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02-08-2017, 09:28 PM,
Asia Roundup: Kiwi off highs ahead of RBNZ policy meeting, euro hovers near 1-week low on political woes, Asian shares fall amid risk-off sentiment – Wednesday, February 8th, 2017

Market Roundup

  • Japan ChiefCabSec Suga – Japan closely monitoring FX, commodity, and yield moves, all affect current account balance – Reuters.
  • BoJ Policy Board Jan 30-31 meeting minutes – Inflation to rise as output gap tightens but will take time to accelerate, no significant rise in expectations, momentum not firm, prudence in policy changes needed, hasty changes anathema, some concerns on ability to control yield curve, one member saw JGB 10-year target around zero too low, daily ops have no implications on future policy stance, uncertainties related to new US administration, Brexit.
  • Japan Dec c/a surplus Y1.1122 trillion, Y1.2945 trillion forecast, ’16 surplus of Y20.6 trillion largest since ’07, investment income windfall.
  • MoF January flow data – Japanese buy net Y519.5 bln foreign stocks, sell Y1.6210 trillion bonds, buy Y92.6 bln bills; foreign investors sell net Y119.2 bln Japanese stocks, buy Y1.6841 trillion JGBs, Y2.4541 trillion bills.
  • Japan Jan economy watchers’ survey service worker DI 49.8, -1.6 pt from Dec.
  • Japan Jan bank loans +2.5% y/y, rise steady, Dec +2.6%, Nov +2.4%.
  • Japan Jan TDB bankruptcies – 591 cases, -12.8% y/y, debt involved Y114.4 bln.
  • Japan’s Sharp may begin construction on $7 bln US plant before June 30.
  • NZ FinMin Joyce – RBNZ concerned over household debt levels as house prices rocket, to carry out analysis – Reuters.
  • Global dairy prices up on tight supply, strong China demand, NZ Fonterra GDP price index +1.3%, volumes drop at auction.

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02-10-2017, 09:13 PM,
Asia Roundup: Antipodeans gain on better-than-expected Chinese trade report, dollar hits 9-day high against yen following President Trump's tax reform plan, Asian shares near 18-month peak – Friday, February 10th, 2017

Market Roundup

  • Senior US official – Currency manipulation not at top of Trump’s list of topics at summit with Japan PM Abe, could come up in talks – Reuters.
  • US President Trump speaks with China Pres Xi, backs One China policy – FT.
  • President Trump’s travel ban remains blocked, appeals court rejects bid to reinstate, appeal to Supreme Court likely – NY Times, other media.
  • Chicago Fed Evans – Three hikes reasonable for ’17 – Reuters.
  • Foreign CB US debt holdings +$3.790 bln to $3.169 trln Feb 8 week, Treasury holdings +$3.543 bln to $2.851 trln, agencies -$258 mln to $255.777 bln.
  • NY Fed – Swaps with foreign CBs $265 mln Feb 8 week, all with ECB.
  • Lipper – Investors put $7.5 bln in US-based bond funds in February 8 week.
  • Japan Jan domestic corp goods price index +0.6% m/m, +0.5% y/y, Dec +0.7%, -1.2%, no y/y rises recorded in ’16, first rise in almost two years.
  • Revamped Japan Hitachi gearing up for Y1 trln acquisition spree – Nikkei.
  • Foreign investment in China slows as labor, land costs weigh – Nikkei.
  • China Jan trade surplus $51.35 bln, $47.9 bln forecast, exports +7.9%, imports +16.7%, +3.3% and +10.0% forecst, surplus with US $21.37 bln, Dec $21.73 bln, China Customs sees pressure on exports to ease at start of Q2.
  • China Jan trade surplus CNY354.53 bln, exports +15.9% y/y, imports +25.2%.
  • China Jan iron ore imports +3.4% m/m, crude imports third highest on record.
  • RBA monetary policy statement – Holding policy steady consistent with growth- inflation targets, appreciating AUD could complicate economy’s transition, cuts June ’17 GDP forecast to +1.5-2.5%, Dec unch at +2.5-3.5%, inflation 1.75% June ’17, 1.5-2.5% out to Dec ’18, 2-3% by June ’19, China better.
  • Australia Dec owner-occupied housing finance +0.4% m/m, +1.0% forecast, value of investment housing finance -1.0%.

