Article / 31 October 2017 at 2:28 GMT

Morning Report APAC: Wall St weakness drives down Asian stocks

APAC Sales Trading Desk / Saxo Capital Markets
Singapore

 

  • The Fed’s preferred measure of inflation showed a 0.4% rise in September
  • Jerome Powell is expected to become the new Fed chair
  • BoJ governor Kuroda will speak after monetary policy meeting today
  • Raw sugar rose on signs Brazil is directing more cane to produce ethanol
  • Brent hit a 2-year high, while WTI closed at its highest level since February

By Saxo APAC Sales Trading


Economic data of the day (Singapore Time)
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Speeches

  • 1430 – Japan: Bank of Japan Governor Haruhiko Kuroda speaks at press conference after monetary policy meeting.
  • 1715 – Europe: European Central Bank governing council member Ignazio Visco, Finance Minister Padoan at world savings day event
  • 0330 – Canada: Bank of Canada governor Stephen Poloz and senior deputy governor Carolyn Wilkins testify at finance committee.


Overnight news, US

  • Donald Trump's former campaign chairman, Paul Manafort, was indicted on a dozen counts of money laundering and conspiracy. And an ex-foreign policy adviser to Trump, George Papadopoulos, secretly pleaded guilty weeks ago that he sought ties to Kremlin officials before last year's presidential election and has been cooperating with the Special Counsel. The charges raise the stakes for the White House, which has denied any hint of collusion with Moscow.
  • The indictment alleges an elaborate scheme, perpetrated by Manafort and Gates, to hide foreign income from the federal government and to move it into the US without paying taxes. Prosecutors allege that the two men laundered $75 million through offshore accounts, using noted financial havens such as Cyprus, the Grenadines, and the Seychelles. They then allegedly moved that money into the US, transferring it in round amounts. Manafort, the indictment alleges, used the cash to buy real estate, then obtained loans using the real estate as collateral — effectively laundering the money by concealing its origin.
  • The president sought to downplay the developments, claiming in a tweet that the allegations against Manafort all predated his campaign. Trump reiterated that the focus should be against Hillary Clinton and other Democrats.
  • The Federal Reserve’s preferred measure of inflation, the price index for PCE, increased 0.4% in September (Expected. +0.4%) from the prior month. Excluding the often-volatile categories of food and energy, core PCE were up only 0.1% in September as expected.

Overnight news, Fed

  • The new Fed Chair will be announced on Thursday and it’s very likely now it will be Jerome Powell.

 

Foreign exchange

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  • USD sold off on the near confirmation that Jerome Powell will be in charge of the Fed following the US yields lower and back below 2.40%.
  • DXY has broken the inverted H&S which start August 1. The target would now be 96.90 if confirmed. The first support to watch is the important 94.00 level. Talking to few funds, they are happy to keep short USD a bit longer and long carry until things become clearer that the USD will go higher for the long run.
  • EURUSD has broken the Head & Shoulder which started end of July at 1.1687. On a technical standpoint, EURUSD could fall down to 1.1249.
  • USDJPY has had trouble keeping its upward momentum. ¥115 remains a big level to break and we are on our way to the strong support at the 200 day moving average at ¥111.74.
  • Emerging Markets: USDAsia found offers, especially USDKRW from exporters but importers are here to prevent the market to collapse. USDBRL rallied 1.4% in an extremely volatile day due to increased political risk and lower chances the pension bill will be approved before the 2018 election. The Ibope presidential election poll showed market favorites lagging behind, with former president Luiz Inacio Lula da Silva leading votes followed by congressman Jair Bolsonaro.

Foreign exchange movements

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  • The USD Correlation Vol matrix is quite high, so funds are selling cross vols like EURAUD, EURJPY etc.
  • We are seeing stronger interest from funds in buying short dated EUR puts over nonfarm payroll data.

Rates
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  • US yields were lower after it was reported that US corporate tax plan might be a gradual phase-in instead of straight cut. And Treasury Secretary Steve Mnuchin’s urging for long-end treasury demand managed to drive yields down further.
  • Bunds yields dropped after the release of inflation data. Peripherals cheered on the news of Catalan being taken over by Spain with little opposition, with yields dropped more or less than 10 pips.
 

