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Wednesday February 20, 2013 - 05:51:53 GMT
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| | Email Asian Market Update: Muto out of the running to replace Shirakawa as BOJ Gov; RBNZ Gov Wheeler talks down NZD***Economic Data*** - Source

- (JP) JAPAN JAN MERCHANDISE TRADE BALANCE TOTAL: -1.63T V -1.38TE (biggest deficit on record); ADJUSTED MERCHANDISE TRADE BALANCE: -678.9B V -586.7BE - (JP) JAPAN DEC ALL INDUSTRY ACTIVITY INDEX M/M: 1.8% V 1.7%E - (CN) CHINA JAN ACTUAL FOREIGN DIRECT INVESTMENT (FDI) Y/Y: -7.3% V -4.5% PRIOR - (AU) AUSTRALIA Q4 WAGE COST INDEX Q/Q: 0.8% V 0.8%E; Y/Y: 3.4% V 3.4%E - (AU) AUSTRALIA JAN DEWR INTERNET SKILLED VACANCIES M/M: -0.7% V -2.8% PRIOR (10th consecutive decline) - (AU) AUSTRALIA DEC WESTPAC LEADING INDEX M/M: 0.2% V 0.7% PRIOR - (AU) AUSTRALIA DEC CONFERENCE BOARD LEADING INDEX: -0.1% V -0.2% PRIOR - (NZ) NEW ZEALAND Q4 PRODUCER PRICES INPUTS Q/Q: -0.3% V -1.0% PRIOR (2nd quarter of decline); OUTPUTS Q/Q: -0.1% V -0.9% PRIOR - (KR) SOUTH KOREA Q4 EXTERNAL SHORT-TERM DEBT: $126.7B V $132.6B PRIOR ***Markets Snapshot (as of 04:30 GMT)*** - Nikkei225 +0.7% - S&P/ASX +0.3% - Kospi +1.8 - Shanghai Composite -0.1% - Hang Seng +0.3% - Mar S&P500 +0.1% at 1,529 - Apr gold +0.2% at $1,607/oz - Mar Crude Oil flat at $96.70/brl ***Notes/Observations*** - BHP down over 1% as 2012 sales fall over 10%; CEO Kloppers replaced. >- Fortescue Metals also down over 3% on Rev decline due to H1 iron ore price volatility; Remains upbeat for China prospects. - Shanghai Composite again in the red on more speculation China may announce property market curbs after the NPC. - S&P raises outlook on China property sector; Expects 5% price gains in 2013, keeping govt policy action in housing at bay. - Moody's says China avoided hard landing; Sees 2013 GDP at upper end of 7.5-8.5% range. - Japan trade deficit at record highs despite first rise in exports in 8 months amid steep costs for energy imports; PM Abe to consider nuclear policy in response. - Conservative front-runner Muto not named in the list of 4 finalists to replace BOJ Gov Shirakawa next month; JPY falls on the Yomiuri report before reversing losses. - RBNZ Gov Wheeler echoes overnight comments from Fin Min English regarding "overvalued" NZD; Prepared to intervene; NZD/USD falls below $0.84. ***Speakers/Political/In the Papers*** - (JP) Japan BoJ member Moriomoto: Sustained wage growth vital to 2% target - financial press - (JP) Japan govt said to have narrowed its list of prospective BOJ Governor candidates to 4; Former BoJ Dep Gov Muto is not on the list - Yomiuri - (CN) China Commerce Ministry (MOFCOM) spokesperson Shen: China FDI to be stable this year - financial press - (CN) China govt may raise borrowing costs for 2nd home buyers - Shanghai Daily (update) - (NZ) RBNZ Gov Wheeler: NZD is overvalued; Prepared to intervene in currencies if circumstances are right - financial press - (KR) South Korea property market analysts speculating the bottom in home prices is near after years of weak growth - Korean press - (KR) South Korea Ministry of Knowledge Economy: JAN industrial electricity sales rose 4.6% y/y to 22.6B kwh - Korean press (3rd consecutive rise) ***Currencies*** - JPY maintained a "biddish" tone throughout the Asian session, and USD/JPY remains stuck at 93.50 levels, despite spiking briefly above 93.75 after reports that BoJ Dep Gov Muto is not being considered for BoJ governor. Muto is perceived as hewing to the BoJ's existing approach to asset buying, and is unlikely to implement bold action if selected such as a foreign bond buying program. JPY steadily retraced after these unsubstantiated reports. - NZDUSD fell over 50 pips below $0.84 after RBNZ Gov Wheeler called the NZD overvalued, and that the RBNZ is prepared to intervene and possibly use the overnight cash rate if circumstances are right. He also stated Auckland home prices are overheating, and investors need to know that the NZD is not a one-way bet. - EUR/USD remained above the 1.34 handle through Asian session and saw little movement, following the strong ZEW survey last night. Moody's issued a report stating that Spanish banks still face liquidity and funding challenges this year despite some banks regaining access to credit markets and cutting their reliance on ECB funding. ***Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings fall by 3.0 tons to 1,320.0 tons (lowest since 1,317.8 on Sept 21st, 2012) - (AU) Australia MoF (AOFM) sells A$600M in 2024 Bonds; avg yield:3.7312%; bid-to-cover:3.92x - (CN) China MoF sells 10-yr Bonds ; avg yield 3.5234% - (CN) Moody's: China has avoided hard landing; reforms key for sustained growth - (CN) S&P revises China residential property Outlook to Stable from Negative ***Equities*** - Mitsubishi Chemical: 4188.JP: Revises FY12/13 targets; Lowers FY12/13 Op profit forecast to 100.0B from 120.0B prior - TM: Not the source of press reports regarding April 10% increase in domestic production - Softbank 9984.JP: May report FY12/13 op profit +4% at over 700B - Japan press - BHP: Reports H1 Net A$5.7B (ex items) v A$5.7Be; Rev A$32.2B v A$37.5B y/y; Announce retirement of CEO Kloppers effective May 10th, Andrew Mackenzie to become new CEO; -1.1% - LEI.AU: In talks to sell 70% of telecom assets to Ontario Teachers' Pension Plan, total assets valued at A$885M - FMG.AU: Reports H1 Net $478M v $475Me, Rev $3.3B -2% y/y; -3.8% - WPL.AU: Reports FY12 Net $2.98B v $2.9Be, Rev $6.35B v $4.80B y/y; +2.9% - TOL.AU: Reports H1 Net A$192M v A$158M y/y, Rev A$4.55B v A$4.44B y/y; +4.1% - FBU.NZ: Reports H1 Net NZ$146M v NZ$144M y/y; -4.8% - BP: Receives US approval to reduce potential spill fine by $3.4B - financial press; +0.8% afterhours - TEX: Reports Q4 $0.19 v $0.39e, R$1.70B v $1.84Be; -5.5% afterhours - HLF: Reports Q4 $1.05 v $1.02e, R$1.10B v $1.05Be; raises guidance; -1.0% afterhours - LOPE: Reports Q4 $0.46 v $0.42e, R$141.3M v $136Me; +5.2% afterhours >- LZB: Reports Q3 $0.32 v $0.24e, R$349M v $338Me; +11.3% afterhours - DELL: Reports Q4 $0.40 v $0.39e, R$14.3B v $14.1Be; +0.3% afterhours - Source


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