Apr 30 Asian Marco Initial Thoughts Japan closed another mixed open China data pre mkt.


30 Apr

Asia
Australia 
Futures indicate market to open lower -15pts despite the US being higher with caution ahead of PPI data. Oil rose +VE Santos and Woodside. Gold weak on stronger USD -VE miners. ResMed Inc. (ASX: RMD) to releases Q3 results. Janus Henderson Group CDI +VE after Q1update.
Data due
PPI Q1 (Q4 was +0.5% QoQ F/cast is +0.7%)
PPI Q1 (Q4 was -0.1% YoY F/cast is +0.4%)
Private Sector Credit Mar (Feb was +1.6% YoY F/cast is +1.8%)
Private Sector Credit Mar (Feb was +0.2% MoM F/cast is +0.4%)
Japan 
Market closed for Golden Week Re-opens Thursday 6 May
S Korea 
Expect markets to open cautiously higher following good results from Samsung and LG and the closing of the SK ie technology IPO (removing selling pressure to raise cash). But expect some selling ahead of the resumption in short selling on Monday. Pre market data was mixed Retail Sales beat +VE, Industrial Production missed MoM but beat YoY but Construction output missed
Taiwan 
Market to open slightly higher as good local results continue and US markets closed up.
China 
Market to open lower, last day of trading before the extended weekend for labour day. Pre market data also to have an impact. Ecommerce remains weak and the bank results were uninspiring. Interesting to see if Team China pushes the market higher ahead of the long weekend.
HK ADR’s indicate +174pts at 29,477. ECommerce remains weak along with Chinese financials as the margins at the Chinese Banks are under pressure and worries over futures defaults linger.  Petrochems, Telcos and HK Property firm.  Earnings season wrapping up and China will be closed Monday and Tuesday so expect light turnover which could make for choppy trading. Analyst changes post results still coming-out
US Futures 
Opened lower Dow -20pts, S&P -0.1% and NDX slight -VE.

Copper has traded above $10,000 for the first time since 2011as the rebound from the pandemic unleashes a demand surge from China and the developed world unmatched by supply.

DOW +0.71%, NDX +0.22%, S&P +0.68%, Russel 2K -0.38% 
Markets opened higher with S&P at a new high thanks to good earnings from Apple and Facebook after market Wednesday but markets initially trended lower until midday when they reversed and worked better before a slight dip into the close.Data was mixed GDP growth beat small but initial claims were higher than forecast
Cruise stocks started +VE after the CDC said sailings from U.S. ports could begin mid-July but sold down through the dayAhead of the busiest reporting day for the S&P 500 with 11% due to report and initial claimsPre market Caterpillar beat expectations and opened higher but sold off. McDonald’s  +1.2% said revenue topped expectations and traded higher. However, Merck -4.5%    following disappointing results.
Banks JPMorgan Chase +1.9%, Citigroup +1.3% Wells Fargo +2.6%, AMEX +1.4%
Work from home names: Facebook +7.3%, Apple unch off initial highs, Amazon +0.4%, Netflix +0.5%,  Disney +1.1%, Zoom Video -3%, Alphabet +1.4% and Microsoft -0.8%,
Tech NXP Semi +1.1%, Nvidia +0.3%, Micron +2.4%, AMD -0.1%, Skyworks +0.7%
Re-opening stocks  Boeing +0.2%, Caterpillar -2.1% after disappointing results, Simon Property +0.2%, Kohl’s -2.3%, Nordstrom -1.4%, Gap -1.2%, United Airlines +0.3%, Carnival -2.1% having opened higher , Wynn Resorts -1%, Chevron +1.6%, Exxon Mobil +1.5%,  
Lock down names Campbell Soup +1% General Mills +1%, JM Smucker +1.1%
AFTER MARKET
Amazon +3.1% profit tripled as sales +44% showing strong demand for its massive online retail business, as well as its high-growth cloud-computing and advertising businesses. It plans to give more than 500,000 of its workers a raise as it seeks to attract new workers. The online shopping giant, which already pays new hires at least $15 an hour, said it will start increasing pay between 50 cents an hour to $3 an hour starting next month.