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Equities

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  • US stocks closed lower on doubts over pace of tax cuts, which are widely viewed as critical to sustaining this stock market’s record-setting rally.
  • Apple Inc’s stock jumped 2.3% to an all-time record close of $166.72 as the iPhone maker is seen as drawing healthy demand for its latest mobile device, the iPhone X. It appears preorder demand is so strong that Apple has directed its Taiwanese suppliers to double capacity in anticipation.
  • Sprint Corp’s owner Softbank Group reported to call off merger talks with T-Mobile US Inc as two sides failed to agree on ownership of the would be combined entity. Sprint shares slumped 9.3% and T-Mobile tank 5.4%, while other telecom companies were affected AT&T Inc. fell 1.3% and Verizon Communications shed 2.1%.
  • CalAtlantic Group Inc surged 21% after announced its plans to merge with peer Lennar Corp.(-4.0%) in a deal worth about $9.3 billion, including $3.6 billion in assumed net debt, creating the largest homebuilder in the United States.
  • In Europe, Spanish stocks recovered strongly after the government late Friday ousted leaders in Catalonia in reaction to separatist lawmakers declaring the region an independent republic, with shares of CaixaBank SA and Banco de Sabadell SA jumping by 4.2% and 5.7%, respectively.

Asia-Pacific equities preview

Hong Kong analyst views

  • Yestar Healthcare Holdings (2393 HK): New Buy at HSBC, price target $HK4.10.
  • Anhui Conch (914 HK): Anhui Conch H Shares Cut to Outperform at SWS.
  • BAIC Motor (1958 HK): BAIC Motor H Shares Raised to Buy at Daiwa, PT $HK11.50.
  • Brilliance China (1114 HK): Brilliance China Rated New Buy at China Securities; PT $HK24.80.
  • CGN Power (1816 HK): CGN Power H Shares Initiated at Jefferies With Buy; PT $HK2.54.
  • China Oilfield Services (2883 HK): China Oilfield Services H Shares Raised to Hold at HSBC.
  • China Power (2380 HK): China Power Initiated at Jefferies With Underperform; PT $HK1.78.
  • China Railway Const. (1186 HK): China Railway Const. H Shares Raised to Neutral at Credit Suisse.
  • China Res Power (836 HK): China Res Power Initiated at Jefferies With Buy; PT $HK20.71.
  • Datang Power (991 HK): Datang Power H Shares Initiated at Jefferies With Underperform.
  • Great Wall Motor (2333 HK): Great Wall Motor H Shares Cut to Neutral at CCB Intl, PT $HK11.
  • Huadian Power (600027 CH): Huadian Power H Shares Raised to Hold at Jefferies, PT $HK3.38.
  • Huaneng Power (902 HK): Huaneng Power H Shares New Buy at Jefferies, PT $HK6.89.
  • New China Life (601336 CH): New China Life H Shares Raised to Buy at Guangfa Securities.
  • Sinopec (386 HK): Sinopec A Shares Cut to Neutral at Credit Suisse, PT 6.50 Yuan.
  • Tingyi (322 HK): Tingyi Upgraded to Buy at DBS Vickers; PT $HK13.40.
  • United Electronics (002642 CH): United Electronics New Buy at China Securities, PT 21 Yuan.
  • Yonyou Network Tech (600588 CH): Yonyou Network Tech Initiated at GF Secs With Add.

