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Wednesday March 13, 2013 - 09:22:46 GMT
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| | Email Asian Market Update: Asian stock markets ease; awaits economic market data, RBNZ statement - Source

- (KR) South Korea Feb Export Price Index M/M: +2.4% v -0.1% prior; Y/Y: -5.6% V -8.1%prior; Import Price Index M/M: +2.7% v -0.8% prior; Y/Y: -8.6% V -10.6% prior - (NZ) New Zealand Feb Food PricesM/M: -0.3% v +1.9% PRIOR (3-month low) - (KR) South Korea Feb Unemployment Rate (SA): 3.5% v 3.2%e (highest reading in a year) - (AU) Australia Mar Westpac Consumer Confidence Index: 110.5 v 108.3 prior (highest level since Dec of 2010); M/M: 2.0% V 7.7% prior (3rd month of increase) >- (AU) Australia Jan Home Loans M/M: -1.5% V +0.5%E (3rd straight decline); Investment Lending: +4.4% V -2.0% prior; Owner Occupied Home Loan Value: +1.3% V -2.3% prior - (KR) South Korea Feb Bank Lending to Households (KRW): 461.5T v 463.1T Pprior (second consecutive decline) - (KR) South Korea Jan L Money Supply Y/Y: 1.0% V 0.2% prior; M2 Y/Y: 0.5% V 0.1% prior ***Markets Snapshot (as of 04:30 GMT)*** - Nikkei225 -0.4% - S&P/ASX -0.5% - Kospi -0.1% - Shanghai Composite -1.2% - Hang Seng -0.8% - June S&P500 -0.3% at 1,552 - Apr gold flat at $1,592/oz - Apr Crude Oil flat +0.2% at $92.70/brl **Observations/Insights*** - The USD declined against the Japanese yen due to weak Japanese equity prices encouraging some profit taking. - In general the Japanese yen pairs consolidating gains amid lack of clarity on BOJ confirmations; the yen rose to 124.68 against the EUR and 98.61 against the AUD. - There was pullback in USD/JPY due indecision regarding confirmation of Iwata and some tensions within the BoJ. Deputy Governor Nominee Ishida had voiced skepticism on achieving the inflation target. - The Japan DPJ (opposition) shadow cabinet said it would vote against deputy governor-nominee Nakaso due to his sweeping easing stance. - The AUD, NZD consolidated ahead of the rate decision out of the Reserve Bank of New Zealand (RBNZ). Though it is expected to leave the benchmark cash rate at 2.5% (record low), the attention will be on the statement and forecast. There is uncertainty what stance will be revealed in the statement. - Investors will be looking ahead to US economic data, and carefully observing Japan's Diet (parliamentary) vote in the next few on approval of the new Bank of Japan (BoJ) governor, deputy governors. ***Speakers/Political/In the Papers*** - (JP) Japan cabinet office expected to raise economic assessment in Mar for 3rd consecutive month; Note monthly report to be released on Friday; BOJ has also upgraded its economic assessment for 3 months. - (JP) Japan Welfare Ministry announced Dec recipients of welfare m/m: 2.15M v 2.14M prior (record high, 8th straight month) - Japanese press - (JP) Japan Electronics and Information Technology Industries Association: domestic shipments of mobile handsets in Jan fell 24.8% y/y to 1.85M units; 9th consecutive month of y/y decline - Nikkei News - (JP) Japan DPJ (opposition) shadow cabinet endorsed Kuroda for BOJ governor and Nakaso for BOJ deputy governor; Opposes Iwata for deputy governor - Nikkei News - (JP) Japan PM Abe expected to announce Japan's participation in TPP free-trade discussions on Friday - Kyodo News - (JP) Japan auto companies set to accept union demands; to increase bonuses - Kyodo News - (NZ) JPMorgan: RBNZ policy statement on Thursday likely to mention the drought as a serious headwind for growth, adding a dovish tone to outlook which had previously been mainly hawkish - (AU) Real Estate Institute of Australia (REIA) forecasted Q4 median house prices +3.8% q/q v +0.6% in Q3 - (AU) Deutsche Bank raised Australia mining sector to Overweight from Underweight - financial press - (CN) China Ministry of Commerce: Farm produce prices in 36 major cities fell for the 3rd consecutive week in week-ended Mar 10th - China Daily - (KR) North Korea said to have started deployment of ICBMs; Also South Korea military officials indicating the North has sharply increased its flights of fighter jets over the past few days, coinciding with the start of South Korea - US joint military drills - Korean press ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$600M in 2024 Bonds; average yield: 3.7002%; bid-to-cover: 3.77x - Commodities Update: Apr Crude Oil at $92.60; May Copper at $3.55; Apr Gold at $1,591; May Silver $29.14 in early trading - GLD: SPDR Gold Trust ETF daily holdings fell by 0.4 tons to 1,236.3 ton (lowest since 1233.6 in Oct of 2011); -8.6% from record high holdings - (CN) China Feb steel production rose 9.8% y/y to 2.21M tons, new record (prior record was 2.05M tons last Jan) - Shanghai Daily citing latest NBS data - (CN) According to, iron ore stocks at China's 30 major ports as of Mar 8th fell by 2.98M tons w/w to 66.54M tons , lowest level since Jan 2010 - China Daily - NZD/USD: Little changed on the day at $0.8252 amid uncertainty ahead of RBNZ statement - USD/JPY: The yen rose to a 5-day high of 95.61 against the USD ***Equities*** - Hyundai 005380.KR: China vehicle sales in Jan-Feb period rose 46.4% y/y to 177K units - Korean press - Kia Motors 000270.KR: China vehicle sales in Jan-Feb period rose 27.9% y/y to 91.7K units - Korean press - Cathay Pacific 293.HK: Reports FY12 Net HK$916M v HK$830Me; Rev HK$99.4B - BHP: Being investigated by US, Australia authorities over bribery allegations in dealings to secure agreement for the 2008 Olympics - Australian press - Osaka Gas 9532.JP: Forecasts FY13/14 Net 64.5B +6% y/y, Pretax 100B +5% y/y, Rev 1.5T +10% y/y; Plans to double FY13 foreign investment to 83B (record high) - Nikkei News - Nikon 7731.JP: To cut camera business inventory by 20% at end-FY12; lowers FY12 op profit guidance to 48B from 72B prior in Nov - Nikkei News - KO: Under investigation by China authorities for illegal mapping of western province - financial press - ERJ: Reports Q4 $0.68 v $0.88e, Rev $1.90B v $1.86Be - SPPI: Guides initial FY13 R$160-180M v $299Me; Cites change in ordering patterns of FUSILEV as hospitals expected to shift to generics - VELT: Reports Q4 $0.39 v $0.59e, R$97.5M v $108Me - IPAR: Reports Q4 $0.21 (adj) v $0.18e, R$176.9M v $174Me; increases dividend 50% to $0.12 from $0.08 - KW: Reports Q4 +$0.20 (adj) v -$0.08e, R$22.9M v $15.0Me (3 estimates); increases dividend 40% to $0.07 from $0.05 - GSIG: Reports Q4 $0.47* v $0.12e, R$66M v $65.4Me - NFP: Said to be considering possible sale to take the company private - financial press - BA: Receives US regulatory approval to test 787 battery fixes - financial press - KTOS: Reports Q4 -$1.59 v -$0.07e, R$263.5M v $262Me - Source


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