Gilead Sciences -2.6% (was -0.9% in normal trading),
U.S. Steel -0.8% (was -3.4% in normal trading)
Western Digital +5.4% (was +0.8% in normal trading)
Twitter earnings and revenue beat but monetizable users missed estimates and guidance for Q2 was lower than expected.
DATA
GDP Growth Rate Adv Q1 +6.4% QoQ vs +4.3% Q4 (F/cast was +6.3%)
GDP Price Index Adv Q1 +4.1% QoQ vs +1.9% Q4 (F/cast was +2.8%)
Initial Claims 553k vs 566k prior revised (F/cast was 551k)4 week Average Claims 611.75k vs 655.75k prior (F/cast was 606.5k)
Continuing Claims 3.66m vs 3.651m prior (F/cast was 3.65m)
Core PCE Prices Adv Q1+2.3% QoQ vs +1.3% Q4 (F/cast was +2.1%)
PCE Prices Adv Q1+3.5% QoQ vs +1.5% Q4
Pending Home Sales Mar +1.9% MoM vs -11.5% Feb revised (F/cast was +3.2%)
EIA Natural Gas stocks change 15 Bcf vs 38 Bcf. (Consensus was 11 Bcf)
USD was vs Yen & Euro. Bitcoin -3.2% @ 53,251.79 as Ether hit a new record high. VIX +1.9% @ 17.61, US T10 @ 1.65% after the strong economic data.
OIL Brent +1.3%, WTI +1.3% extended Wednesday’s gains on recovery hopes.
Gold -0.9% as dollar strengthened, Silver -1.1%, Copper -0.3% Platinum -0.3%, Palladium -2.9%.
AHEAD Personal Income and Spending, Employment Cost data (Index, Benefits and Wages) PCE Price Index, Core PCE Price Index, Chicago PMI, Michigan Data Final (Consumer Expectations, Current Conditions, 5 year Inflation Expectations, Consumer Sentiment) Baker Hughes Rig Count. Earnings: ExxonMobil, Chevron, Colgate-Palmolive, AstraZeneca, Clorox, Barclays, AbbVie, BNP Paribas, Weyerhaeuser, Illinois Tool Works, CBOE Global Markets, Lazard, Newell Brands, Aon, LyondellBasell, Pitney Bowes, Phillips 66, Charter Communications

DAX -0.9%, CAC -0.07%, FTSE -0.03% 
Market mixed FTSE and CAC opened higher and traded sideways. DAX opened flat and sold off slightly then trading sideways in the red. German inflation was 2.1%; above the ECB’s target of ‘close to but below 2%’. Eu sentiment in all areas was better than forecast.
All markets sold down around 3pm but then saw a rebound appraching the close
A busy day for earnings.
Shell -1% sold done in the afternoon having opened higher after reporting adjusted earnings of $3.2 billion Beat estimates, raised dividend
Total -0.9% despite profits surging to pre-pandemic levels on the back of stronger commodity prices. Again opened strongly but sold down in the PM
Airbus +0.7% but off early highs, slightly beat expectations in Q1, reporting a particularly strong free cash flow of 1.26 billion euros ($1.53 billion).
Nokia +8.4% after beating Q1 revenue and profit expectations on the back of strong network and 5G sales.
Angry Birds maker Rovio flew higher after reporting a 3.4 per cent rise in first-quarter games revenue to €64.9m.
Linea Directa, -1.7% but was +VE for most of the day it surges to +31% in early trades; formerly the insurance unit of Bankinter, in its market debut in Madrid
Tenaris -7.2% after missing first-quarter core profit expectations.
WHSmith dipped after warning that it could breach a covenant test.
