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Analysis

AUD and Aussie yields extend rise following RBA rate hike

Asia Market Update: Quiet session amid continuing holidays; AUD and Aussie yields extend rise following RBA rate hike, retail sales beat ests; Upcoming Fed decision in focus.

General trend

- US Fed meeting in focus [May 3-4th (Tues-Wed)].

- South Korea FX reserves declined amid currency intervention [Apr data].

- ANZ: It is becoming increasingly difficult to get refrigerated goods into China.

- S&P ASX 200 pared gain; REIT index drops on higher interest rates; Consumer Discretionary index declines after results from Flight Centre and JB Hi-Fi.

- Hang Seng traded modestly lower during the morning session.

- Tokyo markets are closed May 3-5th.

- Shanghai markets return on Thurs. (May 5th).

- Companies due to report during the NY morning include AmerisourceBergen, Amcor, Allegheny Technologies, BorgWarner, CVS, Emerson Electric, Generac, Barrick Gold, Johnson Controls, LL Flooring, Cheniere Energy, Marriott International, Moderna, NiSource, New York Times, Ferrari, Regeneron, Spirit AeroSystems, Trane Technologies, Tupperware, Twilio, Hostess Brands, Uber, Vulcan Materials, Vimeo, Wingstop, Yum! Brands.

Headlines/Economic data

Australia/New Zealand

- ASX 200 opened +0.2%.

- (NZ) New Zealand Q1 unemployment rate: 3.2% V 3.2%E; Employment Change Q/Q: 0.1% v 0.1%e; Y/Y: 2.9% v 3.1%e.

- (NZ) Reserve Bank of New Zealand (RBNZ) Financial Stability Review (FSR): Financial system is resilient to heightened challenges, and its well placed to support the economy.

- (NZ) Reserve Bank of New Zealand (RBNZ) Gov Orr: Businesses will be tested by increasing costs; Confident in NZ financial system resiliency.

- ANZ.AU Reports H1 (A$) cash profit 3.11B v 2.99B y/y; Rev 9.5B v 8.4B y/y; seeking to establish non-operating holding company; to create distinct banking and non-banking groups.

- JBH.AU Reports Q3 Australia SSS +11.1% y/y, NZ SSS +4.8% y/y; Good Guys SSS +5.0% y/y, cannot provide guidance.

- (AU) Australia Apr Final PMI Services: 56.1 v 56.6 prelim.

- (AU) Australia Mar home LOANS VALUE M/M: +1.6% V -1.9%E; INVESTMENT LENDING M/M: +2.9% V -2.5%E.

- (NZ) Reserve Bank of New Zealand (RBNZ): Has lent an additional NZ$47M under the Funding for Lending Program (FLP), total loans under the program are now at NZ$9.86B.

Japan

-Nikkei 225 closed for holiday.

- Note: Earnings resume on Friday’s session with notable names such as Hoya, Yamada, JAL, and JFE.

Korea

- Kospi opened +0.4%.

- (KR) South Korea Apr Foreign Reserves: $449.3B v $457.8B prior.

- (KR) Reported that North Korea has fired an unidentified projectile towards East Sea (14th projectile in 2022).

- (KR) Bank of Korea (BOK) Apr Minutes: One member worried of seeing 2nd round inflation effects in South Korea (yesterday after the close).

China/Hong Kong

- Hang Seng opened -0.4%; Shanghai Composite closed for holiday.

- (CN) Shanghai, China reported 4.982 new covid cases v 5,669 prior; Deaths 16 v 20 prior.

- YUMC Reports Q1 $0.24 v $0.54 y/y, Rev $2.67B v $2.56B y/y; Could report a Q2 loss unless conditions sig improve in May-June.

- (CN) Beijing to close >40 metro stations beginning May 4th due to coronavirus outbreak.

- (CN) President Biden administration divided on whether import tariffs on China should be reduced - press.

Other

- 2317.TW Affirms production not impacted by COVID curbs in Zhengzhou [large production point for the iPhone].

North America

- DIDI Company says US SEC officials have opened probe of Didi IPO – press.

- AMD Reports Q1 $1.13 v $0.91e, Rev $5.89B v $5.00Be; Raises FY22 outlook citing higher AMD organic growth and the addition of Xilinx business.

- LYFT Reports Q1 GAAP -$0.57 v -$0.07e, Rev $875.6M v $854Me; Notes ride demand recovered around 70% versus Q4 2019 levels.

- SBUX Reports Q2 $0.59 v $0.60e, Rev $7.64B v $7.61Be.

- (US) US Sec of State Blinken speech Thursday on China expected to largely rehash existing positions - press.

Europe

- (UK) Apr BRC Shop Price Index Y/Y: 2.7% v 2.1% prior; Food y/y: 3.5% v 3.3% prior; Non-food y/y: 2.2% v 1.5% prior.

- (UK) 6 of the 9 Times Shadow MPC Members said the BOE should raise rates by 50bps this week - UK press.

Levels as of 01:00ET

- Hang Seng -1.3%; Shanghai Composite closed for holiday; Kospi -0.1%; Nikkei225 closed for holiday; ASX 200 -0.1%.

- Equity Futures: S&P500 +0.2%; Nasdaq100 +0.3%, Dax -0.1%; FTSE100 +0.1%.

- EUR 1.0534-1.0514; JPY 130.21-130.04; AUD 0.7119-0.7089; NZD 0.6454-0.6428.

- Commodity Futures: Gold -0.3% at $1,865/oz; Crude Oil +1.1% at $103.51/brl; Copper +0.4% at $4.31/lb.

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