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Wednesday May 22, 2013 - 05:19:11 GMT
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| | Email Asian Market Update: Yen steady, JGB yields higher after BOJ maintained its policy stance without a mention of higher rates risk - Source

- (JP) BANK OF JAPAN (BOJ) REITERATES POLICY STANCE: TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T (decision unanimous); UPGRADES ECONOMIC ASSESSMENT FOR 5TH CONSECUTIVE MEETING >- (JP) JAPAN APR MERCHANDISE TRADE BALANCE: -879.9B V -621BE; ADJUSTED: -764.4B V -603BE(smallest deficit in 3 months) - (AU) AUSTRALIA APR DEWR INTERNET SKILLED VACANCIES M/M: -1.3% V +0.1% PRIOR - (AU) AUSTRALIA MAY WESTPAC CONSUMER CONFIDENCE INDEX: -7.0% (biggest decline in 17 months) V -5.1% PRIOR; INDEX: 97.6 V 104.9 PRIOR - (TW) TAIWAN APR UNEMPLOYMENT RATE: 4.2% V 4.2%E - (KR) SOUTH KOREA Q1 EXTERNAL SHORT-TERM DEBT: $122.2B V $126.8B PRIOR - (US) NORTH AMERICA APRIL SEMI BOOK/BILL RATIO: 1.08 V 1.11 PRIOR (4th consecutive month above parity) ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.1% - S&P/ASX -0.3% - Kospi +0.5% - Shanghai Composite +0.1% - Hang Seng closed - Jun S&P500 flat at 1,665 - Jun gold -0.2% at $1,374/oz - Jul crude oil -0.5% at $95.66/brl ***Observations/Insights*** - Asian equity markets are mixed and contained within tight ranges ahead of the critical address by Fed Chairman Bernanke before the Joint Economic Committee in Congress on Wednesday morning. Bank of Japan statement - the key economic event of the session - delivered little in terms of new monetary policy. The BOJ affirmed its plans to increase monetary base at annual pace of 60-70T, upgraded its economic assessment for the 5th consecutive meeting to state economy has started picking up, and also noted some indicators suggesting inflation expectations are on the rise. More notable was the BOJ policy statement neglecting to mention higher yields and the interest rate risk associated with "Abenomics" as they pertain to the recent sell-off in JGBs, sending 10-year bonds to new highs around 0.9%. USD/JPY briefly sold off below Y102.35 on the BOJ statement, paring the modest advance following a much weaker than expected merchandise trade balance data earlier in the day. In other notable FX movers, AUD underperformed across the board - falling below $0.9790 against USD and NZ$1.1990 against NZD - after the biggest decline in Australia Westpac consumer confidence in nearly 1.5 years. Analysts suggest the falling confidence is a reflection of the latest Australia govt update regarding its fiscal state after the Treasury postponed expectation of return to surplus to FY15/16. ***Fixed Income/Commodities*** - (AU) Australia sells A$4B in new 2025 bonds, avg yield 3.47% - (CN) China MOF sells 10-yr bonds, avg yield 3.38% - USD/CNY: (CN) PBoC sets yuan mid point at 6.1904 v 6.1356 prior close (record high setting for yuan) - USD/JPY: Citigroup sees USD/JPY rising to 107 in the next 3 months and topping at 110 in the next 6-12 months - Nikkei News - GLD: SPDR Gold Trust ETF daily holdings fall by 8.4 tons to 1,023.1 ton (lowest since 1,008.8 tons in Feb of 2009) - (US) API PETROLEUM INVENTORIES CRUDE: +530K V 0E (4th consecutive build); GASOLINE: +3M V 0E; DISTILLATE: +460K V -0.5ME; UTILIZATION: 86.8% V 87.6% W/W ***Speakers/Political/In the Papers*** - (CN) China Academy of Social Sciences (CASS) Researcher Li Enping: Govt must enforce curbs on the property market or risk losing control of prices; Prices are rising before demand is outstripping supply - China Daily - (CN) China Academy of Social Sciences (CASS) Researcher Zhang Ming: China should ban illegal capital inflows; Should tighten capital account regulation - (CN) China May new loans could be CNY900B v CNY793B in April - Chinese press - (AU) Australia Bureau of Resources and Energy Economics (BREE): Investment in resource projects may fall by over 2/3rd over the next 5 years back to 2007 levels as companies scale back expansion plans while current projects are completed - (AU) Australia Parliamentary Budget Office (PBO): expecting Australia terms of trade to remain above long-term average - financial press - (JP) Japan Econ Minister Amari: Govt should maintain firm stance on fiscal rebuild to prevent a spike in JGB yields; govt job to avoid JGB yield volatility - (KR) South Korea Ministry of Knowledge Economy: Apr industrial electricity sales rise 3.1% y/y to 21.9B kwh - Korean press ***Equities*** - ILU.AU: Encouraging trends in zircon have continued; FY13 earnings to be materially lower than in FY12 based on lower weighted average prices - AGM; +3.0% - ABC.AU: Sees FY13 Net profit to be similar to or less than FY12; H1 Net profit in FY13 to be lower than H1 in FY12 - AGM; -0.9% - MYR.AU: Reports Q3 A$652.5M v A$651.1M y/y; Remaining cautious about outlook for retail trading; -3.3% - VAH.AU: Abu Dhabi's Etihad confirms it has raises its Virgin shareholding to 10% - The Australian - SNE: Reportedly more open to considering proposal from Third Point LLC to spin off entertainment business - Nikkei News; +6.9% - Hyundai Motor 005380.KR: Union reps and management said to be close to agreement on restarting weekend shift starting this weekend - Korean press - Chubu Electric 9502.JP: To partner with TEPCO to build a coal-fired power plant - Nikkei News - Olympus 7733.JP: Pres: Looking to increase sales of medical equipment in emerging nationsto help offset sluggish digital camera operations - Nikkei News - SKS: NY Post reports that Saks has hired Goldman as advisor to explore strategic alternatives including possible sale; +19.4% afterhours >- NTAP: Reports Q4 $0.69 v $0.68e, R$1.72B v $1.75Be; initiates $0.15 dividend; +3.6% afterhours - INTU: Reports Q3 $2.97 (adj) v $2.95e, R$2.18B v $2.19Be; +0.3% afterhours -


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