Apr 12 Asian Macro Initial Thoughts Mainly +VE but China weak but Powell's comments +VE

12 Apr

Market to open higher with futures +0.1% but Santos and Woodside Petroleum may see weakness as oil prices eased along with the Gold miners. Brickworks goes ExDiv.
Nikkei futures opened +60pts, they have eased slightly but still +VE, so expect a cautious higher open, pre market data to influence initial trading.
S Korea 
Expect markets to open higher with investors focusing on Q1 earnings which are expected to be good, especially exporters to the US, and hence attract foreign buyers. Limiting the upside could be the prospect of a fourth covid wave but increased inoculation may off-set this news.
Market to open higher after Friday’s after market Trade data and record sales from TSMC which comes ahead of earnings Thursday. Market on Friday closed lower with investors cautious as the market hit a new high Thursday, combined turnover Friday hit the fourth highest ever.
Market to open lower with continued concerns over more tightening to the property sector, US sanctions, deteriorating international relations and caution ahead of New loans data. Phama weak as press reports Chinese vaccines don’t have high protection rates although later Gao Fu said his comments were ‘completely mis-understood’.
DR’s indicate +23pts at 28,721 with weakness in Ecommerce and Financials mixed but overall slightly +VE More +VE profit alerts should help but sentiment remains weak and after the Alibaba fine other Ecommerce names likely to see more weakness. Property also weak after limited weekend transactions
US Futures 
Opened flat Dow -20pt, S&P and NDX -0.15%. Powell +VE comments likely to encourage investors.News that Microsoft is in advanced talks to acquire Nuance Communications.

Fed Chair Powell on ’60 minutes’ says economy about to grow much quicker due to vaccinations and fiscal support, 'economy at an inflection point’ but warns about the risk of another surge in covid cases; so recommended wearing masks and social distancing.  Overall +VE for sentiment.   Programme aired at 7pm ET

The European Union’s top diplomat said on Sunday Russia and China were hampering a united international response to Myanmar’s military coup and that the EU could offer more economic incentives if democracy returns to the country, Reuters reports.

Bitcoin rose above US$60,000 (HK$468,000) to approach record highs over the weekend, breaking out of a two-week tight range and propelled by talk of constrained new supplies against evidence of wider adoption.

Montenegro has asked the EU for assistance with paying off a $1bn Chinese loan for an incomplete highway project it has put the country’s finances at risk and is potentially -VE for China as another project that did more for the Chinese companies and economy that Montenegro.

Nikkei Futures opened +60pts, they have eased slightly but still +VE, so expect a cautious higher open, pre market data to influence initial trading.
Yen closed 109.65
Data due pre market
Bank Lending Mar (Feb was +6.2% F/Cast is +6.3%)
PPI Mar (Feb was -0.7% MoM (+0.4%. YoY). F/cast is +0.4% MoM (+0.3% YoY)
Machine Tool Orders Mar (Feb was +36.7% YoY, F/cast is +40%)
Tokyo reported 421 new cases on Sunday (vs 570 Saturday), while Osaka had 760 daily infections (vs 918 Saturday).  The nationwide total was 2,777.   Slight +VE but large numbers of people on Saturday flooded transport hubs in major population centres across Japan despite the government designating Tokyo, Kyoto and Okinawa prefectures as requiring more stringent coronavirus countermeasures just a day earlier. People will be watching to see if that prompts a surge in cases later this week.
Government placed Tokyo under a new, month-long “quasi-emergency” state to combat surging COVID-19 case numbers on Friday, less than a month after the capital and host of the Summer Olympics lifted a broader state of emergency. Which will be in force over ‘Golden Week’ (April 29 - 5 May). Osaka’s governor warns he to may seek state of emergency.
Government is poised to release treated radioactive water accumulated at the crippled Fukushima nuclear plant into the sea despite opposition from fishermen, sources familiar with the matter said Friday. It will hold a meeting of related ministers as early as Tuesday to formally decide on the plan.
Industry minister said on Friday there was no truth to a media report that the government was aiming for a 2030 greenhouse gas (GHG) emissions reduction of 45% from fiscal year 2013 levels, against the current 26% target.  The target has to be realistic, Industry Minister Hiroshi Kajiyama told a news conference.  
