Market Brief – 11Mar – Asian

Posted: 11 Mar 2010, 5:39pm (TRADING: Notes)


Dovish RBNZ Sends NZD Plummeting

Japan’s Tsumura sees signs of self-sustained recovery in domestic demand.

Japan’s Hirano was more pessimistic; saying economy still in severe state despite positive growth.

Japan Q4 GDP was revised to +0.9% q/q, +3.8% annualized (1.0%/4.0% expected, 1.1%/4.6% prior).

Reports that the China Statistics Bureau sees mild inflation in the coming year, but no signs of overheating.

China CPI (Feb) +2.7% y/y, PPI +5.4%, +2.3% and +5.2% eyed, +1.2% and +0.4% m/m.

China industrial production (Feb) +20.7% y/y, retail sales +17.9%, +19.5% /+18.0% eyed.

Australia employment (Feb) +0.4k, unemployment 5.3% (+15k, 5.3% expected).

RBNZ holds rates at 2.50% as expected, but more dovish tone to statement; reiterated hikes not due until mid 2010.

RBNZ Governor Bollard was quoted as saying future normal level of OCR not conducive to carry trade, can afford to wait and watch before hiking rates, wants to see signs of robust recovery, may not need to up rates as high as previous cycle.

NZ PMI (Feb) ticked up to 53.3.

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