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Friday January 11, 2013 - 08:01:52 GMT
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TradeTheNews.com Asian Market Update: USD/JPY rises above 89 on weak Japan current-account data, PM Abe call for timely 2% inflation target; China stocks retreat after strong CPI***Economic Data*** -

(JP) JAPAN DEC ECO WATCHERS CURRENT SURVEY: 45.8 V 48.08E (second straight rise); OUTLOOK SURVEY: 51.0 V 42.5E - (CN) CHINA DEC PRODUCER PRICE INDEX (PPI) Y/Y: -1.9% V -1.8%E >- (CN) CHINA DEC CONSUMER PRICE INDEX (CPI) Y/Y: 2.5% V 2.3%E (7-month high) - (JP) Japan NOV Conference Board Leading Economic Index m/m: 91.7 v 92.7 prior - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.75%, AS EXPECTED - (JP) JAPAN NOV TRADE BALANCE - BOP BASIS: -847.5B V -832.0BE >- (JP) JAPAN DEC BANK LENDING EX-TRUSTS: 1.4% V 1.1%E; BANK LENDING INCLUDING TRUSTS: 1.2% V 1.0% PRIOR - (JP) JAPAN NOV CURRENT ACCOUNT TOTAL: -222.4B V -17.1BE; ADJUSTED CURRENT ACCOUNT TOTAL: 225.9B V 277.4BE; CURRENT ACCOUNT BALANCE: -276.4% V -84.1%E - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED - IDC: 2012 PC sales down 3.2% y/y; first annual decline since 2001 ***Markets Snapshot (as of 05:00 GMT)*** - Nikkei225 +1.4% - S&P/ASX -0.2% - Kospi -0.2% - Shanghai Composite -0.5% - Hang Seng flat - Mar S&P500 +0.8% at 1,472 - Feb gold -0.3% at $1,673/oz - Feb Crude Oil flat at $93.86/brl ***Notes/Observations*** The Nikkei index surged to a 23-month high early in the session to close above 10,800 aided by a weaker yen following the release of comments made by Japanese Prime Minister Abe in an interview where he recommended that the BOJ should make pursuit of maximum employment a consideration in its policy. It was suggested that he may want the BOJ to consider the dual mandate of stable prices and maximum employment. The USD reached as high as 88.95 following the release of Japan's current account data for the month of November, the second largest on record. On the other hand, investor sentiment was subdued in Chinese equities following the release of China's monthly inflation data, which rose quicker than expected. China's December CPI of 2.5% was a seven-month high as the cost of food increased more than expected. The Japanese cabinet endorsed a 20T stimulus package that included an 10.3Tin extra outlays. The stimulus was the largest aid since the financial crisis started back in 2009, as PM Abe continued to stick to him campaign pledges to tackle deflation and boost economic growth. Japan is expected to fund the aid package by issuing approximately 5 trillion in bonds. The government anticipated the spending will raise real GDP by 2% points and create about 600,000 new jobs. The Bank of Korea (BOK) kept it s 7-day repo rate steady at 2.75%, as expected, for the third consecutive month. The rate decision had little effect on Korean equities. The central bank cited continued uncertainties in Europe and US with downside risks remaining for the decision. In addition, the central bank lowered its inflation and growth expectations, reducing the 2013 inflation target to 2.5% from 2.7%, and reducing the 2013 GDP target for the third time in a year to 2.8%. The lowered expectation lead some analysts to expect a possible rate cut in the first half of 2013. ***Currencies/Fixed Income/Commodities*** - (CN) PBoC sets yuan mid point at 6.2712 v 6.2244 prior close (highest raise in CNY since Nov 2012). - USD/CNY: CNY rises to record-year high 6.2187 following China inflation data. - World Gold Council (WGC): Emerging market central banks continue to buy gold; allocations remain relatively low - financial press - (CN) China Jan new loans may surpass CNY1T - Chinese press - (JP) Japan 30-yr govt Bond yield reaches 