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Friday June 7, 2013 - 07:13:35 GMT
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| | Email Asian Market Update: Volatility Abounds, Yen-selling Aborted, Abenomics Ablaze - Source

***Economic Data*** - (KR) SOUTH KOREA Q1 FINAL GDP Q/Q: 0.8% V 0.9% PRELIM; Y/Y: 1.5% V 1.5% PRELIM - (JP) JAPAN MAY OFFICIAL RESERVE ASSETS: $1.25T V $1.26T PRIOR - (AU) AUSTRALIA MAY AIG PERFORMANCE OF CONSTRUCTION INDEX: 35.3 V 35.2 PRIOR (in contraction for 3 years) - (MA) MALAYSIA APR TRADE BALANCE (MYR): 0.9B V 5.2BE - (SL) SRI LANKA LEAVES REVERSE REPO RATE UNCHANGED AT 9.00% (AS EXPECTED); LEAVES REPURCHASE RATE UNCHANGED AT 7.00% (AS EXPECTED) - (CO) COLOMBIA APR EXPORTS: $4.9B V $4.6B PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -1.3% - S&P/ASX -0.7% - Kospi -1.4% - Shanghai Composite -0.8% - Hang Seng -1.2% - Jun S&P500 -0.1% at 1,621 - Aug gold -0.2% at $1,413/oz - Jul crude oil flat at $94.77/brl ***Observations/Insights*** - The about-turn on yen-selling shifted into a high gear in the US session, as yen bears abdicated their positions further, sending USD/JPY sharply lower upon a breach of the 99 handle. The stop-hunt turned into a rout later in the day and has since continued in the Asian session, with the USD/JPY pair falling to 2-month lows around 95.50 after Fin Min Aso said there would be no intervention in the FX market in the near term. A late-session rebound is spurred by surfaced press reports of Japan Health Ministry scheduling a special conference to a discuss midterm plan changes that will allow its public pension fund (GPIF) to diversify its holdings away from bonds, as 10-yr yields rose about 5bps just after the midday break and USD/JPY regained the 96 figure. - Commodity currencies remained under pressure as well, with risk-off deleveraging sending AUD/USD and NZD/USD back below $0.94 and $0.7950 respectively, just shy of the overnight lows. Moreover, the typically less volatile trading environment ahead of the US non-farm payrolls is further complicated by higher European periphery yields rising from a surprisingly less dovish than expected ECB Pres Draghi. ***Fixed Income/Commodities*** - (US) Weekly Fed Balance Sheet Assets Week ending June 5th: $3.357T (record high) v $3.342T prior; M1: +$8.6B v +$4.8B prior; M2: +$16.4B v -$11.9B prior - AUD/USD: NAB analyst lowers end-2013 AUD forecast to $0.93 from $0.98 prior - financial press - USD/CNY: (CN) PBoC sets yuan mid point at 6.1620 v 6.1362 prior close (record high setting for yuan) - (JP) BoJ to purchase 500B in 5-10yr JGBs, 300B in 10+ yrs - (AU) Australia MOF (AOFM) sells A$700M in 2017 Bonds; avg yield 2.6378%; bid-to-cover: 4.43x - GLD: SPDR Gold Trust ETF daily holdings fall by 2.8 tons to 1,007.7 ton (lowest since 985.9 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (JP) Japan Fin Min Aso: Will not intervene in fx market immediately - (JP) UBS analysts underscoring the difference in impact on the Vix from QE policies of the Fed and the BOJ - Zero Hedge - (JP) Japan Econ Min Amari: To consider additional bold measures if necessary - (JP) Japan PM Econ Adviser Hamada: Market correction should be temporary - (JP) Japan MoF International Bureau head Yamazaki: Overnight movement in USD/JPY rates was rapid; Concerns over JGB yields are overstated - financial press - (JP) China vessels sighted near disputed Senkaku Island for the 11th consecutive day - Japanese press - (JP) Soros Fund Management shorting yen, purchasing Japan equities from earlier this week - Japanese press - (CN) China Center for International Economic Exchanges (CCIEE) senior economist Zhang: Tolerance of lower GDP for China's new leadership is much higher than prior govt - financial press - (CN) China Banks' default on interbank borrowing due to tight liquidity - financial press - (AU) Swaps markets now pricing in about a 57% chance of a 25bps cut in July vs below 50% overnight - press - (KR) Bank of Korea (BOK) official Jung: Economy may grow faster than initial forecasts - (US) According to one survey, analysts expect the Fed QE program to be tapered to about $65B from $85B per month by Oct - financial press - (BR) S&P revises Brazil outlook to Negative from Stable ***Equities*** - Samsung Electronics 005930.KR: JPMorgan: Galaxy 4 momentum slowed more quickly than Galaxy S3; -5% >- NCM.AU: Affirms will focus on free cash flow maximization, Sees FY14 free cash flow neutral before turning positive in coming years; Reiterates dividend policy of no payout in FY13; -7.5% - LYC.AU: Plans to cut more costs amid continued decline in commodities - Australian press - Media Tek 2454.TW: Reports May Rev NT$10.9B v NT$12.6B m/m - KDDI Corp 9433.JP: Added 227.0K new subscribers in May v 209.5K in Apr - Softbank Corp 9984.JP: Added 298K new subscribers in May v 264.4K in Apr - NTT DoCoMo 9437.JP: Added 91.8K new subscribers in May v 1.3K in Apr - Mitsubishi UFJ 8306.JP: Bank of Tokyo-Mitsubishi UFJ to lower mortgage rates - Japanese press - Mizuho 8411.JP: Mizuho Bank to lower mortgage rates - Japanese press - THO: Reports Q4 $0.97 (ex items) v $0.89e, R$1.05B v $1.05Be; +3.1% afterhours - T: Affirms guidance for FY13; sees Q2 postpaid wireless net adds of approx 500k; -0.3% afterhours - GM: US Treasury to sell 30M shares at $34.41/shr; expects $1.03B from sale; -0.1% afterhours - IRM: IRS formed internal working group to study the current legal standards the IRS uses to define for purposes of the REIT provisions (ahead of IRM's planned REIT conversion); -9.2% afterhours -


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