DATA
EUROZONE 
Loans to Households Mar +3.3% YoY vs +3% Feb (F/cast was +2.9%)
Loans to Companies Mar +5.3% YoY vs +7% Feb revised (F/cast was +7.1%)
M3 Money Supply Mar +10.1% YoY vs +13.3% Feb (F/cast was +10.7%)
Consumer Confidence Apr -8.1 vs -10.8 Mar (F/cast was -8.1)
Economic Sentiment Apr 110.3 vs 100.9 Mar revised (F/cast was 104)
Industrial Sentiment Apr 10.7 vs 2.1 Mar revised (F/cast was 5.1)
Services Sentiment Apr +2.1 vs -9.6 Mar revised (F/cast was -7)
Consumer Inflation Expectations Apr 19.6 vs 18.6 Mar (F/cast was 19.1)
GERMANY 
Import Prices Mar +6.9% YoY vs +1.4% Feb (F/cast was +5.7%)
Import Prices Mar +1.8% MoM vs +1.7% Feb (F/cast was +0.6%)
Unemployment Rate Apr 6% vs 6% Mar (F/cast was 6%)
Unemployment Change Apr +9k vs -6k Mar revised (F/cast was -12k)
Inflation Rate Prelim Apr +2% YoY vs +1.7% Mar (F/cast was +1.8%)
Inflation Rate Prelim Apr +0.7% MoM vs +0.5% Mar (F/cast was +0.5%)
UK 
Car Production Mar +46.6% YoY vs -14% Feb (F/cast was +51%)
AHEAD
EUROZONE  Flash Core Inflation Rate, GDP Growth Rate,  Inflation Rate.  Unemployment  Rate
GERMANY 
GDP Growth Rate
FRANCE 
GDP Growth Rate, Inflation Rate, Household Consumption, PPI
UK 
Nationwide Housing Prices

JAPAN Market closed for Golden Week re-opens May 6
Data out
Unemployment Rate Mar 2.6% vs +2.9% Feb (F/cast was +2.9%)
Tokyo Core CPI Apr -0.2% vs -0.1% Mar (F/cast was zero %)
Tokyo CPI Apr -0.6% vs -0.2% Mar (F/cast was -0.1%)
Jobs/Application Ratio Mar 1.1 vs 1.09 Feb (F/cast was 1.05)
Due at 7:50 am HK time
Industrial Production Prelim Mar MoM vs -1.3% Feb (F/cast was -1.5%)
Foreign Stock Investment ¥B vs ¥286.3B prior
Foreign Bond Investment ¥B vs ¥906.5B prior
Later at 8;30am
Manufacturing PMI Apr (Mar was 52.7 F/cast is 53.3)
At noon
Consumer Confidence Apr (Mar was 36.1 F/cast is 35.5)
Housing Starts Mar (Feb was -3.7% YoY F/cast is -7%)
Construction Orders Mar (Feb was +2.5% F/cast is +3.7%)
Tokyo reported 1.027 new covid cases and Osaka.1,171 Nationwide total was 5,793 highest since the second wave.Haneda airport was busy on Thursday but bullet trains were not as full as normal for golden week but with many people were leaving the capital for domestic destinations during the Golden Week holidays, despite Tokyo Gov Yuriko Koike's request to Tokyoites to stay home during the holiday period which runs until next Wednesday. -VE
The United States, Japan and South Korea are arranging a meeting of their foreign ministers during the G7 meeting in the United Kingdom next week, the Yomiuri Shimbun reported on Thursday, citing multiple government sources.
Haneda airport was busy on Thursday as many people left the capital for domestic destinations during the Golden Week holidays, despite Tokyo Gov Yuriko Koike's request to Tokyoites to stay home during the holiday period which runs until next Wednesday. -VE
Japanese business leaders and a Nobel-prizewinning biologist called upon the government to reform its vaccination programme, including allowing drive-through inoculations, as the nation struggles to contain a resurgence of the COVID-19 pandemic.
China on Thursday passed legislation to strengthen the power of its maritime safety authorities, state-run media reported, sparking fears that tensions between the Asian nation and other countries, including Japan, will escalate in the nearby waters. -VE
Nissan's Aguascalientes factory in central Mexico will shut operations for seven days in May due to a lack of semiconductors, the company said on Thursday.
Suzuki Motor Corp will temporarily halt its three plants in India from later this week to make oxygen used in the car manufacturing process available for rapidly increasing coronavirus patients in the South Asian country, a company official said Thursday.   Slight -VE but good for image.
