2018Mar

FC: ASIAN CLOSING REPORT : TUESDAY – 13TH – MARCH – 2018 March 13, 2018 at 05:48AM

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Asian cash equity markets traded mostly lower (NIKKEI +0.5 %, S&P/ASX -0.4 %, SHANGHAI COMPOSITE -0.2 %) as global trade war fears returned. On the data front, Japan’s PPI was flat (f/c +0.2%) m/m in February and rose 2.5%, as expected, y/y. Down under, Australian NAB business confidence fell to +9 in February, while conditions jumped to +21, its highest on record. Meanwhile, Aussie home loans fell 1.1% (f/c -0.2%) m/m in January. We also heard from RBNZ acting Governor Spencer, who said the Bank are to review macroprudential policies with the Treasury. Elsewhere, a Chinese parliament document suggested it is to merge its insurance and banking regulators. Stateside, following earlier comments from the House Intel Committee, US President Trump tweeted the House Intelligence Committee has, after a 14-month long in-depth investigation, found no evidence of collusion or coordination between the Trump campaign and Russia to influence the 2016 Presidential election. In other news, Australia sold A$150 Mln 0.75% 2027 bonds at an average yield of +0.82%, bid-to-cover 3.07.

Key Headlines:

* Japan PPI Data (Feb)

M/M 0.0% versus +0.2% expected, previous +0.3%

Y/Y +2.5% versus +2.5% expected, previous +2.7%

* RBNZ Governor Spencer said the Bank are to review macroprudential policies with the Treasury and is keen to see macroprudential develop as a sustainable and credible policy

* Australia sold A$150 Mln 0.75% 2027 bonds at an average yield of +0.82%, bid-to-cover 3.07

* Chinese parliament document suggested it is to merge its insurance and banking regulators

* Australia NAB Business Data (Feb)

Confidence +9, previous +12

Conditions +21, previous +19

* Australia Home Loans M/M (Jan) -1.1% versus -0.2% expected, previous -2.3%

* The PBoC set the yuan mid-point at 6.3218 against the Dollar

The PBoC injected 30 Bln yuan via 7-day reverse repos

The PBoC injected 30 Bln yuan via 28-day reverse repos

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