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Friday May 17, 2013 - 07:12:50 GMT
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| | Email Asian Market Update: AUD, NZD at multimonth lows; Greenback lifted by hawkish comments from Fed's Williams - Source

- (JP) JAPAN Q1 HOUSING LOANS Y/Y: 3.2% V 3.1% PRIOR - (JP) JAPAN MAR MACHINE ORDERS M/M: 14.2% V 3.5%E (16-month high); Y/Y: +2.4% V -4.9%E; Order volume at the highest level since Oct 2008 - (NZ) NEW ZEALAND PRODUCER PRICES INPUTS: 0.8% v 0.2%E (7-quarter high); OUTPUTS: 0.8% v 0.0%E (7-quarter high) - (NZ) NEW ZEALAND APR ANZ JOB ADS M/M: 0.8% V 0.4% PRIOR - (CN) CHINA APR CONFERENCE BOARD LEADING ECONOMIC INDEX: +1.5% V -0.6% PRIOR - (NZ) NEW ZEALAND MAY ANZ CONSUMER CONFIDENCE INDEX: +3.8% V +3.8% PRIOR; 123.7 V 119.2 PRIOR - (SG) SINGAPORE APR ELECTRONIC EXPORTS: -9.0% v -6.7%E; NON-OIL DOMESTIC EXPORTS M/M: 1.1% v 3.5%E; Y/Y: -1.0% v -1.9%E - (CL) CHILE CENTRAL BANK LEAVES NOMINAL OVERNIGHT RATE TARGET UNCHANGED AT 5.00%; AS EXPECTED (16th consecutive pause) ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.1% - S&P/ASX +0.5% - Kospi closed - Shanghai Composite +0.1% - Hang Seng closed - Jun S&P500 +0.2% at 1,651 - Jun gold -0.7% at $1,377/oz - Jun crude oil -0.1% at $95.04/brl ***Observations/Insights*** - Asian markets are mixed in the final trading day of the week, with liquidity thinned by Buddha Birthday celebrations in Hong Kong and South Korea. A more tempered tone stemmed from the US trading session, where disappointing weekly jobless claims, housing starts, and Philly Fed prompted a short covering rally in the US treasuries that sent the 10-year yield down about 10bps to 1.86%. Late in the day, sentiment turned decisively more bearish after Fed's Williams said the FOMC could start tapering QE3 as early as this summer if improvement in the labor market can be sustained. That in turn put the wind in the sails of the greenback early in the Asian hours, with traders adding to their bearish AUD and NZD positions. AUD/USD broke below $0.98 handle to fresh session lows around $0.9740, while NZD/USD also fell about 0.8% below the $0.81 level. USD/JPY remains supported above the 102 handle, as Fin Min Aso struck a somewhat more neutral stance, noting sharp yen fluctuation in either direction has varying effects on the economy. - Meanwhile, Japan continued to report improved economic data. After a better than expected Q1 GDP, March machine orders rose at the fastest pace in over a year on a monthly basis. Japan govt also noted that order volume was at the highest level since Oct of 2008. Separately, Japanese officials said the overnight decline in the Q1 GDP capex component would likely mark the bottom as Abenomics fiscal policies start to translate into more investment. In China, the April Conference Board leading index was also notably higher, with much of the improvement attributed to renewed real estate activity and credit expansion. Note that China will report its monthly April housing price data over the weekend after a strong set of gains in key cities in March. ***Fixed Income/Commodities*** - (CN) China Finance Ministry sells CNY20B in 50-yr bonds; avg yield 4.24% - financial press - (AU) Australia MoF (AOFM) sells A$600M in 2015 bonds, avg yield 2.4883%; Bid-to-cover 2.77x - (US) Weekly Fed Balance Sheet Assets Week ending May 15th: $3.311T (**new record high) v $3.281T prior; M1: -$57B v +$23.9B prior; M2: +$5.2B v +$33.6B prior - SLV: iShares Silver Trust ETF daily holdings fall to 10,321 tons from 10,392 tons (lowest since Apr 24th) - GLD: SPDR Gold Trust ETF daily holdings fall by 5.7 tons to 1,041.4 ton (lowest since 1,038.2 in Mar of 2009) - (CN) World Gold Council (WGC): China gold demand in Q1 rose 20% y/y to 294.3 tons - Chinese press - (AU) According to Wood Mackenzie, Australia new mining investment in FY13-15 seen at A$220B, +27% vs FY10-12 period - Australian press ***Speakers/Political/In the Papers*** - (CN) China Ministry of Commerce (MOFCOM) deputy director Zhao Ping: Consumer goods sales expected to rise about 13% in 2013; Slowdown related to less private spending - Chinese press - (CN) China Vice Commerce Minister Jiang: EU is the main instrument for diversifying China FX reserves - (CN) China Statistics Bureau: China urban non-private companies annual wages +9% y/y - (JP) Japan Fin Min Aso: Japan capex to increase from now due to higher budget spending ***Equities*** - WES.AU: Sees FY13 Target earnings affected to date; Sales performance in H2 exacerbated by a late start to the winter season impacting both sales and margin; -3.0% - WOR.AU: Guides FY13 Net A$320-340M v A$345.6M y/y; -10.2% - 8031.JP: Mitsubishi, Mitsui and Nippon Yusen KK reach agreement with Sempra for 33% interest in a LNG gas project in Louisiana - Japan press - 2353.TW: To partner with MediaTek on consumer electronics products - Taiwan press - SINA: Reports Q1 +$0.02 v -$0.03e, R$121.3M (non-gaap) v $118Me; +2.7% afterhours - NTAP: Said to have hired Goldman Sachs to advise on strategic alternatives - financial press; +1.3% afterhours - DELL: Reports Q1 $0.21 v $0.34e, R$14.1B v $13.5Be; -0.2% afterhours - AMAT: Reports Q2 $0.16 v $0.13e, R$1.97B v $1.92Be; -0.7% afterhours - BRCD: Reports Q2 $0.17 v $0.15e, R$538M v $552Me; -2.4% afterhours >- JWN: Reports Q1 $0.73 v $0.76e, R$2.66B v $2.81Be; -3.3% afterhours - ADSK: Reports Q1 $0.42 v $0.45e, R$570.4M v $586Me; -6.2% afterhours -


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