Markets Look Ahead To FOMC Today; Yen Awaits Possible New Easing Measures From The BoJ: April 25, 2012

(KR) SOUTH KOREA APR CONSUMER CONFIDENCE: 104 V 101 PRIOR (11-month high)

(JP) Japan Apr Small Business Confidence: 47.6 v 48.7 prior

Markets Snapshot (as of 04:30GMT)

Nikkei225 +1.0%

S&P/ASX closed

Kospi +0.3%

Taiwan Taiex +0.8%

Singapore Straits Times unchanged

Shanghai Composite +0.3%

Hang Seng +0.1%

Jun S&P Futures +0.4% at 1,375

June gold -0.1% at $1,642/oz

June Crude +0.2% at $103.70

Overview/Top Headlines

Markets across the region were positive today, the USD/JPY traded in a 30 pip range around ¥81.55. There continues to be speculation that on Friday the BoJ will announce new easing measures. Corn, $6.24, and cattle, +0.3%, futures gained after a case of mad-cow disease was reported by the USDA sent both contracts into negative territory in the NY afternoon.

Some Asian grocery chains have announced they will not sell US beef, this will also mean Japan will probably keep its restrictions in place for US beef, South Korea has said it will not import any new beef from the US. Strong Apple earnings boosted Apple linked tech names in Taiwan like Hon Hai and Korea's Samsung. Bank of Korea reported April consumer confidence at an 11-month high, USD/KRW gained 0.2% to KRW1,141. US 10-yr yield dropped 1bps ahead of Fed Chairman Bernanke's speech today and the conclusion of the Fed's two day meeting. EUR/USD remained range bound from $1.3210-1.1390.

Speakers/Geopolitical/In The Press

(KR) Bank of Korea (BOK) Gov Kim: Need to focus on construction and labor sectors in economy to secure sustainable growth. - Korean Press

(TW) Taiwan Central Bank's Yang: Will closely watch inflation, Q1 inflation was not serious; Housing market is cooling, property controls are working.

(JP) Japan Fin Min Azumi: Japan Ministry of Finance will keep regional economic assessment unchanged.

(US) Centers for Medicare & Medicaid Services has proposed phasing in reimbursement payment rates for in-patient stays at long term care hospitals over a 3-year period.

Equities

Nippon Steel, 5401.JP: Filed ¥100B patent lawsuit with Tokyo district court and in the US against Korea's Posco over steel sheet technology. - Financial Press

TM: Reports Mar global vehicle production 65.2% y/y to 976.3K units.

NSANY: Reports Mar global vehicle production +23% y/y to 470.7K units.

LG Electronics, 066570.KR: Reports Q1 Net KRW243B v KRW157Be; Op KRW448B v KRW304Be; Rev KRW12.2T v KRW13.0Te.

Huawei, 002502.CN: Acting CEO Xu: We will not lose money while expanding into smartphone sales, can make money from chipset offerings.

Bank of East Asia, 23.HK: Chairman David Li Kwok-po: May need to offer shares to raise funds to meet tighter capital requirements. - comments from AGM

US Equities

AAPL: Reports Q2 $12.30 v $10.04e, R$39.2B v $36.8Be; +7.8% afterhours

AFL: Reports Q1 $1.74(adj) v $1.65e, R$6.24B v $6.2Be; +5.5%

BIDU: Reports Q1 $0.87 v $0.84e, R$677M v $677Me; -9.3%

PNRA: Reports Q1 $1.40 v $1.35e, R$498.6M v $500Me" +2.3%