PM Suga and President Biden will express their deep concern about human rights violations in China in a joint statement to be released after a Japan-U.S. summit next week, Japanese government sources have said. An indication of closer ties as China pushes territorial issues. Uniglo -VE as an aid group for Uyghurs and other parties have filed a complaint with a Paris court against four fashion giants including Uniqlo Co. over alleged forced labor of Uyghurs in China. The others are Spain’s Inditex, (Zara), footwear brand Skechers USA Inc. and French apparel giant SMCP, according to reports by media organizations including the Les Echos newspaper.  
Weather bureau said on Friday there was an 80% chance that the La Nina weather phenomenon, seen since last summer, will end in the northern hemisphere spring with a 70% chance of normal weather conditions during summer.  A La Nina weather event is characterised by unusually cold ocean temperatures in the equatorial Pacific Ocean region and is also linked to floods and drought.
Toshiba Corp. has set up a team to review a buyout offer by British private equity firm CVC Capital Partners to make the Japanese electronics and infrastructure giant private, sources close to the matter said.  Toshiba President and CEO Nobuaki Kurumatani told reporters the company will discuss the matter "at a rigid framework with a limited number of members" in a bid to prevent information leakage.   Follows news on Friday that State-backed Japan Investment Corp and the Development Bank of Japan (DBJ) are joining CVC Capital Partners’ bid to take Toshiba Corp private. The fund is set to offer 5,000 yen per share, with plans to launch a tender offer in early July and to delist Toshiba shares in October, the report said.  +VE
Renesas to resume operations of clear room damaged by fire by April 19 the firm said. +VE
Tokyo Gas to install 19 off shore wind turbines to generate 159.6 megawatts, enough for 70,000 households +VE
Asahi Group Holdings said it will aim to halve its debt and forego overseas investments after spending $11 billion to buy the Australian operations of Anheuser-Busch InBev. “Basically, we are not considering any large-scale acquisitions,” said Atsushi Katsuki, who became Asahi’s new chief executive in March. +VE but probably reflects tough business outlook.
175 of Japan’s “izakaya” dining bars went bankrupt (a record high) in the year that ended in March, also operators of wedding halls; a sign some service-sector firms are being left behind even as the economy emerges from the shock of the coronavirus pandemic. -VE

Expect markets to open higher with investors focusing on Q1 earnings which are expected to be good, especially exporters to the US,  and hence attract foreign buyers.  Limiting the upside could be the prospect of a fourth covid wave but increased inoculation may off-set this news.
No data due
KDCA reported 614 new covid cases (vs 677 Saturday) continuing to fall from Thursday’s high.  Govt warns that this could be a fourth wave.  But not increasing the social distancing rules -VE.  Authorities said on Sunday they will move ahead with a coronavirus vaccination drive this week, after deciding to continue using AstraZeneca PLC’s vaccine for all eligible people 30 years old or over.
President Moon Jae-in’s ruling Democratic Party under pressure as voters perceive them as hypocritical and inept. The embarrassing loses in the mayorial elections could hamper  his efforts to achieve final policy goals, including reforming a prosecutor’s office that his party views as too powerful and too politicised.
Korea Aerospace Industries on Friday rolls out the KF-21 Boramae, the first prototype of the KF-X project, at its manufacturing facility in Sacheon, South Gyeongsang Province. +VE long term for Tech sector.
LG Energy Solution and SK Innovation Co agreed on Sunday to settle disputes over electric-vehicle (EV) battery technology, avoiding a potential setback for U.S. EV ambitions.  SK Innovation agreed to pay LG Energy Solution, a wholly owned subsidiary of LG Chem Ltd, 2 trillion won ($1.8 billion) - 500 billion won each this year and next, and royalties for at least six years. It relieves President Biden from having to make an awkward decision about whether to intervene or not.     +VE as investors now have certainty.
Samsung Electronics, is among 19 global semiconductor manufacturers invited to a White House meeting to be held virtually on Monday.
Iran released on Friday a South Korean ship and its captain detained since January after South Korea promised to try to secure the release of Iranian funds frozen in South Korean banks under U.S. sanctions, a South Korean official said.
