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Thursday June 19, 2014 - 07:11:48 GMT
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| | Email Asian Market Update: Equities tracking US rally as Fed Chair Yellen glosses over rising inflation - Source

(NZ) NEW ZEALAND Q1 GDP Q/Q: 1.0% V 1.1%E; Y/Y: 3.8% (fastest growth since 2007) V 3.7%E - (CN) China State Administration of Foreign Exchange (SAFE): Q1 current account surplus $7.0B v $7.2B prelim - (KR) SOUTH KOREA MAY PPI Y/Y: 0.0% V -0.3% PRIOR (prices stop falling for the first in 20 months) - (AU) AUSTRALIA MAY RBA FX TRANSACTIONS MARKET (A$): 489M V 325M PRIOR - (JP) Japan investors bought net 638.2B in foreign bonds last week vs bought net 1.33T prior week; Foreign Investors bought net 238.1B in Japan stocks last week vs bought net 341.0B in prior week Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.6%, S&P/ASX +1.1%, Kospi -0.1%, Shanghai Composite -0.3%, Hang Seng +0.2%, Sept S&P500 +0.1% at 1,950, Aug gold +0.3% at $1,276, Jul crude oil +0.3% at $106.31/brl ***Highlights/Observations/Insights*** - FOMC policy statement contained few surprises, maintaining $10B/month pace of taper, giving a gentle acknowledgement of "further improvement" in labor market and a rebound in fixed investment. Despite the much higher CPI data on Tuesday, FOMC reiterated that inflation is running below the longer-run objective, deferring to the release of its preferred PCE measure. FOMC staff projections cut 2014 GDP to 2.2% midpoint from 2.9% due to soft Q1, and affirmed GDP for 2015 and 2016. Unemployment targets for 2014 and 2015 were also lowered slightly, but PCE projections were maintained for the next 3 years. Fed rate path forecast and the infamous "dots" were also little changed despite the better than expected run of employment and higher inflation data - vast majority of the members see Fed Funds rate no higher than 1.25% in 2015. Fed Chair Yellen delivered a measured press conference and Q/A, most notably stating that there is no mechanical formula for what is "considerable time" between the end of taper and the first rate hike, brushing over the last time when she fell into the trap of quantifying the lag as "6 month period." - Less hawkish than expected Fed statement/projections produced a predictable market reaction - lower USD, higher precious metals, lower bond yields, and higher equities. Among the most notable movers - SP500 index hit record levels at 1,957, Spot Silver at 1-month high, GBP briefly retested 1.70, AUD rose 60pip above $0.94, and NZD was up 50pips at a 6-week high before retreating following slightly weaker than expected New Zealand GDP. USD/JPY also retreated back below 102 handle. - New Zealand Q1 GDP hit a 5-year high y/y but missed slightly q/q. Private consumption growth slowed to flat from 1.2%, while government spending rose 1.1% v -0.5% prior and Gross fixed capital formation rose 2.1% v 0.9% prior. Construction component of fixed investment was particularly impressive rising 12.5% q/q, the largest increase in construction in 14 years. - Rio Tinto became the latest producer to lower the prices of its low-grade iron ore, increasing the discount on the grade from 6% to 13% starting July 1st to $73/tonne. This follows a similar cut by Fortescue overnight. - Red Hat delivered stellar numbers for Q1, sending its shares up 5% afterhours above $55. Subscription revenue was up 18%, while billings slowed (inline with prior forecast) to +16%. RHT also announced acquisition of open source cloud computing services firm eNovance for 70M and adjusted its guidance in part to reflect the deal (Cuts FY15 $1.52-1.54 v $1.55e, Raises R$1.760-1.785B v $1.75Be (prior $1.54-1.56, R$1.73-1.755B). ***Speakers/Political/In the Papers*** - (CN) China Premier Li Keqiang: China growth rate has moderated, but not at risk of hard landing >- (CN) World Bank Chief Economist Basu: China may face similar financial crisis in the future as US experienced; China's increasing credit size would only delay the inevitable correction - financial press - (CN) PBoC Gov Zhou Xiaochuan: Confident China to maintain steady economic growth and financial stability, which would ensure market's confidence in CNY - Chinese press - (JP) BOJ member Morimoto: Japan economy continues to recover moderately as a trend; likely to reach 2% target around FY15; Fall-off in consumption expected to wane after summer - (JP) Japan Cabinet may approve growth strategy on Tues June 24th - Japanese press - (EU) Bundesbank's Dombret: Would like to see little market intervention as possible; last ECB decision was very appropriate - financial press interview ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY20B in 28-day repos (35th consecutive drain); Injects net CNY15B this week v injected CNY104B prior (6th consecutive week of net injection) - (JP) BOJ offers to buy 300B in 1-3yr JGB, 200B in 3-5yr JGB and 400B in 5-10yr JGB ***Equities*** US markets: - MEAS: To be acquired by TE Connectivity for $86/shr in cash; Total deal value $1.7B; To be accretive in 2015; +10.4% afterhours - RHT: Reports Q1 $0.34 v $0.33e, R$424M v $415Me; Guides Q2 $0.38 v $0.38e, R$432-436M v $428Me; Cuts FY15 $1.52-1.54 v $1.55e, Raises R$1.760-1.785B v $1.75Be (prior $1.54-1.56, R$1.73-1.755B) - conf call; +5.0% afterhours - OMED: Provides Update on FZD8-Fc (OMP-54F28) Phase I Clinical Trials; +0.6% afterhours - RIO: To increase the discount on low-grade iron ore from 6% to 13% starting July 1st to $73/tonne - AFR; +0.4% afterhours - UTX: Announces agreement with Canada govt for maritime helicopter program; Reaffirms FY14 EPS guidance of $6.65-$6.85; +0.1% afterhours - MRKT: Prices 49.3M share IPO (upsized from 45.7M) at $24, compared to $23-25/shr initial range Notable movers by sector: - Consumer Discretionary: JB Hi-Fi JBH.AU +0.8% (FY14 guidance); Ansell ANN.AU +1.1% (analyst action); Fast Retailing 9983.JP +2.1% (Uniqlo unit US expansion); Kao Corp 4452.JP +0.9% (speculation on H1 results) - Consumer staples: Nippon Meat Packers 2282.JP +0.5% (to increase capacity) - Materials: Golden Rim Resources GMR.AU +50.0% (drilling update) - Energy: APA Group APA.AU +0.8% (raises guidance) - Industrials: Sichuan Chengfa Aero-Science & Technology 600391.CN +7.9% (receives major contract from GE); Air New Zealand AIR.NZ +0.2% (CEO comments); Asciano Limited AIO.AU +4.8% (reaffirms guidance); Teijin 3401.JP +1.7% (plans to increase production) - Technology: Delta Electronics 2308.TW +1.5% (analyst action) - Source


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