Hong Kong stocks

  • AgBank (601288 CH): AgBank Third Quarter Net Income 51.4 bn Yuan.
  • AgBank (601288 CH): AgBank Q3 Net Income Rises 4.9% Y/y to 51.4B Yuan.
  • Aisino (600271 CH): Aisino Corp Q3 Net 541.1mln Yuan vs 326.7mln Yuan Year Ago.
  • Angang Steel (000898 CH): Angang Steel Third Quarter Net Income 1.46 Bn Yuan.
  • BAIC Motor (1958 HK): Baic Motor Enters Cooperation Pact With Yanfeng Automotive.
  • Bank of Beijing (601169 CH): Bank Of Beijing Nine Month Net Income 15.5 bn Yuan.
  • Bank of China (3988 HK): Bank of China Q3 Net Income 41.82B Yuan vs 41.78b Yuan Year Ago.
  • Beijing Tongrentang (600085 CH): Beijing Tongrentang Q3 Net 219.5mln Yuan vs 194.9mln Yuan Year Ago.
  • BOC Hong Kong (2388 HK): BOC Hong Kong Q3 Net Oper Income Before Impairment $HK12 bn.
  • BOE Tech (200725 CH): BOE Tech Third Quarter Net Income 2.17 bn Yuan.
  • China Comm Cons (1800 HK): China Comm Cons Third Quarter Net Income 4.19 bn Yuan.
  • China CSSC (600150 CH): China CSSC Q3 Net Loss 272.9mlnYuan vs Loss 453.4mlnYuan Year Ago.
  • China Galaxy Sec. (6881 HK): China Galaxy Sec. Third Quarter Net Income 1.27 bn Yuan.
  • China Gezhouba (600068 CH): China Gezhouba Q3 Net 855.5mlnYuan vs 801.3mlnYuan Year Ago.
  • China Merchants Bank (600036 CH): CLOSED: CMB Financial Leasing Units’ $115mlnLoan Draws 7 Banks.
  • China Railway Const. (1186 HK): China Railway Const. Third Quarter Net Income 4 bn Yuan.
  • China Railway Const., Ping An Asset Mgmt Plan 100B Yuan Fund.
  • China Shipbuilding (601989 CH): China Shipbuilding Third Quarter Net Income 477.4 Mln Yuan.
  • China Southern Air (1055 HK): China Southern Air Third Quarter Net Income 4.28 bn Yuan.
  • CITIC Securities (600030 CH): CITIC Securities Third Quarter Net Income 3 bn Yuan.
  • Cosco Shipping (1919 HK) to Raise $1.9bn to Fund Ship Orders.
  • Cosco Shipping Dev. (2866 HK): Cosco Shipping Dev. Third Quarter Net Income 84.8 Mln Yuan.
  • Cosco Shipping Energy (1138 HK): Cosco Shipping Energy Third Quarter Net Income 396 Mln Yuan.
  • Cosco Shipping Energy (1138 HK): Cosco Shipping Energy Plans to Raise 5.4B Yuan in Share Sale.
  • Cosco Shipping Holdings (1919 HK): Cosco Shipping Holdings Third Quarter Net Income 872.4 Mln Yuan.
  • Cosco Shipping Holdings (1919 HK): Cosco Shipping Holdings to Raise up to 12.9B Yuan in Share Sale.
  • Datang Power (991 HK): Datang Power Third Quarter Net Income 828.5 Mln Yuan.
  • Dong-E-E-Jiao (000423 CH): Dong-E-E-Jiao Q3 Net 345.1mlnYuan vs 397mlnYuan Year Ago.
  • Dr Peng Telecom (600804 CH): Dr Peng Telcom Q3 Net 215.4mlnYuan vs 202.6mlnYuan Year Ago.
  • Everbright Bank (601818 CH): Everbright Bank Third Quarter Net Income 8.49 bn Yuan.
