Economic Data
(CN) CHINA MAR TRADE BALANCE: -$880M V +$15.2BE; Imports Y/Y: +14.1% V +6.0%E; Exports Y/Y: +10.0% V +11.7%E
(AU) AUSTRALIA APR WESTPAC CONSUMER CONFIDENCE INDEX: 104.9 V 110.5 PRIOR; M/M: -5.1% V +2.0% PRIOR
(JP) JAPAN MAR BANK LENDING EX-TRUSTS: 1.9% V 1.9% PRIOR; BANK LENDING INCL TRUSTS: 1.6% V 1.5% PRIOR
(KR) SOUTH KOREA MAR EXPORT PRICE INDEX M/M: 0.3% V 2.4% PRIOR; Y/Y: -5.9% V -5.6% PRIOR; IMPORT PRICE INDEX M/M: -0.8% V +2.7% PRIOR; Y/Y: -10.8% V -8.6% PRIOR
(KR) SOUTH KOREA MAR UNEMPLOYMENT RATE: 3.2% V 3.3%E
(NZ) NEW ZEALAND MAR NZ CARD SPENDING RETAIL M/M: -0.5% V +0.3%E; TOTAL M/M: -1.2% V +0.8% PRIOR
(ID) INDONESIA MAR CONSUMER CONFIDENCE: 116.8 V 116.8 PRIOR
(PH) PHILIPPINES FEB TOTAL EXPORTS: -15.6% V -4.8%E; TOTAL MONTHLY EXPORTS: $3.7B V $4.0B PRIOR
(CO) COLOMBIA FEB EXPORTS FOB: $4.67B V $4.73B PRIOR
Markets Snapshot (as of 02:30 GMT)
Nikkei225 +0.8%
S&P/ASX -0.2%
Kospi +0.7%
Shanghai Composite +0.1%
Hang Seng +0.4%
June S&P500 -0.1%
Jun gold flat at $1,587/oz
May Crude Oil -0.2% at $94.02/brl
Observations/Insights/Currencies
Asian bourses were modestly higher at the open, following the U.S. markets with the Dow hitting a fresh record high. South Korea's Kospi continued to trade higher, after closing in positive territory in yesterday's session. Investors brushed off concerns related to heightened tensions in North Korea. Both the South Korean and U.S. government raised alert on North Korea as press reports continue to indicate the country is prepared to fire a missile. The KRW seemed little worried, gaining 0.25% against the dollar to KRW1,136.
Ahead of the key China trade balance data the PBoC set the yuan mid-point at a fresh record high since the 2005 revaluation at 6.2548. China reported an unexpected mild trade deficit of $880M considerably less than the surplus of over $15B expected. Imports surged by more than 14% well above the 6% expected, while exports climbed 10.0% less than the 11.7% expected and well below an almost 22% rise in the prior month of February. AUD/USD gained about 0.2% to $1.0510 after a slight initial dip. Westpac consumer confidence fell in April. RBA's Kent indicated that inflation gives the scope for rate cuts if needed and re-iterated Australia's stance against forex intervention. He did indicate that zero rates would make policy difficult.
Nikkei225 rose in the morning session making gains to reaching a 5-year high as the markets continue to react to the Bank of Japan's aggressive action. Seeing some increased chatter that QE needs to be talked about in a global forum from regional leaders.
Fixed Income/Commodities
(US) API PETROLEUM INVENTORIES CRUDE: +5.06M V +1ME; GASOLINE: +1.96M V -1.5ME; DISTILLATE: -1.26M V -1ME; UTILIZATION: 87.7% V 85.6% W/W
(NZ) New Zealand sells NZ$2.0B v NZ$2.0B indicated in 2020 bonds; Yield 3.15%
(JP) Japan Ministry of Finance (MOF) to buy back ¥130B govt bonds on April 12th, 2013 - financial press
Speakers/Political/In the Papers
(JP) Japan, Germany agree to further free trade pact - Kyodo News
(JP) Japan govt to allow limited Taiwan trawlers to operate near disputed Senkaku Islands territory - Kyodo News
(JP) Japan drug companies stockpiling treatment due to bird flu concerns - Kyodo News
(JP) Japan PM Abe: Informed Def Min to do everything to protect safety of Japanese - Japanese press
(JP) Japan govt planning further sanctions against North Korea if missile launched - Japanese press
(JP) Japan PM Abe: To change deflation mindset through bold easing
(KR) South Korea Finance Ministry to propose stimulus measures to law officials next week - Korean press
(KR) North Korea workers not present at Gaeseong industrial complex for 2nd straight day; 115 South Koreans plan to exit today - Korean press
(AU) Australia Treasurer Swan: Global crisis has taken a sledgehammer to the budget - financial press
(AU) Fitch: There is slight deterioration in Australian mortgage performance in Q4 2012
(CN) Former PBoc advisor Yu Yongding: China risks collapse on outflow - Chinese press
(CN) China Customs spokesperson Zheng: Cannot see clear sign of stable recovery in external demand - financial press
(UK) BoE's Haldane: Radical pruning of financial regulatory apparatus needed that places less emphasis on unreliable risk measures
Equities
RLGY: Reports preliminary Q1 Rev $950-960M v 988Me; -7.7% afterhours
HMA: Reports prelim Q1 $0.12-0.13 (adj) v $0.24e, R$1.48B v $1.78Be; -10.5% afterhours
ESRX: Recommends Rejection of TRC Capital's "Mini-Tender" Offer; +0.1% afterhours
PSMT: Reports Q2 $0.82 v $0.80e, R$607M v $604Me; +3.5% afterhours
JCP: Q1 qtd sales said to be lower by 10% y/y; -0.9% afterhours
HBC: Awarded approval for CNY/AUD direct trading - financial press
FamilyMart 8028.JP: Forecasts FY13/14 Pretax ¥47.8B, Op profit ¥45.1B, Rev ¥354.1B - Nikkei News
Welcia 3141.JP: May report H1 Pretax ¥6B v ¥6B prior guidance; Rev ¥160.0B v ¥161.3B prior guidance - Nikkei News
Ichinen 9619.JP: Forecasts FY13/14 Net ¥2.4B, Op profit ¥4.7B, Rev ¥63.0B - Nikkei News