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Friday May 24, 2013 - 04:51:51 GMT
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| | Email Asian Market Update: Japan stocks rebound from overnight collapse as yen-sellers resurface - Source

- (NZ) NEW ZEALAND APR TRADE BALANCE (NZ$): 157M V 515ME (3-month low); EXPORTS: 3.95B V 4.06BE; IMPORTS: 3.80B V 3.60BE - (PH) PHILIPPINES MAR TRADE BALANCE: -$593M V -$967M PRIOR; TOTAL IMPORTS: $4.9B V $4.7B PRIOR; TOTAL IMPORTS: -8.4% V -5.8% Y/Y ***Markets Snapshot (as of 02:30 GMT)*** - Nikkei225 +2.9% - S&P/ASX -1.3% - Kospi +0.1% - Shanghai Composite +0.3% - Hang Seng flat - Jun S&P500 +0.2% at 1,653 - Jun gold +0.1% at $1,393/oz - Jul crude oil flat at $94.25/brl ***Observations/Insights*** - Outsized losses in Tokyo equities are being corrected in the final session of the week as traders swooped in to put a floor under the free-fall in the yen pairs overnight. Yen selling has returned amid the prevailing sentiment of USD-bullishness, pushing USD/JPY back above the 102 handle after falling below 101 during the volatile European session. Risk aversion has subsided after a panicky US start, with the calm carried over into the Asian hours that is fairly devoid of notable economic data. Japan's cabinet officials as well as BOJ Gov Kuroda smoothed over concerns, reiterating the JGB and equity markets are being closely watched, and the primary policymakers focus is beating deflation. Note the 10-yr JGB yield, which fell over 15bps from overnight 1% highs after the BOJ liquidity injection, is back in high 0.80%'s. Market focus turns to the IFO data out of Germany in the early European session as well as the leading durable goods indicator out of the US at 8:30amET, with consensus looking for a recovery from two consecutive months of underwhelming results on both measures. ***Fixed Income/Commodities*** - USD/CNY: (CN) PBoC sets yuan mid point at 6.1867 v 6.1340 prior close (record high setting for yuan) - JGB: 10-year JGB yield rises 4.5bps to 0.88% - (JP) Societe Generale analyst: Long-term JGB yields may still rise to 1.4% by the end of 2013; Inflationary monetary policy makes rates susceptible to upward pressure - Nikkei News - GLD: SPDR Gold Trust ETF daily holdings fall by 1.5 tons to 1,018.6 ton (lowest since 1,008.8 tons in Feb of 2009) - (US) Weekly Fed Balance Sheet Assets Week ending May 22nd: $3.356T (**record high) v $3.311T prior; M1: +$3.3B v -$57B prior; M2: +$12.7B v +$5.2B prior ***Speakers/Political/In the Papers*** - (JP) BOJ gov Kuroda: Reiterates no particular targets for equities and forex; Wants to avoid volatility in bond market as much as possible >- (JP) Japan PM Abe: declines to comment on equities market movement; Govt finances are in very dire situation - (JP) Japan Chief Cabinet Sec Suga: no comment on stock moves - (JP) Japan Econ Min Amari: not worried about Thursday stock moves; Govt is mapping out details for a fiscal reform plan - (JP) Japan Fin Min Aso: No comment on recent volatility in FX, JGB, and equity markets - (KR) Bank of Korea (BOK) Gov Kim: US exit from QE may affect other economies - (AU) Australia PM Gillard: Australia has strong fundamentals, but economy is in transition; Resources jobs to decline - (EU) ECB's Draghi: Eurozone is a more stable union than it was a year ago; Seeing signs of tangible improvement in lending and financial conditions; Encouraged by progress and preparations made by France and Germany on giving up the necessary degree of sovereignty - (DE) German Finance Ministry monthly report: Apr tax Rev rose 0.4% y/y; Federal govt revenue fell 2.8%; States' Rev rose 3.3% y/y - financial press ***Equities*** - Hyundai Motor 005380.KR: Follow-up: Reach agreement to resume weekend production starting with the end of this week - Korean press - RIO: To cut 100 jobs at its Kennecott mine due to recent landslides - financial press - China Southern 1055.HK: Follow-up: To receive China's first Dreamliner in June - Shanghai Daily - Hon Hai 2317.TW: May be selected by Apple to assemble Macs in Texas - Taiwan press - Seven & I 3382.JP: Seven-Eleven Japan to raise its sales target for freshly brewed coffee by 40% in current FY - Nikkei News - Nippon Steel 5401.JP: Finalizing partnership plans with J-Power to build a coal-fired power plant in Ibaraki Prefecture - Nikkei News - Aozora 8304.JP: To name former Fin Min Fukuda as chairman to help boost partnerships with regional lenders to expand small/midsize business operations - Nikkei News - Obayashi 1802.JP: Awarded 32.9B contract to build office buildings and housing towers in the old center of Doha, Qatar - Nikkei News - PG: A.G. Lafley Rejoins Procter & Gamble as Chairman, President and CEO; Affirms Q4 and FY13 guidance - SHLD: Reports Q1 -$1.29 v -$0.51 y/y, R$8.5B v $9.3B y/y; -12.3% afterhours >- MRVL: Reports Q1 $0.19 v $0.14e, R$734M v $721Me; +6.5% afterhours - CRM: Reports Q1 $0.10 v $0.11e, R$893M v $887Me; -5.9% afterhours - P: Reports Q1 -$0.10 v -$0.11e, R$125.5M v $123Me; +8.2% afterhours - GPS: Reports Q1 $0.71 v $0.68e, R$3.73B v $3.71Be; -2.2% afterhours - Source


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