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Thursday March 14, 2013 - 05:57:25 GMT
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| | Email Asian Market Update: AUD soars on 10-year high in net job ads; NZD sinks on dovish statement and GDP downgrade from RBNZ***Economic Data*** - Source

- (AU) AUSTRALIA FEB EMPLOYMENT CHANGE M/M: 71.5K V 10.0KE (highest reading since 2003); UNEMPLOYMENT RATE: 5.4% V 5.5%E >- (AU) AUSTRALIA FEB PARTICIPATION RATE: 65.3% V 65.0%E (highest since June 2012) - (AU) AUSTRALIA MAR CONSUMER INFLATION EXPECTATION: 2.3% V 2.2% PRIOR (5-month high) - (NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED); Lowers GDP target range - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.75%, AS EXPECTED - (NZ) NEW ZEALAND FEB NON RESIDENT BOND HOLDINGS: 66.7% V 64.0% PRIOR - (JP) JAPAN FEB TOKYO CONDOMINIUM SALES Y/Y: -10.9% V -5.4% PRIOR - (JP) Japan investors bought net 764.4B in Foreign Bonds last week vs sold net 885.4B prior week; Foreign Investors bought net 1.12T in Japan stocks last week vs bought net 269.6B in prior week ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 +0.5% - S&P/ASX -1.0% - Kospi -0.7% - Shanghai Composite +0.1% - Hang Seng -0.7% - June S&P500 flat at 1,550 - Apr gold flat at $1,586/oz - Apr Crude Oil -0.1% at $92.28/brl ***Observations/Insights*** - RBNZ leaves its cash rate unchanged as expected but slashes its GDP outlook to a range of 2-3% vs 2.5-3.0% prior; Gov Wheeler chose to give more attention to the worsening drought conditions and signaled it would keep OCR unchanged through the end of the year. Analysts had been gearing up for some removal of monetary stimulus in light of the increase in the housing prices, which were also mentioned in the statement. Among the more notable RBNZ Gov Wheeler comments after the decision, he saw potential scope for easing if NZD remains high, calling the kiwi dollar over valued by as much as 15%. - Australia net employment change at the highest level in over 10 years, albeit gains are largely driven by part-time component (53.7K) vs full-time (17.8K). Labor participation rate also up a healthy 0.3pts to highest levels since mid-2012. Markets respond by repricing expectations of another RBA easing, sending Australian equities down by 1%. - Bank of Korea on hold at 2.75% as expected; Decision not unanimous for second consecutive meeting; Gov Kim seeks to diminish expectations of more easing, noting policy already accommodative and forecasting Q1 GDP to improve relative to Q4. >- Xi Jinping formally appointed as Pres of China; Li Yuanchao named as the Vice President. - Lower house of Japans Parliament approves BOJ Gov Nominee Kuroda and Nakaso and Iwata as Dep Govs, as expected. Showdown looms in the opposition- controlled upper house. ***Currencies*** - NZD/USD fell just over 100 pips to as low as $0.8161 after the RBNZ policy statement. AUD/NZD also gained after RBNZ and extended the advance to early January highs around 1.2680 after stronger than expected Australia jobs data. - AUD/USD spikes about 70 pips following stronger than expected employment data, reaching 5-month highs above 1.0380. AUD/JPY also hit its highest levels since 2008 late in the session, helped by JPY weakness after lower house confirmation of BOJ Gov Kuroda and both Dep Gov nominees, as USD/JPY rose back above 96.00 after falling below 95.70 ***Fixed Income/Commodities*** - (CN) China PBoC to sell CNY18B in 28-day repos; PBoC set to drain Net CNY44B from market this week - financial press - (JP) Japan's MoF sells 1.09T 20-yr 1.6% JGBs; Avg yield: 1.623% v 1.751% prior; bid-to-cover: 3.11x v 2.56x prior - SLV: May Silver contract falls over 1% below $28.60/oz ***Speakers/Political/In the Papers*** - (CN) China formally appoints Xi Jinping as the new President starting today, succeeding Hu Jintao >- (CN) China NEA: Feb power consumption: -12.5% y/y - (JP) Japan PM Abe's Econ Advisor Hamada: USD/JPY at 98-100 is a good level; acceptable for BoJ to purchase 10-yr govt Bonds - (NZ) RBNZ Gov Wheeler: Sees NZD as overvalued by 10-15%; currency will eventually decline - (NZ) RBNZ Gov Wheeler: GDP targets have been reduced because of the drought; Concerned about the rise in the housing prices; High NZD also a significant concern - press conference ***Equities*** - MYR.AU: Reports H1 Net A$87.9M v A$86Me, Rev A$1.73B v A$1.70B y/y; +6.4% - SIP.AU: Reports FY12/13 Net A$18.7M v A$7.0Me, Rev A$2.94B v A$2.85B y/y; +2.8% - VAH.AU: CEO to consider 'reasonable' limitations by regulator on proposed Tiger Airways takeover - AFR; +1.2% - Chiyoda 6366.JP: May report FY12/13 op profit around 26B, +7% y/y and above 22.5B most recent target - Nikkei News; +1.6% - IHI 7013.JP: Seeking to double op profit FY12/13 target to 70B by FY15/16 - Nikkei News; +2.5% - Asahi 2502.JP: Enters into JV agreement with local Thailand beverage company Osotspa - Japanese press; -0.2% - JGC 1963.JP: Awarded 170B contract to expand an LNG plant in Malaysia - Nikkei News; +1.7% - MW: Reports Q4 -$0.05 adj v -$0.05e, R$608.4M v $612Me; Hires Jefferies to evaluate strategic alternatives for K&G; To repurchase up to $200M (about 13.5% of market cap); +13.4% afterhours R


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