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Tuesday August 20, 2013 - 05:11:24 GMT
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Asian Market Update: RBA minutes keep the door open to more easing; RBNZ announces macro measures on housing***Observations/Insights*** - Source

- Risk-off accelerates in the afternoon Asia session, as China shibor rates hit 3-week highs and "rupee crisis" in India deteriorates further >- RBA minutes suggest policymakers straddling both sides of the fence on further easing; Will not close off to possibility of further rate cuts but also did not want to signal further imminent easing; Policy to be driven by the course of AUD exchange rate; Not expecting significant increase in China growth in the coming quarters. - RBNZ announces macro-prudential measures on housing; Banks required to restrict new residential mortgage lending at loan-to-value ratio (LVR) of over 80% to no more than 10% of the dollar value of new housing lending flows; Acknowledges typically would use conventional rates mechanism to restrain housing demand, but will not do so now because inflation is low; Still forecasts rates to rise in 2014. - RBNZ Q3 inflation expectations the lone datapoint; 1-year seen at 1.9% vs 1.5% prior; 2-year at 2.4% vs 2.1% prior; 1-year GDP seen rising from 2.5% to 2.8% prior forecast, unemployment seen at 6.0% vs 6.4% prior forecast. - Hang Seng at 1-week lows below 22,100. - NAB the lone bright spot in Australia reporting season; Q3 Net profit rises to A$1.7B v A$1.4B y/y; BHP on tap to report FY13 after Sydney close. ***Economic Data*** - (NZ) NEW ZEALAND Q3 RBNZ 2-YEAR INFLATION EXPECTATIONS: 2.4% V 2.1% PRIOR - (AU) RESERVE BANK OF AUSTRALIA (RBA) AUG MINUTES: RBA HAS NOT CLOSED OFF POSSIBILITY OF FURTHER RATE CUTS ***Fixed Income/Commodities*** - (JP) JGB: Japan MoF sells 399.5B in 1.9% 40-year bonds, bid to cover: 3.37x v 2.64x prior - (JP) BOJ to buy 400B in CP outright on Aug 23rd - (AU) Australia Ministry of Finance (AOFM) sells A$200M in 2.5% indexed 2030 Bonds - (CN) China PBOC to inject CNY36B in 7-day reverse repos - (CN) Daily Shibor fixings: 1-week: 4.4280% (highest since July 31st) v 4.0920% prior - (CN) China Iron and Steel Association (CISA): China avg daily crude steel production 2.14Mt in early August, +2.7% y/y - GLD: SPDR Gold Trust ETF daily holdings fall by 3.0 tonnes to 912.3 tonnes ***Currencies*** - NZD/USD falls over 1% below $0.80 handle after RBNZ announced macro prudential restrictions on lending to curb housing prices, as policymakers defer to alternate measures amid low inflation. - AUD/USD rises as high as $0.9120 immediately after RBA minutes; Closer market reading of the statement sends AUD/USD below $0.9050, as RBA signals it has not fully closed the door on more easing despite removing key phrase from statement on more easing being warranted. - USD/INR rises above INR64, new record high; Moody's warns it will be "very challenging" for India to meet this year's fiscal deficit target. - JPY firms late in the day as USD/JPY pair trades below 97.50; AUD/JPY at 1-week lows below 88.50. - EUR/USD, GBP/USD in narrow 20-pip ranges around $1.3340 and $1.5650 respectively. ***Speakers/Political/In the Papers*** - (CN) PBoC researcher Wang: Warns of risks from lending between banks and local govts; Calls for banks to closesly supervise and strictly approve lending to local govts - Chinese press >- (CN) Shanghai July new housing loans surges, rising for the 6th consecutive month - Chinese press - (JP) Japan LDP Tax panel's Noda: Sales tax increase is inevitable - Japanese press - (JP) Seasonally adjusted exports in Japan's July merchandise trade balance fell 1.8% m/m; First sequential decline in 8 months - Nikkei News - (KR) South Korea shipper companies said to be looking to raise rates on expectations that shipping demand will rise - Korean press - (EG) Egypt authorities arrest the leader of the Muslim Brotherhood in Cairo - financial press - (BR) Brazil Fin Min Mantega: stress in fx market due to higher US Treasury yields Markets Snapshot (as of 03:15 GMT): - Nikkei225 -0.5%, S&P/ASX -0.5%, Kospi +0.1%, Shanghai Composite +0.4%, Hang Seng -0.4%, Sept S&P500 +0.1% at 1,646, Dec gold flat at $1,366, Sept crude oil -0.1% at $106.96/brl US markets: - Urban Outfitters URBN Reports Q2 EPS $0.51 v $0.48e, R$758.5M v $767Me; +7.0% afterhours Notable movers by sector: - Industrial: JGC Corp 1963.JP +2.9%; Daihatsu Motor Co 7262.JP -3.7%; Hino Motors Ltd 7205.JP -6.3%; Suzuki Motor Corp 7269.JP -5.1%; Isuzu Motors Ltd 7202.JP -3.8%; Nissan Motor Co 7201.JP -1.6%; Nippon Electric Glass 5214.JP -2.3%; Kubota Corp 6326.JP -3.5%; MacMahon MAH.AU -17.1% on weak FY13 results, lowers FY14 outlook; Daewoo Shipbuilding and Marine 042660.KR +3.1%; Samsung Heavy Industries 010140.KR +0.3%; Hyundai Merchants 011200.KR -4.0%; STX Offshore & Shipbuilding 067250.KR +9.9% - Energy: Kansai Electric Power 9503.JP +4.8%; Tohoku Electric 9506.JP +3.2%; Inpex Corp 1605.JP -3.3%; Oil Search Ltd OSH.AU +1.2% - Telecom: NTT DoCoMo 9437.JP +2.2% - Technology: Konica Corp 4902.JP -1.5%; Delta Electronics 2308.TW -2.6% - Materials: Yokohama Rubber 5101.JP -3.1%; BHP Billiton Ltd BHP.AU -1.2% with FY13 results expected later during the session; Arrium Ltd ARI.AU +12.2% - Consumer Discretionary: Citizen Holdings Co Ltd 7762.JP -1.8%; Coca-Cola Amatil CCL.AU -4.9% missing H1 profit expectations, lowers FY13 EBIT guidance range; Ansell ANN.AU +4.4%; Sydney Airport SYD.AU -2.3%; Tassal Group TGR.AU +2.1% after annual net profits came in up 19% on strong Australia sales - Financials: QBE Insurance Group QBE.AU -5.8% after reporting H1 profits were down 37%; National Australia Bank NAB.AU +0.8% after Q3 statement showed higher profits, revenues - Healthcare: Sonic Healthcare SHL.AU +4.0% on improved FY13 Net profit results, raised FY14 EBITDA guidance 5% - Source


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