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Asian Market Update

ByTrade The News
Published 01/07/2012, 02:54 AM
Updated 01/01/2017, 02:20 AM

Markets were mostly subdued through the session, seemingly not concerned ahead of the US non-farm payrolls and more concerned over the future of Europe. EUR/USD extended its decline below $1.2765, fresh 15-month lows. Gold has resumed its safe haven status testing $1,628, a 2-week high. Near the end of the Asia session a report came across that there was an incident at a North Korea nuclear facility, details were very limited. KRW fell to session lows testing KRW1,155, the yen gained 0.3% against the won and Kospi fell 2% below 1,825. About 30 minutes later officials from Japan and South Korea said they had not heard of any incidents in North Korea.

China's major oil companies, Sinopec, CNOOC and PetroChina had a boost after China Ministry of Finance raised the threshold on which mainland oil companies will have to pay a windfall tax to $55/barrel from $40. It is expected that this new measure may offset the extra cost brought on by the resource tax in Oct. The govt also took measures to support the banking sector announcing that the CBRC will delay higher capital requirements for big banks until July 1st v Jan 1st prior. The CBRC is calling for capital adequacy ratio of 11.5% and a core ratio of 9.5% v the current capital adequacy ratio requirement of 5-8% depending on the bank.

Samsung Electronics reported their preliminary Q4 guiding operating profit at KRW5.2T, beating expectations and prior quarter. Sees Rev at KRW47.0T much higher than Q3 and also beating expectations. Both Singapore Air and Qantas confirmed that they had found small cracks in the A30 wing ribs, both said that they did not present a flight risk and they would repair the planes.

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