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Monday February 25, 2013 - 07:05:09 GMT
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| | Email Asian Market Update: China Flash Manufacturing PMI falls to 4-month low; ADB's Kuroda said to be nominated as next BOJ Gov, sends USD/JPY to 33-month highs - Source

- (CN) CHINA FEB HSBC FLASH MANUFACTURING PMI: 50.4 V 52.2E (4-month low) - (JP) JAPAN JAN CORPORATE SERVICE PRICE INDEX Y/Y: -0.2% V -0.2%E (8th straight decline) - (SG) SINGAPORE JAN CPI M/M: 0.2% V 0.7%E; Y/Y: 3.6% V 4.0%E (matches slowest annual rate since Oct 2010) ***Markets Snapshot (as of 04:30 GMT)*** - Nikkei225 +2.0% - S&P/ASX +0.8% - Kospi -0.2% - Shanghai Composite +0.3% at 2,320 - Hang Seng flat at 22,788 - Mar S&P500 flat at 1,514 - Apr gold flat at $1,583/oz - Apr Crude Oil -0.1% at $93.06/brl ***Notes/Observations*** >- GBP opens sharply lower in the wake of UK rating downgrade by Moody's late on Friday. - USD/JPY at new 33-month highs as Kuroda is tagged as the likely next BOJ chief; ADB's Kuroda previously called USD/JPY at 120 as still too strong for yen. - China HSBC flash manufacturing PMI falls to 4 month lows after posting 2-year highs in Jan; HSBC economist still sees recovery as intact; AUD falls below $1.0270. - China State Counces launches 5 specific steps to curb home prices, including expanded trial property tax beyond Shanghai and Chongqing - HK press. - China raises fuel prices; first adjustment since a cut last November. - Australia closes iron ore ports ahead of cyclone. ***Speakers/Political/In the Papers*** - (CN) China Academy of Social Sciences (CASS) sees 2013 China GDP at 8.2% - financial press - (CN) HSBC economist: "The underlying strength of the Chinese growth recovery remains intact, as indicated by still expanding employment and the recent pick-up of credit growth... We expect Beijing to keep a relatively accommodative policy in place - (CN) China State Council: Launches 5 specific steps to curb home prices - HK press >- (CN) China National Development and Reform Commission (NDRC): Raises retail price ceiling on fuel effective today, as expected - (CN) China Securities Regulatory Commission (CSRC) may soon relax restictions on Renminbi Qualified Foreign Institutional Investors (RQFII) - Chinese press - (CN) China Stats Bureau: Average price of vegetables fell 11.2% in the Feb 10-22nd period; Prices of pork were down slightly - (CN) Shanghai new home sales +601% w/w; new home prices -3.9% w/w - Uwin - (CN) China State Administration of Foreign Exchange (SAFE) unit Gingko Tree Investment has purchased $1.6B of U.K. property - U.S. financial press - (CN) Shanghai car license plate sold for record price - Chinese press - (JP) Japan Chief Cabinet Sec Suga: PM Abe has not yet decided on next BoJ gov - financial press >- (JP) Japan DPJ (opposition): ADB's Kuroda fits the criteria for next BoJ Gov; difficult to oppose nomination - financial press - (JP) Fitch: Japan Major banks are better positioned against interest rate risk; capitalisation improvements notable - financial press - (JP) Japan's Business Lobby Group (Keidanren) chief Yonekura states that ADBs Kuroda is acceptable as BoJ gov - financial press - (JP) Follow-up: BOJ Gov nominee Kuroda must still be confirmed by parliament, which needs support from opposition-controlled upper house - financial press - (JP) Japan PM Abe cabinet support rising to 72.8% in Feb - Kyodo - (KR) South Korea Ministry of Land, Transport, Maritime Affairs (MLTM): Jan building permits fell 18.6% y/y to 24.0K - Korean press - (TR) German Chancellor Merkel: In favor of opening "new chapter" in talks over Turkey joining EU; While still skeptical, talks need to progress - (EG) Egypt opposition leadership's ElBaradei calling on supporters to boycott the April 27th parliamentary elections - financial press ***Currencies*** - USDJPY gapped higher at the start of Asian trading through 94.75 after reports of Haruhiko Kuroda selection for BoJ Chief, its highest level since Apr 2010. The pair retraced those gains however before finding strong support at on the 94 figure levels as Kuroda seemed to face little opposition to his appointment as BoJ governor with supportive statements coming from Japan's Business Lobby Group (Keidanren) chief Yonekura and Japan opposition party DPJ. - GBPUSD gapped lower at the start of currency trading in Asia falling through the $1.5080 level, the lowest level since June 2010 in the wake of a Moodys cut of UK rating late on Friday. GBPUSD retraced its losses throughout the Asian session, reclaiming the $1.51 handle to reach a high at 1.5135 before consolidating around 1.5120. - AUDUSD opened slightly lower around $1.03 but fell over 20 pips through 1.0270 after a worse than expected China HSBC Flash PMI reading, eventually reaching a session low of 1.0260. SGD also steadily weakened above the 1.24 handle but retraced those gains below the figure in spite of the weaker than expected Singapore CPI. ***Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings fall by 9.6 tons to 1,280.7 tons (lowest since 1279.0 on Aug 21st) - update as of Feb 22nd - (CN) China National Bureaus of Statistics: 2012 use of coal amounted to 3.62B, +3.9% vs 2011 - financial press - (AU) Australia's Pilbara region iron ore ports of Hedland and Dampier were closed on Sunday because of approaching Cyclone Rusty - financial press ***Equities*** - ANA 9202.JP: Will cancel 1,250 domestic B787 flights from Mar 31-May 31 - Japan press - 8031.JP: Mitsui, Softbank looking into possibility of importing Russia electricity - Japanese press - Samsung Electronics 005930.KR: Plans to releases Galaxy Note 8.0 during Apr-Jun period - financial press - BHP: Incoming CEO MacKenzie: Cost reduction and improved productivity are a priority for the next 5 years amid a slowdown in demand - financial press - LEI.AU: Awarded expanded A$975M contract for Gorgon natural gas project - financial press - NAB.AU: Signs MOU with China Development Bank, will cooperate on projects - financial press - CTX.AU: Reports FY12 Net A$57M v loss A$714M y/y, Rev A$23.3B v A$22.1B y/y - Source


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