  • Founder Securities (601901 CH): Founder Securities Q3 Net 506.4mlnYuan vs 513mlnYuan Year Ago.
  • Gemdale (600383 CH): Gemdale Third Quarter Net Income 1.12 bn Yuan.
  • Greatwall Technology (000066 CH): Greatwall Technology Third Quarter Net Income 27.8 Mln Yuan.
  • Gree Electric (000651 CH): Gree Electric Third Quarter Net Income 6 bn Yuan.
  • Guotai Junan Sec (601211 CH): Guotai Junan Sec Third Quarter Net Income 2.28 bn Yuan.
  • Hainan Airlines (900945 CH): Hainan Airlines Third Quarter Net Income 1.61 bn Yuan.
  • Hainan Rubber (601118 SS): Q3 Net 138.2mlnYuan vs Loss 60.7mln Yuan Year Ago.
  • Haitong Securities (600837 CH): Haitong Bank Says Lin Yong Starts Mandate As Chairman.
  • Hangzhou Hikvision (002415 CH): Hangzhou Hikvision Third Quarter Net Income 2.86 bn Yuan.
  • Henan Shuanghui (000895 CH): Henan Shuanghui Third Quarter Net Income 1.25 bn Yuan.
  • HKEX (388 HK): LME Turned a Corner After Turbulent, Painful Years: HKEX’s Li.
  • HSBC (5 HK): HSBC Defends Spending as Analysts Query Cost.
  • HSBC: HSBC Planning For ‘Pretty Hard Brexit,’ Finance Director Says.
  • HSBC: HSBC Bought Back 4.55mlnShares at Avg 739.17 Pence Each Oct. 30.
  • Huatai Securities (601688 CH): Huatai Securities Third Quarter Net Income 1.71 bn Yuan.
  • Huaxia Bank (600015 CH): Huaxia Bank Q3 Net 4.39b Yuan vs 4.79b Yuan Year Ago.
  • Hubei Biocause Pharma (000627 CH): Hubei Biocause Q3 Net 213mln Yuan vs 12.6mln Yuan Year Ago.
  • ICBC (601398 CH): ICBC Third Quarter Net Interest Income 133.23 bn Yuan.
  • ICBC (601398 CH): ICBC Third Quarter Net Income 75 bn Yuan.
  • Industrial Securities (601377 CH): Industrial Securities Q3 Net 673.4mln Yuan vs 933.2mln Yuan Year Ago.
  • Jihua Group (601718 CH): Jihua Group Jan.-Sept. Net 528.5mln Yuan vs 769.3mln Yuan Year Ago.
  • China Jinmao (817 HK) $300mln Perp NC6 4.875%.
  • Lenovo (992 HK): Lenovo, Fujitsu Are Said Poised to Announce PC Deal: Nikkei.
  • Merchants Shekou (001979 CH): Merchants Shekou Third Quarter Net Income 251.7 Mln Yuan.
  • Metallurgical Corp (601618 CH): Metallurgical Corp Third Quarter Net Income 874.2 Mln Yuan.
  • Midea Group (000333 CH): Midea Group Third Quarter Net Income 4.19 bn Yuan.
  • Minsheng Bank (600016 CH): Minsheng Bank Third Quarter Net Income 12.2 bn Yuan.
  • New China Life (601336 CH): New China Life Holder Seeks Up to $464mln in Block Trade: Terms.
  • New Hope Liuhe (000876 CH): New Hope Liuhe Q3 Net 808.5mln Yuan.
  • Oceanwide (000046 CH): Oceanwide Q3 Net 318.3mln Yuan vs 930.7mln Yuan Year Ago.
  • PetroChina (857 HK): PetroChina Third Quarter Net Income 4.69 bn Yuan.
  • Power Construction (601669 CH): Power Construction Q3 Net 1.98b Yuan vs 1.9b Yuan Year Ago.
