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By Jonathan Burgos and Anna Kitanaka Apr 30, 2014 2:38 PM GMT+0800

 

Aluminum Corp. of China Ltd., also known as Chalco and the nation&rsquo s biggest producer of the light metal, fell 3.5 percent in Hong Kong after its first-quarter loss widened. Woolworths Ltd. slipped 1.9 percent as the Australian retailer&rsquo s sales fell short of expectations. Kyocera Corp. climbed 3.4 percent in Tokyo after the electronics and solar-panel maker reported full-year profit that beat analyst estimates.

The MSCI Asia Pacific Index lost 0.1 percent to 137.31 as of 2:29 p.m. in Hong Kong, erasing an earlier gain of 0.4 percent. BOJ Governor Haruhiko Kuroda&rsquo s board stuck with targeting an annual increase in the monetary base of between 60 trillion yen and 70 trillion yen ($683 billion) in a decision released today. The central bank is monitoring the economy&rsquo s performance after a sales-tax increase on April 1 that&rsquo s projected to trigger a one-quarter contraction on weaker consumer spending.

&ldquo No one was expecting any change&rdquo from the BOJ, said Takashi Aoki, who helps oversee the equivalent of $37.6 billion at Mizuho Asset Management Co. in Tokyo. &ldquo The consensus for change is July, once they can see the data from April-June.&rdquo

The MSCI Asia Pacific Index is heading for a 0.4 percent loss this month amid concern over escalating tensions in Ukraine and a deepening economic slowdown in China. While the BOJ kept its policy unchanged, Fed policy makers are expected to reduce bond buying for a fourth straight month today.

China Concern

&ldquo We don&rsquo t expect much from the two central banks as nothing much has changed since the last meetings,&rdquo Keith Poore, who helps manage $131 billion as Wellington-based head of investment strategy at AMP Capital Investors Ltd., said by phone before the BOJ announcement. &ldquo While earnings have been good, Asian investors are waiting to see a bit more recovery in China before optimism can return.&rdquo

A government report due tomorrow is expected to show China&rsquo s manufacturing continued to pick up in April. Data today showed Japan&rsquo s industrial output grew less than forecast in March, while factory production growth in South Korea missed analysts&rsquo estimates.

Taiwan GDP

Japan&rsquo s Topix index added 0.1 percent. Taiwan&rsquo s Taiex index lost 0.9 percent as the nation&rsquo s economy expanded 3.04 percent in the first quarter, in line with economists&rsquo estimates. South Korea&rsquo s Kospi index lost 0.2 percent. Australia&rsquo s S& P/ASX 200 Index added 0.1 percent.

Hong Kong&rsquo s Hang Seng Index retreated 1.4 percent after yesterday jumping by most in three weeks. The Hang Seng China Enterprises Index of mainland stocks traded in the city dropped 1.5 percent. China&rsquo s Shanghai Composite added 0.2 percent.

New Zealand&rsquo s NZX 50 Index jumped 1.6 percent. Singapore&rsquo s Straits Times Index (FSSTI) rose 0.8 percent. The city&rsquo s biggest lenders DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. climbed after the posted higher earnings as loan margins widened for the first time since 2009.

The MSCI Asia Pacific Index traded at 12.6 times estimated earnings yesterday, compared with 16 for the Standard & Poor&rsquo s 500 Index, according to data compiled by Bloomberg.

Futures on the S& P 500 fell 0.2 percent today. The U.S. equity benchmark index climbed 0.5 percent yesterday as results from Merck & Co. to Sprint topped estimates.

Earnings Performance

Of the 222 companies on the MSCI Asia Pacific Index that have posted results since the beginning of the month and for which estimates are available, 46 percent missed expectations for profit, according to data compiled by Bloomberg.

Chalco slipped 3.5 percent to HK$2.80 in Hong Kong. First-quarter loss widened to 2.2 billion yuan ($352 million), from 975 million yuan a year earlier as industry overcapacity caused prices to fall, the Beijing-based aluminum producer said yesterday.

Woolworths declined 1.9 percent to A$37.32 in Sydney after the retailer reported third-quarter total sales from continuing operations of A$15.19 billion ($14.1 billion), missing the median estimate of A$15.33 billion by three analysts.

Industrial & Commercial Bank of China Ltd. slid 1.5 percent to HK$4.60 after the nation&rsquo s biggest lender reported its weakest quarterly profit growth in almost five years.

Among shares that rose, DBS gained 1 percent to S$17.01 in Singapore after first-quarter profit unexpectedly rose. Oversea-Chinese Banking advanced 2.4 percent to S$9.70 after reporting a 29 percent jump in quarterly net income.

Kyocera climbed 3.4 percent to 4,807 yen in Tokyo. Full-year profit increased 34 percent to 88.8 billion yen from a year earlier, buoyed by photovoltaic products and devices such as smartphones and tablets, the company said April 28.

 

 

By Jonathan Burgos Apr 29, 2014 8:55 AM GMT+0800

 

Asian stocks swung between gains and losses as investors weighed corporate earnings and after U.S. equities advanced.

Posco climbed 3.1 percent after the Korean Economic Daily said South Korea&rsquo s largest steelmaker is considering the sale of Daewoo International Corp. Samsung Electronics Co. fell 0.1 percent in Seoul after rising as much as 0.5 percent as the world&rsquo s No.1 maker of smartphones posted first-quarter profit that beat analyst estimates. Newcrest Mining Ltd., Australia&rsquo s biggest gold producer, slipped 1.4 percent as the price of the bullion headed for a second day of decline.

The MSCI Asia Pacific Excluding Japan Index was little changed at 475.84 as of 9:49 a.m. in Seoul. Major U.S. indexes recovered in the last hour of trading yesterday, paring losses sparked by the U.S. and European Union levying new sanctions against Russia, amid optimism over mergers and acquisitions. Pfizer Inc. added 4.2 percent after proposing to buy AstraZeneca Plc for about 58.8 billion pounds ($98.7 billion).

&ldquo When you see M& A activity, that&rsquo s enough to drive things a little bit higher as people try to anticipate the next deal,&rdquo Tim Schroeders, a Melbourne-based money manager who helps oversee $1 billion in equities at Pengana Capital Ltd., said by phone. &ldquo Take the M& A driver out of the market, investors are justifiably cautious. We&rsquo ve seen mixed results during this earnings season and the geopolitical situation, particularly in Ukraine, doesn&rsquo t seem to get any better.&rdquo

FOMC Meeting

The Federal Reserve will probably announce a fourth straight stimulus cut at the conclusion of a two-day meeting tomorrow, economists polled by Bloomberg say.

&ldquo It will take a lot to get the Fed to veer off on their current course,&rdquo Bruce McCain, Cleveland-based chief investment strategist at Key Private Bank, said on Bloomberg TV. &ldquo If we see some signs of inflation along the way, they might be worried but otherwise they&rsquo re content to stay the course that they have set and let it wind down gradually over the course of this year.&rdquo

South Korea&rsquo s Kospi index rose 0.1 percent. Australia&rsquo s S& P/ASX 200 Index gained 0.1 percent and New Zealand&rsquo s NZX 50 Index climbed 0.6 percent. Markets in Japan are closed for a holiday, while those in China and Hong Kong have yet to open.

The MSCI Asia Pacific excluding Japan Index yesterday traded at 12.3 times estimated earnings, compared with 15.9 for the Standard & Poor&rsquo s 500 Index, according to data compiled by Bloomberg.

Futures on the S& P 500 added less than 0.1 percent today. The U.S. benchmark measure closed 0.3 percent higher yesterday, erasing losses of as much as 0.7 percent.