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Thursday May 16, 2013 - 06:56:52 GMT
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| | Email Asian Market Update: Japan Q1 GDP shows Abenomics is on the right track - Source

- (JP) JAPAN Q1 PRELIMIN GROSS DOMESTIC PRODUCT (GDP) Q/Q: 0.9% V 0.7%E (fastest level since Q1 2012); ANNUALIZED: 3.5% V 2.7%E; NOMINAL GDP Q/Q: 0.4% V 0.5%E; GDP DEFLATOR Y/Y: -1.2% V -0.9%E - (JP) Japan investors bought net 186.4B in Foreign Bonds last week vs sold net 490.5B prior week; Foreign Investors bought net 878.8B in Japan stocks last week vs sold net 267.6B in prior week - (CN) CHINA APRIL FDI YTD Y/Y: 1.2% v 1.4% PRIOR; Y/Y: +0.4% to $8.4B - (NZ) NEW ZEALAND ANNUAL BUDGET RELEASE: AFFIRMS RETURN TO SURPLUS OF NZ$75M IN FY14/15 (NZ$66M PRIOR) - (NZ) NEW ZEALAND APR BUSINESS NZ PMI: 54.5 V 53.4 PRIOR - (KR) SOUTH KOREA APR PRODUCER PRICE INDEX: -2.8% V -2.4% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -1.1% - S&P/ASX -0.1% - Kospi +1.0% - Shanghai Composite +0.5% - Hang Seng +0.4% - Jun S&P500 flat at 1,654 - Jun gold -0.2% at $1,393/oz - Jun crude oil -0.3% at $94.04/brl ***Observations/Insights*** - Preliminary GDP data out of Japan indicated that the economy expanded at the fastest rate since Q1 of 2012, coming in at 0.9% q/q and beating estimates of 0.7% and the prior quarter's figure of 0.3%. The much improved reading was primarily driven by strong exports and private consumption, even as rising confidence has yet to translate into the corporate CAPEX segment which shrunk 0.7% q/q. The heavily weighted consumption component increased for the second straight quarter at 0.9%, while exports posted a gain for the first time in four quarters. Separately, Japan investors' appetite for foreign bonds - continued endorsement of weaker yen expectations - remained strong, with net weekly purchases for the 3rd consecutive week. - Elsewhere, the New Zealand Treasury reaffirmed expectations that it is on course to hit a budget surplus by FY14/15. Overall there were few surprises, with the treasury department forecasting a slightly larger surplus of NZ$75M in its annual budget, higher than the NZ$66M forecasted in December. The government also announced the approval of an MOU allowing the RBNZ new financial stability tools. All three major credit agencies stated that New Zealand's sovereign rating was unaffected by the budget release. - In China, foreign direct investment (FDI) into the mainland continued to rise, albeit at a trickle pace. Ministry of Commerce (MOFCOM) said that China attracted just $8.44B for the month of April, up 0.4% from the prior year. Jan-Apr FDI was up 1.2%, slowing pace of growth from 1.4% in the prior month. National Bureau of Stats pointed to strong CNY and weak JPY hurting Chinese shipments and also lamented tepid external demand, suggesting trade conditions may remain weak. ***Fixed Income/Commodities*** - JGB: (JP) Japan's MoF sells 2.46T in 0.4% 5-yr notes; Avg yield: 0.404% v 0.269% prior; Bid to cover: 3.39x v 3.09x prior - (CN) PBoC sells CNY40B in 28-day repos at 2.75% (drains liquidity) - (CN) According to PBoC, China April forex purchase position was up to CNY27.4T; Implies expectation for continued CNY appreciation - financial press - GLD: SPDR Gold Trust ETF daily holdings fall by 4.6 tons to 1,047.1 ton (lowest since 1,041.5 in Mar of 2009) - SLV: Shares Silver Trust ETF daily holdings fall to 10,392 tons from 10,440 tons (2-week lows) ***Speakers/Political/In the Papers*** - (JP) Japan Econ Min Amari: Greater effect from stimulus is likely to be seen in Q2 >- (JP) Japan Center for Economic Research (JCER): Forecasts FY13/14 GDP around 2.5%; Japan is recovering thanks to weaker JPY and stronger US economy - Nikkei News - (JP) Japan Chief Cabinet Sec Suga: Japan GDP reflects impact of Abe's economic policies - (JP) Japan Fin Min Aso: 0.1% yield rise means 100B rise in debt costs - (JP) Japan govt calling for extended time at the negotiating table for Trans-Pacific Partnership (TPP) in July - Nikkei News - (CN) China Commerce Ministry Shen: Yuan appreciation has affected exporters - (CN) China Vice Commerce Minister Jiang: China-Swiss free trade area talks see breakthroughs - (KR) South Korea Financial Services Commission (FSC): Monitoring market risks, including weak JPY - (KR) South Korea Fin Min Hyun: Housing market in South Korea showing signs of recovery - Korean press - (NZ) Moody's: New Zealand govt budget has no impact on AAA sovereign ratings; Higher 2013 tax receipts are credit positive - (NZ) Fitch: Budget has no impact on AA sovereign rating; Moody's: New Zealand govt budget has no impact on AAA sovereign ratings; S&P: New Zealand AA sovereign rating and stable outlook unaffected by budget release - (NZ) New Zealand Fin Min English: sustained house price gains may pressure economy - (US) Survey finds one-third of investors polled expect Fed's Yellen to be the next Fed Chairman - financial press - (US) Fed's Lacker (hawk, non-voter): Reiterates that more monetary stimulus will not spur growth - financial press ***Equities*** - CSCO: Reports Q3 $0.51 (adj) v $0.49e, R$12.2B v $12.2Be; +8.8% afterhours - TSLA: Follow-up: Offers 2.7M (2% of shares outstanding) shares and $450M in convertible notes (about 5% of market cap); CEO Musk to purchase $100M in shares; +8.4% afterhours - VAH.AU: Guides FY13 Underlying pretax profit lower y/y but still positive; Impact of SABRE system in Q3 will not be recovered by the end of FY13 - AAX.AU: Affirms FY13 Net profit guidance of A$37-42M v A$41M y/y; Rev A$610-650M v A$633M y/y - Goldman Sachs conference - GNC.AU: Reports H1 Net A$88.2M v A$133.7M y/y, NPAT A$109M v A$122M y/y, Rev A$2.36B v A$1.69B y/y - TEL.NZ: Expects FY13 EBITDA at the bottom of the NZ$1.04-1.06B guidance given in Feb - Fujitsu 6702.JP: Considering boosting domestic production because of weaker JPY - DigiTimes - Kawasaki Heavy 7012.JP: Awarded $148M US supply order for train cars -


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