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Monday January 27, 2014 - 06:01:35 GMT
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| | Email Asian Market Update: Japan merchandise trade hits record deficit despite weaker Yen; China markets still under pressure on manufacturing, credit worries - Source

(JP) JAPAN DEC MERCHANDISE TRADE BALANCE: -1.30T V -1.24TE (record 18 straight month of deficits); ADJUSTED TRADE BALANCE: -1.15T V -1.34TE; 2013 Japan annual trade gap of 11.47T (record deficit) vs 6.94T y/y - (NZ) NEW ZEALAND DEC PERFORMANCE SERVICES INDEX: 57.5 V 55.8 PRIOR - (KR) SOUTH KOREA JAN CONSUMER CONFIDENCE: 109 V 107 PRIOR (3-year high) - (JP) BANK OF JAPAN (BOJ) RELEASES MINUTES FROM DEC 19-20 MEETING: Japan economy recovering moderately; Japan exports lacks momentum ***Observations/Insights*** - Asian equity markets are in the red across the board, tracking outsized losses in US indices on Friday. Nikkei225 led the decliners again in the morning session, falling well over 2% amid further risk-off Yen-strength. Separately, Japan merchandise trade deficit came in above a trillion yen for December, while calendar 2013 deficit was record high due to mounting energy costs. BOJ Gov Kuroda speaking at Davos remained resolute in terms of Japan achieving the central bank's 2% inflation target in a 2-year time frame. - Hong Kong's Hang Seng is down just over 2% and Shanghai Composite fell over 1% in the morning session before recovering some ground going into the afternoon break. Analysts continued to point at the surprise contraction in the HSBC manufacturing flash PMI that got the selloff started last week. Some additional focus also fell on troubling press reports pertaining to the China credit mechanism - a Forbes feature noted PBoC has ordered commercial banks to halt cash transfers during the holiday week and a separate report forecasted ICBC's "China Credit Trust" would not be able to repay CNY3.0B due on loans this Friday, with the govt determined to reign in risky lending. Later in the day, PBoC's Shanghai branch was reported to strengthen liquidity management and step up monitoring of risks in local govt financing vehicles (LGFV) and property loans. ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10yr JGB and 20B in inflation index bonds - (CN) Daily Shibor fixings: O/N: 4.5340% v 4.4000% prior (5th consecutive rise); 1-week: 4.6890% v 4.7170% prior - (KR) South Korea sells 20-yr govt bonds, avg yield 3.805% - Despite the persistent weakness in regional equity indices, initial risk-off sentiment in the currency markets has reversed by the afternoon. USD/JPY opened around 101.80 before rising above 102.50, while AUD/JPY has erased an initial 30pip drop to 88.50 to rise above 89.50. AUD/USD is also up about 50pips from session lows above 0.8730. EUR/USD and GBP/USD traded in narrow 20pips ranges above 1.3670 and 1.6480. ***Speakers/Political/In the Papers*** - (CN) Follow-up reports indicating ICBC's "China Credit Trust" may not be able to repay CNY3.0B due on loans this Friday, leading to un "unprecedented default" in China's shadow banking system - financial press >- (CN) PBoC Shanghai branch to strengthen liquidity management - financial press - (CN) China National Development and Reform Commission (NDRC) may control pork prices at appropriate time - Chinese press - (CN) China's port of Tianjin to become the 4th city to impose a formal quota on the number of new vehicle license plates; New policy taking effect this month - Shanghai Daily - (CN) According to Deovolente Realty Co, Shanghai pre-owned home sales for 2013 rose 58.8% y/y to 293K units, 8-year high - Shanghai Daily - (CN) Shanghai Stats Bureau: Shanghai 2013 GDP grew 7.7% vs 7.5% in 2012, in line with national average - Shanghai Daily - (JP) BOJ's Kuroda: optimistic about economic growth and inflation outlook; Japan should reach its 2% inflation target within a two year time frame - Davos comments - (JP) Japan coast guard sights three China vessels near disputed Senkaku island territory - Japanese press - (JP) A panel under Japan's Ministry of Economy, Trade and Industry to submit its recommendations today aimed at bringing Japan's accounting standards closer to those of the U.S. and Europe - Nikkei - (JP) Japan PM Abe cabinet approval rating rises to 56.6% vs 55.9% prior in Dec - Kyodo News - (JP) Japan, US agree to continue close work for early end to TPP talks - financial press - (KR) South Korea Ministry of Oceans and Fisheries: Container cargo handling at South Korean seaports in 2013 rose 0.8% y/y to 1.35B tons - Korean press - (KR) South Korea Ministry of Land, Infrastructure, and Transports: Nationwide land prices rose 1.1% in 2013; Number of transactions rose 9.6% - Korean press - (KR) South Korea Financial Service Commission (FSC): South Korea to increase market monitoring over volatility in fx market - (NZ) Westpac: RBNZ has little to gain from a rate hike this week but much to lose - NZ press **Europe/MENA** - (EU) IMF's Lagarde: Reiterates Eurozone inflation is "way below target"; Deflation poses a risk for EMU - press citing comments from Davos - (ES) Spain Econ Min De Guindos: Govt looking to increase corporate tax revenue by doing away with some of companies' exemptions - Spanish press - (EG) Egyptian police fired tear gas and clashed with protesters in Cairo on Saturday, leading to 49 deaths - press - (UR) Ukraine protests appear to be spreading throughout the country - financial press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -2.3%, S&P/ASX closed, Kospi -1.5%, Shanghai Composite -0.7%, Hang Seng -2.1%, Mar S&P500 +0.2% at 1,786, Apr gold +0.5% at $1,271, Mar crude oil flat at $96.66/brl US markets: - GOOG: Said to acquire artificial intelligence company DeepMind for about $400M - financial press Notable movers by sector: - Consumer Discretionary: Anhui Jianghuai Automobile 600418.CN +0.4% (FY13 guidance); Sichuan Changhong Electric 600839.CN +2.3% (FY13 guidance) - Financials: China Pacific Insurance Group 2601.HK -3.2% (FY13 guidance) - Materials: Liuzhou Iron & Steel 601003.CN +0.5% (prelim FY13 results); Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 1938.HK -6.2% (profit warning) - Energy: China Coal Energy 1898.HK -3.5%, China Shenhua Energy 1088.HK -3.1%, Yanzhou Coal 1171.HK -3.4% (China Coal Energy issues profit warning) - Industrials: ANA Holdings 9202.JP -1.8% (press report on 9M results); Fuji Heavy Industries 7270.JP -2.0% (press report on 9M results); Isuzu Motors 7202.JP -2.9% (press report on 9M results); Hino Motors 7205.JP -4.4% (press report on 9M results) Related (UPDTE ) - Source


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