South Korean wireless carriers are estimated to have logged robust earnings in the first quarter on the back of sharp growth in 5G users and their non-telecom businesses, a poll showed Sunday.  +VE
Hyundai Motor Co. said Friday it will temporarily suspend another domestic plant next week due to an electronic parts shortage. -VE
Local semiconductor companies have called on the government for support, in a bid to expand their production facilities against the backdrop of the prolonged global shortage. +VE
Korean Air Lines Co. is expected to have turned a profit in the first quarter of 2021, data showed Sunday, as the company expanded its logistics business after the new coronavirus pandemic virtually  suspended passenger travel.  The country's top airline operator is expected to post an operating profit of 76.6 billion won ($68.3 million) for the January-March period, compared with a loss of 82.3 billion won posted a year earlier, according to a poll released by Yonhap Infomax, the financial arm of Yonhap News Agency.  +VE
Kakao, is taking steps to acquire mobile shopping app Zigzag, according to local reports Friday.  The reported deal could see Kakao buy a controlling stake in the operator of the shopping app -- estimated to be worth about $1 billion -- and create a new subsidiary for a merger.
KT Corp. said Friday it has clinched business ties with Vietnam Television Cable  to cooperate in developing a music streaming platform in the Southeast Asian country. +VE
Samsung Electronics Co. on Friday unveiled its upgraded smart tracking tag leveraging advanced wireless communication technologies that can locate people's lost items with better accuracy.   The Galaxy SmartTag+ uses both Bluetooth Low Energy (BLE) and ultra-wideband (UWB) solutions, according to Samsung. The latest product will be available beginning next Friday though its launch schedule will vary by market. +VE
South Korea should create a legal framework to embrace up-and-rising digital assets, protect customers and support the growth of the industry, a group of experts said Friday.  The current laws that govern cryptocurrency transactions, under the Specific Financial Transactions Act, focuses on anti-money laundering and price-fixing aspects. In addition, upon introducing the laws the government emphasized that it is not “institutionalization” of digital assets.

Expect market to open higher after Friday’s after market Trade data and record sales from TSMC which comes ahead of earnings Thursday.  Market on Friday closed lower with investors cautious as the market hit a new high Thursday,  combined turnover Friday hit the fourth highest ever.
No data due but after market Friday
Balance of Trade Mar $3.66b vs 4.51b Feb (F/cast was 5.1b)
Exports Mar +27.1% YoY vs +9.7% Feb (Consensus was +17.4%)
Imports Mar +27% YoY vs +5.7% Feb (Consensus was +12.1%)
Exports driven by inventory demand for all product categories gained unprecedented traction amid component shortages and shipping delays, the Ministry of Finance said yesterday. The growth momentum might extend into this quarter, buoyed by expectations of a global economic recovery, although the COVID-19 pandemic continues to pose uncertainty, the ministry said. “Component shortages and shipping delays have prompted companies to build up and vie for tech and non-tech products, and push up their selling prices,” said Department of Statistics Director-General Beatrice Tsai
US.Secretary of State Antony Blinken said on Sunday the United States is concerned about China’s aggressive actions against Taiwan and warned it would be a “serious mistake” for anyone to try to change the status quo in the Western Pacific by force. +VE for Taiwan
US State Department on Friday issued new guidelines that will enable U.S. officials to meet more freely with officials from Taiwan.  +VE for Taiwan but will annoy China and raise already heightened tensions.  Locally many are calling for Taipei to seek further changes to break down limits on bilateral relations due to Washington’s continued adherence to the ‘one China’ policy.
Taiwan Semiconductor Manufacturing Co (TSMC) Friday reported a third straight quarter of record sales, underscoring its lead as the world’s No. 1 maker of advanced chips, which are in short supply.  Q1 revenue +16.7% to NT$362.41 billion (US$12.74 billion), compared with the average NT$360.5 billion of analysts’ estimates.  TSMC in the middle of January said that its revenue for the three-month period was expected to range from US$12.7 billion to US$13 billion after the estimate was converted into a range of NT$354.97 billion to NT$363.35, based on the average exchange rate of NT$27.95 at the time.  +VE
Nanya Technology Corp Friday posted its best quarterly profit in three quarters as work-from-home and remote schooling trends helped improve demand for Chromebooks and other consumer electronics.  The chipmaker said that it expects the growth momentum to extend into this quarter, as the global economic outlook has improved amid increasing COVID-19 vaccinations.  Recovering demand for servers is adding to the already resilient sales of notebook computers, mobile phones, TVs and networking devices, it said. +VE.