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02-14-2017, 11:22 PM,
Asia Roundup: Kiwi off 3-1/2 week low on upbeat Chinese data, dollar eases against yen amid political concerns, Asian shares hit 19-month high – Tuesday, February 14th, 2017

Market Roundup

  • Japan PM Abe – Agrees with US President Trump to hold bilateral summit whenever both attend G7s, told Trump discussions on FX should be left for FinMin, TsySec – Reuters.
  • FinMin Aso – Will forge ahead on framework for bilateral economic dialogue, to include fiscal-monetary-structural issues – Reuters.
  • BoJ Gov Kuroda – Global yield rises alone won’t trigger rate hike – Reuters.
  • Dallas Fed Kaplan – Fed should be taking steps to remove accommodation, should up rates sooner, further scope for jobs growth – Dallas Fed website.
  • Trump NSA advisor Flynn resigns in controversy over Russia contacts – Reuters.
  • China Jan CPI +1.0% m/m, +2.5% y/y, +0.7% and +2.4% forecast, food CPI +2.7% y/y, non-food +2.5%, CPI increase at fastest y/y pace since May ‘14.
  • China Jan PPI +0.8% m/m, +6.9% y/y, +6.3% y/y forecast, up at fastest y/y pace since August ’11.
  • Australia Jan NAB business conditions index +16, confidence +10, Dec 10, 6, conditions index highest in nearly decade, index of sales doubles, costs up.
  • New Zealand Jan REINZ median house prices +0.2% m/m, +9.9% y/y, Auckland picks up.
  • New Zealand Jan food prices +2.8% m/m, +1.4% y/y.
  • EU and other trading partners prepare WTO challenge to US border tax – FT.

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02-16-2017, 08:27 PM,
Asia Roundup: Aussie hits multi-week high following mixed jobs report, dollar index eases from 1-month peak on profit taking, Asian shares rally – Thursday, February 16th, 2017

Market Roundup

  • BoJ Gov Kuroda – Low rates may sow seeds of new financial crisis – Reuters.
  • Japan FinMin Aso, new US TsySec Mnuchin talk over phone, did not discuss FX – Reuters.
  • Ex-BoJ Shirai – JPY undervalued if falls to 125-130 vs USD, BoJ policy in line with G20 agreement – Reuters.
  • Souring relations with market puts BoJ’s bold experiment to test – Reuters.
  • MoF flow data week-ended Feb 11 – Japanese sell net Y96.7 bln foreign stocks, Y297.4 bln bonds, Y38.9 bln bills; foreign investors buy net Y175.6 bln Japanese stocks, sell Y99.2 bln bonds, buy Y161.4 bln bills.
  • PBOC DepGov Yi Gang – China should maintain steady monetary policy – Xinhua.
  • PBOC Zhu Jun – CNY faces no big adjustment – China Securities Journal.
  • China Jan FDI -9.2% y/y to CNY80.1 bln, drop due to high base, holidays; ODI -35.7% to CNY53.27 bln, property ODI -84.3%.
  • South Korea FinMin – Monitoring JPY-KRW cross, currency volatility severe, to speak to new US TsySec soon, announce steps to boost growth – Reuters.
  • South Korea Jan fx deposits up as exporters lift USD holdings – Reuters.
  • NY Fed Dudley – Aiming to hike rates, based on more growth-fiscal stimulus, uncertainties more since administration shift – Reuters. 
  • US Dec net capital outflow $42.8 bln, Nov rev $30.2 bln inflow, China Tsy holdings $1.058 trln, Japan $1.091 trln, Nov $1.049 trln, $1.109 trln.
  • ECB/Buba Weidmann – Rolling back financial regulation would be mistake.
  • RBA AsstGov Ellis – Australians well able to service mortgage debt – Reuters.
  • Australia Jan employment +13.5k, unemployment 5.7%, participation 64.6%, +10k, 5.8% and 64.7% eyed, full-time employment -44.8k.
  • Australia Feb MI inflation expectations +2.5% WM, +4.1% TM, Jan +2.6%, +4.3%.
  • Non-residents holdings of NZ govt debt eases to 60.0% in Jan, Dec 60.3%.
  • New Zealand Feb ANZ/RM consumer confidence index 127.4, Jan 128.7, dip seasonal.

