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Session Recap: China PMIs so-so; US sequestration begins

Quiet Asian session so far, although with plenty of headlines coming out from Japan and China, not moving much markets, as data mostly came in line with expectations, and focus shifts now to upcoming US “sequester” that is taking place from March 1 in the US as “Congress on Thursday abandoned efforts to avert the cuts and left town for the weekend,” the Washington Post reported.

Local share markets were moving in the negative overall until Tokyo lunch break time, with Gold and Oil also moving to session lows, Gold last at $1579 and Oil at $91.50, but following the Japanese traders after the lunch break, Nikkei index has rallied above the 11600 points mark, higher by +0.54% for the day so far, while US futures are more or less unchanged.

In the data front, New Zealand Overseas trade index came in better than previous but below expectations, while Australian AIG manufacturing index showed a better result than previous at 45.6. Japan came in with a batch of data, with best Household spending YoY in 8 months, unemployment at 4.2%, national core CPI YoY at -0.2%, and capital spending at -8.7%.

Official PMI China showed a slightly lower than expected figure at 50.1 when 50.2 was the estimation, followed by HSBP final PMI China at 50.4, exactly as previous one.

Main Headlines in Asia

New Zealand 4Q Terms of Trade Index rises to -1.3% vs -3.2%

Wall Street posts declines after easing rally, but closes Feb in positive

Forex: NZD/USD nears 0.8225/30 support; break opens up 0.82

Australia AiG Performance of Mfg Index 45.6 in Feb

Forex: EUR/USD fights the 1.3050/60; Are the bears opening the door?

Japan Jan National CPI Ex-Fresh Food (YoY) stays unchanged at -0.2%

Forex: EUR/USD keeps selling pattern; 1.30 under threat

Forex: USD/JPY above 92.50; deflation persists

Local banks recommends short-term NZD/USD shorts

China PMI just above 50.00; misses expectations

AUD dips slightly on official Chinese PMI data

China HSBC PMI at 50.4; in line with flash estimate

Forex: AUD/USD little moved around 1.0220

It's official, the US sequestration kicks in

It's official, the US sequestration kicks in

The sequestration, for those unfamiliar with the term, is defined by the US Federal Budget as "the practice of using mandatory spending cuts in the federal budget if the cost of running the government exceeds either an arbitrary amount or the the gross revenue it brings during the fiscal year."
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