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Wednesday May 21, 2014 - 04:57:43 GMT
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| | Email Asian Market Update: BOJ maintains neutral stance with a higher assessment of CAPEX and lower view on public investment - Source

(JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T (AS EXPECTED); RAISES ASSESSMENT ON CAPITAL EXPENDITURE (CAPEX) >- (JP) JAPAN APR MERCHANDISE TRADE BALANCE: -808.9B (smallest deficit in 8 months) V -646.3BE; ADJUSTED TRADE BALANCE: -844.6B V -633.0BE - (AU) AUSTRALIA MAY WESTPAC CONSUMER CONFERENCE INDEX: 92.9 V 99.7 PRIOR; M/M: -6.8% (biggest decline in one year) V +0.3% PRIOR - (AU) AUSTRALIA Q1 WAGE COST INDEX Q/Q: 0.7% V 0.7%E; Y/Y: 2.6% V 2.6%E - (AU) AUSTRALIA APR SKILLED VACANCIES M/M: -0.2% V -0.2% PRIOR - (KR) SOUTH KOREA Q1 SHORT-TERM EXTERNAL DEBT: $123.8B V $115.3B PRIOR - (NZ) NEW ZEALAND APR CREDIT CARD SPENDING M/M: -3.2% V +1.3% PRIOR; Y/Y: +3.2% V +8.1% PRIOR - (NZ) NEW ZEALAND APR NET MIGRATION: 4.1K (highest since Feb 2003) V 3.8K PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.3%, S&P/ASX -0.3%, Kospi +0.1%, Shanghai Composite +0.1%, Hang Seng -0.2%, Jun S&P500 flat at 1,867, Jun gold +0.1% at $1,295, Jun crude oil -0.1% at $102.51/brl ***Highlights/Observations/Insights*** - USD/JPY initially rose slightly but then quickly fell to session lows around 101.10 after the Bank of Japan policy statement offered no hints that it was any closer to more easing. For the 10th consecutive decision, the BOJ said domestic economy continued to recover moderately as a trend, maintaining its overall economic assessment. BOJ raised its CAPEX assessment to "investment has become increasingly evident as corporate profits improved" following strong CAPEX component in Q1 GDP and strong machine orders earlier this week, but also lowered its public investment assessment, stating it has leveled off at a high level. Also of note were 3 new separate instances in the statement of BOJ expressing concern that "decline in demand following front-loaded increase prior to consumption tax has been observed", which could tone down the upcoming rhetoric from BOJ Gov Kuroda's press conference after Tokyo market close. - Also out of Japan, April trade deficit was wider than expected but still the smallest in 8 months. In trade data components, exports rose 5.1% (13th consecutive rise), and imports increased 3.4% v 1.2%e (18th consecutive rise). Exports to China rose an impressive 9.8% y/y, while imports of crude oil were surprisingly down 15.4% y/y at 15.9M KLs. - China indices are little changed after an initial softer open. China State Information Center (SIC) official said Q2 GDP was estimated at 7.4%, but overall economy was still growing within a reasonable range. China Academy of Social Sciences (CASS) researcher said there was still room for growth in China property market despite the recent slowdown in price growth. Later in the day, Moody's revised China property developer outlook to negative on expectation for residential sales growth to slow. - In notable Korean press, Yonhap citing industry watchers speculating that Samsung Electronics CAPEX may rise to about KRW25T this year from KRW23.8T in 2013 as the company focuses on organic light-emitting diode (OLED) panels. Separately, BOK Gov Lee said KRW appreciation and weakening consumer sentiment due to ferry disaster may pose a problem for businesses, especially those in service sector and self-employed. ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells A$700M in 2026 Bonds; Avg yield: 3.8257%; bid-to-cover: 2.87x - GLD: SPDR Gold Trust ETF daily holdings fall 1.8 tonnes to 780.2 tonnes - (US) API PETROLEUM INVENTORIES: CRUDE: -10.3M (largest draw since Dec 2013) v +1Me, GASOLINE: +135K v 0e, DISTILLATE: +1.36M v +0e - (CN) PBoC sets yuan mid point at 6.1645 v 6.1626 prior setting (weakest Yuan setting since May 14th) - (KR) BOK Gov Lee: KRW appreciation may burden businesses - financial press ***Equities*** US markets: - ADI: Reports Q2 $0.59 v $0.56e, R$695.0M v $670Me; +1.0% afterhours - CRM: Reports Q1 $0.11 v $0.10e, R$1.23B v $1.21Be; +0.7% afterhours - VSAT: Reports Q4 $0.10 v $0.10e, R$343.9M v $350Me; -2.8% afterhours - INTU: Reports Q3 $3.53 v $3.50e, R$2.39B v $2.38Be; -3.9% afterhours Notable movers by sector: - Consumer Discretionary: Panasonic 6752.JP +0.6% (positive comments on TV operations) - Materials: Zhejiang Haers Vacuum Containers 002615.CN +2.5% (analyst action); Newcrest Mining NCM.AU +0.1% (announces opening of gold mine) - Energy: Woodside Petroleum WPL.AU -0.3% (terminates JV MOU) - Industrials: Chiyoda Corp 6366.JP +2.2% (announces LNG project) - Technology: Chinasoft 600536.CN +10.0% (China bans Windows 8) - Source


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