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02-17-2017, 09:01 PM,
Asia Roundup: Kiwi off 1-week high on downbeat economic data, dollar recovers as U.S. Treasuries resume rise, Asian shares ease on profit-taking – Friday, February 17, 2017

Market Roundup

  • Japan FinMin Aso – To start Japan-US economic dialogue as early as April, natural for currencies to weaken when CB aggressively ups cash supply, US-UK caused their currencies to weaken through QE after Lehman – Reuters, Nikkei.
  • Japan Feb Reuters Tankan mfg index +20, non-mfg +26, Jan +18, +30, mfg index highest since Aug ’14, export-led recovery, forecast at +19 in May, non-mfg +26, recovery still seen fragile.
  • China January PBOC net FX sales CNY208.8 bln – Reuters.
  • Foreign CB US debt holdings +$21 mln to $3.169 trln Feb 15 week, Treasury holdings -$3.544 bln to $2.847 trln, agencies +$3.433 trln to $259.210 bln.
  • NY Fed – FX swaps with foreign CBs $236 mln Feb 15 wk, BoJ $1 mln, rest ECB.
  • Lipper – US-based stock, bond funds attract cash in latest week.
  • Australia readies ’28 syndication via ANZ, CBA, Deutsche and Westpac – IFR.
  • New Zealand Jan BNZ/BNZ PMI -2.6 pts to 51.6, lowest since Jan ’15, bad weather and holidays cited.
  • New Zealand Q4 retail sales volume +0.8% q/q, +1.1% forecast, motor vehicles shine, Q3 rev +0.8% (+0.9), Q4 core sales +0.6% q/q, value +1.1%, Q3 +0.2%, +0.8%.

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02-20-2017, 10:22 PM,
Asia Roundup: Euro gains amid French political concerns, Asian shares steady near 19-month high, oil rises despite rising U.S. drilling and record stockpiles – Monday, February 20th, 2017

Market Roundup

  • CFTC IMM CTA data – Specs cuts USD longs to four-month low, net short JPY positions at two-month low, 51.2k contracts, EUR, GBP and MXN shorts up, AUD and NZD longs up
  • Fitch – Japan lifers cautiously increase exposure to foreign bonds.
  • Japan Jan trade deficit Y1.086 trln, Y636.8 bln forecast, exports +1.3% y/y, imports +8.5%, +4.7% forecast for both, exports to US -6.6%, China +3.1%, Asia +6.0%, Trump uncertainty, Japan carmakers may have refrained shipments.
  • Japan Jan crude oil import volume -3.5% y/y, LNG +14.6%, thermal coal +10.1%.
  • Reuters poll – One-third of Japanese firms look to lift CAPEX in coming fiscal year, 57% to maintain levels, 9% to lift US CAPEX, 79% to maintain.
  • Cleveland Fed Mester (hawk) – US economy on sound footing, skeptical monetary policy can solve low productivity conundrum, will take time to shed mortgage bonds in Fed portfolio, comfortable with rate rise if economy remains strong – Reuters.
  • Brussels focuses on UK’s E60bn exit bill before trade talks, divorce-first approach a setback for Britain’s hopes of fast-track deal – Financial Times.
  • German FinMin Schaeuble denies Grexit threat, Greece on right path – Reuters.
  • Germany’s SPD moves ahead of Merkel’s party in poll – Reuters.
  • EU Commission to warn Italy Wednesday over rising debt – Reuters.
  • Italy’s Renzi defies foes, opens way for party leadership battle – Reuters.
  • ECB Lautenschlaeger welcomes inflation rise but too soon for rate move
  • New Zealand Q4 PPI inputs +1.0% q/q, outputs +1.5%, Q3 +1.5%, +1.0%.

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02-21-2017, 11:11 PM,
Asia Roundup: Kiwi slumps ahead of dairy auction, dollar gains against the yen as Treasury yields rise, markets eye BoE Carney’s testimony – Tuesday, February 21st, 2017

Market Roundup

  • Philly Fed Harker – Strong case for March rate hike if PCE supports – MNI.
  • EuroGroup Dijsselbloem – To restart talks with Greece on bailout reforms but next loan may not come soon – Reuters.
  • Spain EconMin De Guindos – Maybe ’16 deficit target miss – Reuters.
  • Japan Feb PMI Mfg – flash 53.5, highest in 35 months, Jan final 52.7.
  • Japan carving out wider pathway for foreign service workers – Nikkei.
  • China ComMin Gao – Foreign investment not leaving China – Reuters.
  • PBOC – Most banks meet targeted RRR requirements, continue to enjoy preferential rate, dynamic changes scheduled from February 27 – Reuters.
  • Offshore CNY o/n implied depo rate rises to highest since January 6, 6%+.
  • RBA February meeting minutes – Steady rates consistent with economic growth, inflation targets, appreciating AUD would complicate transition, AUD up a touch on higher commodity prices, significant downside risks to global growth on Trump – Reuters.

