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Wednesday January 29, 2014 - 05:53:01 GMT
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TradeTheNews.com Asian Market Update: Aggressive policy tightening from Turkey central bank boosting EM sentiment - Source TradeTheNews.com

- (TR) TURKEY CENTRAL BANK (CBRT) RAISES OVERNIGHT LENDING RATE BY 425BPS FROM 7.75% TO 12.00% (MORE THAN 225BPS EXPECTED); RAISES Repurchase Rate by 550bps from 4.50% to 10.00% (none expected); RAISES Overnight Borrowing Rate by 450bps from 3.50% to 8.00% (none expected) - (AU) AUSTRALIA DEC WESTPAC LEADING INDEX M/M: +0.1% V -0.1% PRIOR - (AU) AUSTRALIA DEC SKILLED VACANCIES M/M: -0.6% V +0.2% PRIOR - (KR) SOUTH KOREA DEC CYCLICAL LEADING INDEX CHANGE Y/Y: 0.5% V 0.3% PRIOR - (KR) SOUTH KOREA DEC INDUSTRIAL PRODUCTION M/M: 3.4% V 1.0%E; Y/Y: +2.6% V -0.2%E - (KR) SOUTH KOREA DEC CURRENT ACCOUNT BALANCE: $6.43B V $6.03B PRIOR; GOODS BALANCE: $5.71B V $6.18B PRIOR - (NZ) NEW ZEALAND DEC NEW LOW-DEPOSIT LOANS OF TOTAL NEW LENDING: 5.6% V 7.0% PRIOR - (SG) SINGAPORE Q4 PRELIM UNEMPLOYMENT RATE: 1.8% V 1.8%E ***Observations/Insights*** - Yahoo, AT&T down over 2% after earnings; Growth in Yahoo price per click, AT&T subscriber adds slows. - Turkey central bank joins India (last night) and Brazil (2 weeks ago) with a more aggressive than expected policy tightening. Pledges to maintain tight monetary policy until clear improvement in inflation outlook, and targets inflation of 5% by mid-2015 due to a tighter stance. Perception of activist central bank measures to curb accelerating inflation and prevent disorderly outflows is cheered by the broader markets - S&P500 futures were up about 10 handles on the decision, JPY fell, while AUD and NZD rallied. - Pres Obama's State of the Union address defends Obamacare and diplomatic initiative on Iran; Calling for higher minimum wage pay, abolishing Fannie/Freddie for a new housing finance system, and pledging partnerships with tech/telecom firms to expand broadband connectivity in the school system. - New Zealand's NZIER shadow board calls for a rate hike in tomorrows decision. ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$800M in 2.75% 2024 Bonds; avg yield: 4.0912%; bid-to-cover: 2.60x - (CN) Daily Shibor fixings: O/N: 4.8000% v 4.8477% prior (1st decline in 7 consecutive sessions); 1-week: 5.1080% v 4.9657% prior (2nd consecutive rise) - (JP) BOJ offers to buy 400B in 5-10yr JGB and 200B in JGB with maturity over 10-yr - (US) API PETROLEUM INVENTORIES: CRUDE: +4.75M (2nd consecutive build) v +2Me; GASOLINE: +365K v +1Me; DISTILLATE: -1.79M v -2.5Me - AUD and NZD are modestly higher at the expense of JPY after the more aggressive policy tightening from Turkey than expected. AUD/USD was up about 40pips above 0.8820, NZD/USD hit a high above 0.8290 (also up 40pips), while USD/JPY session high was around 103.40 - up about 50pips from the lows. EUR/USD is little changed above 1.3650 ahead of tomorrow's Fed decision. ***Speakers/Political/In the Papers*** - (CN) China National Development and Reform Commission (NDRC) to promote traffic infrastructure development in 2014 - financial press - (CN) China big four banks outstanding new loans CNY430B in Jan1st-26th v CNY440B in Jan1st-20th - Chinese press - (CN) China Securities Regulatory Commission (CSRC) to push forward market-oriented IPO reform - financial press - (JP) Japan Labor Ministry data suggest 2013 real wages likely fell due to inflation - Kyodo News - (KR) South Korea Fin Min Hyun: Volatility in financial market increasing - financial press - (NZ) Moody's: New Zealand economy and finances are improving - (NZ) New Zealand Institute of Economic Research (NZIER) Shadow Board's probability for RBNZ rate action this week has tipped in favor of a rate hike - NZ press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +2.1%, S&P/ASX +0.9%, Kospi +1.2%, Shanghai Composite +0.3%, Hang Seng +1.1%, Mar S&P500 +0.5% at 1,797, Apr gold +0.2% at $1,253, Mar crude oil -0.2% at $97.26/brl US markets: - EZPW: Reports Q1 $0.49(adj) v $0.40e, R$269M v $255Me; +16.3% afterhours - FSL: Reports Q4 $0.19 v $0.18e, R$1.08B v $1.05Be; Guides intial FY14 $3.65-4.00 v $3.96e, Rev +3-6% y/y; +9.5% afterhours - TSRA: Tessera and Samsung Enter into New Patent License Agreements; +2.7% afterhours - JPM: Said to be close to decision on $2B commodities unit sale to Blackstone Group - financial press; +0.5% afterhours - VMW: Reports Q4 $1.01 v $1.00e, R$1.48B v $1.47Be; Reiterates Q1 Rev $1.33-1.37B v $1.35Be; Reiterates FY14 R$5.94-6.10B v $6.00Be - conf call; -1.8% afterhours - T: Reports Q4 $0.53 (adj) v $0.50e, R$33.2B v $33.2Be; -2.1% afterhours >- EA: Reports Q3 $1.26 v $1.23e, R$1.57B v $1.66Be; -2.3% afterhours - YHOO: Reports Q4 $0.46 v $0.38e, R$1.20B v $1.20Be; Guides Q1 Rev $1.06-1.1B(ex TAC) v $1.09Be - slides; 2014 focus will be on monetizing our growing traffic; -2.4% afterhours - ILMN: Reports Q4 $0.45 v $0.44e, R$387M v $380Me; -3.0% afterhours - CRUS: Reports Q3 $0.89 v $0.77e, R$218.9M v $212Me; -5.3% afterhours Notable movers by sector: - Materials: Forge Group FGE.AU -8.3% (trading update); Atlas Iron AGO.AU +8.9% (Q2 shipment results); Hubei Sanxia New Building Material 600293.CN +5.3% (FY13 guidance); Maanshan Iron & Steel 323.HK +2.2% (FY13 guidance); Posco 005490.KR +0.7% (FY13 results) - Energy: Drillsearch Energy DLS.AU +6.3% (Q2 production results) - Technology: Canon Electronics 7739.JP +4.4% (FY13 results); Lenovo Group 992.HK +5.2% (reorganization plan); Tencent Holdings 700.HK +4.8% (positive comment from Credit Suisse) - Industrials: Korean Air Lines 003490.KR +6.1% (Q4 results); Samsung Engineering 028050.KR +7.9% (Q4 results); Suzuki Motor Corp 7269.JP +1.9% (Dec domestic production results); Mazda Motor Corp 7261.JP +2.3% (Dec domestic production results) - Telecom: LG Uplus Corp 032640.KR +2.9% (Q4 results) - Source TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
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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

  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
  • POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


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