Bonuses at Japanese companies are expected to fall this summer by around 1 to 3 percent from a year earlier due to the novel coronavirus pandemic, a development that would add downward pressure on private spending, projections by six entities showed Thursday. -VE
Toyota says it will invest $803 million and add 1,400 new jobs at its Indiana auto manufacturing plant so it can produce two new SUVs there, one of which will be the first Lexus made at the plant.  The Japanese automaker says both new vehicles — which it calls “electrified” but would not say whether they will be pure electric or hybrid — will feature a “semi-automated driving system” that allows for hands-free driving in some situations. Drivers will also be able to park and un-park them from outside the vehicle using a smartphone. Both the Lexus and Toyota SUVs will have three rows of seats with room for eight passengers.

SOUTH KOREA 
Expect markets to open cautiously higher following good results from Samsung and  LG and the closing of  the SK ie technology IPO (removing selling pressure to raise cash).  But expect some selling ahead of the resumption in short selling on Monday. Pre market data was mixed Retail Sales beat +VE, Industrial Production missed MoM but beat YoY but  Construction output missed
Data out
Construction Output Mar -5.7% YoY vs -8.7% Feb (F/cast was -3.5%)
Industrial Production Mar +4.7% YoY vs +0.9% Feb (F/cast was +2.5%)
Industrial Production Mar -0.8% MoM vs +4.3% Feb (F/cast was +0.9%)
Manufacturing Production Mar vs +1% Feb (F/cast was +3.5%)
Retail Sales Mar +2.3% MoM vs -0.8% Feb (F/cast was +1.1%)
Retail Sales Mar +10.9% YoY vs +8.4% Feb (F/cast was +10%)
KDCA reported 680 new cases Thursday (vs 775. Wednesday)
South Korea has inoculated more than 3 million people in two months since its vaccine rollout, health authorities said Thursday, as the country ramps up its COVID-19 immunization drive by providing more shots to create herd immunity by November.
South Korea called for the free movement of data to vitalize the digital economy on Thursday in this year's Group of Seven (G-7) meeting of digital and technology ministers. The ministers agreed to create a road map that encourages free movement of data based on trust, while responding to challenges such as privacy, intellectual property and security.
South Korea’s antitrust regulator on Thursday included Coupang on its list of “large business groups,” henceforth imposing heavier corporate disclosure and compliance obligations on the e-commerce operator that had previously remained in the startup arena.
Mounting allegations of forced labor in the Chinese region of Xinjiang have posed a conundrum for the global solar industry, and some say they could also drag down South Korea’s ambitious solar plans.  Xinjiang is home to four of the world’s top five producers of polysilicon, a key raw material for most solar panels. Together, those four plants account for 40 percent of the global supply.
Samsung Electronics and LG Electronics on Thursday, the tech titans both achieved their highest-ever quarterly sales and operating profits in the first three months of 2021. +VES
amsung Electronics Co. said Thursday that a monthlong shutdown at its US semiconductor plant cost it more than 300 billion won ($270 million) in losses, although the facility is now fully normalized.
Imported car brands including Tesla Korea, Mercedes-Benz Korea and BMW Korea will recall 13,797 vehicles to fix faulty components, the Transport Ministry said Thursday. Slight -VE
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 365 billion-won ($329 million) order to build four very large gas carriers (VLGCs).  KSOE, the shipbuilding subholding company of Hyundai Heavy Industries Group, said it has signed the contract with Asian and Liberian shipping lines. +VE
South Korea’s amateur investors poured out record amounts of cash -- nearly 81 trillion won ($73.1 billion) -- to obtain new shares of SK ie technology, a wholly owned battery materials subsidiary under SK Innovation, in its two-day public subscription for an initial public offering.  The battery materials company’s shares were oversubscribed 288.2 times.  That could be another reason for the recent weakness as retail investors sell stocks to raise money for this IPO.
South Korea is set to partially lift a 14-month ban on short selling, the longest such ban in the world, on Monday, but on one condition -- obligating investors new to the trading strategy to take a half-hour online class and try simulated investments.  The mini-lecture provided by the Korea Financial Investment Association informs would-be investors of the difference between a naked short and a covered short. It highlights that investors have limited returns from short sales but theoretically no limit to their losses.   +VE

TAIWAN 
Expect market to open slightly higher as good local results continue and US markets closed up.