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02-22-2017, 10:39 PM,
Asia Roundup: Kiwi halts 4-day losing streak, dollar eases following Fed Mester’s cautious comments, investors await BoE Cunliffe's speech – Wednesday, February 22nd, 2017

Market Roundup

  • US TsySec Mnuchin to IMF Lagarde – Expects frank-candid FX analysis.
  • BoJ Gov Kuroda – Ready to ease if needed to hit inflation target but chance of deepening negative rates low for now, to hit CPI target mid-FY’18.
  • Japan FinMin Aso – Not thinking of issuing negative rate JGBs.
  • Favorable environment encourages corporate bond issues in Japan – Nikkei.
  • China Jan new home prices +12.2% y/y, Beijing +24.7%, Shanghai +23.8%, Dec +12.4%, +25.9%, +26.5%.
  • US judge dismisses most of Euribor manipulation lawsuit – Reuters.
  • BoC DepGov Wilkins – BoC open to more fin-tech experiments – Reuters.
  • Mexico CB to launch $20 bln MXN FX hedge program, 1st auction of up to $1 bln on March 6, won’t rule out additional actions – Reuters.
  • ESM Regling – Greece should be able to borrow on markets from mid-’18 – SDZ.
  • RBA Gov Lowe – Risks in high household debt, using policy to grow not in national interest – Reuters.
  • Australia Q4 wage prices +0.5% q/q, +1.9% y/y, as forecast, stuck at record lows.
  • Australia Q4 construction work done -0.2% q/q, +0.3% forecast, home building up however, +1.3% q/q, -3.9% in Q3 (prelim -5.7%).
  • Australia Jan Westpac/MI leading index 97.59, Dec 97.54, above trend.
  • Australia AOFM sells record A$11 bln 2.75% 2025 bond at 3.005% yield.
  • Bank China Sydney raises A$800 mln in 3-year FRN launch via ANZ, NAB, UBS – IFR.
  • New Zealand Fonterra GDT price index -3.2%, volumes down too at auction.

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02-23-2017, 10:21 PM,
Asia Roundup: Aussie eases on weaker-than-expected capex data, dollar declines as Fed minutes hint cautious approach, unexpected fall in U.S. inventories boost crude oil – Thursday, February 23rd, 2017

Market Roundup

  • Fed Gov Powell – March FOMC to be “live”, hike on table – Reuters.
  • Top banks bond trading revenue +9% in ’16, first rise since ’12, equities -13%, biggest fall since ’08, commodities -7% – Coalition survey/Reuters.
  • BoJ Policy Board Kiuchi (one of two dissenters) – For longer-term 2% CPI target, must normalize at appropriate time, yield curve control could help in eventual QQE slow-down, dichotomy in targets for both interest rates and quantity of money printed, exports largest uncertainty, economic structure not purview of BoJ but of government, companies – Reuters.
  • MoF flow data week ended Feb 18 – Japanese buy net Y164.9 bln foreign stocks, Y48.2 bln bonds, sell Y23.0 bln bills; foreign investors sell net Y127.9 bln Japanese stocks, Y141.2 bln JGBs, buy Y856.6 bln bills.
  • Japan Inc sees record profit in FY ‘16/17 despite stronger yen – Nikkei.
  • Japan Jan corp service price index -0.5% m/m, +0.5% y/y.
  • China HousingMin – Property prices to remain stable in Q1, undertaking preparatory work for property tax – Reuters.
  • UK January car production +7.5% y/y, at nine-year high, export demand high.
  • Australia Q4 new CAPEX -2.1% q/q, -1.0% forecast, first estimate ‘17/18 CAPEX A$81 bln, ‘16/17 latest estimate A$112 bln, Q4 plant/machinery CAPEX +0.4% q/q, building CAPEX -4.1%.
  • New Zealand Fonterra confirms ‘16/17 forecast farmgate milk price – Reuters.

