Halister News

(Bloomberg) -- 1Q adjusted pretax profit $5.43b vs $6.6b yr earlier.

• NOTE: Est. Of 1Q pretax profit $4.3b (range $3.0b-$5.7b) based on survey of 14 analysts compiled by HSBC Link

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.

• To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery

DOWNGRADES

• Biltech Building
  • Long-term bank facilities cut to BBB- from BBB at Care
  • Cites decline in sales, profitability

• Mantri Metallics
  • Cash credit cut to D from C at ICRA
  • Cites delays in debt servicing

• Transmission Corp of Andhra Pradesh
  • LT loan facilities, bonds cut to D from BB at Crisil
  • Cites delays in debt servicing

UPGRADES

• Bihar Raffia
  • LT loan facilities raised to C from D at Crisil
  • Cites timely debt servicing over the past 90 days

• Rajasthan Liquors
  • LT bank facilities raised to BBB from BBB- at Care
  • Cites improvement in total operating income

(Bloomberg) -- Aussie gains ahead of RBA rate decision where the mkt is split on possibility of a rate cut. Yen, South Korea’s won and Indonesia’s rupiah advance while Malaysia’s ringgit and the Philippine peso weaken in mixed trading amid Japanese Golden Week holidays.

• Dollar Index is set for seven straight day of declines, longest losing streak since April 30, 2015
• Investors selling dollars ahead of U.S. non-farm payrolls data, Stephen Innes, senior trader at Oanda Asia Pacific, says in interview
  • USD/JPY continuing downtrend from last week’s BOJ inaction
• Aussie advances for second day
  • Aussie shorts are squeezed by macro funds buying into RBA, traders say
  • Australia’s building approvals gained 3.7% in March from month earlier, better than median forecast 2.0% decline
  • Reserve Bank of Australia will probably keep policy rate unchanged at 2.00% today, according to 15 of 27 economists surveyed by Bloomberg; 12 see a cut to 1.75%
  • Even with last week’s poor CPI hanging over today’s RBA decision, the central bank may wait until June to cut rates, Bloomberg strategist Michael G. Wilson writes
• Onshore financial markets are closed in Japan from today through May 5 for public holidays
  • USD/JPY falls to 18-month low of 106.05
  • BOJ Governor Kuroda said in Frankfurt that strong yen can have unwelcome effect on economy and officials “won’t hesitate” to add stimulus if it’s warranted
  • JPY will rally until BOJ is forced to act again: Goldman Sachs
  • PM Abe will decide on tax increase after G-7 summit in May, Nikkei newspaper reports
  • Profits at Japanese exporters may suffer by 1.14t yen this fiscal year due to currency movements alone, Nikkei reports
• China 7-day repo rate drops
  • China Caixin April manufacturing PMI fell to 49.4, less than est. 49.8 and 49.7 in March; posting 14th consecutive month of contraction
  • Miss in Caixin China manufacturing PMI indicates that monetary & fiscal stimulus have had a limited boost for the private sector, BBVA says
• Won rises for second day, tracking yen
  • South Korea’s consumer prices increased 1.0% in April on year, matching rate for median est. and prior month

(Bloomberg) -- (Corrects month in second-last bullet.) AUD/NZD dip to 1.0845 on Monday may be the low for May should New Zealand’s unemployment rate due Wednesday fail to repeat the previous quarter’s return, writes Bloomberg strategist, Michael G Wilson.

• 1Q unemployment rate seen rising to 5.5% from 5.3% in 4Q 2015, according to median est. of 14 economists in Bloomberg survey; range: 5.4% to 5.7%, data due at 10:45am Wellington
  • NOTE: Jobless rate had dropped to lowest since 1Q 2009 in the fourth quarter, surprising economists who had expected a rise
• An increase to 5.6% or more may bring pressure on NZD on expectations RBNZ may consider cutting rates
  • NOTE: RBNZ says last week that it may cut rate; Deputy Governor Bascand says April 7 that stronger-than- expected labor supply is a factor for accommodative monetary policy
• AUD/NZD is trading at 1.0897, just below the 1.0900 100-DMA,

it closed all of March & April above this moving average

• Risk to view would be RBA cutting at today’s meeting

Story Link:NSN O6KVP06JIJVB