INSIDE ASIA: Aussie Growth Tops Est.; Moody’s Cuts China Outlook
(Bloomberg) -- Aussie strengthens versus dollar for a third day after data showed economy grew 0.6% in fourth quarter from previous three months, beating median estimate for 0.4% gain.
- Australia’s new home sales increased 3.1% in January from prior month, when they climbed 6.0%; economy transitioning from resources-based to services-based, Treasurer Morrison says; RBA allocates 5% of net foreign currency reserves to Korean won
- PBOC cuts yuan reference rate to weakest in a month; Moody’s lowers China’s credit-rating outlook to negative from stable; Fitch says depreciation of yuan is restricting local governments’ funding plans; reserve ratio cut not a sign of large-scale stimulus: Xinhua commentary; industrial output growth may slow to about 5.6% in first quarter, China Securities Journal reports
- Yen steady; Bank of Japan Governor Kuroda expects core CPI to reach 2% around first half of fiscal 2017 and says almost all recent price movements can be explained by oil
- Kiwi rises; New Zealand house-price inflation slows for a third month in February, to 11.6% from 12.6% prior month
- Won declines; South Korea’s current-account surplus narrowed to $7.06b in January from revised $7.38b in December; industrial production decreased 1.9% in January from year earlier, versus estimate 0.6% drop; Reserve Bank of Australia has bought more than 1t won ($811m) of South Korean treasury bonds since mid-February, Maeil Business Newspaper reports
- U.S. Treasuries little changed, with yield on 10-year bonds at 1.830%; ADP report today may show 190k jobs added in U.S. in February versus 205k in January: Bloomberg survey
- Taiwan dollar climbs; Financial Supervisory Commission finds overseas branches of Taiwanese banks are lending at much lower rates than local banks, Apple Daily reports
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HALISTER1Source: BFW (Bloomberg First Word)
Tickers 8301 JP (Bank of Japan)
40005Z AU (Reserve Bank of Australia)
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