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Tuesday May 28, 2013 - 07:11:23 GMT
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| | Email Asian Market Update: Investors reposition into short-Yen, long Nikkei trade - Source

- (TH) THAILAND APR MANUFACTURING INDEX: Y/Y: -3.8% V 2.0%E - (JP) JAPAN APR CORP SERVICE PRICE INDEX Y/Y: -0.4% V -0.2%E (biggest decline in 4 months) - (CN) China Apr Leading Index: 99.8 v 100.0 prior ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +1.0% - S&P/ASX +0.4% - Kospi +0.5% - Shanghai Composite +0.2% - Hang Seng +0.2% - Jun S&P500 +0.2% at 1,656 - Jun gold -0.3% at $1,388/oz - Jul crude oil +0.2% at $93.79/brl ***Observations/Insights*** - Risk-on sentiment has returned to the Asian equity markets, where Nikkei225 is the notable outperformer after outsized losses overnight. The index opened down nearly 1.5% below 14,000 but quickly reversed those losses to trade up over 1% while USD/JPY spiked up some 80pips toward the 102 handle. Analysts widely attributed the reversal to bargain-hunting from the technically key levels, as today's lows tracked around the lows seen on the day of the 7% slump last week. Yen weakness also coincided with reports that China boosted its holdings of JGBs by over 10% last year to 20T. Earlier, local media also reported Japan utilities may formally bid for a restart of nuclear facilities as early as July, which would help reverse months of trade deficits as a result of the rising energy export bill. Note that the BOJ will meet with the bond market participants tomorrow to help restore investor confidence, just as today's 20-year JGB auction showed floundering demand and 10-year yields pushed up about 5bps to 0.87%. ***Fixed Income/Commodities*** - (JP) Japan's MoF sells 1.10T 20-yr 1.6% JGBs; Avg yield: 1.680% v 1.522% prior; bid-to-cover: 2.54x v 3.68x prior - (AU) HSBC chief economist / former RBA economist Bloxham: RBA may be done easing for the rest of the year; AUD downside limited - CNBC ***Speakers/Political/In the Papers*** - (CN) China State Administration of Foreign Exchange (SAFE) may invest $3.4T foreign-exchange reserves into US real estate - SCMP - (CN) EU Trade Chief de Gucht: ready to negotiate a solution on the solar panels case with China; Aware of pressure being exerted by China on a number of EU member states - financial press - (JP) Japan utilities to apply for restart of nuclear reactors in July - NHK >- (JP) BOJ: China held 20T in Japanese debt by end of 2012 v 18T y/y, +14% y/y - (JP) Japan PM Abe's Econ Advisor Hamada: Current fx level is not far from competitive state; Do not think three-day plunge in market reflects fundamentals; deregulation and freer trade are most needed - (JP) Japan Econ Min Amari: Equities are in adjustment phase from recent sharp gains and will stabilize soon - (JP) Elections for Japan's opposition-controlled upper house of Diet to take place on July 21st - Nikkei News - (TW) Taiwan Cabinet announcing economic stimulus plan; Plans to create NT$1B angel funds in private companies. - (AU) According to Deutsche Bank equities strategist, AUD/USD fall to $0.95 would lift earnings for Australian equity market to 5% above FY13/14 consensus forecast and 3% FY14/15 forecast - The Australian - (KR) South Korea Ministry of Oceans and Fisheries: Container cargo handling at South Korean seaports in Apr fell 2.7% y/y to 109M tons - Korean press - (US) WSJ's Hilsenrath points to the Fed's survey of primary dealers suggesting most expect Fed to continue purchasing $85B in monthly assets by Q4; Most dont expect program to end until Q2 of 2014 vs Q1 in prior surveys - (EU) ECB's Praet (Belgium): Structural reforms needed to back up monetary policy- Nikkei News interview - (IT) Preliminary polls see Italy's left-wing challenger Marino leading the rightwing incumbent Alemanno in the first round of voting for Rome mayor by a margin of about 41% to 31%; Run-off elections set to take place on June 9-10 ***Equities*** - PKX: Sets up a stainless steel processing plant in Thailand - Korean press - TM: Exec: To increase production in US and may turn it into an export base - Nikkei News - Mitsubishi Electric 6503.JP: May see its chip operations return to profit in FY13/14 - Nikkei News - Hon Hai 2317.TW: Reviewing plans to sell its own brand of electronics accessories to improve profit margins - US financial press - Samsung Electronics 005930.KR: According to Sino Market Research, Samsung had the largest China smartphone market share as of Apr at 18.8% - DigiTimes - BOQ.AU: Chairman: Still confident in bank's business despite challenging economic backdrop - AFR - QAN.AU: To make further investment in Western Australia - financial press - IVA.AU: CEO: Cost reduction is key industry focus; access to equity and debt are difficult - AGM - NHC.AU: Reports Q3 raw coal production 2.47MT, -20% y/y; saleable coal production 1.2MT, -24%


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