AU Optronics’ revenue surged 54.5 percent to NT$82.94 billion (US$2.92 billion), compared with NT$53.69 billion a year earlier, it said.  Revenue expanded 3 percent from NT$80.54 billion in the previous quarter, the company added.  However, shipments in Q1 this year -6.3% to 6.35 million square meters from the previous quarter, the company said. In February it said that fewer working days and tight supply of key components would reduce its quarterly shipments. The LCD panel industry expects the price uptrend from the second quarter of last year to continue through August or September, as the COVID-19 pandemic would continue to stimulate demand for laptops, TVs and other information technology devices, it said. +VE
Innolux reported Q1 revenue  +66.38% YoY  to NT$83.84 billion from NT$50.39 billion.  Revenue increased 7.4 percent from NT$78.07 billion the previous quarter.  The increase was boosted by Innolux’s monthly revenue of NT$30.99 billion last month, soaring 57.5 percent from NT$19.68 billion a year earlier and up 22.3 percent from NT$25.34 billion in February, it said. Shipments of LCD panels for TVs and computers expanded 15.4 percent month-on-month to 13.36 million units last month, an increase of 1.2 percent to 37.47 million in the first quarter from the previous quarter, the Miaoli-based manufacturer said.  In the current market environment, most LCD panel makers can only supply 30 to 50 percent of orders of screens for notebook computers, market researcher TrendForce Corp said in a report. +VE
Taiwan’s three listed freight forwarders yesterday reported annual growth in first-quarter revenue as freight rates remain high amid rising demand.  T3EX Global Holdings Corp reported the largest increase, 133.16 percent to NT$5.89 billion (US$207.13 million), ahead of Dimerco Express Corp’s 66.4 percent growth to NT$6.89 billion and Soonest Express Co’s  35.69 percent expansion to NT$1.06 billion, data from the companies showed.  T3EX’s revenue generated from sea freight business advanced 208 percent from a year earlier to a record NT$3.86 billion in the first quarter, the company said.   +VE and +VE cross read to shipping companies and airline freight operators.
Golden Friends Corp Friday posted NT$330.48 million (US$11.62 million) in revenue for last month, +38.7% MoM, amid continued recovery in the local property market, although -15.15% YoY Revenue in the first quarter totaled NT$1.03 billion, a 3.66 percent increase from a year earlier, Golden Friends data showed.
Replacement of old elevators rose 16.35 percent, accounting for 24.69 percent of overall installments, or 500 elevators, in the January-to-March period, the Taipei-based company said in a statement. +VE
Taiwanese contract manufacturers of golf equipment reported revenue increases for last month and the first quarter, as the number of golfers continues to increase worldwide amid the COVID-19 pandemic, driving orders. Interesting a FT’s LEX had a +VE article about gold memberships being in demand, for what is seen as a ’socially distanced’ sport.   Companies mentioned Fu Sheng Precision Co Ltd, O-Ta Precision Industry Co Ltd, Advanced International Multitech Co Ltd, Dynamic Precision Industry Corp and golf ball maker Launch Technologies Co Ltd (supplies Callaway, Taylor Made and Mizuno) and has recently expanded its factories in Pingtung County. +VE. Stocks also likely to be helped by the Masters underway in the US; with Japan’s Matsuyama leading (Irons are Srixon, wedges by Cleveland and True Temper, Bag by Ping,  woods by TailorMade woods and a range of putters). +VE
CPC Corp, Taiwan and Formosa Petrochemical Corp  Sunday announced that they would cut gasoline prices by NT$0.3 per liter this week amid falling international crude oil prices.  BUT raise diesel prices by NT$0.1 per liter, following a NT$0.1 increase last week.
Computer-simulated invasion will kick off Taiwan war games.   Exercises will run 24 hours a day in first phase of Taipei’s largest annual military drills which start on April 23All possible scenarios of an invasion on the island will be simulated, according to defence ministry.

Expect market to open lower with continued concerns over more tightening to the property sector, US sanctions, deteriorating international relations and caution ahead of New loans data.  Phama weak as press reports Chinese vaccines don’t have high protection rates although later Gao Fu said his comments were ‘completely mis-understood’.
