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Thursday March 21, 2013 - 06:58:12 GMT
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TradeTheNews.com Asian Market Update: China Flash PMI recovers in March, but Australia political turmoil and North Korea saber-rattling spoil the risk-on rally - Source TradeTheNews.com

- (CN) CHINA MAR HSBC FLASH MANUFACTURING PMI: 51.7 V 50.8E (5th straight month of expansion) >- (NZ) NEW ZEALAND Q4 GDP Q/Q: 1.5% V 0.9%E (highest reading since Q4 2009); Y/Y: 3.0% V 2.3%E - (NZ) NEW ZEALAND FEB CREDIT CARD SPENDING M/M: +3.3% V -2.5% PRIOR; Y/Y: 4.7% V 0.4% PRIOR (11-month high) - (AU) AUSTRALIA FEB RBA FOREIGN EXCHANGE TRANSACTIONS (A$): 328M V 393M PRIOR - (AU) AUSTRALIA Q4 CBAHIA HOUSE AFFORDABILITY Q/Q: 68.9 V 65.8 PRIOR (8th consecutive increase) - (JP) JAPAN FEB MERCHANDISE TRADE BALANCE TOTAL: -777.5B V -855.9BE; ADJUSTED MERCHANDISE TRADE BALANCE: -1.09T V -1.10TE (biggest deficit on record) - (KR) SOUTH KOREA FEB DISCOUNT STORE SALES Y/Y: +8.9% V -24.6% PRIOR; DEPARTMENT STORE SALES Y/Y: +1.7% V -8.2% PRIOR ***Markets Snapshot (as of 03:00 GMT)*** - Nikkei225 +1.2% - S&P/ASX flat - Kospi +0.2% - Shanghai Composite +0.3% - Hang Seng +1.0% - June S&P500 flat at 1,550 - Apr gold flat at $1,606/oz - May Crude Oil +0.2% at $93.35/brl ***Observations/Insights*** - Asian equity markets tracked the gains in the US indices, where "steady as she goes" Fed policy statement - along with some slight downward adjustment in 2013 GDP top end target range - reaffirmed investors' expectations the Fed remains far from considering its QE exit step. US markets saw some modest profit-taking during the Bernanke Q/A component, as the Fed chairman expressed little concern over European turmoil and also reiterated there's a possibility of varying the pace of asset purchases. - Cyprus situation remains very much unresolved; Fin Min Sarris is still in Moscow trying to shore up Russian commitment to a 2.5B loan while Cyprus banks will remain closed until Tuesday. A US press report at the tail end of the US session indicated "Plan B" would involve some Russian aid and a reduced levy on bank deposits, with a parliament vote expected to take place later today, even though there is little sign the Troika would be any less reluctant to varying its offer based on last night's skepticism of the alternative. - USD/JPY moved above 96 after Nikkei News report that the new BOJ Gov Kuroda would signal a policy shift to pursue easing "both in terms of quantity and quality"; Press conference expected at 09:00GMT (05:00ET); Japan trade deficit was slightly lower than expected, briefly sending the pair back below the 96 figure. - China HSBC Flash Manuf PMI for March topped estimates, coming in above the expansion threshold level of 50 for the 5th consecutive month. Front month copper and AUD/USD hit session high. The latter retreated right away, with political standoff in Australia coming to a head. After weeks of tension, PM Gillard accepted a party leadership challenge, as opposition called for a no-confidence motion. - New Zealand Q4 GDP saw its highest q/q increase in 3 years, sending NZD/USD up some 60pips above $0.8270. Analysts have called this a game changer in terms of RBNZ policy bias. Note much of the increase was in private consumption - a factor of the rising property sector - while the more recent sentiment has been more cautious because of the drought headwinds of recent weeks. ***Currencies/Fixed Income/Commodities*** - (CN) China PBoC to sell CNY48B in 28-day repos - financial press ***Speakers/Political/In the Papers*** - (JP) North Korea military said to be threatening to target US airbase in Okinawa and aircraft carriers - financial press - (AU) Australia PM Gillard agrees to call for vote over party leadership at 05:30GMT - (AU) RBA Quarterly Bulletin: Strong growth in Asia is expected to continue to provide significant benefits for the Australian economy. Most notable so far has been the resources boom. The surge in investment in the resources sector has been in progress for some years and still has some way to run, with resource investment expected to peak as a share of GDP sometime over the course of this year, but remain quite high for a time. - (NZ) Westpac: Strong New Zealand Q4 GDP is a significant development; Brings RBNZ a step closer to a rate hike - (NZ) New Zealand Fin Min English: Expects economy to continue growth, on track for 2-3%+ growth over next few years - (CN) China Academy of Social Sciences (CASS) researcher Liu: Sees Mar CPI around 2.5%, down from 10-month high of 3.2% in Feb - Chinese press - (JP) BoJ Gov Kuroda to call for bold easing; New policy shift to pursue easing "both in terms of quantity and quality" - Nikkei News - (JP) Japan BoJ Gov Kuroda: To discuss policy at press conf today at 05:00 EST (09:00 GMT)- financial press - (KR) South Korea Mar 1-20th Exports y/y: +3.2% - financial press - (IS) Israel PM Netanyahu: Diplomacy and sanctions have not stopped Iran; Iran has gotten closer to the "red line" and must face clear threat of military action - (CY) Cyprus govt officials noting the "Plan B" would involve some Russian aid and a reduced levy on bank deposits - financial press ***Equities*** - Korean Air 003490.KR: (KR) South Korea Ministry of Land, Transport and Maritime Affairs: Feb air traffic on international routes rose 7.3% y/y to 4.02M passengers - Korean press - Samsung Electronics 005930.KR: According to IHS, the cost of materials used in Galaxy S4 is around $236, up significantly from the prior model - DigiTimes - TM: (JP) President Toyoda: Welcomes Japan's participation in TPP trade discussions - HMC: Group of workers at a plant in China's Foshan said to have walked off the plant in protest of receiving smaller than agreed upon wage hikes - Nikkei News - SDL.AU: Chairman still said to be attempting to salvage a deal with Hanlong despite the arrest of its chairman - AFR - ORL.AU: Reports H1 Net A$16.4M v A$16.1M y/y, Rev A$101.5M v $99.1M y/y - FCG.NZ: Managing director McClure: To review domestic prices next week when it makes its next payout forecast announcement - NZ press - DELL: Blackstone said to have approached Oracle's Hurd regarding possibly running Dell - financial press >- ORCL: Reports Q3 $0.65 v $0.66e, R$9.00B v $9.38Be; Guides Q4 Non-GAAP EPS $0.85-0.91 v $0.88e, Non-GAAP Rev -1% to +4% y/y v (in USD and constant currency) v 4.5%e (implies $10.8-11.4B v $11.5Be) - conf call; -7.2% afterhours - GES: Reports Q4 $0.95 adj v $0.86e, R$815.1M v $783Me; Guides Q1 $0.05-0.10 v $0.28e, R$545-560M v $595Me; -6.5% afterhours - JBL: Reports Q3 $0.53 v $0.54e, R$4.42B v $4.42Be; -4.5% afterhours -

 

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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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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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