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Tuesday April 2, 2013 - 06:30:49 GMT
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| | Email Asian Market Update: RBA leaves rates at 3.00%, still sees scope to cut further; Nikkei225 down on further JPY gains***Economic Data*** - Source

(AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH TARGET RATE UNCHANGED AT 3.00%, AS EXPECTED - (JP) JAPAN FEB LABOR CASH EARNINGS Y/Y: -0.7% V -0.2%E - (AU) AUSTRALIA MAR AIG PERFORMANCE OF MANUFACTURING INDEX (PMI): 44.4 V 45.6 PRIOR (13th consecutive months of contraction) - (AU) AUSTRALIA MAR RPDATA-RISMARK HOUSE PX ACTUAL Y/Y: 1.3% V 0.3% PRIOR - (NZ) NEW ZEALAND Q1 WESTPAC EMPLOYMENT CONFIDENCE INDEX: 100.7 V 99.1 PRIOR - (NZ) NEW ZEALAND MAR ANZ COMMODITY PRICE: 7.4% V 1.1% PRIOR - (JP) JAPAN MAR MONETARY BASE Y/Y: 19.8% V 15.0% PRIOR (2-year high) - (UK) UK MAR LLOYD'S BUSINESS BAROMETER: 20 V 13 PRIOR ***Markets Snapshot (as of 04:30 GMT)*** - Nikkei225 -0.9% - S&P/ASX +0.4% - Kospi -0.5% - Shanghai Composite -0.4% - Hang Seng flat - June S&P500 flat at 1,556 - Jun gold +0.1% at $1,603/oz - May Crude Oil -0.3% at $96.77/brl ***Observations/Insights*** - The Reserve Bank of Australia (RBA) left its key Cash Target Rate unchanged at 3.00% as widely expected, reiterating that the inflation outlook would afford scope to ease policy further, should it be necessary. The central bank forecasted global growth to be a little below average for a time, but also continued to note reduced downside risks. Most notably, RBA had removed the reference to substantial easing of policy as a result of previous decisions in the pipeline. > - Asian markets started off mixed with the Nikkei225 underperforming, briefly dropping to below the 12,000 level for the first time in about a month. Japanese stocks declined by as much as 2.7% before trimming most the losses by the mid-trading session. Initial gains are fuelled by JPY strength against the reeling USD, which fell across the board after a soft US ISM figure. The markets are also maintaining their cautious tone ahead of the central bank meetings in Japan and Europe later this week. ***Currencies/Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings fall by 4.2 tons to 1,217.1 ton (lowest since 1,205.4 tons in Jul, 2011) - (CN) PBoC sets yuan mid point at 6.2586 v 6.2080 prior close (highest setting since 2005 revaluation) >- (CN) China PBoC to sell CNY30B in 28-day repos (draining liquidity) - financial press - (AU) Australia Newcastle weekly coal exports for week ended Apr 1st: +26.4% w/w - USD/JPY - The USD fell briefly in the 92 range for the first time in about a month during early Tokyo session; the JPY strengthened against all major currencies. - EUR/JPY - The EUR was little changed in the upper 119 range ahead of the ECB policy meeting on Thursday. - AUD/USD little changed following the RBA rate decision, initially rising some 15 pips above $1.0470 before falling back toward $1.0450. ***Speakers/Political/In the Papers*** - (AU) Fitch: Australia utility firms to face increased uncertainties in 2013 - (AU) Moody's: Australia mortgage arrears deteriorated in Jan - (CN) China mortgage rules for second homes may vary between cities - Chinese press - (CN) China home sales expected to fall -50% after new policy - China press - (CN) China Academy of Social Sciences (CASS): China March CPI likely grew 2.5% v 3.2% in Feb (10-month high) - Chinese press - (CN) China Vice Commerce Min Chen Jian: China to actively seek free trade zone with South Korea, Japan - financial press - (JP) Japan BoJ Gov Kuroda: To mind the two-year time frame to achieve price target - addressing parliament >- (JP) BOJ Deputy Governor Iwata: Need to be accountable if 2% CPI target not met in two years - addressing Parliament - (JP) Japan Center for Economic Research (JCER): Japan's Real FEB GDP estimated at -0.1% m/m v +0.2% prior; 1st decline in 3 months - Nikkei News - (JP) Japan Fin Min Aso: Wants BoJ to act in line with joint BoJ-govt statement - financial press - (KR) North Korea's Kim: Must continue to develop lighter nuclear weapons - KCNA - (GR) Greece Central Bank Gov Provopoulos: Believes Cyprus solution is sustainable; reiterates Greece deposits are under no threat of loss; Deposits were not and will not be touched. - (ES) Spain govt reportedly to lower 2013 GDP forecasts to -1.0% vs -0.5% prior - financial press - (CY) Creditors said to be weakening terms for Cyprus to allow it an extra year to come in line with its budget targets - financial press - (US) Centers for Medicare & Medicaid Services (CMS) issued the 2014 rate announcement and final call letter for Medicare Advantage (MA) and prescription drug benefit (Part D) programs - (MX) Mexico Finance Ministry releases budget forecast: Reaffirms 2013 GDP at 3.5%, forecasts 2014 GDP at 4.0% - financial press ***Equities*** - AMSC: Guides Q4 Rev $19-20M v $28Me (previously guided "to exceed $18M" on 2/11) - BGCP: NASDAQ to acquire eSpeed Platform for Trading of U.S. Treasuries from BGC Partners for $750M; +42.6% after hours - URBN: Sees Q1 FY14 comparable retail net sales so far are high single-digit positive - 10k filing; +4.4% after hours - Osaka Securities Exchange - 8697.JP: FY12 derivatives trading volume at 236.0M units (record high) - Kyodo News -


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