No data due but could get
New Yuan Loans Mar (Feb was CNY1360bn. F/cast is CNY 2520bn)
Outstanding Loan Growth Mar (Feb was +12.9%, F/cast is 12.8%)
Total Social Financing Mar (Feb was CNY1710b, F/cast is CNY3680b)
M2 Money Supply Mar (Feb was 10.1% F/cast is 9.8%)
National Health Commission of the PRC announced that 14 additional cases of novel coronavirus, all imported, had been confirmed yesterday.
The city of Ruili in southwest China's Yunnan province has concluded a second round of city-wide nucleic acid testing, with 18 samples testing positive for the coronavirus disease, the local government said Friday, state media reports.
China's top disease control official says their effectiveness is low and the government is considering mixing them to give them a boost.  Chinese vaccines “don’t have very high protection rates,” said the director of the China Centers for Disease Control, Gao Fu, at a conference Saturday in the southwestern city of Chengdu. He later said he comments were ‘very misunderstood’   Very -VE Sinovac not just for the drug makers but China reputation and its’ Vaccine Diplomacy Policy.
At the same conference National Health Commission official Zheng Zhongwei said China’scoronavirus vaccine production is expected to hit 3 billion doses by the end of the year. That is in line with previous estimates by other health experts; “In the second half of this year, will be are fully capable of meeting our own demand,” said Zheng, who also heads the national Covid-19 vaccine
task force.
US Secretary of State Blinken said  Sunday the United States is concerned about China’s aggressive actions against Taiwan and warned it would be a “serious mistake” for anyone to try to change the status quo in the Western Pacific by force. -VE for relations.
Beijing takes more action to curb Jack Ma, I think President Xi sees him as a threat, because of his popularity in China with both ordinary people and business leaders.It has shut down his Human University Business School which was said to be harder to get into than Harvard in an FT article.  It indicates the crackdown is against Ma rather that Alibaba.  Separately Alibaba was fined $2.8bn (4% of 2019 revenue) by the State Administration for Market Regulation (SAMR) after an anti-monopoly probe said it abused its market dominance with its choose one policy.  It will also have to file self-examination and compliance reports to the SAMR for three years.  Alibaba said it fully cooperated with the investigation, conducted a self-assessment and already implemented improvements to its internal systems.“Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development,” the company said.
The company added it will hold a conference call on Monday at 8 a.m. Hong Kong time to discuss the fine. -VE. Its ADR was -0.4% in US trading before the fine was announced.
Beijing orders five Chinese cities to rein in their runaway house prices.  The deputy housing minister instructed top officials from Guangzhou, Hefei, Ningbo, Dongguan and Nantong to to roll out cooling measures where needed, according to Xinhua.  The central government is signalling a greater willingness to intervene directly at city level, say analysts -VE for developers, especially those with high debt levels.
MIDEA a home appliance giant based in southern China looks to increase technology and automation in its factories over the next three to seven years due to labour shortages.  Includes robots and sensors along with hardware and software upgrades +VE Robotic companies Piaget, owned by luxury goods group Richemont, will continue to open stores this year, notably in the Middle East and China, its chief executive told Reuters on Friday.
Didi Chuxing has mandated Goldman Sachs and Morgan Stanley to lead its blockbuster IPO and plans to file confidentially for the New York float this month, two people with knowledge of the matter said.
FT Reports Manila confronts Beijing’s ‘utter disregard’ for law in South China Sea, Beijing says the Philippines is hyping the issue and the vessels are sheltering but the recent weather has been ‘fair’ which undermines the claim.  Furthermore China’s actions are in line with its precious ‘land grabs’ in the South China Sea.  The US has pledge to support the Philippine action and called on China to abide by the 2016 arbitration ruling at The Hague. Delfin Lorenzana, the Philippines defence secretary, said that China was showing an “utter disregard ” for international law that he described as “appalling”.
