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Wednesday April 17, 2013 - 05:56:28 GMT
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| | Email Asian Market Update: Japan, Australia equities lead Asian bourses on strong US Housing data, weaker yen - Source

(NZ) NEW ZEALAND Q1 CONSUMER PRICES Q/Q: 0.4% V 0.5%E (1-year high); Y/Y: 0.9% V 0.9%E - (US) API PETROLEUM INVENTORIES CRUDE: -6.66M V +1ME (first draw in 4 weeks, largest draw since Jan 3rd); GASOLINE: +253K V -0.5ME; DISTILLATE: +1.26M V -0.5ME; UTILIZATION: 87.2% V 87.7% W/W - (KR) SOUTH KOREA MAR PRODUCER PRICE INDEX (PPI): -2.4% V -1.6% PRIOR - (AU) AUSTRALIA FEB WESTPAC LEADING INDEX M/M: 0.6% V 0.4% PRIOR (3-month high) - (SG) SINGAPORE MAR ELECTRONIC EXPORTS Y/Y: -17.9% V -6.8%E; NON-OIL DOMESTIC EXPORTS M/M: 8.0% V 4.4%E; Y/Y: -4.8% V -5.4%E - (NZ) NEW ZEALAND ONLINE JOBS VACANCIES M/M: -1.2% v -3.0% prior; SKILLED JOB VACANCIES M/M: -1.5% v -2.5% prior ***Markets Snapshot (as of 03:00 GMT)*** - Nikkei225 +1.0% - S&P/ASX +0.8% - Kospi -0.3% - Shanghai Composite -0.3% - Hang Seng +0.1% - June S&P500 -0.2% at 1,568 - Jun gold -0.4% at $1,382/oz - May Crude Oil +0.1% at $88.82/brl ***Observations/Insights/Currencies*** - Most of the Asian bourses recovered from yesterday's losses with the Nikkei225 ending its three-day losing streak advancing by over 1% by the lunchbreak of the trading session. Investor sentiment was sorted by stronger than expected data out of the US. Housing starts for March came in at the highest level since June 2008. Tokyo stocks also received support from an upgrade and a positive policy mention from the IMF. - Australia's S&P/ASX 200 also pared back losses rising by about 1% despite Australian miners trading mixed. Even though BHP Billiton maintained full year production guidance, the 6% increase in iron ore output came in less than expected for Q3, while Rio Tinto addressed lower demand for industrial commodities by announcing cost-cutting measures. - Relative weakness in Shanghai Composite was attributed to further concerns about the Chinese financial system. Report in the FT citing China accounting body official calling local govt debt "out of control" has received much coverage, particularly telling after Moody's and Fitch offered downbeat reports on China over the past week. China Academy of Social Sciences researcher looked to deflect worries about the health and need for shadow banking. ***Fixed Income/Commodities/Currencies*** - GLD: SPDR Gold Trust ETF daily holdings fall by 8.4 tons to 1,145.9 ton (lowest since 1,140.1 in Apr of 2010) - (SG) Singapore government in talks with Singapore Bullion Market Association to consider the launch of Singapore gold fix - financial press - (CN) PBoC sets yuan mid point at 6.2342 v 6.1831 prior close (highest level since 2005 revaluation) - (AU) Australia MoF (AOFM) sells A$600M in 5.75% 2022 Bonds; Avg yield 3.2391%; Bid-to-cover 3.18x - (CN) China International Capital Corporation (CICC) : cuts 2013 average copper target price to $7.6K/ton from $7.91K/ton due to reduced expectation for restocking - financial press - USD saw some modest strength against AUD, NZD, and JPY while remaining in a narrow range against European FX. NZD/USD was down about 50pips from the highs around $0.8460, AUD/USD fell below $1.0340, while USD/JPY continued to come off the lows, rising