Halister News

(Bloomberg) -- Yen gains for second day against dollar after Japan’s second reading for 4Q GDP contracted less than estimate. Aussie dollar snaps 6-day rally on concerns that iron ore rally may prove unsustainable while RBA Deputy Governor Low says it would be helpful to have slightly lower currency.

• China raises currency reference rate to highest since Jan. 4
  • China’s exports miss estimates, contracting twice more than forecast; Feb exports fell 20.6% in yuan terms from year earlier after 6.6% drop in January; estimate was 11.3% decline
  • Imports fell 8.0% in yuan terms from year earlier in February after 14.4% decline; median estimate was for 11.7% decrease
• Japan’s final 4Q GDP fell 1.1% from previous quarter on seasonally-adjusted annualized basis compared with initial estimate of 1.4% decline and 3Q growth of 1.4% expansion; median estimate was for 1.5% decrease
  • GDP ROUNDUP: Economy stagnant; stimulus likely next week
  • Major asset managers plan to return money to investors, given negative interest rate environment: Nikkei
• Aussie snaps six-day gain against dollar; RBA’s Lowe says would be helpful to have slightly lower currency, adding that low inflation provides scope for easier policy
  • Australia’s ANZ consumer confidence rose to 114.8 for week ended March 6 from 111.3 in prior week
  • AUD’s bounce won’t last as iron ore spike is driven by sentiment, not fundamentals, CBA analysts say
• Treasuries gain, with yield on 10-year bonds fall 2bps to 1.874% in Asian trading
  • Fed’s Fischer (neutral, voter) says central bank may be seeing first signs of higher inflation; Brainard (dove, voter) is wary of global risks
• Baht declines; Deputy Prime Minister Somkid said yesterday Thailand’s government expects to disburse more than 100b baht ($2.8b) in 1H
• Rupiah weakens first time since Febuary 17
  • Indonesia’s foreign reserves rose to $104.54b in February from $102.1b in prior month, central bank said yesterday
  • Deposit Insurance Corporation says it can sell bonds to the central bank in the event of a crisis and then use the funds to assist stressed banks
• Taiwan’s dollar rises
  • CPI rose 2.4% from year earlier in February, highest in three years; median estimate was for 0.8% gain
• Peso weakens; President Aquino seeking investors for $6.5b worth of infrastructure projects before six-year term ends in June, says Andre Palacios, new head of Public-Private Partnership Center
  • Foreign reserves rose to $81.3b in February, highest since December 2013 and from $80.7b in January 2016, according to central bank data yesterday