China’s embassy in Yangon said on Friday it had been in touch with “all parties” in military-ruled Myanmar, when asked about a report that a diplomat had spoken to a parallel government representing Aung San Suu Kyi’s ousted administration.   China has not condemned the coup.  I think it is watching closely the public uprising and International reaction in case it faces similar issues in the futures
Xinjiang: 21 coal miners trapped underground as flooding cuts power. Another accident in the mining sector which could be +VE for the safety equipment makers

ADR’s +23pts at 28,721 with weakness in Ecommerce, Financials mixed but overall slightly +VE   More +VE profit alerts should help but sentiment remains weak and after the Alibaba fine other Ecommerce names likely to see more weakness.   Property also weak after limited weekend transactions
No data due
The Centre for Health Protection reported 5 new covid cases Saturday  (vs 14 Friday) Short Selling Friday 15.9% vs 4.6% Thursday
Top Shorts  Country Garden (2007) 50%, Bud Apac (1876) 48%, Ali Health (241) 44%, Sino Pharma (1177) 41%, ICBC (1398) 38%, CSPC Pharma (1093) 36%, HSBC (5) 35%, Hang Seng Bank (11) 32%, CCB (939) 30%, Mengniu Dairy (2319) 29%, Haidilao (6862) 27%, Bank of China (3988) 26%, Longfor (960) 25% (announced contracted sales after market)
Teachers of the revamped liberal studies should not worry about violating the “red line” of the national security law if they are discussing mainland affairs in a “fair and unbiased” manner, education minister Kevin Yeung Yun-hung said.  “The four acts under the national security law are all serious offences. I don’t think the general public should be worried [about breaking the law] as long as they love our country. The most important is [teachers] seek to deliver authentic and multi-dimensional information, as well as analysing them fairly and unbiasedly,” he said.I guess that depends on your definition of love and for which country.
Government advisor David Hui Shu-cheong said the government is considering to shorten the length of quarantine for those vaccinated so that overseas businessmen are still willing to come to Hong Kong.  The current 21 days could be shortened to 14 or 7 days if they are vaccinated and from low risk areas.
Centaline Property Agency reported 19 secondary transactions at 10 blue-chip housing estates over the past weekend, -245 WoW.Regal Hotels International (0078) sold only four out of 30 units on offer at The Queens in Sai Ying Pun on Saturday. -VE
Wheelock Properties sold a 1,087-sq-ft flat at Malibu in Lohas Park for HK$21.19 million, or HK$19,500 per sq ft. The developer has raked in about HK$14.9 billion after selling 1,594 out of 1,600 units at the project.
Q TECH (01478.HK) announced that the sales volume of camera modules in March totaled 36.066 million units, up 10.2% YoY and up 13.2% MoM. +VE
AIRLINES +VE as the rebound in air travel in China helped to drive a surge in March deliveries for Airbus  +VE
SHANGHAI PECHEM (00338.HK) issued a positive profit alertNet profit attributable to shareholders of the Company for the first quarter of 2021 is estimated to be between RMB1.06 billion and RMB1.29 billion, expected to achieve a turnaround from loss to profit as compared with the corresponding period in 2020.
CRRC (01766.HK) announced that based on the preliminary calculation of the Company, it is estimated that the net profit attributable to shareholders of the listed company for the first quarter of 2021 will increase by RMB524 million to RMB748 million as compared with that for the corresponding period of the previous year, representing a year-on-year increase of 70% to 100%.
TRIP.COM-S (09961.HK) (TCOM.US)s. IPO has registered over $3.85 billion  margin as at around 6:00 pm Friday according to brokers. Based on the public fundraising amount of approximately $737 million, the IPO was over-subscribed by over 4.2 times.
EVERG VEHICLE (00708.HK) announced that it had Friday received HK$26 billion from all of the six investors and completed the issuance of new shares to those investors.
S HARBOURHOLD (01663.HK) announced that it was informed by Wong Lam Ping, the Company’s chairman and substantial shareholder, that he had acquired an aggregate of 476,000 shares of the Company in the open market at an average price of approximately HK$0.156 per share on 9 April.
BAUHAUS INT'L (00483.HK) announced that the same store sales YoY growth was -40% during the year ended 31 March 2021; Hong Kong and Macau's same store sales YoY growth was -39%.
The Lands Department (LandsD) announced that it had issued six pre-sale consents for residential developments and two pre-sale consents for non-residential developments in the first quarter of 2021. The six pre-sale consents for four residential developments (of which three are phased developments) involve a total of 1,832 residential units.
SUNNY OPTICAL (02382.HK) announced that in March 2021, the shipment volume of handset lens sets increased by 14.8% YoY to 131 million units; the shipment volume of vehicle lens sets increased by 49.6% YoY to 6.491 million units; the shipment volume of handset camera modules increased by 52.1% YoY to 59.995 million units.  Contrasts with Largan in Taiwan who yesterday warned of shortages of key components in the months ahead and reported its weakest quarterly net profit in three quarters.
