(JP) JAPAN JAN NATIONAL CPI Y/Y: +0.1% V -0.1%E; NATIONAL CORE Y/Y: -0.1% V -0.2%E (4th consecutive month of decline); FEB TOKYO CPI Y/Y: -0.2% V -0.2%E; TOKYO CORE Y/Y: -0.3% V -0.4%E (matches 5-month high)
- (JP) JAPAN JAN JOBLESS RATE: 4.6% V 4.5%E (matches 6-month high); JOB-TO-APPLICANT RATIO: 0.73 V 0.72E
- (KR) SOUTH KOREA FEB CONSUMER PRICE INDEX (CPI) M/M: 0.4% V 0.4%E; Y/Y: 3.1% V 3.1%E; CORE CPI Y/Y: 2.5% V 3.2% PRIOR
- (KR) SOUTH KOREA FEB HSBC MANUFACTURING PMI: 50.7 V 49.2 PRIOR (first expansion since July)
- (NZ) NEW ZEALAND FEB ANZ COMMODITY PRICE Y/Y: 0.0% V 1.1% PRIOR
- (JP) JAPAN FEB MONETARY BASE Y/Y: 11.3% V 15.0% PRIOR (1-year low)
- (JP) JAPAN JAN OVERALL HOUSEHOLD SPENDING Y/Y: -2.3% V -0.9%E
- (TH) THAILAND FEB CONSUMER CONFIDENCE ECONOMIC: 65.5 V 64.0 PRIOR (3rd consecutive rise)
- (ID) INDONESIA FEB CONSUMER CONFIDENCE INDEX: 111.7 V 119.2 PRIOR (multi-month low)
- (AR) Argentina Feb tax Revenue (ARS): 47.3B v 47.6Be
***Markets Snapshot (as of 05:30GMT)***
- Nikkei225 +0.7%
- S&P/ASX +0.4%
- Kospi +0.2%
- Taiwan Taiex +0.3
- Singapore Straits Times +0.4%
- Shanghai Composite +1.0%
- Hang Seng +0.9%
- S&P Futures unchanged at 1,374
- April gold unchanged at $1,722/oz
- April Crude -0.3% at $108.56
***Overview/Top Headlines***
- Markets rallied heading into the weekend after EU leaders agreed to accelerate payments to their bailout fund. EUR/USD fell 0.1% to $1.3294 while EUR/JPY tested above ¥108.40. International Swaps & Derivatives Association announced that the Greek PSI debt swap will not trigger a credit event. However warned that situation in Greece is still evolving, CDS could very well still be triggered. Energy and mining names got a boost after oil spiked to $110.55 (9-month high) on a report that a pipeline in Saudi Arabia was under attack, a Saudi official denied the press report saying that pipelines are up and running, though there is speculation in the financial press that they could be trying to cover up an event. The yen weakened against the majors,AUD/JPY rising to ¥87.85 a 10-month high while GBP/JPY tested above ¥129.90, Fin Min Azumi attributed the decline to Japan's easing efforts. Japan January National CPI was higher than expected, while February Tokyo CPI was in line with estimates and still showing deflation. Japan officials reiterated an easy monetary stance until a 1% inflation target was reached. Analyst are already looking ahead to China's National People's Congress next week. Premier Wen is expected to lower GDP target from 8% to 7.5% and will also be looking out for a mention or hint of any stimulus. It is also expected that leaders around the country will debate whether or not to implement a nationwide housing tax. According to industry analysts container freight rates from Asia to Europe have more than doubled which boosted shipping names across the region. US 10-yr Treasury yields topped 2.03%.
Looking ahead, Sunday will be Russian presidential elections.
***Speakers/Geopolitical/In the press***
- (US) Fed's Williams: Fed must keep applying stimulus vigorously as the economy needs extraordinarily supportive policy
- (JP) Japan PM Noda: Estimates FY12/13 GDP at about 1.7%; Would like US public and private support on TPP talks
- (AU) RBA board member Edwards: CAPEX component may soon reach 20% of Australia GDP
- (EU) EU's Juncker: ESM payments timing to be determined on Friday, March 2nd; There is a plan B if the Greece debt swap fails (no additional details)
***Equities***
- Sands China, 1928.HK: Reports FY11 Net $1.13B v $1.1Be; Rev $4.9B v $4.1B y/y
- China Vanke, 200002.CN: Targeting 2012 home sales over CNY148B - Chinese press
- EAD.FR: Wing cracks that have grounded the Airbus 380 superjumbo have been identified as the fault of design engineers in the UK facility - financial press
- TM: Exec: To standardize about half of its parts within the next 4 years to help reduce costs - Nikkei News
- LDW.AU: FLSmidth and Weir submit applications to Australia Takeovers Panel for review
***FX/Fixed Income/Commodities***
- SLV: iShares Silver Trust ETF daily holdings rise to 9,767 tons from 9,739 tons (highest since 9,769 on Dec 9th)
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