  • Qingdao Haier (600690 CH): Qingdao Haier Third Quarter Net Income 1.26 bn Yuan.
  • Qinghai Salt Lake Industry (000792 CH): Qinghai Salt Q3 Net Loss 336.7mln Yuan vs Loss 69.1mln Yuan Year Ago.
  • Sany Heavy Ind. (600031 CH): Sany Heavy Ind. Third Quarter Net Income 642.6 Mln Yuan.
  • Shandong Gold Mining (600547 CH): Shangdong Gold Mining Q3 Net 276.9mln Yuan vs 212.4mln Yuan Year Ago.
  • Shanghai Bailian Group (900923 CH): Shanghai Bailian Q3 Net 47.1mln Yuan vs 54.6mln Yuan Year Ago.
  • Shanghai Electric (601727 CH): Shanghai Electric Q3 Net 314.9mln Yuan vs 716mln Yuan Year Ago.
  • Shanghai Film (601595 CH): Shanghai Film Third Quarter Net Income 47.6 Mln Yuan.
  • Shanghai Fosun Pharma (600196 CH): Fosun Pharmaceutical Q3 Net 730.2mln Yuan vs 676.6mln Yuan Year Ago.
  • Shanghai Oriental Pearl Media (600637 CH): Oriental Pearl Q3 Net Loss 211.1mln Yuan.
  • Shanghai Pharma (601607 CH): Shanghai Pharma Third Quarter Net Income 763.5 Mln Yuan.
  • Shanghai Port (600018 CH): Shanghai Port Third Quarter Net Income 1.39 bn Yuan.
  • Sinopec (386 HK): Sinopec Third Quarter IFRS Net 11.5 bn Yuan.
  • Southwest Securities (600369 CH): Southwest Securities Q3 Net 229.3mln Yuan vs 206mln Yuan Year Ago.
  • Suning Commerce (002024 CH): Suning Commerce Third Quarter Net Income 380.2 Mln Yuan.
  • Tongling Metals (000630 CH): Tongling Metals Third Quarter Net Income 159 Mln Yuan.
  • Tsingtao Brewery (600600 CH): Tsingtao Brewery Third Quarter Net Income 721 Mln Yuan.
  • Weichai Power (2338 HK): Weichai Power Third Quarter Net Income 1.95 bn Yuan.
  • WH Group (288 HK): WH Group 9-Month Net Income $732mln vs $679mln Year Earlier.
  • Wintime Energy (600157 CH): Wintime Energy Q3 Net 156.9mln Yuan vs 223.5mln Yuan Year Ago.
  • XCMG Construction (000425 CH) Q3 Net 227.5mln Yuan vs 38.4mln Yuan Year Ago.
  • Yangtze Power (600900 CH): Yangtze Power Nine Month Net Income 17.8 bn Yuan.
  • Yangtze Power (600900 CH): Yangtze Power Q3 Net Income Rises to 9.65B Yuan.
  • Yanzhou Coal (1171 HK): Yanzhou Coal Third Quarter Net Income 1.59 bn Yuan.
  • Yili Industrial (600887 CH): Yili Industrial Third Quarter Net Income 1.57 bn Yuan.
  • Yonghui Superstores (601933 CH): Yonghui Superstores Q3 Net 337.2mln Yuan vs 145.8mln Yuan Year Ago.
  • Youngor Group (600177 CH): Youngor Q3 Net 630.8mln Yuan vs 235.2mln Yuan Year Ago.
  • Yunnan Baiyao Group (000538 CH): Yunnan Baiyao Q3 Net 1.04b Yuan vs 971.8mln Yuan Year Ago.
  • Zhongjin Gold (600489 CH): Zhongjin Gold Q3 Net 91.7mln Yuan vs 214.4mln Yuan Year Ago.
  • Zhongtian Financial (000540 CH) Q3 Net 232.2mln Yuan vs 369.5mln Yuan Year Ago.
  • Zoomlion (000157 CH): Zoomlion Third Quarter Net Income 150.8 Mln Yuan.


