is due to report earnings later today].
  • S&P ASX 200 has moved modestly higher after the flat open [Consumer indices move higher; Energy index lags (Santos and Woodside drop after issuing production updates; AGL declines on CEO resignation)].
  • Shanghai Composite pared gains during the morning session [Consumer indices declined; Bank and Financials indices also decline].
  • Hang Seng is currently trading near the opening level [HK TECH index has gained over 1%; Financials trade mixed; China Gas Holdings drops on equity raise].
  • HK earnings [China Unicom and China Life rise; Great Wall Motor declines; Ping An Insurance may report later today].
  • UMC rises in Taiwan amid report related to additional price hikes, SUMCO also rises in Japan.
  • Companies expected to report during the NY morning include American Airlines, Arch Resources, Biogen, The Blackstone Group, Cleveland-Cliffs, Quest Diagnostics, DR Horton, Danaher, Dow Inc, Freeport McMoran, Chart Industries, HCA Healthcare, Southwest Airlines, Nucor, Reliance Steel, AT&T, Union Pacific, Valero Energy.

Headlines/Economic data

Australia/New Zealand

  • ASX 200 opened 0.0%.
  • (AU) AUSTRALIA Q1 NAB BUSINESS CONFIDENCE: 17 V 15 PRIOR; Business Conditions: 17 v 11 prior.
  • STO.AU Reports Q1 Rev $964M v $883M y/y; Production 24.8MMBOE v 17.9 y/y; Affirms FY21 guidance.
  • (NZ) New Zealand Fin Min Robertson: Cabinet to introduce measures to guarantee deposits up to NZ$100K per institution; To also include process for setting lending restrictions such as loan to value (LVR) ratios.
  • WPL.AU Reports Q1 production 23.7 MMBOE v 24.2 y/y; Rev $1.12B v $1.08B y/y.

Japan

  • Nikkei 225 opened +1.3%.
  • (JP) According to a former senior Bank of Japan (BOJ) Official: BOJ has done everything it can to normalize policy under Gov Kuroda and will not make any major changes for the remainder of his term – Japan press.
  • (JP) Japan to decide on Friday on state of emergency for 4 prefectures – Nikkei.
  • (JP) Tokyo, Japan Gov Koike: Has asked Tokyo Govt to declare state of Emergency, discussing what restrictions will be announced.

Korea

  • Kospi opened +0.1%.
  • (KR) According to a Congressional Research Service (CRS) report, North Korea appears to be working to develop capabilities that can degrade or even defeat US missile defense systems deployed in the region – Yonhap.

China/Hong Kong

  • Hang Seng opened +0.3%; Shanghai Composite opened +0.3%.
  • 2799.HK China said to consider support with China PBOC funds – financial press.
  • (CN) China PBOC sets Yuan reference rate: 6.4902 v 6.5046 prior (Strongest since Mar 18).
  • (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.
  • (CN) China Mar Swift Global Payments CNY: 2.5% v 2.2% prior.

Other

  • 2303.TW Said to be increasing prices for chips with 8-inch and 12-inch wafers by ~15% in July – Press.

North America

  • EFX Reports Q1 $1.97 v $1.52e, Rev $1.21B v $1.12Be; Raises FY guidance.
  • DFS Reports Q1 $5.04 v $2.88e, Rev $2.80B v $2.76Be.
  • WHR Reports Q1 $7.20 v $5.38e, Rev $5.36B v $4.87Be, raises FY guidance.

Europe

  • (UK) Expected to release COVID passports as soon as May – UK press.
  • CSGN.CH Said to have amassed more than $20B in investment exposure related to Archegos – press.
  • CSGN.CH Reports Q1 (CHF) Net -252M v +1.31B y/y, Pretax -757M v 1.20B y/y, Rev 7.57B v 5.78B y/y; Sees CHF600M impact US hedge fund matter in Q2.

Levels as of 01:15ET

  • Hang Seng +0.1%; Shanghai Composite -0.2%; Kospi +0.1%; Nikkei225 +2.1%; ASX 200 +0.5%.
  • Equity Futures: S&P500 -0.1%; Nasdaq100 -0.1%, Dax +0.2%; FTSE100 +0.5%.
  • EUR 1.2047-1.2030; JPY 108.14-107.92 ;AUD 0.7764-0.7740; NZD 0.7215-0.7187.
  • Commodity Futures: Gold -0.0% at $1,792/oz; Crude Oil -0.4% at $61.09/brl; Copper -0.6% at $4.26/lb.

 

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