0417 GMT [Dow Jones] Nikkei in and out of positive territory, now up 0.2% at 10,239.36; directionless trading may persist, says Japanese brokerage manager. Only 13/33 Topix subsectors higher; heavily weighted Nikkei index component Fast Retailing's (9983.TO) 3.2% gain contributing disproportionately to market overall rise, thanks to impact of strong Feb. same-store sales. "Futures selling could sway the cash market," he says, due to latter's thin trading volume. TSE 1st section volume just over 1.0 billion shares. Nikkei may stay in range of 10,150-10,300 for rest of session. Toyota (7203.TO) up 3.0% to Y3,415 on better-than-expected Feb U.S. sales.
0321 GMT [Dow Jones] Gold market pretty quiet in Asia despite rally overnight, says Peter Tse, precious metals director at ScotiaMocatta in Hong Kong. "It seems some funds have entered the precious metals market in the past few days, that's kept us moving higher. However, with so much data and the central bank meetings coming up later in the week we would expect volatility to increase further," he says. Bank of England, ECB meetings Thursday, U.S. February non-farm payrolls due Friday. Adds, gold's technical picture is better with support at $1,130, resistance now at $1,140-$1,145 level. Spot gold at $1,132.80/oz, down $1.70 since New York close. Gold crosses also slightly lower at GBP751.77/oz, EUR830.30/oz, after both touched new record highs overnight.
0307 GMT [Dow Jones] LME copper rebound overnight gets short shrift in Asia with arbitrage window shut, heavy selling by China based participants at opening due to arbitrage trades being reversed, says Tokyo based trader. LME 3-month copper at $7,390/ton, down $100 with heavy 2,571 lots done. Trader adds, event risk significant in next few days with BOE, ECB meetings Thursday, China's National People's Congress starting Friday, U.S. non-farm payrolls Friday. SHFE June copper edges into positive territory after lower start, now at CNY59,840, up CNY110. LME broker Sucden Financial says after strength in London overnight there seems to be a bullish undertone developing, "but as to what extent the specs will chase the market remains to be seen. What is apparent is that true physical demand remains at best tenuous."
0256 GMT [Dow Jones] NZD/USD in holding pattern ahead of details of Greece austerity plan, says RBC Capital Markets forex strategist Sue Trinh. Adds Kiwi got brief nudge up to high of 0.6989 on coattails of Aussie on news Australia GDP +0.9% in 4Q, fastest pace in almost 2 years, but NZD quickly ran into steady selling. "Now forex markets are sitting and awaiting the expected unveiling of the Greek fiscal deficit. We are waiting for the details." NZD likely to remain under pressure vs AUD after cross hit 9-year low earlier in session in wake of RBA's decision yesterday to hike cash rate to 4.0%. NZD/AUD last 0.7714 vs low of 0.7693. Trinh pegs NZD/USD support at 0.6940, resistance 0.7025, vs last 0.6972.
0227 GMT [Dow Jones] HSI +0.1% at 20,917.06, may test psychological 21,000 later in session, rebounding after HSBC (0005.HK) spoiled party yesterday, snapping 2-day HSI advance previously. Still, "the overall trend has not turned negative as the number of advancing index constituents exceeded the decliners," notes SHK Financial, expects HSI to regain 21,000 given positive outlook for overseas markets. HSBC bounces 1.0% to HK$81.35 after 7% selloff Tuesday. MTRC (0066.HK) best-performing blue chip, +2.6% at HK$27.95 on news New World Development (0017.HK), Wheelock Properties (0049.HK) won tender to develop residential project above MTRC station; NWD +0.8% at HK$14.82. Market volume unexciting at HK$10.63 billion.
0217 GMT [Dow Jones] Lead March Kospi200 futures +0.8% at 211.75 on foreign buying in spot, futures markets, but no sharp rise expected due to lack of upside momentum in market, analysts say. Foreigners net buyers of stocks worth KRW25.89 billion in spot market, net buyers of 1,199 contracts in futures market as of 0158 GMT. "As Germany, France likely to offer financial aid to Greece, Kospi200 futures also getting boost from such a move," says Lee Sung-je at Daishin Securities. Tips Lead Kospi200 likely to move in 209.20-213.60 range today.
Dollar May See ‘Deeper Pullback’ Versus Yen: Technical Analysis
(Bloomberg) -- The dollar remains in a downtrend against Japan’s currency and may weaken below 87 yen, JPMorgan Chase & Co. said, citing trading patterns.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=akt8.hN4Inyw
Euro to Gain After Fibonacci Level Breaks: Technical Analysis
(Bloomberg) -- The euro may trade as high as 92.23 pence after breaking through a fourth Fibonacci level in as many days, according to Royal Bank of Canada.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aVeUU3r.Hgqk
China Stocks May Be Hurt in Short Term by M2 Slowdown: JPMorgan
(Bloomberg) -- China’s stocks may be hurt in the “short term” by a slowdown in the nation’s money supply growth, the outlook for inflation and speculation the government may slow down investment projects to cool economic growth, JPMorgan Chase & Co. strategists wrote in a note to clients.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBgehMa.cmuE
Japan May Extend Period for Buying Banks’ Shares, Yoshino Says
(Bloomberg) -- Japan may extend a program to buy stocks from banks because the risk of losses on cross- shareholdings may rise if the nation’s economy falters, an executive at the Banks’ Shareholders Purchase Corporation said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=agN4JJoszpJg
Mobius Sees India Outpacing Other Emerging Nations
(Bloomberg) -- India’s shares may “outpace” other emerging markets as the country’s economy strengthens, investor Mark Mobius said in comments about the four biggest developing nations known as the BRICs.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=au_KNEdlczNk
Halftime Report: Technical Breakout for S&P?
http://www.cnbc.com/id/35663279
Buy Opportunities Are 'Abundant': Stock Picker
http://www.cnbc.com/id/35671060
Wednesday: Stocks Ignore Data; Goldman a Better Indicator?
http://www.cnbc.com/id/35679786
Commodity Price Gains to be ‘Moderate,’ IMF Forecasts
March 2 (Bloomberg) -- Commodity prices are likely to see only “moderate” increases as inventories remain high and there is “significant” spare capacity, the International Monetary Fund said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTnlZl3bBCSU
Morgan Stanley Forecasts 60% Rise in Iron Ore Prices
March 2 (Bloomberg) -- Benchmark iron ore prices may rise 60 percent this year on strong Asian demand and as BHP Billiton Ltd. pushes steelmakers to accept pricing pegged to higher spotlevels, Morgan Stanley analysts said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aQXYzUT58Lig
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