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Tuesday May 21, 2013 - 08:27:17 GMT
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| | Email Asian Market Update: JPY weakens after Japan Econ Min Amari clarifies position on yen correction; AUD gains on neutral policy bias in RBA minutes - Source

- (AU) AUSTRALIA RBA POLICY MINUTES FOR MAY MEETING: Decided some easing scope should be used at the May meeting - (AU) AUSTRALIA MAR CONFERENCE BOARD LEADING INDEX: 0.1% V 0.3% PRIOR (3rd consecutive increase) - (NZ) NEW ZEALAND Q2 RBNZ 2-YEAR INFLATION EXPECTATION: 2.1% V 2.2% PRIOR (multi-year low) - (NZ) NEW ZEALAND APR CREDIT CARD SPENDING M/M: +0.4% V -0.3% PRIOR; Y/Y: 4.0% V 3.7% PRIOR - (NZ) NEW ZEALAND APR NET MIGRATION: 1.6K V 1.3K PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.1% - S&P/ASX -0.7% - Kospi -0.2% - Shanghai Composite -0.1% - Hang Seng -0.4% - Jun S&P500 -0.1% at 1,663 - Jun gold +0.3% at $1,384/oz - Jul crude oil -0.1% at $96.88/brl ***Observations/Insights*** - Asian equity markets traded on a more cautious tone, with bullish momentum stalling ahead of the critical testimony by Fed Chairman Bernanke and the next decision on monetary policy from the Bank of Japan on Wednesday. Investors across the globe are looking for clues from the Fed chief that the recent press speculation suggesting a taper of QE could be coming as early as this year, and any hints of less accommodation could potentially spark a bout of profit-taking across the risky assets. - In the run-up to that event, much of the action in the currency markets was the reversal from the dollar weakness overnight. In Tokyo, Japan Economic Minister Amari backtracked from his prior suggestion that the excessively strong JPY currency (yen) has corrected quite a bit, noting he cannot say when the correction ends or at what level it should be deemed as complete. USD/JPY rose some 60pips following those comments to trade above 102.70 before retreating below the 102.50 level. - In Sydney, Reserve Bank of Australia released the minutes from its May policy meeting when it surprised majority expectations for a hold with a 25bp cut. In the minutes, RBA noted some scope for easing should be used, even though inflation was likely to remain consistent with target over the next two years, pointing to high AUD, below-trend 2013 GDP, subdued credit growth, and tepid labor market. Some of the analysts indicated the RBA statement was more neutral than expected, giving little indication it was prepared to ease further in the short term, and that the May move had more to do with the persistence of the Aussie strength. AUD/USD, which had come off its highs going into minutes release, traded back above the $0.98 level. Likewise, AUD/JPY bounced from its pre-minutes lows near 100.10 to trade above 100.50. ***Fixed Income/Commodities*** - (AU) Australia MOF (AOFM) sells A$250M in 2022 bonds, avg yield 1.25%; Bid-to-cover 3.84x - JGB: Japan MoF sells 399.9B in 1.9% 40-yr bonds, bid to cover: 2.64x v 3.51x prior - USD/CNY: (CN) PBoC sets yuan mid point at 6.1911 v 6.1389 prior close (record high setting for yuan) - Westpac analyst: AUD and NZD may be oversold in the short-term; Could rise to parity and $0.82 respectively on Bernanke comments later this week - CNBC - SLV: iShares Silver Trust ETF daily holdings fall to 10,198 tons from 10,252 tons (lowest since 10,163 on Jan 15th) >- GLD: SPDR Gold Trust ETF daily holdings fall by 6.9 tons to 1,031.5 ton (lowest since 1,029.0 in Mar of 2009) - (AU) Australia Newcastle weekly coal exports for week ended May 20th w/w: -20.5% v -7.3% prior ***Speakers/Political/In the Papers*** - (JP) Japan Econ Min Amari: Cannot say when correction in excessive yen strength ends; Will not comment on whether Yen correction has been completed - financial press - (US) Fed's Evans (dove, FOMC voter): Fed could continue buying bonds at the current rate through the fall or it could abruptly end the buying program if the labor market improvement looks to continue - Q&A - (JP) Former World Bank Pres Zoellick: Japan's Q1 GDP could be a "sugar high" following recent stimulus - (CN) China National Development and Reform Commission (NDRC): China may hold meeting on urbanization by end of May - Chinese press - (KR) South Korea President Park's approval rating fell 2.3pts to 53.1%; First drop in 7 weeks - Korean press ***Equities*** - TSE.AU: Lowers FY13 net profit guidance to A$62-65M (A$85-90M prior); Cuts 113 jobs; -22% - RIC.AU: To hold a shareholder meeting on June 24th to discuss A$0.075/shr dividend; +2.6% - STO.AU: Plugged a leaking well in south west Queensland after it released nearly 250K liters - AFR - Yamaha 7272.JP: Looking to aggressively market to India consumers; Aims to raise motorcycle sales in India by 30% to 500K units in 2013 - Nikkei News - QIHU: CFO: Almost all business segments performed better than expected; No longer a speculation Qihoo is working with Google to help monetize traffic - CNBC - CCL: Lowers FY13 guidance to $1.45-1.65 v $1.99e, Rev -3% to -2% y/y, implies $14.9-15.1B v $15.9Be (guided $1.80-2.10, Rev "in line with prior" on Mar 15th); Affirms Q2; -4.1% afterhours -


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