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Straits Times 3,287.40 -12.60 -0.38%
Hang Seng 29,338.70 +42.65 +0.15%
Dow Jones 24,580.89 +119.19 +0.49%
Shanghai Composite 2,889.76 +13.95 +0.49%
Asia Daily Bulletin – 28/02/12
Asia Daily Bulletin | 28 February 2012

By Trade The News

Markets Snapshot (as of 05:30GMT)
- Nikkei225 +0.1%
- S&P/ASX -0.1%
- Kospi +0.6%
- Taiwan Taiex closed
- Singapore Straits Times +0.2%
- Shanghai Composite -0.4%
- Hang Seng +0.8%
- S&P Futures +0.2% at 1,369
- April gold -0.2% at $1,771/oz
- April Crude -0.4% at $108.17

Overview/Top Headlines
- A small decline in crude gave a relief rally to most markets across the region. Yesterday’s heavy hit South Korea tested above the 2,005 level and emerging market currencies gained. Philippines Central Bank Gov Tetangco said that overseas easing is complicating policy and capital inflows are turning emerging markets into portfolio managers. The PHP for its part gained over 0.7% to PHP42.81 to the USD.

He also said that inflation should be manageable as long as there were no major shocks from oil prices. Japan Fin Min Azumi said that right now Japan is working on passing the next FY budget and was not considering a stopgap. Japan would only start looking to a hold over budget if an agreement cannot be reached by mid-March. S&P cut Greece’s sovereign rating to selective default from CC, saying that if the debt swap was successful it would raise the rating to CCC.

This initially led to some euro weakness, later on EUR/USD gained 0.3% today testing $1.3444 ahead of the second round of LTRO scheduled for the 29th. Yen gained against for the Greenback and the Euro, most major Japanese exports paused in their gains with the renewed strength in the yen. A$ had a positive session, though failed to break above $1.0790 level. South Korea’s DRAM chip makers Samsung and Hynix both rallied on the news of Elpida’s bankruptcy, though neither has indicated any interest in its assets. China PBoC offered CNY10B in 28-day repos at 2.80% (unchanged) though failed to sell any bills.

Speakers/Geopolitical/In the press
- (CN) China State researcher Zhang: Sees 2012 exports +15% y/y; GDP will be slow in H1 and picking up into H2 – Chinese press
- (MX) Mexico Deputy Fin Min: Not concerned about recent peso bond market developments
- (US) Fed’s Duke: FOMC’s focus on housing is important and key in monetary policy; Housing has been slow in response to low interest rates
- (KS) South Korea Financial Services Commission official Kim: To carefully monitor foreign investor capital flow

- VAH.AU: Raises domestic surcharges by A$1.50-6.00, effective from July 1st
- BBG.AU: Ends talks with TPG after revised offer of A$3.30/shr (A$3.00 prior) is deemed too low
- Tepco, 9501.JP: Will start to pay out compensation in March to residents who voluntarily evacuated their homes due to the accident at the Fukushima Daiichi nuclear power plant – Nikkei
- Elpida, 6665.JP: Bond default to reach ¥138.5B as part of bankruptcy protection; Micron seen as the prime candidate to sponsor Elpida rebuild – Nikkei News
- GFF.AU: Confirms that Singapore’s Wilmar International acquired 10.1% stake for A$115M after the close yesterday; May raise stake further – financial press
- TLS.AU: ACCC accepts changes to structural seperation proposal, opening the way for the NBN deal to go ahead – financial press

US Equities
- CVI: Reports Q4 $0.34 v $0.38e, R$1.06B v $1.0Be; -2.2% after hours
- KOF: Reports Q4 Op profit MXN6.5B v MXN5.1B y/y, Rev MXN36.2B v MXN28.0B y/y; +0.5% after hours
- UHS: Reports Q4 $0.91 v $0.90e, R$1.84B v $1.9Be; +1.1% after hours
- URS: Reports Q4 $0.89 (adj) v $0.98e, R$2.37B v $2.5Be; initiates dividend of $0.20; -0.5% after hours
- FB: Yahoo claiming that Facebook is infringing on 10-20 of its patents covering social networking, advertising and personalization – FT

FX/Fixed Income/Commodities
- (JP) Japan Iron and Steel Federation Chairman Eiji: Even though the yen has weakened to the ¥80 level it is still difficult for Japan steelmakers – Nikkei
- JGB: (JP) Japan MoF sells ¥2.50T in 0.1% (0.1% prior) 2-yr JGBs, bid to cover: 5.15x v 5.35x prior
- OLAM.SG: Exec: Sees a sugar surplus of 9M tons for 2011/12 and expects another surplus in 2012/13
- (CN) China Iron and Steel Association (CISA): Dependence on foreign iron ore has fallen; Iron ore prices likely to fall in the near term
- SLV: iShares Silver Trust ETF daily holdings rise to 9,692 tons from 9,632 tons (highest since 9,700 on Feb 10th) – update as of Feb 24th

Economic Data
- (JP) JAPAN JAN RETAIL TRADE M/M: 4.1% V 1.0%E; Y/Y: +1.9% V -0.1%E; LARGE RETAILERS’ SALES: -1.0% V -1.1%E
- (CO) Colombia Dec Industrial Production Y/Y: 2.4% v 5.5%e

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