2018Feb

FC: ASIAN CLOSING REPORT : WEDNESDAY – 28TH – FEBRUARY – 2018 February 28, 2018 at 05:47AM

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Asian cash equity markets are broadly lower (NIKKEI -1.0 %, S&P/ASX -0.7 %, SHANGHAI COMPOSITE -0.7 %). Investors were digesting the manufacturing and non-manufacturing PMIs out of China which fell to 50.3 (f/c 55.1) and 54.4 (f/c 55.0), respectively, in February. On the data front elsewhere, Japanese retail sales for January fell 1.8% (f/c -0.6%) m/m and rose 1.4% (f/c +2.4%) y/y, while preliminary industrial production figures for January also misses, down 6.6% (f/c -4.0%) m/m and rising 2.7% (f/c +5.3%) y/y. Despite the data misses, the Japanese Yen remained little changed, before strengthening after the BoJ trimmed purchases of JGBs with 25-40 years to maturity to ¥70 Bln from ¥80 Bln in the previous operation. Down under, New Zealand’s ANZ business confidence rose to -19.0 in February, while activity outlook climbed to +20.4. In Europe, the UK’s GfK consumer confidence fell to -10, as expected, in February, while the BRC shop price index declined 0.8% (f/c -0.6%) y/y. Elsewhere, the PBoC set the yuan mid-point at 5.3294 against the Dollar and skipped OMOs.

Key Headlines:

* Japan Retail Sales Data (Jan)

M/M -1.8% versus -0.6% expected, previous +0.9%

Y/Y +1.4% versus +2.4% expected, previous +3.6%

* Japan Industrial Production Data (Jan P)

M/M -6.6% versus -4.0% expected, previous +2.9% – First M/M fall in 4-months

Y/Y +2.7% versus +5.3% expected, previous +4.4%

* New Zealand ANZ Business Data (Feb)

Activity Outlook +20.4, previous +15.6Confidence -19.0, previous -37.8

* UK GfK Consumer Confidence (Feb) -10 versus -10 expected, previous -9

* UK Lloyds Business Barometer (Feb) +33, previous +35

* UK BRC Shop Price Index Y/Y (Feb) -0.8 versus -0.6% expected, previous -0.5%

* Australia Private Sector Credit Data (Jan)

M/M +0.3% versus +0.4% expected, previous +0.3%

Y/Y +4.9% versus +5.0% expected, previous +4.8%

* China PMI Data (Feb)

Manufacturing 50.3 versus 55.1 expected, previous 51.3

Non-Manufacturing 54.4 versus 55.0 expected, previous 55.3

* India Manufacturing PMI Sector Expands At Slower Pace 52.1, previous 52.4

* Japan Housing starts decreased 13.2 percent year-on-year in January, faster than the 2.1 percent drop in December and the expected 4.7 percent decrease.

* BoJ trimmed purchases of JGBs with 25-40 years to maturity to ¥70 Bln from ¥80 Bln

* The PBoC set the yuan mid-point at 5.3294 against the Dollar and skipped OMOs today

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