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Wednesday June 12, 2013 - 06:48:44 GMT
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| | Email Asian Market Update: Nikkei slumps again after reports of FSA favoring depositor "bail-in"; AUD rebounds on improved consumer confidence - Source

***Economic Data*** - (AU) AUSTRALIA JUN WESTPAC CONSUMER CONFIDENCE INDEX: 102.2 V 97.6 PRIOR; M/M: +4.7% V -7.0% PRIOR (4-month high) - (AU) AUSTRALIA APR RBA CREDIT CARD BALANCES: A$49.4B V A$49.7B PRIOR; RBA CREDIT CARD PURCHASES: A$21.6B V A$20.2B PRIOR - (NZ) NEW ZEALAND MAY CARD SPENDING RETAIL M/M: 0.5% V 0.5%E; TOTAL: 0.6% V 1.1% PRIOR - (NZ) NEW ZEALAND REINZ MAY HOUSE PRICE INDEX: 3,687 V 3,661 PRIOR; HOUSE SALES M/M: 0.7% v 0.8% prior; Y/Y: 7.5% v 25.2% PRIOR - (JP) JAPAN APR MACHINE ORDERS M/M: -8.8% V -8.1%E (1st decline in 3 months); Y/Y: -1.1% V -4.3%E - (JP) JAPAN APR LOANS & DISCOUNTS CORP: 1.4% V 1.5% PRIOR - (JP) JAPAN MAY DOMESTIC CGPI M/M: 0.1% V 0.2%E; Y/Y: 0.6% V 0.6%E - (JP) JAPAN APR CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.4% V 2.1% PRIOR - (KR) SOUTH KOREA APR EXPORT PRICE INDEX M/M: -1.0% V +0.6% PRIOR; Y/Y: -5.9% V -5.7% PRIOR; IMPORT PRICE INDEX M/M: -1.8% V +0.1% PRIOR; Y/Y: -9.6% V -9.7% PRIOR - (KR) SOUTH KOREA APR MONEY SUPPLY L: 0.5% V 0.7% PRIOR; M2: 0.4% V 0.5% PRIOR - (KR) SOUTH KOREA MAY UNEMPLOYMENT RATE: 3.2% V 3.1%E ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -1.8% - S&P/ASX -0.8% - Kospi -0.3% - Shanghai Composite closed - Hang Seng closed - Jun S&P500 +0.1% at 1,629 - Aug gold flat at $1,377/oz - Jul crude oil -0.7% at $94.73/brl ***Observations/Insights*** - Asian equity markets are softer, led by weakness in Tokyo for the 2nd consecutive session. The bulk of the damage on the Nikkei225 was inflicted in the US hours after a Japanese press report indicated the FSA is planning to adopt a "bail-in" policy for failing banks, thus forcing losses on investors if necessary. Aside from echoing the unexpected decision from European authorities in Cyprus that resulted in the fall of the island's 2nd biggest lender, the warning shot from Japanese regulators spooked investors already unnerved by the impact of the rising JGB yields on the balance sheets of financials, despite the continued rhetoric from Japan govt officials that banks can withstand higher rates. USD/JPY registered its biggest drop in 3 years to around 95.50, JGB yields once again pushed up closer to 0.9%, and Nikkei225 fell nearly 2% to 13,000 before bouncing higher late in the day. In notable economic data, April machine orders registered a bigger than expected m/m drop of 8.8%, the first sequential decline in 3 months. - Australian dollar received an unexpected boost from an improved Westpac consumer confidence data which rose at the fastest pace in 4 months back above the expansion threshold of 100. AUD/USD rose to within a few pips of the $0.95 level before retreating to $0.9450 late in the day on profit-taking ahead of tomorrow's critical Australia employment data. Note the Westpac index is the first datapoint for the month of June. ***Fixed Income/Commodities*** - (AU) Australia Bureau of Agricultural and Resource (ABARES): Sees Australia FY13/14 wheat production at 25.4M tons, +2% from March estimate - (US) PIMCO reports May Treasury holdings reduced to 37% from 39% m/m - (US) API PETROLEUM INVENTORIES CRUDE: +8.97M V -0.5ME (largest build since Dec 2011); GASOLINE: +1.0M V +0.5ME; DISTILLATE: +200K V +1.5ME ***Speakers/Political/In the Papers*** - (JP) Japan FSA plans to adopt "bail-in" policy for failing banks, to force losses on investors if necessary - Nikkei News - (JP) Japan farm union will continue opposing TPP - Kyodo News - (JP) OECD's Gurria: PM Abe's policies should help Japan economy, stabilize deficit - (JP) Mizuho Securities strategist: BOJ Gov Kuroda said the market has calmed down, but the implied volatility has actually risen in recent weeks amid concerns over increased risks - Nikkei News - (JP) Japan government to pick locations of new special economic zones as early as August to drive more sustainable economic growth - Nikkei News - (CN) EU plans to lodge case with WTO against Chinese steel tube duties - SCMP - (KR) According to one survey, analysts are unanimous that the BOK will keep interest rates on hold at 2.5% at its next policy meeting tomorrow - financial press - (KR) South Korea Unification Ministry: North Korea did not answer its call on border hotline today - (TH) Thailand Fin Min: not worried by capital outflows, which can be positive as it weakens the baht currency - (TH) Thailand Central Bank releases minutes from May 28-29th: Saw easing global inflationary pressures - (ID) Indonesia Central Bank (BI) raises overnight deposit facility rate by 25 bps to 4.25%, effective June 12th - (NZ) New Zealand Fin Min English: NZD drop is positive for economy ***Equities*** - FSLR: Announces public offering of 8.5M shares in common stock (approx 10% of shares outstanding); Affirms FY13 $4.00-4.50 v $4.18e, Rev $3.8-4.0B v $3.85Be; -7.4% afterhours - S: Special committee confirms discussions with DISH have terminated, has given DISH until June 18 for a "best and final offer"; moving ahead with SoftBank deal - filing - MA: Reports May US retail sales +4.4% - financial press - YUM: Reports May China SSS -19% v -19%e (v -29% in April); reiterates China division SSS to turn positive in Q4; -1.7% afterhours - RMBS: Signs 5-year patent license agreement with SK Hynix; +10.5% afterhours - All Nippon Airways 9202.JP: Spokesman: Cancels Boeing 787 Dreamliner Ube-Tokyo flight due to engine issues - SNE: PS4 Chief House: demand for PS4 beyond internal expectations - WHC.AU: Reports H1 EBITDA A$8.2M, NPAT loss A$27.6M v profit A$22.0M y/y - GNC.AU: ADM increased offer for logistics infrastructure unit by A$50M to A$300M - financial press - Samsung Electronics 005930.KR: South Korea regulators to investigate Samsung's share price drop - Korean press - DBS.SG: May review Danamon deal if allowed to purchase 40% stake - financial press - Source


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