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Tuesday May 7, 2013 - 07:34:08 GMT
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| | Email Asian Market Update: Australia trade back in surplus ahead of close call on RBA; Nikkei225 soars after return from Golden Week***Economic Data*** - Source

- (AU) AUSTRALIA MAR TRADE BALANCE (A$): 307M V 0ME (1st surplus in 15 months) - (AU) AUSTRALIA Q1 HOUSE PRICE INDEX Q/Q: 0.1% V 1.8%E; Y/Y: 2.6% V 4.0%E - (AU) AUSTRALIA APR AIG PERFORMANCE OF CONSTRUCTION INDEX: 35.2 V 39.0 PRIOR (7-month low) - (NZ) NEW ZEALAND Q1 AVERAGE HOURLY EARNINGS Q/Q: 1.0% V 1.0%E; PRIVATE WAGES EX-OVERTIME Q/Q: 0.4% V 0.5%E (2-year low); PRIVATE WAGES INCL OVERTIME Q/Q: 0.3% V 0.5%E - (NZ) New Zealand Apr ANZ Truckometer Heavy Traffic: +3.8% v -2.0% prior - (NZ) New Zealand Apr Card Spending Volume +6.2% y/y - Paymark - (KR) South Korea Apr Dept store sales -1.6% y/y v +7.5% prior; Discount Store sales -10.3% y/y v -4.4% prior - (PH) PHILIPPINES APR CONSUMER PRICE INDEX (CPI) M/M: 0.2% V 0.3%E; Y/Y: 2.6% V 2.9%E; CORE CPI: 3.1% V 3.4%E - (UK) UK APR BRC SHOP PRICE INDEX Y/Y: 0.4% V 1.4% PRIOR (lowest level since Nov 2009) - (UK) UK APR LLOYDS EMPLOYMENT CONFIDENCE: -41 V -45 PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +2.8% - S&P/ASX -0.7% - Kospi -0.3% - Shanghai Composite -0.1% - Hang Seng flat - Jun S&P500 -0.2% at 1,611 - Jun gold -0.2% at $1,464/oz - Jun Crude Oil -0.4% at $95.76/brl ***Observations/Insights*** - Following a four-day weekend, Nikkei225 played catch-up to the US data-driven softness in the Japanese yen, soaring nearly 3% above the 14,000-mark for the first time since June of 2008. Entering its lunch break, Tokyo stocks have been able to preserve their gains even though USD/JPY saw some profit-taking to test back below the 99 handle. Toyota shares were in the spotlight, rising about 5% in the wake of Nikkei News speculation the company's FY earnings will beat its most recent guidance. - Much of the currency market focus outside of the recent weakness in JPY rested with the Australian dollar going into the close-call RBA decision. Analysts have been more split in their expectations, with forecasts spanning from a hold, to a hold with a dovish statement, to a first rate cut in 4 meetings. Fixed income markets' expectations have risen above 60% in forecasting a cut, however today's unexpected trade surplus - the first in 15 months - from Australia may deter a more aggressive policy easing from the central bank. AUD/USD has traded within about 10pips of the $1.0440, shrugging improved terms of trade and rumors of a short position taken by the funds of investor George Soros. ***Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings fall by 3.3 tons to 1,062.3 ton (lowest since 1,061.8 in Sept of 2009) >- John Paulson's gold fund said to be down 47% YTD and 27% in April - press - AUD/USD: Investor George Soros said to have taken a $1B short position against AUD ahead of RBA meeting - USD/JPY: BoA/Merril Lynch analysts see USD/JPY rising to 105 - financial press - (AU) Overnight index swap (OIS) markets saw chance of RBA rate cut increased to over 60% v 52% yesterday - financial press ***Speakers/Political/In the Papers*** - (JP) Japan PM Abe: wants to compile growth strategy by mid-June - (JP) Japan Fin Min Aso: To take few months for BoJ easing to take effect - (JP) Japan Econ Min Amari: TPP free-trade discussion continues to have issues between advanced, developing nations - (CN) Moody's: China Aa3 sovereign rating supported by controlled-growth slowdown - (CN) China Ministry of Commerce (MOFCOM) Li: Expects April trade data to be "good" - (CN) Deutsche Bank: Momentum in China property sales continues to decelerate - financial press - (CN) China state researcher: China Q2 and 2013 GDP may grow approx 8% vs 7.7% in Q1 - Chinese press - (CN) China Industrial Bank chief economist Lu Zhengwei: Apr CPI expected to rise to 2.5% y/y from 2.1% in March - Shanghai Daily - (CN) Additional bird flu cases reported in China's Jiangsu, Zhejiang and Anhui provinces this weekend; Death toll rising to 31, with over 130 infected - financial press - (KR) South Korea Defense Ministry spokesman Kim: South Korea continues to monitor North Korea missile movements; No comments on report missiles have been removed - (KR) South Korea Finance Ministry monthly report: Output, investment, and exports still weak - (KR) North Korea threatens to fire on the ongoing joint US-South Korea naval exercises - North Korea state media - (AU) Australia Fin Min Wong: current fiscal year tax rev down A$17B - financial press interview - (US) US reported to have tightened cyber-espionage charge against China - financial press - (US) US Senate voting in favor of internet sales tax measure ***Equities*** - APC: Reports Q1 $1.08 v $0.92e, R$3.89B v $3.49Be; -0.1% afterhours - FSLR: Reports Q1 $0.69 v $0.75e, R$755M v $730Me; Affirms FY13 guidance; +0.8% afterhours - SMG: Reports Q2 $1.60 adj v $1.99e, R$1.02B v $1.15Be; -2.3% afterhours - CPWR: Private equity Bain, Golden Gate said to have considered acquiring company, potentially combining assets with BMC; +0.5% afterhours - MCO: Berkshire Hathaway sold 1.375M shares in May 2nd-6th; -2.0% afterhours - WHC.AU: Reports record coal railings for April at 0.95MT; sees FY13 ROM coal production of 9.0MT - CCL.AU: Sees FY13 EBIT in line with prior year level - TLS.AU: Australian Communications and Media Authority (ACMA) announces results from digital dividend spectrum auction - Mitsubishi Estate 8802.JP: Reports FY12/13 Net 45.5B v 51Be, Op Profit 118.4B v 134Be, Rev 927.2B v 932Be - SNE: May miss 2013 target of 12-16M unit shipments of PS4 amid falling hardware demand in gaming market - DigiTimes citing supply chain sources -


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