Data due after market 
GDP Growth Rate
A weather system from southern China has over the past three days replenished Taiwan’s reservoirs with almost 16 million tonnes of water, giving Taiwan a slight relief from a water shortage, the Water Resources Agency (WRA) said yesterday. +VE
Taiwan commissioned into service a new coast guard flagship on Thursday to help counter China’s “grey zone” war tactics against the island.  President Tsai Ing-wen said the word “Taiwan” in English will be gradually printed on all coast guard vessels. This “demonstrates our determination to defend the blue territory of the Republic of China”, Tsai said, using Taiwan’s formal name.
AU Optronics Co yesterday said that first-quarter net profit hit a 13-year high of NT$11.83 billion (US$423.26 million), as the COVID-19 pandemic-induced stay-at-home economy stimulated demand for panels for TVs and computers. AUO expects the growth momentum to carry through the rest of the year and be sustainable in the longer term as work from home, remote schooling and home entertainment become the new norm. A continued component supply crunch has added to the supply-demand imbalance in the panel industry, the company said. +VE
Macronix International Co on Tuesday said that revenue would grow every quarter throughout the remainder of this year, as customers prioritize securing capacity amid a persistent chip shortage. The Hsinchu-based company said that its factories have been running at full capacity, and that it would be selective about chip production.
“All our customers want is to secure capacity. Pricing is not an issue anymore,” Macronix chairman Miin Wu (吳敏求) told investors. “We will produce chips that deliver better profits". +VE
Former central bank governor Perng Fai-nan yesterday defended the use of selective credit controls to rein in the property market, calling interest rate hikes a blunt instrument that would unduly hurt the overall economy. +VE
Housing transactions this month saw a modest decline from last month due to unfavorable government policies and the Qingming Festival, also known as Tomb Sweeping Day, the nation’s major property brokers said yesterday. Slight -VE
Freight forwarder and logistics operator T3EX Global Holdings Corp saw its net profit advance 17.39 times from a year earlier to NT$398.17 million (US$14.25 million) last quarter, as air and sea cargo rates remained high. Earnings per share (EPS) jumped to NT$3.16 last quarter, not only hitting the highest in a single quarter, but also surpassing cumulative EPS in the first three quarters of last year, it said yesterday.
“We suffered in the first quarter last year due to the COVID-19 pandemic and even had to ask some of our employees to take unpaid leave. However, the tide has turned this year,” T3EX chairman David Yen told an earnings conference. +VE

CHINA Expect market to open lower, last day of trading before the extended weekend for labour day. Pre market data also to have an impact. Ecommerce remains weak and the bank results were uninspiring. Interesting to see if Team China pushes the market higher ahead of the long weekend.
Data due premarket 
Manufacturing PMI Apr (Mar was 51.9 F/cast is 52.1)
Non Manufacturing PMI (Mar was 56.3 F/Cast is 56.5)
Activity by U.S. military ships and surveillance planes directed toward China has increased significantly under President Joe Biden's administration, a spokesperson for the Chinese Defense Ministry said Thursday. As an example, Wu Qian said the Navy destroyer USS Mustin had recently conducted close-in observation of the Chinese aircraft carrier Liaoning and its battle group. That had “seriously interfered with the Chinese side’s training activities and seriously threatened the safety of navigation and personnel on the both sides,” Wu said. The ship had been warned to leave and a formal protest filed with the U.S., he said.
China on Thursday passed legislation to strengthen the power of its maritime safety authorities, state-run media reported, sparking fears that tensions between the Asian nation and other countries, including Japan, will escalate in the nearby waters. In February, China also enforced a controversial law allowing its coast guard to use weapons when foreign ships involved in illegal activities in waters it claims do not obey orders, making Sino-Japanese relations fragile over maritime security. -VE
China denies report that population fell last year. China’s population grew last year, the National Statistic Bureau said yesterday, in an apparent bid to quash reports that it had fallen, but stopped short of saying from which year numbers had grown.  On Tuesday, the Financial Times said that China was set to report that its population fell below 1.4 billion last year from 2019, in the first decrease in five decades, citing people familiar with the matter. The bureau has delayed publishing the results of last year’s once-in-a-decade census, with no explanation apart from saying more preparatory work was needed.  It had been due to announce the results early this month.“According to our understanding, in 2020, our country’s population continued to grow,” the bureau said in a one-sentence statement, adding that detailed figures would be disclosed when the census results were published.   It did not say over what period the population had grown.
