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Tuesday January 21, 2014 - 06:23:28 GMT
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TradeTheNews.com Asian Market Update: China stocks rally after an outsized PBoC liquidity injection - Source TradeTheNews.com

(NZ) NEW ZEALAND Q4 CPI Q/Q: +0.1% V -0.1%E; Y/Y: 1.6% V 1.5%E (highest level since Q1 2012) - (ID) INDONESIA Q4 FOREIGN DIRECT INVESTMENT (FDI) Q/Q: 25.4% V 18.4% PRIOR ***Observations/Insights*** - PBoC delivered on its overnight pledge to ease the increasingly tighter liquidity conditions going into the Lunar New Year holidays in February; Central bank injected CNY180B in 21-day reverse repos and CNY75B in 7-day reverse repos, making the largest injection since Feb 2013 as well as its first open market operation in nearly a month. Repo rate opened up lower ahead of the announcement, and the 7-day shibor saw an 80bp drop to 5.53%. Shanghai Composite and the Hang Seng both rallied by over 1% in the morning session following the announcement. - New Zealand Q4 CPI tops expectations, with y/y inflation now in the 2nd quarter within the RBNZ target rate of 1-3%. Reports noting the figures pave the way for a certain RBNZ rate hike by March, while some now see a good chance for a tightening as early as next week. Swaps markets are pricing in over 60% chance of the early move, as NZD rises sharply across the board. - USD is supported by an opinion piece from WSJ Fed watcher Hilsenrath, who argues that the FOMC is still on track to continue to taper asset purchases. Hilsenrath sees another $10B reduction in the overall program to $65B/month, noting that Fed officials will see the surprise decline in December non-farm payrolls as a statistical aberration and the result of bad weather conditions. ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to conduct CNY180B in 21-day reverse repos and CNY75B in 7-day reverse repos (biggest injection since Feb 2013, 1st injection after 7 consecutive halted operations) - (CN) Daily Shibor fixings; O/N: 3.6410% v 3.8880% prior (1st decline in 6 sessions); 1-week: 5.5350% v 6.3290% prior (1st decline in 4 sessions) - (CN) China 7-day repo rate opens 134 bps lower at 5.25% - (JP) Japan's MoF sells 2.48T in 0.2% (0.2% prior) 5-yr notes; Avg yield: 0.206% v 0.197% prior; Bid to cover: 3.73x v 4.43x prior - (JP) BOJ to buy 400B in CP outright on Jan 24th - USD is seeing its biggest gains against the Japanese Yen following a Hilsenrath piece forecasting further Fed taper this month. USD/JPY is up about 50pips above 104.60, while EUR/JPY and AUD/JPY are up 70pips from the lows for session highs of 141.80 and 92.40 respectively. EUR/USD is down slightly, falling about 20pips below 1.3540 and AUD/USD is tracking the China-driven risk-on sentiment higher above $0.8830. NZD/USD is a sizeable mover following the Q4 CPI release, rising as high as $0.8340 - up about 80pips after the data. ***Speakers/Political/In the Papers*** - (CN) Former PBoC adviser/director of National Economic Research Institute Fan Gang: China potential growth rate may slow to 7-8% in this decade; China's local debt problem is manageable; Real estate market has stabilized - (CN) China listed banks FY13 profit growth may below 10% y/y (record low since 2005) - financial press - (CN) PBoC Academic researcher Wang Yong: China should avoid liquidity risk in commercial banks - Chinese press - (CN) China imposes tariffs on solar-grade polysilicon from US, South Korea - (CN) Credit Suisse head of precious metals: China gold imports may fall as much as 10-15% in 2014 - financial press - (JP) Japan Fin Min Aso: Difficult to find revenue to make up for a cut in corporate tax rate - (JP) Japan Econ Min Amari: US, Japan needs to work together to bring Trans-Pacific Partnership (TPP) positions closer - (KR) South Korea Jan 1-20 exports $27.3B, +5.8% y/y, imports $29.2B, +5.0% y/y; Result seen as a trade deficit of $1.86B - financial press cites South Korean customs agency - NZD/USD: (NZ) Westpac's Speizer: Latest New Zealand CPI solidifies the case for an RBNZ rate hike in March; Raises the possibility of a start this month - NZ press - (NZ) Latest swaps market data indicates the probability of RBNZ rate rise in Jan increased to 65% vs 44% after the release of Q4 CPI - financial press - (NZ) ANZ: New Zealand Central Bank (RBNZ) should raise cash rate on Jan 30th following latest CPI data - financial press - (US) WSJ's Fed watcher Hilsenrath: Fed on track to reduce bond purchases at Jan 28-29th meeting by another $10B to $65B/month - financial press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.5%, S&P/ASX +0.5%, Kospi +0.5%, Shanghai Composite +0.6%, Hang Seng +0.6%, Mar S&P500 +0.4% at 1,841, Feb gold +0.9% at $1,251, Mar crude oil -0.1% at $93.90/brl US markets: - CAM: To Sell Reciprocating Compression Division for $550M to GE - BA: GE Capital Aviation Services (GECAS) may order 40 737s in order worth $4B - press; Boeing, GECAS announce order for 20 737 MAXs, 20 Next-Gen 737s; deal valued at $3.9B - AGU: Provides Q4 guidance, reports one-time adjustments; Guides Q4 EPS toward the bottom of prior forecast of $0.80-1.25 v $1.02e Notable movers by sector: - Consumer Discretionary: Hefei Meiling 000521.CN +6.7% (FY13 guidance); Huayi Brothers Media Corp 300027.CN +3.0% (box office result); Beijing Gehua CATV Network 600037.CN +10.1% (cloud gaming alliance); Nifco Inc 7988.JP +4.2% (press report on 9M results) - Materials: Shandong Chenming Paper Holdings 000488.CN +8.2% (FY13 guidance); Cockatoo COK.AU -2.7% (Harum reduces holding in company) - Technology: Haier Electronics Group 1169.HK +4.2%; Telling Telecommunication Holding 000829.CN +4.3% (FY13 guidance); Lenovo Group 992.HK +3.5% (in talks to acquire IBM's server unit); Liaoning Julong Financial Equipment Corp 300202.CN +5.1% (FY13 guidance); NEC 6701.JP +2.6% (speculation on sale of Biglobe unit) - Energy: CNOOC 883.HK -5.3% (FY14 guidance); Guangzhou Development Group 600098.CN +1.7% (share repurchase plan); Digital Garage 4819.JP +1.3% (H1 results); Jiangsu Zongyi 600770.CN +10.0% (mobile gaming plans) - Industrials: Gome Electrical Appliances Holdings 493.HK +8.7% (prelim FY13 result); Shenzhen Tagen Group 000090.CN +3.6% (FY13 guidance) - Healthcare: Guangdong Taiantang Pharmaceutical 002433.CN +5.7% (special dividend proposal); Zhejiang Jolly Pharmaceutical 300181.CN +4.1% (FY13 result) - Telecom: ZTE Corp 000063.CN +3.7% (FY13 guidance) - Source TradeTheNews.com

 

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Amazing Trader EVENT RISK Calendar:


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15:00 US- Existing Homes Sales
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


  • POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic

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  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
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