Asian Market Update: Mixed China Manufacturing PMI, Australia PM: Strong A$ is here to stay
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| 09:17 |
***Economic Data***
- (CN) CHINA JAN PMI MANUFACTURING: 50.5 V 49.6E (4-month high)
- (CN) CHINA JAN HSBC MANUFACTURING PMI: 48.8 V 48.7 PRIOR (3rd consecutive contraction)
- (KR) SOUTH KOREA JAN CPI M/M: 0.5% V 0.6%E (5-month high); Y/Y: 3.4% V 3.6%E (multi-month low); CORE CPI Y/Y: 3.2% V 3.6% PRIOR
- (AU) AUSTRALIA Q4 HOUSE PRICE INDEX Q/Q: -1.0% V -0.6%E; Y/Y: -4.8% V -3.3%E
- (KR) SOUTH KOREA JAN HSBC MANUFACTURING PMI: 49.2 V 46.4 PRIOR
- (KR) SOUTH KOREA JAN TRADE BALANCE: -$2.0B V $560ME (first deficit in 2 years)
- (AU) AUSTRALIA DEC HIA NEW HOME SALES M/M: -4.9% V +4.4% PRIOR (5-month low)
- (TW) TAIWAN JAN HSBC MANUFACTURING PMI: 48.9 V 47.1 PRIOR (8th consecutive month of contraction)
- (JP) JAPAN DEC LABOR CASH EARNINGS Y/Y: -0.2% V -0.3%E (2nd consecutive decline)
- (HK) HONG KONG Q4 GDP Y/Y: 3.0% V 3.1%E; 2011 GDP +5.0% Y/Y, CPI 5.3% Y/Y
- (JP) JAPAN JAN VEHICLE SALES Y/Y: +40.7% V 23.5% PRIOR
- (TH) THAILAND JAN CPI M/M: 0.4% V 0.5%E; Y/Y: 3.4% V 3.4%E; CORE CPI Y/Y: 2.8% V 2.7%E
- (IN) INDIA JAN MANUFACTURING PMI: 57.5 VS 54.2 PRIOR (highest reading since May 2011)
- (ID) INDONESIA JAN INFLATION M/M: 0.8% V 0.7%E; Y/Y: 3.6% V 3.6%E; CORE INFLATION Y/Y: 4.3% V 4.2%E
- (IN) INDIA DEC TRADE BALANCE: -$12.7B V -$12.8B PRELIM
- (RU) RUSSIA JAN HSBC MANUFACTURING PMI: 50.8 V 51.7 PRIOR
- (ID) INDONESIA DEC TOTAL TRADE BALANCE: $0.9B V $1.8BE
- (NL) DUTCH JAN MANUFACTURING PMI: 49.0 V 46.2 PRIOR
- (AU) Australia Jan AiG Performance of Manufacturing Index: 51.6 v 50.2 prior; 7-month high
- (AU) Australia Jan RBA Commodity Price Index SDR y/y: 6.0% v 9.6% prior
***Markets Snapshot (as of 05:30GMT)***
- Nikkei225 -0.1%
- S&P/ASX -0.9%
- Kospi unchanged
- Taiwan Taiex +0.4%
- Singapore Straits Times -0.4%
- Shanghai Composite -0.6%
- Hang Seng unchanged
- S&P Futures -0.2% at 1,306
- Feb April -0.1% at $1,739/oz
- March Crude +0.2% at $98.65
***Overview/Top Headlines***
- Markets were oscillated between gains and losses, weaker earnings from the US as well as an unexpected drop in consumer confidence weighed on the markets. Mixed China Manufacturing PMI data added to the risk adverse attitude, though the slightly stronger reading form the official data of 50.5 in January gave some solace that there would not be a hard landing. China HSBC manufacturing PMI showed a contraction reading again, but at a slower pace. So far Japan 9-month results are showing general weakness as many exporters showing the impact of a period racked with natural disasters both domestically and abroad that impacted their supply chains. A lack of solution in Greece continues to weigh on the market, despite comments over the past few days saying "we are just days away from a solution." The euro remained under pressure today down about 30 pips against both the dollar and yen from New York roll. USD/JPY tested ?76.14, matching Tuesday's 3-month low. S&P commented that Japan's plan to double sales tax will slow growth of public debt only on a temporary basis.
***Speakers/Geopolitical/In the press***
- (IN) India Central Bank (RBI) Gov Subbarao: Sustained level of high inflation is hurting growth; India's threshold for inflation is 4-6% - financial press
- (HK) Hong Kong Financial Sec Tsang: Govt aiming to keep stable economic growth; Q1 may have a GDP contraction due to weak exports, 2012 GDP seen around 1-3% - budget speech
- (AU) Australia PM Gillard: AUD to remain high for years, economy will need to adjust; Supports higher IMF resources
- (KR) Bank of Korea (BoK) Official Lee Jae-rang: Core inflation could still accelerate in H2 and upward price pressure could still come from wages and service costs
- (CN) China Fin Min Xie: Domestic demand has huge potential; facing huge pressure on price increases this year
***Equities***
- NMR: Reports Q3 Net ?17.8B v ?13.4B y/y, Rev ?405B v ?296B y/y
- TM: Says it received 120K orders for Aqua hybrid model in 1 month in Japan vs monthly target of 12K
- LG Electronics, 066570.KR: Reports Q4 Net loss KRW112B v loss KRW22Be, Op profit KRW23B v KRW64Be, Rev KRW13.8T v KRW13.9Te
- Esprit, 330.HK: Exec: Will have to close all N. American stores unless it can find a partner; Have not decided if US and Canada unit will file for bankruptcy
- FXJ.AU: Gina Rinehart increases her 4% stake in Fairfax by A$192M to nearly 12% - The Australian
***US Equities***
- FB, Facebook: Said to raise $5B in preliminary IPO prospectus tomorrow morning - financial press
- WRB: Reports Q4 $0.58 v $0.49e, R$1.25B v $1.2Be; +3.2% after hours
- STX: Reports Q2 $1.28 v $1.08e, R$3.19B v $3.2Be; +5.7% after hours
- MTW: Reports Q4 $0.13 v $0.14e, R$1.03B v $956Me; +3.1% after hours
- BRCM: Reports Q4 $0.68 v $0.65e, R$1.82B v $1.8Be; +1.9% after hours
- AMZN: Reports Q4 $0.38 v $0.17e (unclear if comp), R$17.4B v $18.2Be; -8.7% after hours
- ACE: Reports Q4 $1.94 adj v $1.78e, R$3.83B v $3.7Be; +1.7% after hours
***FX/Fixed Income/Commodities***
- (US) API PETROLEUM INVENTORIES CRUDE: +2.06M V +3ME; GASOLINE: -220K V +250KE; DISTILLATE: +970K V -1.5ME; UTILIZATION: 81.9% (matches 2-month low) V 81.9% W/W
- SLV: iShares Silver Trust ETF daily holdings rise to 9,609.0 tons from 9,510.7 tons (highest since Dec 20th)
- USD/JPY: (JP) Japan Fin Min Azumi: Reiterates continues to watch FX markets; Position on JPY unchanged
- (AU) Australia Port Kembla coal terminal workers to launch a week long strike - Australian press
www.tradethenews.com
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