EM ASIA CREDIT: Hutama Karya: Sea wall plans discussed
(HAKAIJ, Baa2/-/BBB)
"Indonesia Discusses Plan for Giant Sea Wall to Shield Java Coast" - BBG
Indonesian President Prabowo Subianto discussed in a cabinet meeting yesterday plans to build the large sea wall. The wall is expected to be around 700km long, between Banten and East Java, and amongst other objectives, protect rice fields on the north coast of Java Island. This would be a multi-decade undertaking. Government owned construction company, Hutama Karya (Baa2/-/BBB) is expected to be heavily involved in the project, which may lead to future issuance. Neutral for spreads.
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BUND TECHS: (M5) Corrective Pullback Extends
- RES 4: 133.90 1.236 proj of the Mar 25 - Apr 7- 9 price swing
- RES 3: 133.00 round number resistance
- RES 2: 132.56 High Feb 28 and a key resistance
- RES 1: 131.72/132.03 High May 7 / High Apr 7 and the bull trigger
- PRICE: 130.33 @ 05:40 BST May 12
- SUP 1: 130.30/129.92 Intraday low / Low Apr 11
- SUP 2: 129.02 Low Apr 10
- SUP 3: 128.60 Low Apr 9 and a key support
- SUP 4: 128.47 Low Mar 28
A bull cycle in Bund futures remains intact and short-term weakness is considered corrective. However, the contract maintains a softer tone and has traded through support at the 50-day EMA, at 130.61. This signals scope for a deeper retracement and opens 129.92, the Apr 11 low. A reversal higher would highlight the end of the corrective phase. Attention would turn to key resistance and the bull trigger, at 132.03, the Apr 7 high.
ASIA STOCKS: Stocks Rise on News from Geneva (amended)
Asia stocks have been in a positive mood today with gains across all major markets following positive noises coming out of the US China discussions. Chinese tech names have performed strongly whilst Pharma companies have struggled given President Trump's plans to reduce prescription costs on pharmaceuticals.
Overall markets were strong with gains of over 2% by some key bourses.
- China's key indexes were up strongly with the Hang Seng up +0.95%, the CSI 300 +0.60%, Shanghai +0.35% and Shenzhen up +1.05%
- The TAIEX in Taiwan is up +0.92% having enjoyed strong inflows over the last week.
- The KOSPI shrugged off poor economic data to rise +0.68%, following last week's gains.
- With Jakarta, Singapore and Malaysia closed, it was left to the PSEi in the Philippines to rally adding +1.08%
- Having fallen last week on concerns as to the escalating conflict with Pakistan, India's NIFTY 50 is up strongly in morning trade rising by +2.90%
ASIA STOCKS: Stocks by News from Geneva
Asia stocks have been in a positive mood today with gains across all major markets following positive noises coming out of the US China discussions. Chinese tech names have performed strongly whilst Pharma companies have struggled given President Trump's plans to reduce prescription costs on pharmaceuticals.
Overall markets were strong with gains of over 2% by some key bourses.
- China's key indexes were up strongly with the Hang Seng up +0.95%, the CSI 300 +0.60%, Shanghai +0.35% and Shenzhen up +1.05%
- The TAIEX in Taiwan is up +0.92% having enjoyed strong inflows over the last week.
- The KOSPI shrugged off poor economic data to rise +0.68%, following last week's gains.
- With Jakarta, Singapore and Malaysia closed, it was left to the PSEi in the Philippines to rally adding +1.08%
- Having fallen last week on concerns as to the escalating conflict with Pakistan, India's NIFTY 50 is up strongly in morning trade rising by +2.90%