SUNWAH KINGSWAY (00188.HK) announced that during the period from 9 October 2020 to 9 April 2021, the Company, through its wholly-owned subsidiaries, disposed of an aggregate of 27,300 TENCENT (00700.HK) Shares in the range of an average price between HK$536 and HK$625 per Share for an aggregate consideration of HK$15.853 million.   The Disposals realise a gain of approximately HK$200,000.
CHINA OVERSEAS (00688.HK) announced that for March, the contracted property sales amounted to approximately RMB38.832 billion and the corresponding gross floor area (GFA) sold was approximately 1.887 million square meters, with year-on-year increase of 45% and 26.1% respectively.
GEMDALE PPT (00535.HK) announced that the contracted sales approximated RMB7.216 billion in March 2021up 90.7% yearly.CH OVS G OCEANS (00081.HK) announced that, for the first three months of 2021, the total property contracted sales amounted to RMB15.519 billion and the total contracted GFA reached 1.1602 million square meters, with year-on-year increase of 89.5% and 63.0% respectively.
SUNSHINE 100 (02608.HK) announced that, in March 2021, the Group achieved contracted sales of approximately RMB307 million, down 14% YoY, corresponding to a contracted sales area of approximately 37,597 sq.m., up 20.6% YoY.
LONGFOR GROUP (00960.HK) announced that, as at the end of March 2021, the Group achieved aggregated contracted sales of RMB60.22 billion, up 57.81% yearly.
Centa-City Leading Index (CCL) last printed at 181.31, up 0.54% weekly to a 36-week high. 
CCL Mass climbed 0.55% weekly to 183.48.
CCL (small-to-medium units) hiked 0.50% weekly to 181.41.
CCL (large units) gained 0.73% weekly to 180.78.
Centaline Property, expected second-hand home deals to stay vibrant during the Easter holiday, seeing property prices to keep shooting up. CCL is set to attempt 190, likely hitting the goal around mid-2021.
Julius Baer released the latest lifestyle index survey, where Shanghai is now the most expensive city in the index, capturing the top spot from Hong Kong given China's swift economic recovery from the pandemic.  Tokyo and Hong Kong are the second and third most expensive cities, respectively.

From Friday
DOW +0.98%, NDX +0.51%, S&P +0.77%, Russel 2K +0.04% 
Dow opened higher and traded sideways for most of the day, then rallied into the close, NDX opened lower but recovered to flat by lunch time and traded sideways before a late spike into the close. S&P flat open worked slowly higher through the day and again a late rally into the close. Dow and S&P at record highs.PPI data was stronger than expected, raising inflation expectations but VIX now at pre pandemic levels.Amazon warehouse in Bessemer voted against forming a union and cut off a path that labor activists had hoped would lead to similar efforts throughout the company and beyond.
Chief executives from Alphabet, AT&T, Intel, General Motors and others are set to participate in a White House virtual summit on Monday addressing the global semiconductor shortage.
State Department on Friday issued new guidelines that will enable U.S. officials to meet more freely with officials from Taiwan; like working-level meetings with Taiwanese officials were now encouraged in federal buildings and could also take place at Taiwan’s representative office.
The White House on Friday said it was keeping a close watch on increased Chinese military activities in the Taiwan Strait, and called Beijing’s recent actions potentially destabilizing.
US Fed Vice Chair Richard Clarida told Bloomberg that, if this year’s inflation uptick continues into 2022, the Fed will take that into account when formulating monetary policy and maintain price stability with corresponding tools.
Announced Sunday. Microsoft is in advanced talks to acquire speech-recognition company Nuance Communications, a person familiar with the discussions told CNBC on Sunday. A transaction could be signed as early as Sunday and announced as soon as Monday, the person said.
