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Tuesday January 29, 2013 - 07:48:21 GMT
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| | Email Asian Market Update: India Central Bank cuts both repo rate and cash reserve rate; Japan Econ Min Amari defends BOJ action - Source

***Economic Data*** - (IN) INDIA CENTRAL BANK (RBI) CUTS REPO RATE BY 25BPS TO 7.75%; AS EXPECTED; CUTS CASH RESERVE RATIO (CRR) BY 25BPS TO 4.00%; NOT EXPECTED >- (NZ) NEW ZEALAND DEC TRADE BALANCE (NZ$): +486M V -105ME (first surplus in five months; biggest surplus since May 2011); TRADE BALANCE YTD: -1.2B V -1.9BE; EXPORTS: 4.1B V 4.0BE; IMPORTS: 3.6B V 4.1BE - (AU) AUSTRALIA DEC NAB BUSINESS CONDITIONS: -4 V -6 PRIOR; NAB BUSINESS CONFIDENCE: +3 V -9 PRIOR (four month high) - (AU) AUSTRALIA NOV CONFERENCE BOARD LEADING INDEX: -0.2% V +0.2% PRIOR - (JP) Japan Jan Small Business Confidence: 44.3 v 43.8 prior - (KR) SOUTH KOREA FEB BUSINESS SURVEY - MANUFACTURING: 72 V 70 PRIOR; NON-MANUFACTURING: 70 V 68 PRIOR ***Markets Snapshot (as of 05:00 GMT)*** - Nikkei225 +0.6% - S&P/ASX +1.1% - Kospi +0.8% - Shanghai Composite +0.2% - Hang Seng flat - Mar S&P500 +0.1% at 1,498 - Feb gold +0.3% at $1,658/oz - Mar Crude Oil +0.3% at $96.70/brl ***Notes/Observations*** - Asian equity markets were in the green across the board, even though Shanghai Composite and Nikkei225 have largely come off their highs late in the day. India Central Bank rate decision was the key even of the session that saw RBI cut Repo Rate by 25bps (as expected) and also cut its Cash Reserve Ratio by 25bps which was not expected. RBI also cut its FY12/13 GDP target to 5.5% from 5.8% prior and its inflation target to 6.8% from 7.5%. Recall the momentum for renewed easing by the RBI - the first in 9 months - has built since the release of Dec WPI came in at an 11-month low of 7.2%. INR gained after the decision, with USD/INR rate falling below INR5370. - USD/JPY pair briefly tested the 91 handle before reversing those gains later in the day. Japan's economic minister Amari once again attempted to deflect some of the criticism incurred at the Davos summit against Japan engaging in a currency war, stating the world should understand the decline in JPY is not manipulation but result of efforts against deflation. EUR/JPY was also back below 122 handle. - Down under, AUD and NZD were surprising outperformers after 3 consecutive disappointing sessions. AUD/USD was boosted by stronger than expected NAB Business Confidence coming in at a 4-month high, sending the pair up about 40 pips above $1.0550. NZD/USD gained on the unexpected New Zealand trade surplus in December - the first since 5 months - even though subsequent NZ press report indicated much of the gains were due to weak imports that overshadowed decline in dairy shipments. ***Currencies/Fixed Income/Commodities*** - AUD/USD: Rises to session high $1.0430 on improved NAB business confidence - NZD/USD: Rises about 20 pips to $0.8350 after New Zealand reports trade surplus in Dec - (CN) China Commerce Min (MOFCOM) Deming: China grain supply in tight balance with demand; Urbanization "squeezing room" for increase - China Daily - (CN) China state council: Looking to ensure vegetable price stability, will boost supply in order to try and keep prices more stable ahead of Lunar New Year - SLV: iShares Silver Trust ETF daily holdings fall to 10,443 tons from 10,468 tons prior (lowest since 10,133 on Jan 10th) - GLD: SPDR Gold Trust ETF daily holdings fall by 1.8 tons to 1,328.1 tons (lowest since 1,320.8 on Sept 26th) ***Speakers/Political/In the Papers*** - (CN) Economist with China's National Development and Reform Commission (NDRC): China urbanization and the accompanying investment and consumption may add 3.5-6.8% to GDP over the next 10 years - Chinese press - (CN) According to Shanghai Deovolente Realty Co, Shanghai new home sales last week (ex govt-subsidized) rose 19.2% to 246.9K sqm; Avg price rose 8.1% to CNY25.5K/sqm - Shanghai Daily - (JP) Japan Econ Min Amari: Stressed the importance of ending deflation at Davos Economic Summit - financial press - (JP) Japan's LDP-New Komeito ruling coalition expects to win majority in the summer Upper House Diet elections - Mainichi News - (AU) Australia Newcastle weekly coal exports for week ended Jan 28th: -3.6% w/w - (AU) Westpac chief currency strategist: Interest in AUD debt from Japan investors starting to cool as conditions in Europe stabilize - SMH - (NZ) New Zealand Econ Min Joyce: Manufacturing sector struggling under high NZD rate - NZ press - (KR) Bank of Korea (BOK) official Ha Sung-keun: Global economy facing a currency war this year - Korean press - (UK) UK BoE Miles: UK economy to remain below avg cruising speed for the next year or so - financial press ***Equities*** - AUO: AU Optronics and Innolux expected to show q/q Rev declines in Q1 - DigiTimes - LLC.AU: Awarded A$364.5M contract to build 3,500 student apartments across England - AFR - YAL.AU: Closed two Queensland coal mines due to heavy rainfall - SMH - LEI.AU: Started construction on Wynn Cotai project in Macau - financial press - FCG.NZ: China's General Administration of Quality Supervision has requested a detailed risk assessment report from Fonterra after chemical residue was found in dairy product this weekend - Hino Motor 7205.JP: May report 9-month Op profit 43B (record) +100% y/y, Rev 1.1T +20% y/y - Nikkei News - NTT DoCoMo 9437.JP: May report 9-month op profit -9% y/y approx 675B, 9-months Rev seen +5% y/y approx 3.32T - Nikkei News - Mitsubishi UFJ 8306.JP: May report 9-month net income approx 500B, -40% y/y - Nikkei News - Mizuho 8411.JP: May report 9-month net income at approx. 400B, +50% y/y - Nikkei News - VMW: Reports Q4 $0.81 v $0.78e, R$1.29B v $1.28Be; -14.6% afterhours >- BMC: Reports Q3 $0.99 v $1.02e, R$580.2M v $586Me; -7.2% afterhours - STX: Reports Q2 $1.38 v $1.27e, R$3.67B v $3.57Be; Guides Q3 R$3.25-3.45B v $3.45Be; Q3 GMs seen at low end of 27-32% long-term range - conf call; -4.8% afterhours - CR: Reports Q4 $0.92 (includes items) v $0.97e, R$629.8M v $645Me; +0.8% afterhours - YHOO: Reports Q4 $0.32 v $0.28e, R$1.22B v $1.21Be; +3.2% afterhours -


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