Economic Data
(IN) INDIA QUARTERLY GDP Y/Y: 6.1% V 6.3%E
(AU) AUSTRALIA Q4 CONSTRUCTION WORK DONE Q/Q: -4.6% V -0.8%E (12-year low)
(AU) AUSTRALIA JAN PRIVATE SECTOR CREDIT M/M: 0.2% V 0.3%E (3-month low); Y/Y: 3.5% V 3.6%E
(AU) AUSTRALIA JAN RETAIL SALES M/M: 0.3% V 0.3%E (4-month high)
(JP) JAPAN JAN PRELIMINARY INDUSTRIAL PRODUCTION M/M: 2.0% V 1.5%E; Y/Y: -1.2% V -1.6%E
(NZ) NEW ZEALAND JAN BUILDING PERMITS M/M: 8.3% V 3.4%E (3-month high)
(NZ) NEW ZEALAND FEB NBNZ ACTIVITY CONFIDENCE: 28.0 V 16.9 PRIOR (4-month high); OUTLOOK: 31.2 V 25.7 PRIOR
(AU) AUSTRALIA JAN HIA NEW HOME SALES M/M: -7.3% V -4.9% PRIOR (6-month low)
(KR) SOUTH KOREA JAN INDUSTRIAL PRODUCTION M/M: +3.3% V -0.5%E; Y/Y: -2.0% V -4.6%E (first y/y decline in 30 months); INDUSTRIAL PRODUCTION MANUFACTURING Y/Y: -1.9% V 2.9% PRIOR
(SG) SINGAPORE JAN MONEY SUPPLY M1 Y/Y: 13.1% V 14.8% PRIOR; M2 Y/Y: 9.9% V 10.0% PRIOR
(UK) UK FEB GFK CONSUMER CONFIDENCE SURVEY: -29 V -27E (matches 8-month high)
(JP) JAPAN FEB MARKIT/JMMA MANUFACTURING PMI: 50.5 V 50.7 PRIOR (first decline in 3 months)
(KR) SOUTH KOREA JAN LEADING INDEX Y/Y: 0.7% V 0.4% PRIOR
(KR) SOUTH KOREA JAN SERVICE INDUSTRY OUTPUT Y/Y: 0.9% V 1.6% PRIOR
(JP) JAPAN JAN HOUSING STARTS Y/Y: -1.1% V -3.3%E (5th consecutive decline); CONSTRUCTION ORDERS Y/Y: 24.6% V 1.5% PRIOR (4th consecutive increase); ANNUALIZED HOUSING STARTS: 822K V 808KE
(NZ) NEW ZEALAND JAN MONEY SUPPLY M3 Y/Y: 5.4% V 5.9% PRIOR
(SG) SINGAPORE JAN CREDIT CARD BAD DEBTS (S$): 13.8M V 17.2M PRIOR; BILLINGS: 3.0B V 3.5B PRIOR; BANK LOANS & ADVANCES Y/Y: 28.4% V 30.3% PRIOR
(ZA) SOUTH AFRICA JAN PRIVATE SECTOR CREDIT Y/Y: 7.3% V 7.1%E; M3 MONEY SUPPLY Y/Y: 6.6% V 8.6%
(JP) Japan Jan Vehicle Production y/y: 18.6% v 13.4% prior
Markets Snapshot (as of 05:30GMT)
Nikkei225 +0.9%
S&P/ASX +0.8%
Kospi +1.2%
Taiwan Taiex +2.0%
Singapore Straits Times +0.8%
Shanghai Composite -0.5%
Hang Seng +0.3%
S&P Futures +0.1% at 1,372
April gold unchanged at $1,789/oz
April Crude +0.4% at $107.00
Overview/Top Headlines
Markets were positive today after Greece PM Papademos was able to garner enough support to win the motion on austerity measures needed for the next bailout. IMF Chief Lagarde was also positive on the region saying the situation was strengthening every day. EUR/USD failed to break $1.35 but tested $1.3486. GBP/USD tested a 3-week high of $1.5920. AUD/USD tested above $1.08, a 3-week high, after generally better data from down under.
According to analyst today's key data out of Australia, retail sales, construction work done and private sector credit showed no material weakness and they do not expect the RBA to cut rates and additional 25bps until late Spring at the soonest. NZD followed the Aussie testing $0.8430, the highest level since early Sept. Fin Min English affirmed he will deliver the budget by the end of May.
Japan 10-yr yield rose to 0.965%, up about a half a basis point in the session.
Better than expected industrial production out of Japan and South Korea added to the risk on appetite in the region. Dollar weakened across the board against the won, Taiwan and Singapore dollar and lost 0.5% to the Philippines peso. Copper saw modest gains, wheat rose 0.4% to $6.65, corn was slightly down and silver was flat heading into the European open. In US politics Republican Presidential candidate Mitt Romney took both Michigan and Arizona.
Speakers/Geopolitical/In the press
(TH) Thailand Central Bank: Only intervened in the baht a little last week; May increase 2012 GDP target to 6% from the current 4.9%
Asia Development Bank (ADB): Currently reviewing growth forecasts for Asia, could be more muted than first thought due to EU situation
(CN) China Top 4 Banks issued loans worth over CNY100B from Feb 1-24th
(JP) Bank of Japan (BOJ) Kamezaki: Economy will be flat for the time being and recover gradually; should continue to pro-actively implement policies to achieve growth with price stability
(US) Fed's Pianalto: Does not see inflation spurred by money supply growth; U.S. recovery has been frustratingly slow and there are still more obstacles
(PH) Philippines Central Bank Gov Tetangco: Inflation is manageable; Sees some room for policy accommodation
Equities
Alibaba, 1688.HK: $3.0B loan is broken into a $1.0B 3-yr amortizing loan and a $2.0B 1-year loan - financial press
STAN.UK: Reports FY11 Net profit $4.85B v $4.8Be, R$17.7B v $16.1B y/y
Hong Kong Exchanges & Clearing, 388.HK: Reports FY11 Net HK$5.1B v HK$4.0Be; Rev HK$7.9B v HK$7.6B y/y
PKX: Gets 12% discount q/q on coking coal prices from Teck
Chalco, 2600.HK: Targeting to have over 30% of its assets outside China - Chinese press
QAN.AU: Reports Jan passengers +8.3% y/y
HVN.AU: Reports H1 Net A$129M v A$132M y/y; Rev A$807M v A$804M y/y
WOR.AU: Reports H1 Net A$152M v A$129M y/y; Rev A$3.3B v A$2.9B y/y
US Equities
TEG: Reports Q4 $1.01 v $0.98e; +0.8% after hours
KOG: Reports Q4 -$0.15 v $0.09e, R$55M v $60Me; -6.3% after hours
FSLR: Reports Q4 $1.26 (adj) v $1.54e, R$660M v $782Me; -8.0% after hours
VRSK: Reports Q4 $0.50 v $0.44e, R$351.6M v $340Me; +9.1% after hours
DWA: Reports Q4 $0.29 v $0.32e, R$219M v $208Me; -8.8% after hours
WDC: Reaches Agreement With Toshiba Corporation to Divest Certain 3.5-inch HDD Assets (as speculated in the press); Terms not disclosed; +1.6% after hours