Banks JPMorgan Chase +0.8%, Citigroup +0.1% Wells Fargo +1.2%, AMEX +0.5%
Work from home names: Facebook -0.2%, Apple +2%, Amazon +2.2%, Netflix +0.1%,  Disney +0.3%, Zoom Video -2.6%, Alphabet +0.9% and Microsoft +1%,
Tech NXP Semi flat,  Nvidia +0.6%, Micron flat, AMD -0.7%, Skyworks +0.5%
Re-opening stocks  Boeing -1% production problems cause some cancellations, Caterpillar +0.1%, Simon Property +1.4%, Kohl’s +2.4%, Nordstrom +1.9%, Gap +3.3%, United Airlines -1.7%, Carnival +2.6%, Wynn Resorts +1.6%, Chevron flat, Exxon Mobil -0.2%,  
Lock down names Campbell Soup +1.4% General Mills -1.4%, JM Smucker +0.1%
PPI Mar +1% MoM vs +0.5% Feb. (F/cast was +0.4%)
PPI Mar +4.2% YoY vs +2.8% Feb. (F/cast was +3.5%)
Core PPI Mar +0.7% MoM vs +0.2% Feb. (F/cast was +0.2%)
Core PPI Mar +3.1% YoY vs +2.5% Feb. (F/cast was +2.7%)
Wholesale Inventories Feb +0.6% vs +1.4% Jan (F/cast was +0.5%)
WASDE report released (World Agricultural Supply and Demand Estimates)
Baker Hughes Total Rig Count 432 vs 430 prior
Baker Hughes Oil Rig Count 337 vs 337 prior
USD was slightly higher vs Yen & Euro. Bitcoin +1.9% @ 59,407.16, VIX -1.5% @ 16.69 lowest since pre pandemic.
US T10 @ 1.662% rose on strong PPI data
OIL Brent -0.4%, WTI -0.5% but Brent traded higher after hours
Gold -0.8%, Silver -1%, Copper -1.2% Platinum -2.2%, Palladium +0.5%.
AHEAD Consumer Inflation Expectations, Monthly Budget Statement

DAX +0.21%, CAC +0.06%, FTSE -0.38% 
Markets open slightly lower after mixed handover from Asia. They traded around flat for most of the day DAX in the red for the morning after weak data but in the green through the afternoon. CAC in the green for most of the day but sold down into the close. FTSE in the red all day but did touch flat around midday. Markets are still trading around their highs and around pre pandemic levels.
German Trade balance up MoM but missed forecasts. French Industrial production also missed and was down MoM which will raise concerns over the recovery in Europe. Telcos weak but Healthcare rebounded
ACS -0.8% on news it has expressed interest in taking a surprise stake in Atlantia’s motorway unit, the Italian conglomerate announced Thursday.
Airbus +0.3% but offers y highs as a rebound in air travel in China and the United States helped to drive a surge in March deliveries for Airbus. It reported slightly higher deliveries for the first quarter and posted 39 gross orders, including a new deal for 20 A220s to an unidentified buyer.
AstraZeneca’s +0.6% despite struggling with its Covid-19 vaccine rollout and news that Australia, the Philippines and the African Union have limited or abandon purchases of its covid vaccine over fears about its possible link to blood clots, despite global shortages. -VE
Deliveroo, -9.8% following its lackluster initial public offering last week, now trading at 254.50p vs 390p IPO price. FT reports that accusations of short selling being responsible for its initial plunge not corroborated by the short selling data from IHS Markit. Just Eat Takeaway flat; both expected to give trading updates next week
Piaget, owned by luxury goods group Richemont, will continue to open stores this year, notably in the Middle East and China, its chief executive told Reuters on Friday.
Balance of Trade Feb Euro 18.1b vs 14.3b Jan (F/cast was 21.5b)
Exports sa Feb +0.9% MoM vs +1.4% Jan (Consensus was +1%)
Imports sa Feb +3.6% MoM vs -4.7% Jan (Consensus was +2.4%)
Current Account Feb Euro 18.8b vs 16.9b Jan (F/cast was 22.5b)
Industrial Production Feb -1.6% MoM vs -2% Jan revised (F/cast was +1.9%)
Industrial Production Feb -4.7% MoM vs +3.2% Jan revised (F/cast was +0.7%)
Halifax House Price Index Mar +1.1% MoM vs 0% Feb revised (F/cast was +0.2%)
Halifax House Price Index Mar +6.5% YoY vs +5.2% Feb (F/cast was +5.1%)
EUROZONE Retail Sales
GERMANY No data due
FRANCE Retail Sales
UK No data due but lock down restrictions ease.

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