HALISTER1: INSIDE ASIA: China GDP Grows 6.7%; Output, Credit Beat Forecasts

INSIDE ASIA: China GDP Grows 6.7%; Output, Credit Beat Forecasts

(Bloomberg) -- Yuan remains lower after Chinese economic data show signs of stabilization; Korean won, Indonesian rupiah and Singapore dollar among Asian currencies advancing after yesterday’s losses.
  • Onshore and offshore yuan both down around 0.05%; central bank had lowered yuan reference rate ahead of data, but only by 0.03% following 0.46% weakening yesterday
    • GDP rose 6.7% in first quarter, matching forecast
    • Aggregate financing surged to 2.34t yuan ($360.7b) in March; median estimate was for 1.4t yuan
    • Industrial output rose 6.8% on-year last month, ahead of 5.9% estimate
    • March retail sales increased 10.5% versus 10.4% estimate
    • Home sales jumped 71% on-year in March and investment in real estate development rose 6.2%
  • Won rebounds from yesterday’s loss; Korea’s March jobless rate was 3.8%, versus median estimate of 3.9% and 4.1% in February
    • North Korea missile launch on birthday of founder fails, according to South Korean Defense Ministry
  • Data today will show Singapore’s retail sales rose 3.4% on- year in February after 7.5% gain in January, according to median estimate of economists in Bloomberg survey
  • Indonesia’s trade surplus narrowed to $497m in March from $1.14b in February, while exports fell 13.5% after revised 7.1% drop in previous month
  • Philippine peso snaps two-day decline; overseas remittances data for February due today; will show 4.0% increase from year earlier following 3.4% gain in January: Bloomberg survey
  • Yen falls against dollar; Bank of Japan Governor Kuroda says excessive yen gains have corrected somewhat in past few days
    • Negative interest rates and other policies implemented for domestic reasons aren’t limited by G-20 promise to avoid competitive currency devaluations, Finance Minister Aso says
    • Earthquake in southern Japan kills at least nine people, injures hundreds; Topix index pares best weekly gain since February
  • U.S. Treasuries little changed, with yield on 10-year bonds at 1.796% in Asian trading
  • Financial markets in India and Thailand closed for holiday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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