********************* OVERNIGHT HEADLINES ********************
China - Caixin PMI: April factory growth slows to weakest in 7 months
- April Caixin Manufacturing PMI cools to 50.3 in April vs 51.2
- Sharper drop than NBS Mfg PMI at 51.2 (6-mth low) vs
expected 51.6, March 51.8
- Private, official factory surveys show growth cooled more than
expected
- But growth still seen solid, no hard landing risk in near term
- Economists attribute slowdown to cooling commodity prices,
property market curbs
China - China leverage rising at "alarming pace" - central bank official
- Stocks, bonds recently roiled by stiffer shadow banking curbs
China/Japan: BOJ's Kuroda welcomes expansion of China-led infrastructure bank
- ADB, World Bank alone cannot meet infrastructure needs - Kuroda
- Former ADB head calls for "healthy competition" among lenders
- Geopolitical conflict "not good for anyone" - Kuroda
Japan - April Services PMI falls to 52.2 vs 52.9 as new business
growth slows
Sth Korea - April CPI inflation slows, but still near cen bank target
- April CPI -0.1% m/m +1.9 pct y/y vs. f'cast flat / 2.0%
- Utilities, fresh vegetables prices lead to softer inflation
Australia - RBA leaves Cash Rate target at 1.50% as expected
Sth Korea - April factory activity shrinks for 9th month but at more modest
pace - PMI
- April Manufacturing PMI rises to 49.4 vs. March 48.4
- New Export Orders index falls to 48.1 vs. March 49.1
Indonesia - Annual inflation rate rises to 13-month high in April
- April CPI 0.09% m/m 4.17% y/y vs. f'cast 0.01%/4.08%
- April core CPI 3.28% y/y vs. f'cast 3.35% y/y
Greece/EU - Greece, lenders reach deal on bailout reforms - Finance Minister
- Incl labour reforms, pension cuts, tax rises; paves way for debt
relief talks
- Must legislate measures before EZ fin mins approve loan
disbursement
- Needs funds to repay EUR7.5 bln maturing in July, Eurogroup
meets May 22
U.S.A. - Budget deal may map U.S. Congress road ahead, via Trump bypass
U.S.A. - White House seeks quick vote on healthcare overhaul but hurdles
remain
U.S.A. - US regulators to delve into 'too big to fail' designation
- Trump says actively considering breaking up big banks
- Bloomberg TV
U.S.A. - Trump administration set to replace top banking regulator Thomas
Curry - WSJ
U.S.A. - Treasuries: Looming long duration supply sizzles steepeners
- IFR News
- Bernanke Rare One Hour On-Air Interview, "3% Growth a Long-Shot"
- Mnuchin Likes Ultra-Longs, "Thank Me For Your Bank Stocks Doing
Better"
- Dour Data Dings Yields, Then Supply-Steepening Sellers
5s/30s 116+ Bps
- Tuesday's Trade: Auto Sales, FOMC 2-Day Starts
------------- TOP FIXED INCOME / FX / COMMODITY HEADLINES ----------------
** FOREX **
> Dollar hits 1-month high vs yen as US yields rise on Mnuchin comments
> Le Pen supporters shrug off euro flip-flops, back Frexit idea
> EM Asia: FX-Most Asian currencies firm; Philippine peso slips
> Australia, NZ dlrs near multi-month lows on USD, euro and pound
> C$ weakens as oil prices fall, Fed decision looms
** FIXED INCOME **
> JGBs track Treasuries lower, moves limited before key events
> U.S. 30-yr yield above 3 pct after Mnuchin's bond remarks
> Asia Credit: Impetus may be lacking after subdued US session
> US IG: US corporate bonds make a quiet start to May
> Rising rupee recharges Masala bonds
> Prices fall as U.S. Treasury's Mnuchin, Trump comments weigh
> Puerto Rico GO bonds up on federal healthcare aid as debt deadline looms
> S.Korea April inflation slows, but still near c.bank target
> Budget deal may map U.S. Congress road ahead, via Trump bypass
> Canadian subprime lenders race to shore up confidence as deposits withdrawn
> U.S. top court deals setback to Miami in predatory lending suits
