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Friday June 14, 2013 - 05:27:15 GMT
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| | Email Asian Market Update: Panic selling subsides into the weekend as Hilsenrath soothes emerging markets worries with a nod for a patiently dovish Fed - Source

NZ) NEW ZEALAND MAY NON-RESIDENT BOND HOLDINGS: 69.1% V 69.0% PRIOR - (SG) SINGAPORE Q1 FINAL UNEMPLOYMENT RATE: 1.9% V 1.9% PRELIM - (NZ) NEW ZEALAND MAY BUSINESS PMI: 59.2 V 55.2 PRIOR (multi-month high) - (NZ) NEW ZEALAND MAY FOOD PRICES M/M: 0.3% V 0.2% PRIOR - (US) Weekly Fed Balance Sheet Assets Week ending June 12th: $3.367T (record high) v $3.357T prior; M1: +$85B v +$8.6B prior; M2: +$21.6B v +$16.4B prior - (CL) CHILE CENTRAL BANK LEAVES NOMINAL OVERNIGHT RATE TARGET UNCHANGED AT 5.00%, AS EXPECTED - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +2.8% - S&P/ASX +1.8% - Kospi +0.3% - Shanghai Composite -0.1% - Hang Seng +1.0% - Jun S&P500 -0.3% at 1,626 - Aug gold +0.5% at $1,384/oz - Jul crude oil flat at $96.68/brl ***Observations/Insights*** - Asian equity markets are generally bid higher in the final session of the week, as rumors of an impending corporate tax cut in Japan, speculation over a potential PBoC rate cut over the weekend, and another auspicious late-US-session WSJ piece from Fed watcher Hilsenrath forecasting a dovishly-oriented Fed statement next week all goosed risk appetite higher. Technicians were also quick to attribute the rally to a floor on the volatile USD/JPY pair, with pivotal support of against the dollar - 38.2% Fib retracement from the start of the Oct Usd/JPY rise - holding overnight. The confluence of expectation of steady Fed QE, lower weekly jobless claims earlier in the US session, and overall short-covering in risky assets going into the weekend boosted equities, high-beta FX, and commodities at the expense of the dollar, yen, and even the surprisingly resilient Swiss Franc in the opening hours of Asian trade. AUD/USD saw its highs above $0.9560, NZD/USD tested above $0.81, Copper rose nearly 1% above $3.22, and the volatile Nikkei225 index built on its opening gains to rise some 3% toward the 12,900 mark. ***Fixed Income/Commodities*** - JGB: (JP) Japan's MoF sells 2.47T in 0.4% 5-yr notes; Avg yield: 0.361% v 0.404% prior; Bid to cover: 4.36x v 3.39x prior - (CN) China MoF sells all local govt debt on offer; Sells 9-mo bills; avg yield 3.7612% - USD/CNY: (CN) PBoC sets yuan mid point at 6.1607 v 6.1344 prior close (record high setting for yuan) - (AU) Australia MOF (AOFM) sells A$700M in 2015 6.25% Bonds; avg yield 2.4850%; bid-to-cover: 5.36x - GLD: SPDR Gold Trust ETF daily holdings fall by 6.4 tons to 1,003.5 ton (lowest since 985.9 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (US) WSJ's Hilsenrath: Fed is likely to push back against market expectations that rate increases are coming sooner than previously believed - (US) Treasury Sec Lew: US economy has shown that it is resilient, growing around 2%; US economy not recovering as quickly as govt would like, suffering from self-inflicted damage - (JP) Japan BOJ releases May 21-22 Meeting Minutes: Members agreed Japan economy has started picking up - (JP) Japan Fin Min Aso: Corporate tax will not aid approx 75% of firms not paying taxes; No comment on volatility in equities and FX markets - (JP) Japan Econ Min Amari: wants to put Japan economy back on sound growth path - (JP) PIMCO's El-Erian: Market rightfully questioning the effectiveness of unconventional BOJ policies - CNBC - (CN) China MOFCOM expects 2013 exports growth rate approx 7% y/y - Chinese press - (CN) China Securities Journal front page editorial suggested that concerns about outflows could lead the PBoC to ease policy in H2 - (CN) According to Shanghai Development and Reform Commission, govt officials may raise residential water prices by about 30% to CNY3.65/cbm - Shanghai Daily - (CN) Beijing May luxury home sales +28% m/m at CNY355M, reach 17-month high - Chinese press - (KR) South Korea May Trade Balance revised lower to $5.9B from $6.0B - (KR) Bank of Korea (BOK) Gov Kim: Must be prepared to act against volatility in FX market - financial press - (KR) South Korea Financial Services Commission (FSC) Lee: no plan to investigate global banks on fx rigging - (KR) South Korea National Pension Service (NPS) announces 2014 plan - (KR) Bank of Korea (BOK) Gov Kim: Cental banks and financial policymakers need flexibility due to uncertainties - (NZ) RBNZ research paper sees higher NZ$ volatility than many peers; Expects drought to reduce NZ GDP by 0.6pts - financial press - (IN) India income tax dept raises possibility of greater scrutiny of multinational firms - financial press - (MY) Malaysia Central Bank Gov Zeti: Committed to maintaining orderly market conditions - (PH) Philippine Central Bank (BSP) Gov Tetangco: Keep benchmark rate unchanged ***Equities*** - RH: Reports Q1 $0.06 v $0.04e, R$301.3M v $299Me; +10.5% afterhours - ELN: JNJ confirms it is divesting 25.4M ELN shares (5% of shares outstanding); -1.7% afterhours - LLY: Voluntarily terminates phase II study for LY2886721; does not impact other Alzheimer's compounds in development; not expected to change FY13 guidance; -1.1% afterhours - SWHC: Reports prelim Q4 $0.44 v $0.41e, R$179M v $172Me; debt exchange and purchase, and $100.0M stock buyback (approx 17% of market cap); +4.7% afterhours - Unicharm 8113.JP: May see FY13/14 op profit rise 18% y/y to 70B - Nikkei News - TM: Judge reported to have stated accelerated settlement cannot yet be approved - financial press - CHL: China may launch 4G mobile phones as early as Q3 of this year if ministry of information industry technology (MIIT) grants licenses soon - Chinese press - Via Technologies 2388.TW: Reports May Rev NT$284M; -8.9% m/m, -21% y/y - NHF.AU: Sees FY13 EPS higher than FY12 due to strong investment performance - Source


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