Five of China's largest state-owned banks have reported higher first-quarter net profits, helped by a rebound in the country's economy from the coronavirus pandemic.  But margins shrank almost across the board as these remain under pressure from low interest rates.  The banks have benefited as economic activity recovers in China, with the country's GDP up 18.3% in the first quarter versus the same quarter last year. read more Lending still makes up the bulk of the five banks' earnings, unlike their rivals in the West, many of which have big investment banking and securities trading businesses that helped to drive big gains in their first-quarter earnings. Slight -VE
China’s imports of US coal, Canadian barley continue to climb amid ban on Australian exports.   US coal exports to China more than doubled between February and March, moving Beijing closer to meeting US-China trade deal obligations.   Canada has also gained from China-Australia trade tensions, with barley exports to China more than doubling during the current harvest season
Huawei Technologies Co Ltd, halved smartphones shipments in the first quarter in China, as U.S. sanctions choked its supply chain even as the overall smartphone market rebounded. “The torch was passed to Vivo and Oppo, which capitalized most on Huawei woes domestically,” Counterpoint analyst Yang Wang said. “It’s been a tough year for Huawei and we don’t see any let up soon.”
China appoints new army commander to Tibet region from elite ‘Tiger in the mountains’ force.  Wang Kai formerly led the 13th Group Army, a unit that specialises in fighting in tough landscapes, says local media.  Military observer says Beijing needs an experienced commander to supervise the region and keep the Chinese border safe Slight -VE for tensions.
China launched an unmanned module on Thursday containing what will become living quarters for three crew on a permanent space station that it plans to complete by the end of 2022, state media reported.
A meeting of the Indian and Russian foreign and defence ministers has a purpose beyond clearing up bilateral misunderstandings, experts say.   New Delhi reminds US of its strategic autonomy and sooths Russian qualms about Quad. Moscow tells Beijing it will keep selling arms to China’s Himalayan rival

HONG KONG  ADR’s +174pts at 29,477. ECommerce remains weak along with Chinese financials as the margins at the Chinese Banks are under pressure and worries over futures defaults linger.  Petrochems, Telcos and HK Property firm.  Earnings season wrapping up and China will be closed Monday and Tuesday so expect light turnover which could make for choppy trading. Analyst changes post results still coming-out 
No data due
Short Selling Thursday  vs 13.1% Wednesday
Top Shorts
  Wharf REIC (1997) 40%, China Overseas Land  (688) 38%, Bank Of China (3988) 38%, Bud Apac (1876) 35%, BOCOM (3328) 33%, Hang Seng Bank (11) 32%,  CK Asset (1113) 31%, Haidilao (6862) 31%, Ali Health (241) 29%,  MTRC (66) 28%, Country Garden (2007) 28%, CCB (939) 27%, Hengan (1044) 27%, Sands China (1928) 26%, CSPC Pharma (1093) 25%, Sino BioPharm (1177) 25%, China Res Land (25%
EARNING due Friday 
Modern Media Holdings Ltd. 00072.HK Publishing
Zhejiang Expressway Co. Ltd. - H Shares 00576.HK Road and Railway
Huscoke Holdings Limited 00704.HK Coal
Comtec Solar Systems Group Ltd.00712.HK Environmental Energy Material
Shanghai Zendai Property Ltd. 00755.HK Property Development
Carnival Group International Holdings Ltd. 00996.HK Property Development
Greater Bay Area Dynamic Growth Holding Limited 01189.HK Hotels & Resorts
Mobile Internet (China) Holdings Limited 01439.HK Printing, Publishing & Packaging Leader Education Limited 01449.HK Other Support Services
China Datang Corporation Renewable Power Co., Ltd. -H Shares 01798.HK Alternative Energy
China Wood Optimization (Holding) Ltd. 01885.HK Forestry & Timber
China Chunlai Education Group Co., Ltd. 01969.HK Other Support Services
Zhixin Group Holding Limited 02187.HK Construction Materials
CNNC International Ltd. 02302.HK Other Minerals
Good Friend International Holdings Inc. 02398.HK Machinery & Equipment
China National Building Material Co. Ltd. - H Shares 03323.HK Construction Materials Icon Culture Global Company Limited 08500.HK Advertising

EARNINGS Out Thursday 29 April 
After market GAC GROUP (02238.HK) announced the first quarter result ended March 2021. The net profit amounted to RMB2.366 billion, up 1896.6% yearly. EPS was RMB0.23.
