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Monday March 25, 2013 - 07:43:19 GMT
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| | Email Asian Market Update: Equities and Euro rise while USD and JPY fall after Cyprus and Troika strike a deal - Source

***Economic Data*** - (UK) UK MAR HOMETRACK HOUSING SURVEY M/M: 0.3% V 0.1% PRIOR; Y/Y: 0.0% V -0.1% PRIOR - (IS) ISRAEL CENTRAL BANK LEAVES BASE RATE UNCHANGED AT 1.75%; AS EXPECTED ***Markets Snapshot (as of 03:00 GMT)*** - Nikkei225 +1.5% - S&P/ASX +0.6% - Kospi +1.4% - Shanghai Composite +0.1% - Hang Seng +0.6% - June S&P500 +0.5% at 1,559 - Apr gold flat at $1,611/oz - May Crude Oil +0.4% at $94.11/brl ***Observations/Insights*** - Risk-on assets are in rally mode after the Eurogroup backtracked from its bailout demands on Cyprus. Just after midnight local time in Brussels, Cyprus President Anastasiades announced that a deal with Troika has been reached. The details regarding the implementation of the plan remained sketchy, but the rough outline called for winding down of Laiki bank (now treated as the "bad bank"), transferring over deposits above 100K to Bank of Cyprus, and freezing accounts above 100K to resolve the bank's debts. There is no indication just how much loss will be sustained by those holders, nor has there been any response from Russian officials who will undoubtedly be displeased by that component of the plan. Overall no deposit under 100K will be subject to losses, while senior Laiki bondholders will also be wiped out through the "bail-in". Notably, Eurogroup head Dijesselbloem also said the 5.8B requirement for the bailout is no longer a part of the demand, even though there's little clarity on how deep the losses by the large accounts and bondholders will be. Cyprus Fin Min Sarris said the deal does reopen the ELA facility from the ECB. ***Currencies/Fixed Income/Commodities*** - USD/CNY: (CN) PBoC sets yuan mid point at 6.2692 v 6.2122 prior close (strongest yuan setting since Jan 14th) >- USD/CNY: Falls below 6.21 in OTC market; Highest level for Yuan in 19 years - SLV: iShares Silver Trust ETF daily holdings rise to 10,688 tons from 10,635 tons prior (2nd consecutive increase) - update as of Mar 22nd - (CN) China Stats Bureau: China mid-March pork prices down by as much as 3.4% after falling 4% in early March - Chinese press - (CN) China may raise natural gas prices from April - Chinese press - In the currency markets, EUR/USD was initially lower about 40 pips at the start of the session on limited progress in Cyprus and a threat of a resignation from Pres Anastasiades. Single currency spiked against the greenback by over 50pips toward $1.3040 following the announcement of the deal and the EUR/JPY cross was up over 150pips from the opening lows above 123.80 high. Euro did come off the highs after Moody's said the bailout agreement does not necessarily eliminate the threat of a Cyprus default. USD/JPY pair reached a session high above 94.90, up nearly 60pips from the lows, while AUD/USD traded up to 1.0460. ***Speakers/Political/In the Papers*** - (CN) China Banking Regulatory Commission (CBRC): Warns of risk from property, solar industries - Chinese press - (CN) China National Development and Reform Commission (NDRC) Vice-Chairman Zhu Zhixin: Considers construction sector, rather than the property sector, as the pillar of China's economy - Shanghai Daily - (CN) China Academy of Social Sciences (CASS) researcher Li Xuesong: China GDP may slow to annual average of about 7.2% in 2011-2025 time frame - Shanghai Daily - (CN) China Pres Xi: China-Russia relations are at a high level; Serve as important guarantee of international strategic balance and peace - financial press - (JP) Japan PM Abe: Trend in fx market overall is a positive for the economy; Wants BoJ to pursue bold easing to achieve target of 2% as soon as possible. - (JP) Japan PM Abe approval rating at 69% in March - Nikkei News - (JP) Japan Foreign Min Kishida: To seek a bilateral summit with China's new leaders as early as May; May look to prioritize resolving dispute regarding Senkaku islands - Japan media - (KR) Bank of Korea (BOK): South Korea's private consumption has been below its GDP since the global financial crisis - (KR) South Korea Fin Min Hyun: Will come up with a fiscal stimulus package next week; G20 should revisit the "weak-yen problem" - financial press - (AU) Australia PM Gillard to reshuffle her cabinet in the coming days following resignations of Resources Minister Martin Ferguson, Tertiary Education Minister Chris Bowen and Human Services Minister Kim Carr after an unsuccessful leadership challenge last week - financial press - (IT) European press indicating there is little confidence that Bersani will be able to form a govt after receiving a mandate from Pres Napolitano on Friday >- (ES) Spain Fin Min De Guindos: Cyprus crisis has not prompted any flight in bank deposits; Generalizing Cyprus crisis relative to other states is misplaced - (EU) Former Kremlin advisor Nekrassov: Russia may retaliate against EU if it imposes a 20% levy on Cyprus account holdings; May potentially consider freezing or taxing assets of German businesses operating in Russia - financial press - (US) US Senate passes $3.7T budget for the next FY in a 50-49 vote (first budget passed by Senate since 2009) - update as of early Saturday ***Equities*** - Marubeni 8002.JP: To participate in building and operating a large coal-fired power plant in Vietnam with 1.2M kw capacity - Nikkei News - JX Holding 5020.JP: Planning investment spending in the amount of about 1T through FY15/16; Aims for 400B pretax profit in FY15/16, up 20% from projections for FY12/13 - Nikkei News - JAL 9201.JP: May purchase 20 A350 aircraft - Japanese press - ANA 9202.JP: To delay retiring 4 aircraft to help maintain its flights because of the grounding of the Dreamliner aircraft - Japan press - SNP: Reports FY12 CNY66.8B v CNY78.4B y/y, Rev CNY2.79T v CNY2.21T y/y - HTC 2498.TW: HTC One smartphone model to be released in UK, Germany and Taiwan next week and across Europe, North America and most of Asia-Pacific before the end of April - US press - QAN.AU: Considering selling its long-term terminal leases on passenger terminals at four airports for as much as A$1B - SMH - VAH.AU: Pilot's unions said to have agreed to pay increases; pay rise of of 14.2-28.4% over three years - financial press - YAL.AU: Reports FY12 Net A$404.6M v A$301.5M y/y; Rev A$1.41B v A$1.46B y/y - CLO.AU: Reports sale of its 30.9M share holding in Forge Group with proceeds of around A$187M - WDC.AU: Announces joint venture with O'Connor Group on Florida assets >- LEI.AU: Appoints board member Bob Humphris as new chairman - DELL: Blackstone said to have submitted a preliminary bid for Dell containing a broad price range/structure - press >- VOD.UK: Considering plans for complete US exit - British press -


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