In Asian Equity Markets stocks swung between gains and losses as investors weighed corporate earnings before the release of U.S. non-farm payrolls today. Wynn Macau Ltd. jumped 3.1 percent inHong Kong after the casino operator beat analyst estimates for profit. Treasury Wine Estates Ltd. jumped 6.1 percent in Sydney after the Australian newspaper reported that Pernod Ricard SA is interested in buying its U.S. assets. Sony Corp. lost 0.9 percent in Tokyo as the maker of Xperia smartphones and PlayStation consoles cut its earnings forecast for a third time in a year. Hong Kong's Hang Seng Index (HSI) gained 0.6 percent. Markets in mainland China are closed again today for a holiday. New Zealand's NZX 50 Index added 0.4 percent, while Australia's S&P/ASX 200 Index was little changed. Japan's Topix index (TPX) slipped 0.3 percent and South Korea's Kospi index lost 0.2 percent. Singapore's Straits Times Index dropped 0.3 percent.
In Currency Markets Asian currencies strengthened this week, led by the won's advance to a five-year high, as data signaled a continued recovery in the region's economies and on bets U.S. borrowing costs will remain low. South Korea reported its March current-account surplus was the biggest in five months, Taiwan's gross domestic product growth beat forecasts and China's manufacturing rose in April from the previous month, figures showed this week. The Federal Reserve said April 30 it's likely to keep the benchmark U.S. interest rate close to zero for a "considerable time" after its stimulus program ends, and a separate report showed the world's largest economy barely expanded last quarter. India's rupee gained 0.7 percent to 60.2025 versus the greenback, Taiwan's dollar appreciated 0.5 percent to NT$30.179 and the Philippine peso rose 0.2 percent to 44.555, the data show. The won rallied to 1029.96 on April 30, the strongest level since August 2008, after the nation's current-account surplus reached $7.35 billion in March.
In Commodities Markets West Texas Intermediate headed for a second weekly decline as crude stockpiles at a record high expanded further in the U.S., the world's biggest oil consumer. Brent was steady in London. Futures were little changed in New York after two days of losses. Crude supplies increased by 1.7 million barrels to 399.4 million in the seven days ended April 25, the highest level since the Energy Information Administration began reporting weekly data in 1982. Brent is poised for the first weekly drop in a month as Libya prepared to resume oil exports from its eastern port of Zueitina today. WTI for June delivery was at $99.38 a barrel in electronic trading on the New York Mercantile Exchange, down 4 cents, at 3:00 p.m. Seoul time. The contract slid 32 cents to $99.42 yesterday. Brent for June settlement was down 7 cents at $107.69 a barrel on the London-based ICE Futures Europe exchange.The European benchmark was at a premium of $8.31 to WTI.
In US Equity Markets stocks ended little changed, with the Dow Jones Industrial Average falling from a record, as data showed an increase in jobless claims before the government's monthly labor report tomorrow. Avon Products Inc. tumbled 10 percent to lead losses in the Standard & Poor's 500 Index (SPX) after earnings trailed analysts' estimates by almost half. T-Mobile US Inc. rallied 8.1 percent after adding 1.3 million new monthly subscribers last quarter. Sprint Corp. surged 2.7 percent after meeting with banks to make debt arrangements for a bid for T-Mobile. Yelp Inc. gained 9.8 percent after raising its forecast for 2014 revenue. The Dow Jones Internet Composite Index increased 1.4 for its third day of gains after tumbling 18 percent from March 5 to April 28. Netflix Inc. rose 4.5 percent to $336.52, while Pandora Media Inc. climbed 5.5 percent to $24.71. Finally, the DJIA finished down 0.13% at 16558.87, the S&P 500 down 0.01% at 1883.68 and the NASDAQ 100 up 0.34% at 3594.36
In Bond Markets Treasuries gained on Thursday amid mixed US data ahead of tomorrow's nonfarm payrolls report for April. The session saw higher than expected weekly jobless claims as well as lower than expected construction spending, although both the ISM manufacturing reading and its employment subcomponent beat forecasts. The long-end outperformed the US curve, and the 30y yield printed its lowest level since June 2013 below 3.40%. Large asset re-allocation out of stocks and into the long-end via ETFs on the first day of the month was noted by analysts at IFR, as was short-covering and real money buying in 30s. Traders also noted pension funds and insurers selling stocks and locking in long-term liabilities via bonds, as well as an adjustment of portfolio maturities towards longer dated bonds. The final move higher heading into the close of pit trade was predominantly generated by leveraged accounts, which saw the 10y yield break back below 2.60%. At the pit close, T-notes settled at 124.21, UP 7+ ticks. |
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