HALISTER1: CHINA PREVIEW: CPI Seen Rising to 22-Month High on Food Prices

CHINA PREVIEW: CPI Seen Rising to 22-Month High on Food Prices

(Bloomberg) -- China’s consumer prices likely rose in March at fastest pace since May 2014 as food inflation climbed to a four-year high, according to a Bloomberg survey.
  • CPI gained 2.4% y/y last month after a 2.3% increase in Feb., according to median est. in survey; ests. range from +2.0% to +3.0%; data due at 9:30am local time on April 11
  • Bloomberg’s China food inflation tracker rose 7.87% in March, highest since Jan. 2012, after 4.64% advance in Feb.; CPI and food inflation tracker have had a correlation of 0.944 since 2009
  • ING expects March CPI data to mimic what was observed in Korea and Taiwan, which were hit with same kind of food supply shocks, according to note dated today; ING has raised its 2016 CPI inflation forecast to 2.0% from 1.5% previously
  • Producer prices probably fell 4.6% y/y in March after a 4.9% drop in Feb., a separate survey shows; this data also due at 9:30am local time on April 11
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: Thailand Investigates 16 People on ‘Panama Papers’ List: Reuters

Thailand Investigates 16 People on ‘Panama Papers’ List: Reuters

(Bloomberg) -- Thailand is investigating current, former politicians and business people whose names appeared in the “Panama Papers,” Reuters reports, citing a govt official.
  • The investigation into possible money laundering is at an early stage and Thai authorities have so far found no evidence of wrongdoing, Seehanat Prayoonrat, acting secretary-general of the country’s Anti-Money laundering Office, says: report
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER: GE’s Oil Business Seen Finding ‘Missing Piece’ With Baker Hughes

GE’s Oil Business Seen Finding ‘Missing Piece’ With Baker Hughes

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BHI US (Baker Hughes Inc)
GE US (General Electric Co)
HAL US (Halliburton Co)

People
Deane Dray (RBC Capital Markets LLC)
J Anderson (Barclays PLC)
Jeffrey Immelt (General Electric Co)
Scott Davis (General Electric Co)

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UUID: 7947283

HALISTER1: BOJ May Check Rates If Yen Reaches 105 Against Dollar: BK Asset

BOJ May Check Rates If Yen Reaches 105 Against Dollar: BK Asset

(Bloomberg) -- BOJ could check rates at that level rather than wait for 1,000 pip drop from March 29 high of 113.80, BK Asset Management managing director Kathy Lien writes in note received today.
  • Alarms should be ringing at MOF and BOJ because yen’s 5% appreciation spells trouble for Japanese businesses and economy, Lien says
  • Signs suggest Japanese government isn’t ready to intervene in foreign-exchange market to lower value of yen
  • Several reasons why Japan won’t intervene yet:
    • G-7 meeting approaching; Japan is hosting in May
    • Waiting for fresh fiscal stimulus
    • Could be waiting for markets to capitulate first
  • BOJ may also consider monetary stimulus rather than direct intervention to avoid being singled out for competitive currency devaluation at G-7 meeting next month
  • USD/JPY rises 0.4% to 108.65
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Kathy Lien (Bk Asset Management)

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HALISTER1: INSIDE ASIA: Yen Rally Stalls, Most Regional Currencies Decline

INSIDE ASIA: Yen Rally Stalls, Most Regional Currencies Decline

(Bloomberg) -- Yen snaps five-day gain against dollar and leads declines in the region, followed by the won and ringgit.
  • Yen retreats from 17-month high against dollar and weakens against all G-10 peers; Japan’s Finance Minister Aso says rapid currency movements are undesirable and recent moves have been one-sided, will take action as needed
    • Bank of America says Aso’s comments prompt unwinding of long positions versus the dollar ahead of weekend
    • Chief Cabinet Secretary Suga repeats comments from this week, saying currency markets are being watched with vigilance
    • Japan’s current account surplus widened to 2.43t yen ($22.4b) in February, most since March 2015; median estimate was for 2.03t yen
  • Won declines; South Korea to closely monitor economy and financial markets and will respond if needed: Finance Ministry
    • Says slow recovery in global economy and volatility in international financial markets persist as external risks
  • Rupiah declines; Bank Indonesia must be careful in considering monetary loosening: Governor Martowardojo; says central bank, Financial Services Authority and Finance Ministry have formed forum to coordinate policies on deepening financial markets
  • China weakens yuan daily reference rate; central bank says it will from this month release foreign-exchange reserves denominated in SDR to help reduce valuation changes
    • Not seeing deterioration in local government credit metrics: S&P
    • China’s stocks head for longest losing streak since January
  • Kiwi gains against dollar; central bank says it identified a notable decline in liquidity in New Zealand short-term currency swap markets; new regulation has caused some participants to withdraw from market
    • Nation’s budget balance is NZ$730m larger than forecast: Treasury
  • Peso declines; Philippines is committed to a deficit target of 2% of GDP, Treasurer Tan said late yesterday; will explore pre-funding 2017 budget later in the year
    • Country asks World Bank to fund $871m worth of projects, BusinessMirror reports
  • U.S. Treasuries drop, with yield on 10-year bonds up 2 bps to 1.713% in Asian trading after dropping 7 bps yesterday
    • Fed’s Yellen said low inflation is partly transitory, progress there is visible; U.S. economy is on solid course, not in bubble
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER: Amazon Promotes Executives Wilke, Jassy to Division CEO Roles

Amazon Promotes Executives Wilke, Jassy to Division CEO Roles

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AMZN US (Amazon.com Inc)

People
Andrew Jassy (Amazon.com Inc)
Jeffrey Bezos (Amazon.com Inc)
Jeffrey Wilke (Amazon.com Inc)

Topics
Management Changes
Who's News - People

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UUID: 7947283