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Thursday May 30, 2013 - 05:25:36 GMT
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TradeTheNews.com Asian Market Update: Nikkei slumps again as USD/JPY falls to 3-week lows; Australia Q1 CAPEX slump offset by upbeat forecast for FY13/14 and strong building approvals - Source TradeTh

- (AU) AUSTRALIA APR BUILDING APPROVALS M/M: 9.1% V 4.0%E (7-month high); Y/Y: 27.3% V 22.5%E >- (AU) AUSTRALIA Q1 PRIVATE CAPITAL EXPENDITURE Q/Q: -4.7% V +0.5%E - (AU) AUSTRALIA Q1 CBAHIA HOUSE AFFORDABILITY Q/Q: 69.7 V 68.9 PRIOR - (BR) BRAZIL CENTRAL BANK (COPOM) RAISES SELIC TARGET BY 50BPS TO 8.00%, MORE THAN THE EXPECTED 25 BPS RAISE; DECISION UNANIMOUS - (KR) SOUTH KOREA APR LEADING INDEX CHANGE: 0.1% V -0.1% PRIOR - (KR) SOUTH KOREA APR INDUSTRIAL PRODUCTION M/M: 0.8% V 0.5%E; Y/Y: +1.7% V -0.5%E - (NZ) NEW ZEALAND APR BUILDING PERMITS M/M: 18.5% V 7.7%E (13-month high) - (KR) SOUTH KOREA JUN BUSINESS SURVEY MANUFACTURING: 82 V 81 PRIOR; NON-MANUFACTURING: 69 V 72 PRIOR - (PH) PHILIPPINES Q1 GDP Q/Q: 2.2% V 1.7%E; Y/Y: 7.8% V 6.0%E - (JP) Japan investors sold 1.1T (**second week of net sales after 4 weeks of buys) in foreign bonds last week vs sold 800B in prior week; Foreign Investors bought 27.4B in Japan stocks last week vs bought 716B in prior week >- (US) API PETROLEUM INVENTORIES CRUDE: +4.40M (largest build in 4 weeks) V -0.5ME; GASOLINE: +1.94M V -0.5ME; DISTILLATE: +3.11M V 0E; UTILIZATION: 86.6% V 86.8% W/W ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 -3.5% - S&P/ASX -1.1% - Kospi +0.2% - Shanghai Composite -0.3% - Hang Seng -0.4% - Jun S&P500 +0.1% at 1,648 - Jun gold +0.2% at $1,394/oz - Jul crude oil +0.1% at $93.20/brl ***Observations/Insights*** - Asian equity markets are trading predominantly lower once again, taking cue from Wall Street where investors have taken more profits from stocks and repositioned into fixed income. Modest declines in US treasury yields translated into fresh round of downside in the dollar, with USD/JPY falling to low 101 in US hours and extending that decline below the 100.60 level, a 3-week low. In turn, the stronger yen weighed on Japanese equities, most notably the exporters, as Nikkei225 slumped over 3% to fall back below the 14,000 level. Bank of Japan Gov Kuroda said that BOJ easing is sufficient to end deflation, adding that the BOJ is not prepared to ignore bond market volatility. Fin Min Aso was also in damage control mode, noting that banks can cope with rising JGB yields despite the hit on their balance sheets. Meanwhile, 2-year JGB auction bid-to-cover slipped relatve to last month's offering, albeit the tail was nowhere as alarming as in the 20-year auction earlier this week. - Elsewhere in FX space, NZD was under pressure early in the Asia morning after RBNZ Gov Wheeler said that that NZD is significantly overvalued and that he wants to diminish perceptions of NZD as a one way bet. Wheeler added he is prepared to escalate FX intervention (note in April RBNZ sold NZ$256M to intervene). This caused the Kiwi to dip below the $0.81 handle before recovering after the stront April building permits that showed Wellington, not Christchurch, as the most notable gainer on the permit front. - Mining companies in Australia weighed on the ASX, even though weaker USD send AUD/USD to $0.9660, coming off a 19-month low seen in yesterday's session. Australia building approvals came in at a 7-month high m/m while Q1 private capital expenditures came in at a disappointing -4.7%. Note the silver lining in the CAPEX data was a slight upgrade in the overall FY13/14 investment outloook to A$156.5B v A$152.5B initial estimate. ***Fixed Income/Commodities*** - JGB: (JP) Japan MoF sells 2.67T in 0.1% 2-yr notes, Avg Yield: 0.151% v 0.126% prior; bid to cover: 4.82x v 5.27x prior - (CN) PBOC to sell CNY13B in 28-day repos, avg yield 2.75% (drain liquidity) and CNY15B in 3-month bills, avg yield 2.9089% - (CN) Chinese govt is discussing improving bond issuance - Chinese press - SLV: iShares Silver Trust ETF daily holdings fall to 9,993 tons from 10,023 tons (lowest since Dec 13th) - GLD: SPDR Gold Trust ETF daily holdings rise by 1.0 tons to 1,013.2 ton (first rise since May 9th) ***Speakers/Political/In the Papers*** - (JP) Japan BOJ gov Kuroda: BOJ easing is needed and sufficient to end deflation; BOJ is not prepared to ignore bond market volatility - (JP) Japan govt looking to reduce long-term unemployment by 20% over the next 5 years; Strategy to be unveiled in June - Nikkei News - (JP) Japan Fin Min Aso: Banks' capital base won't be severely affected by 1% rise in JGB yields - (JP) JPMorgan economist: BOJ may be forced to add more quantitative easing as early as Q4; Unlikely to make sufficient progress to achieve 2% inflation within two years without more measures - financial press - (CN) Beijing said to take measures to limit home price gains - Chinese press - (CN) According to UBS, China auto sales may start to flatten out as early as 2015; Infrastructure bottlenecks and uncertainty over rural demand to keep the flat trend for about 10 years - Shanghai Daily - (CN) China National Coal Association: China Jan-Apr coal output is down 2% y/y at 1.15B tons; Fixed asset investment in coal mining industry is down 6.6% y/y - Shanghai Daily - (AU) Australia govt has rejected proposal from Hong Kong for free trade agreement - (KR) South Korea Financial Services Commission (FSC) Chairman: South Korea FX reserves should be higher - Korean press - (KR) South Korea Fin Min Hyun: Calls for debate on 'orderly exit strategy' from QE by global central banks - Korean press ***Equities*** - WBC.AU: Exec: China iron ore production is below trend; demand is robust - 4938.TW: Apple said to have shifted some of its supply chain away from Foxconn and in favor of Pegatron - Apple Insider - (HK) Hopewell Hong Kong properties announces IPO, offering 340M shares, expected to price in range of HK$15.30-17.80 - Japan's Honda and Toyota both sold bonds in the session, Toyota 3-yr 0.289% bonds and 20B in 10-yr 0.963% bonds, while Honda sold 5-yr 0.554% bonds. - TSLA: CEO: Car prices coming down in 3-4 years; Mainstream Tesla model still 3-4 years out, Will be 20% smaller than Model S - AllThingsD interview - CLWR: DISH Network Announces Tender Offer in Letter to Clearwire Board of Directors for $4.40/shr (vs $3.40 nominal in Sprint offer) - Source TradeTheNews.com

 

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