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02-24-2017, 10:40 PM,
Asia Roundup: Antipodeans set for weekly gains, dollar recovers from FOMC minutes led-slump, Asian shares ease from 1-1/2-year peak – Friday, February 24th, 2017

Market Roundup:

  • US President Trump – Chinese “grand champions” of currency manipulation – Reuters.
  • US retreats from Trump pledge on China currency manipulation, Mnuchin yet to make ‘judgments’ on renminbi’s strength – Financial Times.
  • US TsySec Mnuchin schedules FSOC meeting March 2, to discuss systematically important firms – Reuters.
  • Foreign CB US debt holdings +$12.322 bln to $3.181 trln Feb 22 week, Treasury holdings +$2.683 bln to $2.850 trln, agencies +$9.087 trln to $268.297 bln.
  • NY Fed – Swaps with foreign CBs $143 mln Feb 22 week, ECB $136 mln, rest BoJ.
  • Lipper – US-based taxable
    bond funds add cash for eighth straight week, stocks bought too, investors charmed by US tax plans.
  • Swaps industry gets last-minute relief from new US margin rule – Reuters.
  • US Jan business borrowing for equipment +3% y/y to $6.2 bln – ELFA.
  • RBA Gov Lowe – Global picture much more positive, Australia growth likely @3% this year and next, closely watching household debt-labor market, would like AUD to be lower but commodity-price dependent, more effective ways of stimulating demand than cutting rates right now – Reuters.
  • Reuters BreakingViews – China swaps bad debt for faint hope.
  • China to spend more than $145 bln on rural road building 2016-20 – Reuters.
  • South Korea FinMin Yoo – Recent FX volatility not a big issue – Reuters.

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02-27-2017, 09:05 PM,
Asia Roundup: Aussie rallies on better-than-expected economic data, gold steady near 3-1/2-month peak, euro struggles amid France election campaign- Monday, February 27th, 2017

Market Roundup

  • CFTC IMM CTA data – Specs mixed on USD bets in latest week, EUR shorts up to 58.2k contracts but JPY shorts down to 50.1k contracts.
  • US TsySec Mnuchin – No cuts to US entitlement programs like Social Security, Medicare in Trump budget – Reuters.
  • President Trump’s budget outline calls for surge in military spending and sharp cuts to non-defense agencies including the EPA – New York Times.
  • Figaro/LCI poll – Macron seen beating Le Pen in presidential run-off.
  • Bild am Sonntag poll– Merkel’s conservatives, Social Democrats neck-and-neck.
  • ECB/Buba Weidmann – ECB won’t end asset purchase program suddenly – FAS.
  • German DepFinMin Spahn – No debt relief for Greece – Deutschlandfunk.
  • Iceland CB to consider easing capital controls for derivatives – Reuters.
  • Japan Softbank nears deal to invest $3 bln in US start-up WeWork – CNBC.
  • China SAFE – To strengthen supervision of FX market – SAFE website, Reuters.
  • Australia Q4 gross company operating profits +20.1% q/q to A$77.77 bln, most since ’01, +8% eyed, pre-tax profits +67.9%, miners reap record-breaking profits, Q4 business inventories +0.3% q/q, +0.5% eyed.
  • New Zealand net migration up in January, short-term visitors took, +11.0% y/y.

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02-28-2017, 10:30 PM,
Asia Roundup: Japanese yen marginally higher on robust housing start, retail sales data; Asian markets in green while gold stabilizes above $1250 – Tuesday, February 28, 2017

