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Wednesday May 29, 2013 - 05:31:12 GMT
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| | Email Asian Market Update: AUD/USD falls to 19-month lows following PIMCO forecast of more RBA rate cuts - Source

(AU) AUSTRALIA Q1 CONSTRUCTION WORK DONE Q/Q: -2.0% V +1.0%E (biggest decline in 5 quarters) - (AU) AUSTRALIA Q1 CBAHIA HOUSE AFFORDABILITY Y/Y: 3.9% v 5.5% prior - (AU) AUSTRALIA MAR WESTPAC LEADING INDEX M/M: 0.2% V 0.6% PRIOR (5-month low) - (JP) JAPAN APR LARGE RETAILERS' SALES Y/Y: -2.3% V -1.0%E; RETAIL TRADE M/M: 0.7% V 0.2%E; Y/Y: -0.1% V -0.4%E (smallest decline in 4 months) - (KR) SOUTH KOREA APR CURRENT ACCOUNT: $4.0B V $4.9B PRIOR; GOODS BALANCE: $3.6B V $4.2B PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.1% - S&P/ASX +0.2% - Kospi +0.7% - Shanghai Composite +0.5% - Hang Seng -0.2% - Jun S&P500 -0.1% at 1,654 - Jun gold +0.7% at $1,388/oz - Jul crude oil -0.1% at $94.92/brl ***Observations/Insights*** - Asian equity markets are catching a more definitive bid after a mixed open as investors shift more funds from fixed income into the equities space across the globe. After better than expected US consumer confidence (4-year high) and Case/Shiller house price index (biggest increase since 2006), US indices and key treasury rates hit multimonth highs - most notably the benchmark 10-year yield has broken out of its 8-month-long range, rising above 2.1%. Similarly, 10-year yields in Australia and South Korea are up 9bps and 4bps respectively - the former helped by the forecast out of PIMCO for a lower policy setting by the RBA to help offset slowing resource investment. - PIMCO forecast for lower rates, as well as disappointing Australia Q1 construction data, are also playing out in the currency market through more pronounced AUD weakness. AUD/USD breached its 2012 lows around $0.9580 to trade as low as $0.9545, AUD/NZD fell below NZ$1.1850 (lowest since 2009), and even AUD/JPY is down about 40 pips below 97.80 despite the renewed yen weakness in other pairs. USD/JPY traded up to 102.50 going into the BOJ Gov Kuroda address but retreated to 102.20 when the Japanese central bank head failed to break any new ground on JGB volatility. ***Fixed Income/Commodities*** - (AU) Australia MOF (AOFM) sells A$700M in 2027 bonds, avg yield 3.73%; Bid-to-cover 2.45x - AUD/USD: CBA analyst: AUD may fall below $0.94 in the coming days if quarterly CAPEX data misses expectations - financial press - (CN) China MOF sells 5-yr bond, avg yield 3.09% - GLD: SPDR Gold Trust ETF daily holdings fall by 4.0 tons to 1,012.2 ton (lowest since 1,008.8 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) IMF First Deputy Managing Director Lipton: Lowers 2013 China GDP forecast to 7.75% from 8% prev Apr forecast, 2014 forecast to 7.75% from 8.2% prev - (CN) China Iron and Steel Association (CISA) deputy chairman Wang: Jan-Apr steel output increase have boosted inventory levels; predict that steel prices are going to fall more deeply this year. - (CN) According to research published in The Lancet, H7N9 bird flu virus strain has shown resistance to popular vaccine Tamiflu made by Roche - press - (NZ) According to New Zealand Institute of Economic Research (NZIER), RBNZ is increasingly concerned over "speculative" rise in Auckland housing - NZ press - (JP) BOJ Gov Kuroda: stable financial system is important; Global economy has accumulated wisdom from past crisis's but not yet completely shaken off effects of financial crisis - (JP) Japan Econ Min Amari has referred to "fiscal rebalancing" as the 4th arrow of Abenomics; Japan must seek fiscal rebalancing to prevent rapid rise in borrowing costs - Nikkei News - (KR) Bank of Korea (BOK) gov Kim: policy aims to boost corporate spending ***Equities*** - WOR.AU: Extended current "Maintain Potential Programme (MPP)" contract with Saudi Aramco for two years - BHP.AU: Exec: Coal business is aiming to substantially increase free cash flow - WES.AU: Sees challenging short-term outlook for resources with subdued demand and competitive market - FCG.NZ: Announces opening forecast for Farmgate Milk Price in FY13/14 milk at NZ$7.00/kgms; Confirms final FY12/13 payout at NZ$5.80/kg - AAPL: CEO: iPad is growing significantly; Apple has several more game changers in development; Stock price has been frustrating but it is not unprecedented; No major acquisitions in the pipeline; "Wrist technology" more intriguing than eyewear - AllThingsD interview -


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