HALISTER: Nokia 1Q Sales Miss Ests.; Sees FY Networks Sales Declining

Nokia 1Q Sales Miss Ests.; Sees FY Networks Sales Declining

(Bloomberg) -- Nokia 1Q net sales EU5.6b vs est. EU5.76b
  • 1Q adj. diluted EPS EU0.03
  • Sees FY networks non-IFRS net sales declining y/y, adj. op. margin above 7%
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
NOKIA FH (Nokia OYJ)

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UUID: 7947283

HALISTER1: *CHINA SAID TO WEIGH CURBS ON BACKDOOR LISTING VALUATIONS

*CHINA SAID TO WEIGH CURBS ON BACKDOOR LISTING VALUATIONS

--TIMOTHY SIFERT
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ATHM US (Autohome Inc)
CSRZ CH (China Securities Regulatory Commission)
3699 HK (Dalian Wanda Commercial Properties Co Ltd)
DANG US (E-Commerce China Dangdang Inc)
MOMO US (Momo Inc)

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UUID: 7947283

HALISTER1: Philippines Seeks Changes to Money Laundering, Bank Secrecy Laws

Philippines Seeks Changes to Money Laundering, Bank Secrecy Laws

(Bloomberg) -- Govt sent to lawmakers proposed changes such as including casinos in coverage of anti-money laundering, and including tax evasion as predicate crime, Finance Dept. says in e-mailed statement.
  • Proposal seeks to boost anti-money laundering council’s powers such as ability to issue subpoenas, ex parte freeze orders and adding unlawful activities to exemptions from a court order before a bank inquiry may be conducted
  • Govt seeks to increase monetary penalty for administrative sanctions, designate central bank as supervising authority over FX dealers, money changers, and remittance and money transfer businesses
  • Govt seeks to lift restrictions on bank secrecy on peso, FX deposits for tax purposes
  • Changes urgent after recent financial controversies that exploited weakness in tax and financial system’s legal framework
  • NOTE: Philippines Files Money Laundering Case Vs Remittance Officials Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INSIDE ASIA: MYR Slides Before Next 1MDB Payment; PHP Rebounds

INSIDE ASIA: MYR Slides Before Next 1MDB Payment; PHP Rebounds

(Bloomberg) -- Malaysia’s ringgit tumbles over 1% on eve of the next 1MDB coupon bond payment. Philippine peso bucks regional losses in election relief rally after Duterte claims victory.
  • South Korea’s won leads rest of Asian currencies lower as dollar index climbs for sixth day on prospects of Fed rate hike while PBOC weakens yuan’s reference rate to lowest since March 4
    • PBOC’s fixing today suggests a bias of not keeping yuan too strong; KRW, MYR as well as SGD could be vulnerable under such scenario, Khoon Goh, Singapore-based senior FX strategist says in interview
    • Expect market participants to price in Fed’s rate hikes going into policy meeting next month: Goh
  • Ringgit falls to lowest level in 7 weeks as crude oil prices drop and following overnight rise in Dollar Index; 1MDB is due to make another bond payment on May 11, after defaulting on dollar-denominated bonds last month
    • USD/MYR may test 200-DMA if 1MDB saga drags on; break above 55-DMA suggests investors are moving out of ringgit exposure as 1MDB saga enters a new phase
  • Peso lead gains among regional currencies after Philippines election holiday yesterday and Duterte claims presidential win
    • Hedge funds bullish on the Philippines after Duterte win
    • Peso’s advance may be driven by post-election relief rally, Macquarie Bank and Bank of Singapore say
  • China’s April CPI rose 2.3% y/y, matching median est., unchanged from March
    • April PPI dropped 3.4%, smallest decline since Dec. 2014, vs median est. of 3.7% decrease
    • Anonymous “authoritative person” commented on People’s Daily to address changes the economy is facing, prognose L-shape recovery and call for structural reform
  • Yen drops against dollar after FinMin Aso again warns that Japan can intervene to stabilize currencies if necessary
  • Won declines; South Korean government says the recovery for domestic demand is weak, and external risks such as slowing global growth are persisting
  • U.S. 10-yr Treasuries yield +1bp at 1.763%; Fed’s Kashkari says “there’s still slack in the labor market”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Khoon Goh (Australia & New Zealand Banking Group Ltd)

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UUID: 7947283

HALISTER1: USD/THB Likely Rangebound If BOT Doesn’t Change Rates: Analysis

USD/THB Likely Rangebound If BOT Doesn’t Change Rates: Analysis

(Bloomberg) -- USD/THB likely to remain within 34.70-35.50 range short-term if Bank of Thailand leaves benchmark rate unchanged, Bloomberg strategist David Finnerty writes.
  • All 21 economists in Bloomberg survey expect BOT to hold rate at 1.50% given backdrop of slowly improving economy, driven by tourism and govt spending, and inflation
    • Decision due 2:30pm local time tomorrow
  • CPI in April rose 0.07% y/y, first positive reading since Dec. 2014; core CPI was up 0.78%, rising for third consecutive month
  • Brent crude oil prices have improved since March meeting, which should aid inflation
  • USD is finding support against most APAC currencies despite mixed U.S. payroll data last week; may see FX pair grind toward upper end of range
  • USD/THB up 0.3% at 35.248
  • NOTE: David Finnerty is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BOT TB (Bank of Thailand)

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UUID: 7947283