CITIC BANK (00998.HK) announced first quarter results ended March 2021. Operating income rose 0.7% year on year to RMB51.931 billion. Net profit attributable to equity holders was RMB15.641 billion, up 8.2%. EPS equaled RMB0.32.
BANK OF CHINA (03988.HK) announced report for the first quarter ended 31 March 2021. Profit attributable to equity holders inched up 2.7% yearly to RMB53.989 billion.  EPS equaled RMB0.18.
ICBC (01398.HK) announced first quarterly report of 2021. Net profit attributable to equity holders added 1.5% yearly to RMB85.73 billion; EPS equaled RMB0.24; net interest income was RMB166.601 billion, representing an increase of 3.5% compared with the same period of last year.
ABC (01288.HK) announced results for the first quarter ended 31 March 2021. Net profit expanded by 2.6% yearly to RMB65.861 billion, with an EPS of RMB0.18. Operating income surged 4.1% annually to RMB194.499 billion.
PETROCHINA (00857.HK) announced first quarterly report of 2021. Revenue reached RMB551.923 billion, up 8.4% yearly; net profit was RMB27.721 billion, as compared with RMB16.23 billion in a year ago's loss; EPS equaled 15.1 fen.
CHINA RAIL CONS (01186.HK) announced the first quarter result ended March 2021. The net profit amounted to RMB5.005 billion, up 68.5% yearly. EPS was RMB0.31.
BOC HONG KONG (02388.HK) announced that operating profit before impairment allowances declined 13.9% yearly to HK$9.656 billion in the first quarter of 2021.  Net operating income before impairment allowances decreased by 9.8% annually to HK$13.422 billion.
YANZHOU COAL (01171.HK) announced first quarter results ended March 2021. Net profit amounted to RMB2.251 billion, up 30.2% yearly. EPS equaled 46.28 fen.
BANKCOMM (03328.HK) announced that during the first quarter of 2021, net profit increased by 2.3% on a year-on-year basis to RMB21.946 billion. EPS  equaled RMB0.3.  The net operating income increased by 5.1% on a year-on-year basis to RMB68.41 billion. Profit before tax grew 2.6% annually to RMB24.966 billion.
CHINA RAILWAY (00390.HK) announced first quarter results ended March 2021. Net profit amounted to RMB6.485 billion, up 80.9% yearly. EPS equaled RMB0.238.
WATCH
HSBC (0005) launched the new institutional family office service in Hong Kong and Singapore yesterday, targeting wealthy families in the region. The number of ultra-high net worth families in Asia is expected to continue to increase in the coming years, and this growth will coincide with a massive inter-generational wealth transfer.
HSBC previously announced it would invest US$3.5 billion and hire more than 5,000 new wealth planners to grow its business in Asia over the next three to five years as part of a broader pivot to the region. +VE
Meituan in addition to the probe on 'chose one from two’ is also coming under pressure for its treatment of delivery riders after a television exposé featured an undercover government official posing as a rider for Meituan. ZTE (00763.HK) announced that the Company completed the issuance of 2021 Tranche I and Tranche II Super and Short-term Commercial Paper on Thursday 29 April in an aggregate amount of RMB2 billion. The term of the SCP shall be 180 days at an interest rate of 2.7%.
BioNTech CEO Ugur Sahin foresaw results by September from clinical trials testing the Covid vaccine co-developed by the firm and Pfizer in babies as young as six months old, cited by Der Spiegel magazine.  Sahin claimed that results for the five to 12 year olds may be available in July, while those for younger children will be provided in September. +VE
Bao Haijie, Managing Director and Head of Global Issuer Services at HKEX (00388.HK), said quite a huge number of overseas issuers (particularly biotech firms) have expressed interest in Hong Kong listings.  Some smaller biotech companies may not be able to go public on HKEX due to its high threshold for biotech IPOs. Bao suggested there is a balance point for any kind of listing system, while finding the current one appropriate. Slight -VE

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