2.025% (highest since Aug 2011), 20-yr Bond 1.805% (highest since early Apr) - financial press - (DE) German Dec crude steel production falls 12.5% m/m to 3.06M MT - German press ***Speakers/Political/In the Papers*** - (JP) Japan Fin Min Aso: Too early to say if current account deficit will continue; Rise in import costs may weigh on corporate profits - financial press - (JP) Japan govt: calling on public pension funds to purchase more domestic stocks, foreign assets - financial press - (JP) Japan business lobby (Keidanren) chairman Yonekura: Welcomes Japan's fiscal stimulus - (JP) Japan BoJ may continue easing until 2% inflation target reached - financial press - (KR) South Korea automakers' 2012 domestic production fell 2.1% to 4.56M units - Korean press - (CN) Credit Agricole analyst: Incremental gains in China's FX reserves in 2012 suggests "capital outflows or the PBOC transferred the reserves to another entity" - Shanghai Daily - (CN) Chinese city of Chongqing announced a new property tax on luxury residential properties priced at more than CNY12.8K/sq m - Shanghai Daily - (CN) China said to be considering setting 2013 M2 money supply target at 13% - Chinese press - (CN) China targeting 2013 new yuan loans of approx CNY8.5T - financial press - (CN) China state researcher: PBoC may allow for more credit, loans in 2013 - Chinese press - (CN) China Commerce Ministry targeting "stable" trade growth - financial press - (HK) China official issues statement of continued support for Hong Kong Chief Exec Leung - (PH) Philippine Central Bank Gov Tetangco: No specific macro-prudential measures on the table; continuously reviewing policy setting - financial press - (PH) Philippines Central Bank amends rules regarding single borrower limits - financial press - (AU) NAB analysts lowering Australia 2013 GDP target to 2% from 2.5%; Sees jobless rate rising to 5.75% - (AU) Australia Bureau of Meteorology reports tropical cyclone strengthens to Category-4 - financial press - (AU) Australia record high temperatures expected to continue for another week - Australian press - (AU) Australia govt to publish draft legislation addressing corporate bond market - AFR - (AU) Volatility index hinting at calm equities market - Australian press - (AU) Australia firms increase use of yuan to settle China payments - The Australian - (NZ) New Zealand quake rebuild expected to widen the trade gap - New Zealand press ***Equities*** - Eisai 4523.JP: Announces prelim phase III results of farletuzumab; Trial did not meet primary endpoint - Sharp 6753.JP: Not the source of press speculation that it may return to op profit in Q3 - NTT DoCoMo 9437.JP: Considering plans to offer the Apple iPhone - Japanese press - Yokohama Rubber 5101.JP: May report Q3 op profit around 22B, +20% y/y - Nikkei News - Radiant 6176.TW: Reports Dec Rev NT$6.5B; -6.6% m/m - DigiTimes - InnoLux 3481.TW: Reports Dec Rev NT$44.3B, +3.2% m/m - DigiTimes - Asustek 2357.TW: To introduce the PadFone2, Smartphone-tablet, in Japan - Panasonic PC: To close plasma TV manufacturing facility in Shanghai - Japanese press - NPD: Dec videogame sales: $3.21B v $2.55B prior; -22% y/y - AXP: Reports prelim Q4 $1.09 v $1.05e, R$8.1B v $8.0Be; plans to cut workforce by 4-6%; -0.5% afterhours - KBR: Guides FY12 EPS lower to $1.95-2.10 v 2.66e (prior $2.60-2.80); Guides initial FY13 $2.45-2.90 v $2.94e; -7.2% afterhours - AAPL: Exec says no to cheap iPhones dispelling earlier reports it was looking at releasing a low cost iPhone for emerging market - financial press; +0.1% afterhours 

 

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Tue 21 Nov
15:00 US- Existing Homes Sales
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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