Market Roundup

  • Trump to propose 10 percent spike in defense spending to $54b bln, major cuts to all other agencies – Washington Post.
  • BoJ Gov Kuroda reiterates policy to remain easy, inflation to rise.
  • Japan fund managers up stock exposure some, trim bonds in February.
  • Japan January industrial output -0.8% m/m, +0.3% eyed, largest decline since May ’16, unexpected fall in exports of cars to US, Feb output eyed at +3.5%, previous estimate +0.8%, March output eyed at -5.0%.
  • Japan January retail sales +1.0% y/y, +0.9% eyed.
  • Japan January housing starts +12.8% y/y, construction orders -7.0%, Dec +3.9%, +7.1%, Jan large construction orders +1.1%, still up into ’20 Olympics.
  • PBOC – Foreign firms able to repatriate profits normally.
  • China SAFE – Foreigners allowed to hedge CNY risks in onshore market – MNI.
  • China funds to trim equity exposure, boost bonds in next 3 months.
  • China eyes 12% broad money supply rise in ‘17 – Reuters exclusive.
  • China Stats Bureau – China faces external uncertainties, overcapacity.
  • Australia Q4 current account deficit A$3.9 bln, A$3.6 bln eyed, exports impact on GDP +0.2%, terms of trade up most since June ’10, deficit smallest in 15 years, GDP positive.
  • Australia Q4 government consumption spending flat at A$77.99 bln.
  • Australia January private-sector credit +0.2% m/m, +5.4% y/y, Dec +0.7%, +5.6%, housing credit +0.5% m/m as mortgage rates ease.
  • Australia January HIA new home sales -2.2% m/m, Dec +0.2%, outlook still strong.
  • New Zealand February ANZ business confidence 16.6%, own activity 37.2%, Jan 21.7%, 39.6%.
  • New Zealand January trade deficit NZ$285 mln, FY to Jan deficit NZ$3.47 bln, Jan imports NZ$4.19 bln, exports NZ$3.91 bln.

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03-01-2017, 08:28 PM,
Asia Roundup: Antipodeans hit multi-week lows, dollar rallies as Fed officials comments boost March rate hike prospects, Asian shares volatile – Wednesday, March 1st, 2017

Market Roundup :

  • Trump speech long on promises, short on detail – Reuters BUZZ/IFR.
  • Trump promises $1 trln in infrastructure spending, to call for reduced corporate taxes, massive tax relief for middle class – Reuters.
  • Trump administration would ignore WTO rulings it sees as anti-US – FT.
  • President Trump signals drastic shift, open to plan to grant legal status to millions of undocumented immigrants – New York Times.
  • NY Fed Dudley – Case for hike now a lot more compelling – Reuters.
  • St Louis Fed Bullard – Balance sheet reductions should start now, inflation hot but no rush to raise rates, eyeing fiscal policies – Reuters.
  • SF Fed Williams – March rate hike up for serious consideration, no need to delay hikes, stock market not out of whack – Reuters.
  • Philly Fed Harker – Repeats he sees three rate hikes in ’17 – Reuters.
  • BoJ Policy Board Sato – BoJ JGB buys will gradually fall, policy should not be bound by pledge to buy Y80 trln/year, yield curve should be bit steeper, target should be flexible, adjusted to reflect market developments – Reuters.
  • Japan’s public pension fund snares record Y10 trln return in Q4 – Nikkei.
  • Japan MoF survey – Q4 CAPEX +3.8% y/y, +3.5% excluding software, recurring profits +16.9%, record high, sales +2.0%.
  • Japan Feb Mfg PMI – final 53.3, flash 53.5, still highest in 35 months,  Jan final 52.7.
  • BoJ trims purchases of shorter maturities in JGB buying operations – Reuters.
  • China LaborMin – Confident employment to remain stable in ’17 – Reuters.
  • China Feb Caixin Mfg PMI 51.7, 50.8 forecast, Jan 51.0, export orders best since February ’14.
  • China Feb off’l Mfg PMI 51.6, 51.1 forecast, Jan 51.3; services 54.2, Jan 54.6.
  • Australia Q4 GDP +1.1% q/q, +2.4% y/y, +0.7% and +1.9% forecast, consumption expenditures +0.7%, fixed CAPEX +2.6%, chain price index +2.9%.
  • Australia Feb AIG PMI up 8.1 points to 59.3, highest since May ‘02.
  • Australia Feb CoreLogic home prices +1.4% m/m, +11.7% y/y, best in 6 years.
  • New Zealand Q4 terms of trade index +5.7% q/q, biggest jump since ’13, export volumes  -5.8%, import prices -0.8%, export prices +4.8%, terms of trade -1.1% in Q3 (prelim -1.8%).
  • UK Feb BRC shop prices -1.0% y/y, fall slows, Jan -1.7%, food prices up for the first time since April ’16.

