New Zealand Business Confidence Rises, Markets Still Worried About Strength Of Global RecoveryEconomic Data
(NZ) NEW ZEALAND MAR NBNZ ACTIVITY OUTLOOK: 38.8 V 31.2 PRIOR; NBNZ BUSINESS CONFIDENCE: 33.8 V 28.0 PRIOR (6-month high)
(AU) AUSTRALIA Q4 JOB VACANCIES: +0.7% V -3.4% PRIOR
(JP) JAPAN FEB RETAIL TRADE M/M: 2.0% V 0.0%E; Y/Y: 3.5% V 1.4%E (highest pace since Aug 2010); LARGE RETAILERS' SALES Y/Y: 0.2% V -0.3%E
(KR) SOUTH KOREA FEB CURRENT ACCOUNT: $639M V -$969M PRIOR; GOODS BALANCE: $1.3B V -$1.6B PRIOR
(JP) Japan investors bought ¥350B in foreign bonds last week v ¥722B sold in prior week
Markets Snapshot (as of 04:30GMT)
Nikkei225 -0.7%
S&P/ASX -0.1%
Kospi -1.0%
Taiwan Taiex -2.4%
Singapore Straits Times -0.3%
Shanghai Composite -0.6%
Hang Seng -1.2%
S&P Futures unchanged at 1,400
April gold +0.1% at $1,659/oz
May Crude -0.1% at $105.34
Overview/Top Headlines
Asian markets tracked lower today taking the US session's weaker close on the back of lower than expected durable goods data; China slowdown fears also remain in the back of traders' minds as some of the major names reporting continue to disappoint. China largest non-life insurer, PICC Property and Casualty fell over 4% after lower than expected Net profit of CNY8.0B in FY11.
Australia's S&P ASX was the only market to get up into positive territory for any amount of time, though succumbed to the regions weakness. Shares of Leighton (LEI.AU) were down over 8% after cutting their FY guidance due to the Airport Link project, subsequently Hochtief (HOT.DE) also cut their guidance on the back of its struggling subsidiary.
AUD/USD started off the session weaker, pared back some of its losses but remained weaker around the $1.0340 level. USD/JPY continued to decline testing ¥82.55, EUR/JPY was also lower. Japanese mining and materials names all fell at least 2% in the session. Japan retail sales rose 2% in February compared to 3.1% in January, the number was better than analysts' expectations. Bank of Japan (BoJ) Gov Shirawaka said he was worried that fiscal conditions could raise bond yields.
Shares on Hon Hai and Sharp continue to benefit from their partnership announcement. Taiwan's Taiex was noticeably weaker with uncertainty if the government would re-implement a capital gains tax. Silver futures remained stronger in the session, gaining into the European open +0.5% to $31.98. Copper was stronger for most of Asia before falling into the EU open.
Speakers/Geopolitical/In The press
(KR) Bank of Korea (BOK): Average lending rates in Feb fell to 5.71% average from 5.79% in Jan on rising low-rate larger loans to businesses - Korean Press
(CN) China official March manufacturing PMI data may also show a decline from 51.0 in Feb to 50.5 - Fnancial Press
(AU) Australia Treasurer Swan: Australia has a 'really strong investment pipeline'; Returning the budget to surplus next near will halp to capitalize on future benefits of the mining boom 'mark two'.
(CN) Bank of China: Q2 GDP may accelerate slightly from Q1; Hard landing possibility is slim - China Daily
(JP) Japan cabinet will have to review and approve consumption tax 6 months before it takes effect in Apr 2014 even if passed by Diet - Nikkei News
(PL) Polish Central Bank Gov Belka: Greece should adopt dual currencies - FT Deutschland
Equities
FCG.NZ: Reports H1 Net NZ$346M v NZ$293M y/y; Rev NZ$10.0B v NZ$9.4B y/y; Affirms milk payout range of NZ$6.75-6.85
NSANY: Reports Feb global vehicle production +28.6% y/y to 450.2K units
Sumitomo Realty, 8830.JP: Pres: Office rents have already hit bottom, and we do not expect them to decline further - Nikkei News interview
BHP: Queensland Coal Union - Workers will continue to strike until they get the working conditions they demand (thousands of workers involved) - Australian Press
LEI.AU: Guides FY12 Underlying Net A$400-450M (prior A$600-650M); Guides H1 Underlying Net A$100-150M
US Equities
ILMN: Roche increases cash offer price 15% for Illumina shares to $51/share from $44.50 (approx 2% premium to prior close, implied deal value is $6.2B)
MOS: Reports Q3 $0.72(adj) v $0.74e, R$2.19B v $2.1Be
RHT: Reports Q4 $0.29 (adj) v $0.27e, R$297M v $291Me; +8.3% after hours