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Thursday March 28, 2013 - 05:38:11 GMT
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| | Email Asian Market Update: Sell-off led by financials amid weak earnings and fears of property curbs in China; Italy, Cyprus continue to weigh on European concerns***Economic Data*** - Sour

(CN) CHINA FEB INDUSTRIAL PROFITS YTD Y/Y: 17.2% V 5.3% PRIOR (largest rise since Dec 2011) >- (JP) JAPAN FEB RETAIL TRADE M/M: +1.6% V 0.5%E; Y/Y: -2.3% V -1.8%E (biggest fall since Nov 2011); LARGE RETAILERS' SALES Y/Y: -3.7% V -1.5%E - (AU) AUSTRALIA MAR TD SECURITIES INFLATION M/M: 0.2% V 0.0% PRIOR; Y/Y: 2.1% V 2.4%E (8-month low) - (AU) AUSTRALIA DEC-FEB JOB VACANCIES Q/Q: -10.1% V -7.0% PRIOR - (AU) AUSTRALIA FEB PRIVATE SECTOR CREDIT M/M: 0.2% V 0.3%E (third consecutive increase); Y/Y: 3.4% V 3.5%E (10-month low rate of increase) - (NZ) NEW ZEALAND FEB BUILDING PERMITS M/M: 1.9% V 3.0%E - (NZ) NEW ZEALAND FEB MONEY SUPPLY M3 Y/Y: 6.6% V 6.4% PRIOR - (KR) SOUTH KOREA FEB CURRENT ACCOUNT: $2.71B V $2.33B PRIOR; GOODS BALANCE: $2.56B V $2.62B PRIOR - (SG) SINGAPORE FEB MONEY SUPPLY M1 Y/Y: 14.0% V 11.2% PRIOR; Y/Y: 9.7% V 8.5% PRIOR - (SG) SINGAPORE FEB CREDIT CARD BAD DEBTS (S$): 19.3M V 18.3M PRIOR; CREDIT CARD BILLINGS: 2.95B V 3.39B PRIOR; BANK LOANS & ADVANCES Y/Y: 19.6% V 18.3% PRIOR - (TH) THAILAND FEB MANUFACTURING PRODUCTION M/M: 1.2% V 3.5%E - (TH) Thailand Feb Customs Trade Balance: -$1.56B v -$5.5B prior - (UK) UK MAR GFK CONSUMER CONFIDENCE: -26 V -27E ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -1.6% - S&P/ASX -0.4% - Kospi -0.2% - Shanghai Composite -2.6% - Hang Seng -1.1% - June S&P500 -0.1% at 1,563 - Jun gold flat at $1,607/oz - May Crude Oil flat at $96.56/brl ***Observations/Insights*** - Though there was some subdued risk appetite sentiment ahead of the Easter holiday, all eyes remained focused on Europe, as banks and governments prepare for the opening of Cypriot banks after being closed for nearly two weeks. Political uncertainty in Italy added to the concerns in Europe. The possibility of forming a coalition was ruled out by the Democratic Party (DP) leader Pier Bersani, while Prime Minister Monti said the government cannot delay to have its mandate rescinded. The political impasse aided by a weak Italian 5-year note auction set the tone for a sell off on the Asian bourses. - Nearly all Asian markets were down, in particular the Shanghai, which tumbled my more than 2.6%. The banking sector was notably weak in a broad selling action. In China, several cities may begin issuing property curb measures beginning next month, while the Chinese banking regulator said it plans to tighten risk controls for rural banks, in addition to unveiling new banking regulations on risky products. - In his testimony to the House of Councilors, BoJ Governor Kuroda stated that Japanese economy has stopped weakening and should begin to show signs of a recovery by the middle of the year, even though a high degree of uncertainty remains due to the global concerns including the European financial crisis. Kuroda admitted that the central bank asset purchases and other easing strategies adopted thus far have not been sufficient to reach the inflation target, and again reiterated his plans to manage market expectations. ***Currencies/Fixed Income/Commodities*** - JGB: (JP) Japan MoF sells 2.66T in 0.1% 2-yr notes, Avg Yield: 0.06% v 0.047% prior; bid to cover: 5.48x v 5.14x prior - (JP) Japan investors sold net 490.5B in Foreign Bonds last week vs sold net 427.3B prior week; Foreign Investors sold net 267.6B in Japan stocks last week vs bought net 471.9B in prior week - SLV: iShares Silver Trust ETF daily holdings rise to 10,703 tons from 10,688 tons prior (highest level since Mar 17th) - (KR) South Korea Finance Ministry to sell $1B in fx stabilization bonds - Korean press - (CN) China PBoC drains net CNY57B from the money market this week vs a drain of CNY47B prior (6th straight weekly drain) - JGB: 10-yr yield falls to 0.51%; lowest since June 2003 - Currency traders continue to find Diet testimonty of the new BOJ governor Kuroda underwhelming, as Japanese yen gained during his set of remarks before lawmaker for the 2nd time this week. USD/JPY briefly fell below 94, while AUD/JPY fell below 98 and EUR/JPY traded through 120.20, down by nearly 50 pips from session highs across the board. AUD was the second biggest mover among the majors, falling about 40pips from session highs below $1.0420 after China open, as financials-driven risk aversion on the mainland seeped into Aussie selloff. ***Speakers/Political/In the Papers*** - (UK) Egan Jones cuts UK sovereign rating one notch to A+ from AA- - (CY) MOODY'S LOWERS CYPRUS'S COUNTRY CEILINGS TO CAA2; NEGATIVE OUTLOOK; CA3 sovereign rating and negative outlook remain unchanged - (IR) MOODY'S AFFIRMS IRELAND BA1 SOVEIGN RATINGS; NEGATIVE OUTLOOK REMAINS - (PT) MOODY'S AFFIRMS PORTUGAL BAA3 SOVEREIGN RATING; OUTLOOK NEGATIVE REMAINS - (RU) Moody's affirms Russia Baa1 govt bond rating, Outlook Stable - (PT) Portugal Fin Min: Expects euro zone to extend the bailout loans' repayment period - (CY) Cyprus Finance Ministry to release decree on bank rules; rules will apply for seven days following publication - financial press - (CN) Several China cities may issue property curbs measures in April - financial press - (CN) China may cut certain taxes on shipping firms - Chinese press - (CN) Bank of China (BOC) economist: Sees China G2 GDP at 8.2%; sees room for Reserve Ratio cut before June - financial press - (CN) China Banking Regulatory Commission (CBRC): To tighten risk controls for rural banks; Will control lending to local govts - (PH) Philippines Central Bank Gov Tetangco: Sees other rating firms to upgrade Philippines soon; sees 2013, 14 inflation at lower end of target range - financial press interview - (KR) Bank of Korea (BOK): Mar current accounts surplus likely to be similar to Feb - financial press ***Equities*** - Japan Airlines 9201.JP: May report FY12 Op profit 190B v 186B prior guidance - Nikkei News - GS Yuasa 6674.JP: Japan Transport Ministry reported BA787 battery experienced thermal runaway in Jan incident - financial press - TM: Reports Feb domestic vehicle production -13.2% y/y - NSANY: Reports Feb domestic vehicle production -31.4% y/y - NSANY: Said to delay China growth target by one year - financial press - Kia 000270.KR: Exec: To launch new Cadenza model in May 2013; concerned about weakening JPY, strengthening KRW - NCM.AU: Cuts FY12/13 gold production guidance to 2.0M-2.15M oz (approx -10% from prior guidance); annual copper production guidance at 75K-85K tonnes unchanged; -7.2% >- NUF.AU: Reports H1 Net A$8.4M v A$18M y/y, underlying EBIT A$47.3M v A$37.8M y/y, Rev A$934M v A$862.7M y/y; -15.5% - LNC.AU: Confirms has raised $200M from convertible bonds; -15.4% - LEI.AU: Enters into agreement to sell approx 70% of Telco assets for A$619M to Canadian Fund - QAN.AU: Reports prelim Feb Passenger figures flat y/y - PAYX: Reports Q3 $0.40 v $0.39e, R$593.3M v $593Me; -0.6% afterhours - PVH: Reports Q4 $1.60 v $1.50e, R$1.64B v $1.59Be; Issues Q1 and FY13 guidance including impact of Warnaco acquisition; -4.0% afterhours >- RHT: Reports Q4 $0.36 (incl $0.03 retroactive reinstatement of US research tax credit) v $0.30e, R$348M v $350Me; Guides initial FY14 $1.31-1.35 v $1.38e, R$1.51-1.54B v $1.54Be - conf call; -3.9% afterhours -


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