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TradeTheNews.com Asian Mid-session Update: BOJ again lowers inflation assessment; Kiuchi amends dissent in favor of reducing monetary base growth to 45T from 80T - Source TradeTheNews.com

(JP) JAPAN FEB CURRENT ACCOUNT: 1.4T V 1.2TE; ADJ CURRENT ACCOUNT: 604B V 605BE; TRADE BALANCE: -143B V -240BE (lowest deficit in 18 months) - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index:109.7 v 112.3 prior - (TW) TAIWAN MAR CPI Y/Y: -0.6% V -0.7%E; WPI Y/Y: -8.6% V -7.8%E - (PH) PHILIPPINES FEB EXPORTS: $4.5B v $4.4B PRIOR; Y/Y: -3.1% v +0.8%E- (KR) South Feb Jan "L" Money Supply M/M: +0.7% v +0.9% prior; M2 Money Supply M/M: 1.0% v 0.2% prior - (UK) UK MAR BRC SHOP PRICE INDEX Y/Y: -2.1% V -1.7% PRIOR (22nd consecutive decline, biggest decline since Dec 2006) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +0.4%, S&P/ASX +0.2%, Kospi +0.5%, Shanghai Composite -0.3%, Hang Seng +2.1%, Jun S&P500 -0.1% at 2,066***Commodities/Fixed Income***- Jun gold -0.2% at $1,208/oz, May crude oil -1.9% at $52.98/brl, May copper -0.7% at $2.74/lb- (US) API PETROLEUM INVENTORIES: CRUDE: +12.2M (largest build since Feb 18th; 4th straight build) v +3.5Me, GASOLINE: +2.7M v -1.5Me, DISTILLATE: -0.33M v +1Me - GLD: SPDR Gold Trust ETF daily holdings fall 2.4 tonnes to 733.1 tonnes; Lowest since Jan 17th - (AU) Australia MoF (AOFM) sells A$500M in 3.75% bonds due 2037; Avg yield: 2.8421%; Bid-to-cover: 2.69x - (AU) RBA, PBoC enter A$40B currency swap agreement - (CN) China MOF sells 10-year bonds at 3.64% ***Market Focal Points/FX***- Equity indices are mixed, reflecting the tone of uncertainty from the US session where markets opened higher for the 3rd straight day but rolled over into marginal negative by the close. Hang Seng is a notable outperformer with a catch-up rally after returning from an extended holiday break. Both Hong Kong index and Shanghai Composite hit 7-year highs today, even though the latter fell by as much as 1% later in the afternoon session. - In USD majors, the greenback traded softer across the board, particularly vs NZD and JPY currencies. NZD/USD rose about 40pips above $0.7530, AUD/USD was up 30pips above $0.7660, and EUR/USD rose about 30pips above $1.0840 at the highs. USD/JPY crashed below 120 handle right after the BOJ policy decision amid signs of strain in the policy board, down over 40pips from session highs. While the BOJ maintained its annual pace of growth in monetary base at 80T and maintained its economic assessment, board member Kiuchi amended his prior dissent of favoring the pre-October easing in exchange for more specific reduction of annual base growth to 45T. Interestingly, the statement said that call was voted down by "majority", not 8-1 margin as his other dissent for more extended timeline toward 2% inflation, and suggesting he may have garnered some support in his position. On inflation, the BOJ also lowered its CPI assessment for the 2nd straight month to 0% from prior view of 0.0-0.5%. Outlook for inflation remains at 0% as well.- In energy, crude prices fell by over a dollar below $53/brl after a multi-week high build in API petroleum inventories. There were also reports that top Iranian officials would travel to Beijing this week to discuss oil projects as Tehran prepares for lifting of western sanctions. In the corporate energy space, BG confirmed press speculation that it is in late stages of discussing a bid by Shell that is rumored to be as high as 46B. - In notable Chinese press reports, UBS economist warned that upcoming March and Q1 data would be soft, weighed down largely by the ongoing property downturn and weak industrial investment. Fang.com announced Shanghai land sales in Q1 fell 104% y/y to 1.12M sqm, explaining the more aggressive policy in property adopted by the PBoC. Securities Journal report also indicated the govt may unveil subsidy for as much as CNY6/t for domestic iron ore producers in mid-April.***Equities***US equities / ADRs:- RGLS: RG-125 (AZD4076), selected by AZN for the Treatment of NASH in Patients with Type 2 Diabetes/Pre-Diabetes; +10.7% afterhours- PLAY: Reports Q4 $0.33 v $0.27e, R$207.1M v $201Me; -1.4% afterhours- LGF: Tracking within the lower range of prior guided adj EBITDA of $1.2-1.3B over three fiscal years ending Mar 2017 - filing; -3.4% afterhours- PNR: Guides Q1 lower to $0.65 v $0.77e, R$1.48B v $1.61Be ($0.75-0.77, Rev approx $1.6B prior guidance); will be taking cost actions; -4.3% afterhoursNotable movers by sector:- Consumer Discretionary: Aeon 8267.JP +3.1% (expected to reduce capex); Takashimaya 8233.JP +1.3% (FY14/15 results); Myer Holdings MYR.AU +3.4% (Solomon Lew considering a bid)- Consumer staples: Sugi Holdings 7649.JP +1.8% (FY14/15 results); San-A Co 2659.JP +7.4% (FY14/15 results); Create SD Holdings 3148.JP +10.0% (9-month results)- Financials: Beijing Capital Land 2868.HK -10.4% (Mar sales results)- Energy: Beach Energy BPT.AU +6.5% (may sell asset); AWE AWE.AU +3.4% (provides exploration update); Woodside Petroleum WPL.AU +2.2% (announces gas discovery)- Industrials: Kawasaki Heavy Industries 7012.JP +1.6% (press speculation on FY15/16 results); Great Wall Motor 2333.HK +6.8% (Mar sales results); BYD Company Limited 1211.HK +6.0% (sets target for energy storage sales)- Technology: Susino Umbrella 002174.CN +10.0% (announces acquisition) - Source TradeTheNews.com

 

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Amazing Trader EVENT RISK Calendar:


Mon 20 Nov
14:00 EZ- Draghi Speech
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Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
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


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