** COMMODITIES & ENERGY **
> Oil edges down as rising output stokes concern on oversupply
> Gold steady on stronger equities, dollar
> Firmer copper prices pull most metals higher
> China steel, iron ore jump to near 1-mth highs on restocking demand
> Wheat rises for 4th day as snow hits U.S. crop; corn eases
> Arabica coffee extends bounce above 11-month low
> CME live cattle hold modest gains, hogs end lower
> Freeport Indonesia mine workers hold rally at start of planned strike
> Elliott to court BHP's Australian shareholders on overhaul -sources
> Mineral-rich area of Papua New Guinea lifts decades-old ban on new mining
> U.S. Congress secures health benefits for coal miners
> Sherritt gives partners bigger stake in nickel mine for debt relief
> Australia does not rule out government loan for Adani mine project
> Japan's Sojitz aims to increase coking coal assets - CEO
> POLL-Banks hold gold price view near $1,250/oz as rally seen abating
> POLL-Palladium tipped for highest year on record in 2018
> Anglo to restart El Soldado mine in Chile after permit approval
> Libya's oil output hits 760,000 bpd, highest since 2014 - NOC
> Venezuela resumes light oil shipments to Cuba -PDVSA data
> Pembina buys Veresen for $7.1 bln as pipeline sector consolidates
> Platts to launch low-sulphur marine gasoil assessments
> U.S. Interior chief signs order for new offshore oil-exploration plan
> Big short position on biofuels generated profit for Icahn's refiner
> Trump says open to raising gasoline tax to fund infrastructure: Bloomberg
> How North Korea gets its oil from China: lifeline in question at UN meeting
> Two employees out of hospital after BP Whiting refinery accident
> Saudi Aramco cuts June Arab Light OSP to Asia
> Saudi Aramco to boost oil loading capacity with reopened terminal
> Noble Energy's loss smaller than expected as oil prices climb
> Syncrude resumes shipments from Mildred Lake oil sands upgrader
> Azerbaijan ships 489,206 tonnes of oil via Russia in Jan-April
> Storage wars: New U.S. potash player K+S faces warehouse squeeze
> Crushing blow to soy processors as Chinese grow wary on GMO
> Australia's largest dairy processor resets Asian growth strategy, shares slump
> Mexico, U.S. agree to extend deadline for sugar trade talks
> USDA says no more delays to rule allowing Argentina lemon imports
> Funds all-time record short across CBOT grains, oilseeds
> Ivory Coast cocoa farmers should raise output, quality -President
> Fertilizer maker Agrium posts smaller-than-expected loss
> Monsanto scraps deal to sell Precision Planting to Deere
> POLL-U.S. corn planting seen 31 pct complete, slowed by rain
> Preview: Canadian canola stocks seen dwindling to 4-year low
===================== ** CORPORATE / EQUITY HEADLINES ** =================
** TOP STORIES ** Asian Companies / Indices **
..........................................................................
> Hi-tech leads Asia shares near 2-year high despite soft China, U.S. data
> North Korea concerns ease a tad after Trump comments
> Australia's ANZ Bank flags slower mortgage lending growth
> Infosys plans to hire 10,000 American workers, open 4 U.S. tech centers
> DBS reports steady Q1 net profit, wealth management outperforms
> Australian government to develop new Sydney international airport
> Australia's largest dairy processor resets Asia growth strategy, shares slump
> Sherritt gives partners bigger stake in nickel mine for debt relief
> 2 consortiums lodge final bids for Australia's Endeavour Energy - sources
> China housing boom drives bulldozer demand - for now
> CVC taps former Sumitomo executive as Japan president
> Freeport Indonesia mine workers hold rally at start of planned strike
from Marc Ostwald