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Thursday March 19, 2015 - 06:02:19 GMT
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| | Email Asian Mid-session Update: Yellen replaces "patience" for policy normalization with worries over impact of rising USD on exports and inflation - Source

(NZ) NEW ZEALAND Q4 GDP Q/Q: 0.8% V 0.8%E; Y/Y: 3.5% (highest since Q3 of 2007) V 3.4%E - (KR) South Korea Feb PPI Y/Y: -3.6% v -3.6% prior; 7th month of decline ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.6%, S&P/ASX +1.8%, Kospi +0.5%, Shanghai Composite -0.2%, Hang Seng +0.9%, Jun S&P500 +0.1% at 2,095***Commodities/Fixed Income***- Apr gold +0.6% at $1,173, May crude oil -0.9% at $46.20/brl- GLD: SPDR Gold Trust ETF daily holdings rise 1.8 tonnes to 749.8 tonnes; First rise since Feb 21st - (CN) PBoC to inject CNY15B in 7-day reverse repos (7th consecutive injection); Drains net CNY25B this week v drained CNY53B prior (4th week of drain) - (JP) Japan investors bought net 551.1B in foreign bonds v bought 268.2B in prior week; Foreign investors bought net 244.3B in Japan stocks v bought 291.8B in prior week- USD/CNY: PBoC sets yuan mid point at 6.1460 v 6.1556 prior setting (strongest yuan setting since Feb 26th) - (JP) BOJ offers to buy 400B in 5-10yr JGBs, 240B in 10-25yr JGBs and 140B in JGBs with maturity over 25-yr ***Market Focal Points/FX***- Fed chair Yellen wrongfooted investors positioned for a hawkish removal of the "patient" language from today's policy statement with a substantially more dovish tilt, reduction of GDP forecasts, tempered projections for the pace of policy normalization (dots chart), and more vocal worries over stronger USD. Macro positions of higher USD and treasury yields, lower precious metals, and volatile equity markets building for the past few weeks saw a violent reversal - Dow Industrials spiked up over 200pts to hit a 1-week high of 18,100, EUR/USD zoomed nearly 4 big figures as high as 1.10 handle, USD/JPY fell over 150pips below 119.50, yield on the 10-yr bench mark slid nearly 15bps toward 1.90%, and gold spiked up over $25 above $1,175 all in the immediate aftermath of the Fed surprise. - Yes, the Fed removed the "patient" component in the third paragraph of its statement pertaining to its intentions for normalizing policy. But it inserted a vague precondition of "reasonable confidence" for inflation to return to 2% objective, while also adding economic activity has moderated (from solid), export growth has weakened (from growing), and deemed market-based inflation indicators remaining low. All other components of the statement - improved labor market, moderately rising household spending, slow property market recovery, and balanced risks for activity and labor - were left unchanged. FOMC staff projections lowered 2015 and 2016 GDP midpoint to 2.5% from 2.8% and 2.75% respectively, and the median call for 2015-end fed funds rate was scaled back all the way to 0.625% from 1.175%. 2016 median was set lower by 62.5bps at 1.875% and that of 2017 lower by 50bps at 3.125%. At the accompanying press conference, Yellen added the removal of "patient" language does not mean Fed will be impatient, falling prices have restrained inflation, and that strong dollar is among the reasons for weaker export growth and low inflation expectations.- Outside the post-Fed volatility, sentiment in the Asia session has been largely consolidative. EUR/USD retreated below $1.08 and AUD/USD below $0.7750, while lower USD/JPY weighed on Tokyo and traded in a 60pip band around 121 level. NZD saw little reaction to Q4 GDP data, even though y/y growth was the highest since 2007. In Australia, the most remarkable component of the RBA quarterly bulletin was its view of China property space retaining key economic risks and limited scope of policy response from Beijing, intent on continued deleveraging.- In Europe, Greece was in the headlines yet again, as local press reported the outflows from the banking system on Wednesday spiked up to 350-400M - 5x higher than previous days' average. Greek Deputy PM said liquidity is becoming a problem just three days after PM Tsipras said the exact opposite, and Athens request for ELA increase of 900M this week was only met with about 400M allotment.***Equities***US markets: - GES: Reports Q4 $0.63 v $0.58e, R$696.7M v $702Me; +12.0% afterhours- NQ: Reports Q4 $0.03 v $0.04 y/y, R$89.7M v $67.9M y/y; +8.9% afterhours- SFS: Reports Q4 $0.16 v $0.14 y/y, R$839.3M v $742.8M y/y; +8.4% afterhours- CTAS: Reports Q3 $0.85 v $0.79e, R$1.11B v $1.11Be; +2.3% afterhours- JBL: Reports Q2 $0.50 v $0.45e, R$4.31B v $4.27Be; -1.8% afterhours- WSM: Reports Q4 $1.52 v $1.51e, R$1.54B v $1.57Be; Raises quarterly divdend by 6% to $0.35 (implied yield 1.7%); Guides Q1 $0.40-0.45 v $0.54e, R$990M-1.01B v $1.03Be; -3.2% afterhoursNotable movers by sector:- Consumer Discretionary: Beijing Orient Landscape 002310.CN +4.3% (awarded major order); Tingyi Cayman Islands Holding 322.HK +2.8% (to produce Starbucks ready to drink products in China); Myer Holdings MYR.AU -9.3% (H1 results); Tsuruha Holdings 3391.JP +4.8% (9-month results)- Technology: Gree Electric Appliances 000651.CN +2.8% (plans to launch mobile phones); Tencent Holdings 700.HK +1.4% (Q4 results); Nintendo 7974.JP +11.7% (momentum continues after partnership with DeNA); Sharp Corp 6753.JP +1.7% (speculation on job cut)- Healthcare: Sigma Pharmaceuticals SIP.AU +3.8% (FY14/15 results)- Utilities: Sinohydro Group 601669.CN +7.1% (Jan-Feb op results) - Source


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