Japan stocks

  • Aichi Corp (6345): H1 operating profit dips 3.3% y/y to ¥3.7bn, 3.9% below company’s forecast.
  • Alpine Electronics (6816): Raises full-year operating profit target 39% to ¥9bn.
  • Alps Electric (6770): Boosts full-year operating income view to ¥67.3bn vs analyst est. ¥64.8bn; Q2 OP ¥22.7bn vs est. ¥16.2bn.
  • Calbee (2229): Lowers full-year OP forecast 8.3% to ¥27.5bn; cuts planned FY dividend to ¥42/share from ¥46.
  • Casio Computer (6952): Q2 operating income ¥8.1bn vs est. ¥7.9bn.
  • Daikyo (8840): Half-year operating profit slips 77% y/y to ¥1.55bn, keeps full-year forecasts unchanged.
  • GS Yuasa (6674): Full-year operating income forecast matches estimates.
  • Gurunavi (2440): Cuts full-year OP target 35% to ¥4.5bn.
  • Harada Industry (6904): To move listing from Jasdaq to TSE second section.
  • Ibiden (4062): 2Q operating profit ¥3.89bn vs est. ¥3.86bn.
  • Iriso Electronics (6908): Lifts full-year operating profit forecast 9.7% to ¥7.9bn.
  • JR West (9021): Lifts full-year operating profit target 1.1% to ¥185.5bn.
  • Kao (4452): 3Q operating profit 50.4b yen vs est. ¥54.5bn.
  • Kissei Pharma (4547): Prelim. 1H operating profit ¥3.86b yen vs co. target ¥3.5bn.
  • Keyence (6861): 2Q OP ¥73.8bn vs est. ¥69.6bn.
  • Konica Minolta (4902): Raises full-year operating profit 4.3% to ¥48bn yen.
  • Kyocera (6971): Boosts full-year operating profit outlook to ¥135bn from ¥120bn.
  • Leopalace21 (8848): Prelim. H1 operating profit ¥13.9b yen vs co. target ¥9.7bn
  • Makita (6586): Q2 OP 20b yen vs est. ¥19.3bn.
  • Misumi Group (9962): Boosts full-year operating income view, 2.2% above analyst estimate
  • NEC Capital (8793): Lifts full-year operating profit forecast 14% to ¥12.5bn.
  • Nintendo (7974): 2Q OP ¥23.8bn vs est. ¥19.2bn; boosts full-year operating forecast 85% to ¥120bn; lifts FY Switch sales forecast to 14mln units from 10mln.
  • Nippon Electric Glass (5214): Lifts full-year operating profit forecast 6.7% to ¥32bn; to spend ¥10bn on glass fiber capacity.
  • Nissin (9066): Lifts full-year operating profit forecast 6% to ¥6.15bn.
  • Nomura Holdings (8604): Q2 net income -15% y/y, first decline in 5 quarters; to buy back up to 1.8% of shares.
  • Okuma (6103): Boosts full-year operating income forecast 22% to ¥19.5bn.
  • Oriental Land (4661): Q2 operating profit ¥31.1bn vs est. ¥31.7bn.
  • Orix (8591): H1 net +17% y/y to ¥166bn.
  • Pola Orbis (4927): Boosts full-year operating profit forecast to ¥38bn from ¥36.5bn.
  • Ricoh (7752): 2Q operating profit 3.1b yen vs est. ¥5.9bn.
  • SCSK (9719): H1 OP ¥13.3bn vs co. target ¥15bn; sells entire stake in Quo Card to T-Gaia for 22.5b yen; to cancel 3.5% of shares on November 30.
  • Stanley Electric (6923): H1 OP 22.6b yen vs co. forecast ¥21.5bn; to cancel 0.17% of shares on November 13.
  • Start Today (3092): Q2 operating profit 5.9b yen vs est. ¥7bn.
  • Sumitomo Dainippon Pharma (4506): Boosts full-year operating profit forecast to 72b yen vs analyst est. ¥64.3bn.
  • T-Gaia (3738): H1 OP -0.7% y/y to ¥13.3bn; to buy SCSK’s stake in Quo Card for ¥22.5bn.
  • TDK (6762): Boosts full-year operating profit forecast to ¥85bn from ¥80bn; Q2 OP ¥26.6bn vs est. ¥22.4bn.
  • Ushio (6925): 1H operating profit +80% y/y to ¥5.6bn, beating company forecast by 25%.
Australia analyst views
  • TPP: Tempo Australia New Outperform at Taylor Collison, price target $A0.20.
  • AWE: AWE Cut to Sell at UBS, PT $A0.47.
  • BPT: Beach Energy Cut to Underweight at JPMorgan, PT $A0.87.
  • BLK: Blackham Cut to Hold at Canaccord, PT $A0.25.
  • FMG: Fortescue Raised to Buy at Renaissance Capital, PT $A5.70.

Australia stocks

  • NZX: NZX Third-Quarter Revenue Declines 4.4% on Less Capital Raising.
  • FMG: Iron Ore May Face ‘Huge Pressure’ as Holdings Spike in China;Discount on Fortescue products in China is said to hit 40%, AFR says.
  • PGW NZ: PGG Wrightson Says FY Net Income Will Fall ~30%.
  • VCT NZ: New Zealand’s Vector Invests $10M in Israel’s MPrest: Globes.
  • WBC: Westpac Rate-Rigging Trial to Proceed as Other Banks Settle.


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Raw sugar has risen amid signs that Brazilian mills are directing more cane to produce ethanol and less to sugar output; meanwhile higher crude oil favour biofuel use. Photo: Shutterstock


 – Edited by Robert Ryan


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