06.01.2012 13:19 Friday ***Economic Data***- (CO) COLOMBIA DEC CPI M/M: 0.4% V 0.3%E; Y/Y: 3.7% V 3.6%E
***Markets Snapshot (as of 04:30GMT)***
- Nikkei225 -0.9%
- S&P/ASX -0.7%
- Kospi -1.6%
- Taiwan Taiex -0.1%
- Singapore Straits Times -0.2%
- Shanghai Composite -0.3%
- Hang Seng -1.4%
- S&P Futures -0.4% at 1,268
- Feb Gold +0.3% at $1,625/oz
- March Crude -0.2% at $101.65
***Overview/Top Headlines***
- Markets were mostly subdued through the session, seemingly not concerned ahead of the US non-farm payrolls and more concerned over the future of Europe. EUR/USD extended its decline below $1.2765, fresh 15-month lows. Gold has resumed its safe haven status testing $1,628, a 2-week high. Near the end of the Asia session a report came across that there was an incident at a North Korea nuclear facility, details were very limited. KRW fell to session lows testing KRW1,155, the yen gained 0.3% against the won and Kospi fell 2% below 1,825. About 30 minutes later officials from Japan and South Korea said they had not heard of any incidents in North Korea.
- China's major oil companies, Sinopec, CNOOC and PetroChina had a boost after China Ministry of Finance raised the threshold on which mainland oil companies will have to pay a windfall tax to $55/barrel from $40. It is expected that this new measure may offset the extra cost brought on by the resource tax in Oct. The govt also took measures to support the banking sector announcing that the CBRC will delay higher capital requirements for big banks until July 1st v Jan 1st prior. The CBRC is calling for capital adequacy ratio of 11.5% and a core ratio of 9.5% v the current capital adequacy ratio requirement of 5-8% depending on the bank.
- Samsung Electronics reported their preliminary Q4 guiding operating profit at KRW5.2T, beating expectations and prior quarter. Sees Rev at KRW47.0T much higher than Q3 and also beating expectations. Both Singapore Air and Qantas confirmed that they had found small cracks in the A30 wing ribs, both said that they did not present a flight risk and they would repair the planes.
***Speakers/Geopolitical/In the press***
- (JP) Japan Fin Min Azumi: EU needs to make efforts to win investors' trust; Would like to see the EU establish a firewall
- (CN) New deposits at China's top 4 banks in December saw an increase of CNY1.25T; New loans were about CNY210B - Chinese press
- (JP) Japan PM Noda: Cabinet will endorse sales tax increase plan
- (EU) ECB's Knot: Crisis of confidence unfolding in Europe; EU aid fund is not large enough, largest hurdle for increasing the EFSF is Germany - Dutch media
- (CN) China Housing Min Weixin: To set up a housing database to track prices and homeownership for 40 cities
***Equities***
- Samsung Electronics, 005930.KR: Reports Prelim Q4 Op profit KRW5.2T (record high) v KRW4.7Te (KRW4.25T q/q) ; Rev KRW47.0T v KRW46.2Te (KRW41.3T q/q)
- Lenovo Group, 992.HK: Preparing a global restructuring plan by reorganizing geographical business units - US financial press
- ASX.AU: Reports Dec capital raised A$9.0B, -45% y/y; 2011 capital raised A$48.6B, -11% y/y
- SNP: Reports 2011 crude output +0.4% y/y; Natural gas output +16.8% y/y
- TM: Targeting to sell more than 1M cars in China in 2012, +10% y/y (+4% y/y in 2011) - Chinese press
- Guangzhou Automobile, 2238.HK: May only make 80-90% of forecasted profit in 2011 - filing
- APOL: Reports Q1 $1.28 (adj) v $1.18e, R$1.18B v $1.2Be; +2.0% afterhours
- AA: TO CLOSE OR CURTAIL 531K METRIC TONS OF SMELTING CAPACITY (12% of total capacity); sees charges of $0.15-0.16 in Q4; -1.7% afterhours
- FDO: Reports Q1 $0.68 v $0.68e, R$2.15B v $2.2Be; -2.9% afterhours
***FX/Fixed Income/Commodities***
- (IN) India Dec tea production 90.3M kilos v 93.9M kilos prior
- (AR) Argentina Agriculture Min Solis: Will eliminate export quotas for wheat, will sell under a new system; Likely to do the same for corn but no decision has been made
- SLV: iShares Silver Trust ETF daily holdings fall to 9,547.0 tons from 9,605.8 tons (lowest level since 9,500 on July, 2011)
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