as high as 98.30. Sterling traded steady around $1.5340 ahead of the MPC minutes, and USD/CAD rose above $1.0220 going into the BOC rate decision. ***Speakers/Political/In the Papers*** - (CN) Vice chairman of China's accounting association Zhang Ke: China's local government debt is out of control; May spark bigger financial crisis than US housing crash - FT - (CN) China Ministry of Land and Resources: Planning to put 150.8K hectares of land on the market for housing projects this year - Shanghai Daily - (CN) Shenyin Wanguo Securities analyst: Sees China Apr new yuan loans at about CNY800B vs CNY1.06T m/m - Chinese press - (CN) Foreign investors may be allowed to short China bank shares - Chinese press - (CN) China's sovereign wealth fund China Investment Corp (CIC): China must fine-tune monetary policy; banking system is healthy - (CN) PBoC research bureau deputy Wang: PBoC may broaden yuan trading range - (JP) TPP partners may discuss Japan entry as early as Friday Apr 19th - Japanese press - (JP) IMF's Shinohara: BOJ monetary easing is welcome but needs fiscal and structural reforms - (JP) New Zealand will not accept tariff exceptions for TPP free-trade discussions - Japanese press - (IN) India Central Bank (RBI) Dep Gov Patel: Slower inflation has been in line with forward guidance - financial press - (US) Fed's Kocherlakota (dovish, FOMC alternate): unemployment rate needs to fall to 5.5% (vs 6.5% Fed threshold) before policy can be tightened - (US) US Senator Wicker reported to have received letter containing ricin poison - financial press - (AU) S&P report: Australia prime RMBS arrears increased by 7bps to 1.34% in Jan - financial press - (NZ) Westpac sees rising prices for New Zealand dairy products potentially offsetting lost agricultural production as a result of the drought - NZ press - (DE) German annual stability program: German debt-to-GDP ratio to decline from 80.5% in 2013 to 77.5% in 2014 to 69% in 2017 ***Equities*** - YHOO: Reports Q1 $0.38 (ex $0.03 stock comp*) v $0.25e, R$1.07B (ex-TAC) v $1.11Be, Guides Q2 Rev $1.06-1.09B (ex-TAC) v $1.12Be; FY13 Rev $4.5-4.6B (ex TAC) v $4.6Be; -4.2% afterhours >- CSX: Reports Q1 $0.45 v $0.40e, R$2.96B v $2.94Be; Increases quarterly dividend 7% to $0.15/shr from $0.14/shr; New share buyback of $1B (4% of market cap); -0.6% afterhours - INTC: Reports Q1 $0.40 v $0.42e, R$12.6B v $12.7Be; +0.7% afterhours - IBKR: Reports Q1 $0.14 (adj) v $0.16e, R$216M v $256Me; -0.4% afterhours - URI: Reports Q1 $0.58 v $0.51e, R$1.10B v $1.11Be; -4.8% afterhours - BHP: Reports Q3 Iron Ore Production tons 40.2M v 42.2M tons q/q, +6% y/y; Maintains 2013 production guidance - SFR.AU: Reports Mar quarter total copper production at 13.7KT, total gold at 12.1Koz - ASL.AU: Guides FY13 NPAT A$90-96M v A$120Me, Rev A$1.15-1.17B v A$1.24Be - AGO.AU: On track to meet FY13 shipping guidance of 7.4-7.7M tons; Reaffirms FY13 cash costs guidance unchanged at A$46-50/ton; March quarter shipment at 1.9Mt - KT&G 033780.KR: Reports Q1 Net KRW198.3B v KRW186B y/y, Op profit KRW248.8B v KRW258B y/y, Rev KRW896B v KRW961B y/y - Disco Corp May report FY12/13 op profit may rise 13% y/y to 12B on Rev up 5% to 94B - Nikkei - Toyota 7203.JP: Reports Jan-Mar global hybrid vehicle sales reaches 332.1K units; hybrid sales rise 1% in Q1 -


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