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Friday February 28, 2014 - 06:22:36 GMT
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| | Email Asian Market Update: Yuan falls to 10-month low 6.18, nearly a full 1% daily band; Japan inflation remains steady - Source

- (JP) JAPAN FEB MARKIT/JMMA MANUFACTURING PMI: 55.5 V 56.6 PRIOR (1st sequential decline in 7 months) >- (JP) JAPAN JAN NATIONAL CPI Y/Y: 1.4% V 1.3%E; NATIONAL CPI EX-FRESH FOOD Y/Y: 1.3% V 1.3%E - (JP) JAPAN FEB TOKYO CPI Y/Y: 1.1% V 1.0%E; TOKYO CPI EX-FRESH FOOD Y/Y: 0.9% V 0.8%E (5-year high) - (JP) JAPAN JAN OVERALL HOUSEHOLD SPENDING Y/Y: 1.1% V 0.5%E (4-month high) - (JP) JAPAN JAN JOBLESS RATE: 3.7% V 3.7%E; JOB-TO-APPLICANT RATIO: 1.04 V 1.04E - (JP) JAPAN JAN PRELIM INDUSTRIAL PRODUCTION M/M: 4.0% (highest since May 2011) V 2.8%E; Y/Y: 10.6% V 9.4%E - (JP) JAPAN JAN RETAIL TRADE M/M: 1.4% V 1.3%E; Y/Y: 4.4% V 3.8%E (highest since Apr 2012); LARGE RETAILERS' SALES: 0.1% V 1.0%E - (JP) JAPAN JAN VEHICLE PRODUCTION Y/Y: 14.5% V 12.2% PRIOR - (AU) AUSTRALIA JAN PRIVATE SECTOR CREDIT M/M: 0.4% V 0.5%E; Y/Y: 4.1% V 4.1%E (highest since Aug 2012) - (NZ) NEW ZEALAND FEB ANZ ACTIVITY OUTLOOK: 58.5 V 53.5 PRIOR; ANZ BUSINESS CONFIDENCE: 70.8 V 64.1 PRIOR (multi-year high) - (NZ) NEW ZEALAND JAN BUILDING PERMITS M/M: -8.3% V -3.5%E (first decline in 3 months; biggest decline in 10 months) - (NZ) NEW ZEALAND JAN M3 MONEY SUPPLY: 7.0% V 5.8% PRIOR (4-month high) - (KR) SOUTH KOREA JAN CYCLICAL LEADING INDEX CHANGE: 0.0 V 0.4 PRIOR - (KR) SOUTH KOREA JAN INDUSTRIAL PRODUCTION M/M: +0.1% V -1.5%E; Y/Y: -3.8% V -1.8%E - (KR) South Korea Mar Manufacturing Business Survey: 85 v 81 prior; Non-Manufacturing Business Survey: 76 v 71 prior - (SG) SINGAPORE JAN CREDIT CARD BAD DEBTS: 20.6M V 23.2M PRIOR; CREDIT CARD BILLINGS: 3.6B V 4.0B PRIOR - (SG) SINGAPORE JAN MONEY SUPPLY M1 Y/Y: 10.7% V 9.9% PRIOR; M2: 3.6% V 4.3% Y/Y - (SG) SINGAPORE JAN BANK LOANS AND ADVANCES: 16.5% V 17.0% PRIOR - (TH) THAILAND JAN MANUFACTURING PRODUCTION INDEX Y/Y: -6.4% V -6.4%E - (UK) UK FEB GFK CONSUMER CONFIDENCE: -7 V -7E PRIOR ***Highlights/Observations/Insights*** - Gap pares extended session losses despite soft guidance, as CFO cites pronounced FX headwinds on a conference call; Q4 results were in line with expectations; Company also plans to open its first Old Navy brand store in China this year. - down just over 1% afterhours; Q4 results slightly above consensus, but margins contract and CFO resigns. - Australia retailers Woolworths and Harvey Norman trading -1.1% and +1.9% respectively; Former reports H1 results in line with ests and narrows its FY profit guidance, while HVN outperforms on near-40% profit growth and strong LFL sales. - A wide set of economic data from Japan comes in mixed: Feb Manufacturing PMI falls for the first time in 7 months, but January household spending, retail trade and industrial production top estimates. More importantly, inflation levels continue to creep higher despite the January reversal in yen-selling - a development that analysts feared would turn around the rising price trends. - Chinese yuan selling accelerates in the wake of comments from SAFE that the weakness is not extreme but "normal" and should not be misinterpreted; USD/CNY rises to 6.18 - a 10-month high and also the biggest single-day drop in Yuan since Apr 2007. The change is also right around the 1% band in which Yuan is allowed to fluctuate, as investors continue to surmise the selling as a "two-way liquidity" exercise before the PBoC widens the trading band. - China official manufacturing PMI on tap for Friday night release; Expected to continue to slow further from last month's 6-month low. - Ukraine/Crimea situation remains uneasy following late night reports that a group of pro-Russia men "similarly equipped" as one who took over Crimea parliament yesterday and brandishing banners of Russian Navy have taken control of Simferopol airport just before the arrival of Ukraine govt officials to the region. ***Fixed Income/Commodities/Currencies*** - (US) Weekly Fed Balance Sheet Total Assets Week ending Feb 26th: $4.16T v $4.15T prior; Reserve Bank Credit: $4.12T v $4.11T prior; M1 y/y change: 9.4% v 9.4% w/w; M2 y/y change: 6.6% v 6.2% w/w (highest since Oct 28th) - (JP) BOJ offers to buy 250B in 1-3 yr JGB, 250B in 3-5yr JGB, 140B in floating-rate JGB, and 2T in T-bills outright - (AU) Australia MoF (AOFM) sells A$800M in 4.25% 2017 Bonds; avg yield: 2.9647%; bid-to-cover: 5.16x - In the dollar majors, JPY and NZD are the biggest gainers against the greenback. NZD/USD rose some 50pips above $0.8410 after a multi-year high in New Zealand ANZ Business Confidence data. USD/JPY pair is off by about 60pips below 101.60 late in the session amid geopolitical Russia/Ukraine fears, weak CNY (indicative of officials' concerns over slowing in China), and expectations the BOJ will stand pat after today's inflation data. EUR/USD is down about 20pips late in the day just below the $1.37 handle as traders eye today's eurozone CPI flash figures. ***Speakers/Political/In the Papers*** - (CN) China PBOC raises cap on amount Shanghai FTZ can lend overseas - financial press - (CN) JPMorgan chief China economist: China NPC likely to maintain 7.5% GDP target for 2014 during next month's Peoples Political Consultative Conference - Shanghai Daily - (CN) China should launch regulatory indicators for shadow banking - Chinese press - (JP) BOJ board member Shirai: Likely to take some time to meet 2% inflation target; 2-yr time horizon should have flexibility - (JP) BOJ Dep Gov Iwata: Current easing measures highly effective in boosting bank lending and money supply - (JP) Japan PM Abe: to closely monitor impact from sales tax hike - (JP) Japan lower house set to approve record FY14 draft budget of 95.88T on Fri - Kyodo News - (AU) Economists with Barclays, Citigroup, and TD Securities have all lowered their projections for Australia Q4 GDP following disappointing CAPEX data released overnight - Dominion Post - (UR) Unidentified armed men carrying Russian Navy flags said to have seized Simferopol international airport (Crimea) - financial press - (UR) Ukraine Econ Min Sheremeta: No risk of an imminent collapse - financial press interview ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.6%, S&P/ASX -0.1%, Kospi -0.1%, Shanghai Composite -1.0%, Hang Seng -0.3%, Mar S&P500 -0.2% at 1,851, Apr gold -0.3% at $1,328, Apr crude oil -0.4% at $102.00/brl US markets: - OVTI: Reports Q3 $0.69 v $0.36e, R$352M v $327Me; +15.1% afterhours - MELI: Reports Q4 $0.93 v $0.78e, R$135M v $131Me; +10.4% afterhours - PRKR: Qualcomm dismisses remaining counterclaims; +4.3% afterhours - JOSB: Board unanimously rejects latest unsolicited Men's Warehouse offer as inadequate; authorizes CEO meeting with MW; +3.0% afterhours - MNST: Reports Q4 $0.44 v $0.45e, Net Rev $540.8M v $522Me; +2.6% afterhours - SD: Reports Q4 $0.03 v $0.01e, R$465M v $464Me; +1.4% afterhours - GPS: Reports Q4 $0.68 v $0.66e, R$4.58B v $4.58Be; increases quarterly dividend 10% to $0.22/share; -0.3% - CRM: Reports Q4 $0.07 v $0.06e, R$1.15B v $1.13Be, CFO Graham Smith to retire in March of next year; -1.2% afterhours - BID: Reports Q4 $1.30 v $1.46e, R$339.2M v $352Me; -1.8% afterhours - UAL: Discloses impact from weather; cancellations have negatively impacted Q1 PRASM by 1.5% - filing; -3.7% afterhours - KBR: Reports Q4 $0.18 v $0.90e, R$1.7B v $1.92Be; Board authorizes $350M (7.4% of market cap) share buyback; -11.5% afterhours - DECK: Reports Q4 $4.04 v $3.81e, R$736M v $709Me; -11.8% afterhours - ELGX: Reports Q4 $0.00 v -$0.05e, R$35.2M v $36.0Me; -20.0% afterhours Notable movers by sector: - Consumer Discretionary: Zhejiang Shibao 1057.HK -3.0% (prelim FY13 results); Boyaa Interactive International 434.HK -14.1% (FY13 results); Suning Appliance 002024.CN -2.2% (prelim FY13 results); Sichuan Youli Investment Holding 000584.CN -7.5% (FY13 results); Mixi 2121.JP +15.9% (equity offering); Harvey Norman HVN.AU +2.2% (H1 results) - Consumer staples: Yonghui Superstores 601933.CN +2.6% (FY13 results); Woolworths WOW.AU -1.0% (H1 results) - Materials: China Gold International Resources Corp 2099.HK +2.6% (prelim FY13 gold production results) - Industrials: Pacific Basin Shipping 2343.HK -10.9% (FY13 results); BYD Corp 1211.HK +5.6% (prelim FY13 results); Mitsubishi Motors 7211.JP +2.6% (dividend payout plan); Virgin Australia VAH.AU -0.7% (H1 results) - Telecom: China Unicom 762.HK +0.2% (FY13 results) - Source


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