US rolling back some tariffs on China
Some interesting numbers to look at. Will see further development on this data over the next few days.
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Market Update 2pm SGT
Economic Data - Japan Corporate Service Price (YoY) (APR) Actual: 3.4% Exp: 3.2% Prev.: 0.7% - Japan Small Business Confidence (MAY) Actual: 46.6 Prev.: 45.4 - Swiss Trade Balance (Swiss franc) (APR) Actual: 2.43B Exp: 2.10B Prev: 2.05B - Swiss Exports (MoM) (APR) Actual: 0.6% Prev: -1.2% - Swiss Imports (MoM) (APR) Actual: -0.5% Prev: -4.5% Market Snapshot (as of 1400 SGT):
- Nikkei 225 +0.63% +92.18, S&P/ASX200 +0.01% +0.57, Kospi -0.45% -9.06, Shanghai Composite -0.02% -0.45, Hang Seng -0.13% -30.12, Jun S&P500 +6.70 at 1,903.60, Spot Gold $1,288.56 - Asia markets were mixed. Generally quiet market with US closed on Monday for Memorial Day holiday and UK closed for a bank holiday. Forex activity were below half their daily averages, with majors trading near recent ranges.
- BOJ released Corporate Service Price Index for April, up 3.4% from prior month beating expectations and March reading of 0.7%. Not including the consumption tax increase, the corporate service prices were rose an annual 0.8%.
- Renewed tensions between China and Vietnam after a Chinese ship rammed and sunk a Vietnamese fishing vessel. Vietnamese Foreign Ministry spokesperson said that the fishing boat was initially surrounded by 40 Chinese ships approximately 17 nautical miles from the China Haiyang Shiyou-981 oil rig. The oil rig was the cause of violent anti-China protests this month.
- PBOC Governor Zhou reiterates China to well implement prudent monetary policy
- China National Development and Reform Commission (NDRC) head Xu Shaoshi: China's progress on over-capacity cut is slow; China to strictly control over-capacity industries - CCTV
- China big four banks new loans CNY130B in May 1st-25th - Chinese press
- Industrial Bank Chief Economist Lu Zhengwei: Necessary for China to cut RRR; probability for RRR cut during H2 increasing given current economic condition - Chinese press - Japan LDP tax panel to allow cutting corporate tax rate under certain conditions - Japanese press
- Japan Tax Panel chief Saito: too hasty to conduct corporate tax cut from 2015; PM Abe may make decision on whether sales tax rise 10% by Nov
- New Zealand Institute of Economic Research (NZIER): Sees 2014 GDP at 3.5%; RBNZ may pause rate hikes after June if growth slows
***Fixed Income/Commodities/Currencies*
- (JP) Japan MoF sells ¥400B in 1.70% 40-year bonds, bid to cover: 3.73x v 3.69x - (CN) PBoC to drain CNY20B on 28-day repos (28th consecutive drain) - (CN) PBoC sets yuan mid-point at 6.1687 v 6.1699 prior (1st firmer Yuan setting in 5 sessions)
- LME Copper inventory under 200Kt, lowest level since Oct 2008 - Chinese press
Samuel Tay
- Nikkei 225 +0.63% +92.18, S&P/ASX200 +0.01% +0.57, Kospi -0.45% -9.06, Shanghai Composite -0.02% -0.45, Hang Seng -0.13% -30.12, Jun S&P500 +6.70 at 1,903.60, Spot Gold $1,288.56 - Asia markets were mixed. Generally quiet market with US closed on Monday for Memorial Day holiday and UK closed for a bank holiday. Forex activity were below half their daily averages, with majors trading near recent ranges.
- BOJ released Corporate Service Price Index for April, up 3.4% from prior month beating expectations and March reading of 0.7%. Not including the consumption tax increase, the corporate service prices were rose an annual 0.8%.
- Renewed tensions between China and Vietnam after a Chinese ship rammed and sunk a Vietnamese fishing vessel. Vietnamese Foreign Ministry spokesperson said that the fishing boat was initially surrounded by 40 Chinese ships approximately 17 nautical miles from the China Haiyang Shiyou-981 oil rig. The oil rig was the cause of violent anti-China protests this month.
- PBOC Governor Zhou reiterates China to well implement prudent monetary policy
- China National Development and Reform Commission (NDRC) head Xu Shaoshi: China's progress on over-capacity cut is slow; China to strictly control over-capacity industries - CCTV
- China big four banks new loans CNY130B in May 1st-25th - Chinese press
- Industrial Bank Chief Economist Lu Zhengwei: Necessary for China to cut RRR; probability for RRR cut during H2 increasing given current economic condition - Chinese press - Japan LDP tax panel to allow cutting corporate tax rate under certain conditions - Japanese press
- Japan Tax Panel chief Saito: too hasty to conduct corporate tax cut from 2015; PM Abe may make decision on whether sales tax rise 10% by Nov
- New Zealand Institute of Economic Research (NZIER): Sees 2014 GDP at 3.5%; RBNZ may pause rate hikes after June if growth slows
***Fixed Income/Commodities/Currencies*
- (JP) Japan MoF sells ¥400B in 1.70% 40-year bonds, bid to cover: 3.73x v 3.69x - (CN) PBoC to drain CNY20B on 28-day repos (28th consecutive drain) - (CN) PBoC sets yuan mid-point at 6.1687 v 6.1699 prior (1st firmer Yuan setting in 5 sessions)
- LME Copper inventory under 200Kt, lowest level since Oct 2008 - Chinese press
Samuel Tay
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