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03-02-2017, 09:19 PM,
Asia Roundup: Aussie eases on weaker than expected trade balance, dollar index steadies near 7-week peak following Fed Brainard's hawkish comments, Asian shares rally – Thursday, March 2nd, 2017

Market Roundup

  • Fed Gov Brainard – Rates can rise soon given improved global conditions, employment, and inflation goals nearly met, for retaining Fed balance sheet, fiscal boost could lead to higher inflation, interest rates – Reuters.
  • Japan FinMin Aso – Wider US-Japan interest rate differential would cause USD/JPY to rise further – Nikkei.
  • MoF flow data week ended Feb 25 – Japanese buy net Y159.5 bln foreign stocks, sell Y202.0 bln bonds, buy Y22.8 bln bills; foreign investors sell net Y261.1 bln Japanese stocks, buy Y367.9 bln JGBs, Y976.7 bln bills.
  • Japan end-Feb monetary base Y433.6596 trln, end-Jan Y435.4926 trln.
  • Japan dreams of windfall from US infrastructure investment – Nikkei.
  • China CBRC Guo – Risk prevention in banking sector to be ’17 focus – Reuters.
  • US Feb total vehicle sales 17.58 mln AR, Jan 17.61 mln – Autodata.
  • Banxico Carstens – Denies Mexico considering request for Fed swap line.
  • BoE’s new deputy governor must tackle conflicts of interest – Reuters.
  • Australia Jan trade surplus A$1.302 bln, A$3.8 bln forecast, exports -3% m/m, imports +4%, set back seen temporary.
  • Australia Jan bldg approvals +1.8% m/m, unch forecast, priv-sector houses -3.0%.
  • RBNZ Gov Wheeler – US protectionism greatest source of uncertainty – Reuters.
  • Emerging market non-resident inflows hit estimated $17.1 bln in Feb – IIF.

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03-03-2017, 09:11 PM,
Asia Roundup: Antipodeans touch multi-week trough following downbeat Chinese service PMI, dollar steadies on March Fed rate hike bets, Asian shares trade in red – Friday, March 3rd, 2017

Market Roundup

  • Japan FinMin Aso – Wants to debate rules for free-fair trade with US
  • Japan Jan nationwide core CPI +0.1% y/y, Tokyo Feb core -0.3%, unch and -0.2% forecast, nationwide core up for first time on y/y basis since December ‘15.
  • Japan Jan household spending +0.5% m/m, -1.2% y/y, +0.3% and -0.4% forecast, weak, contrasts with Jan retails 1.0% y/y gain.
  • Japan Jan unemployment 3.0%, jobs-applicants ratio 1.43, 3.0% and 1.44 forecast, unemployment off notch from 3.1% in December.
  • Japan Feb services PMI off to 51.3, Jan 51.9 but employment growth best in 45 months.
  • BoJ reduces buying of 25-40 year JGBs by Y20 billion to Y100 billion – Reuters.
  • Foreigners lead short-term bond market as BoJ steps back – Nikkei.
  • China parliament to signal reform over stimulus to defuse debt bomb –Reuters.
  • China Feb Caixin services PMI 52.6, composite 52.6, Jan 53.1, 52.2, services expansion slowest in four months.
    Cleveland Fed Mester – Fed hitting both employment and inflation goals, wants rate hike before shrinking balance sheet – Reuters.
  • Foreign CB US debt holdings -$5.660 billion to $3.175 billion March 1 week, Treasury holdings -$4.087 billion to $2.846 trillion, agencies -$1.626 billion to $266.671 billion.
  • NY Fed – Swaps with foreign CBs $1.132 billion Mar 1 week, ECB $930mln, BoJ rest.
  • Lipper – Investors pour $7 billion into US-based stock funds latest week, fifth week in a row.
  • BCG – Banks paid $321 billion in fines since financial crisis – Reuters.
  • UK lawmakers say May’s industrial plan falls short, risks mistakes – Reuters.
  • ECB Lautschlaeger sees no Frexit after Brexit, or stocks crash – Reuters.
  • Australia Feb AIG PSI off 5.5 points to 49.0, below 50.
  • Australia Feb VFACTS new vehicle sales -7.7% y/y, one less selling day, SUVs still in demand.
  • New Zealand Feb job adverts +0.4% m/m, +18.5% y/y.
  • New Zealand Feb ANZ commodity price index +2.0% m/m, +20.9% y/y, Jan -0.1%, +19.1%.
  • New Zealand Q4 residential bldg work done +1.1% q/q, non-residential +3%, total +1.9%.

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