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Wednesday, April 16, 2008

Asia Outlook on April 16th, 2008

USD likely well supported in Asia as higher-than-expected U.S. PPI overnight support expectations Fed may keep rates steady after this month's likely cut. But that could be balanced by slight easing in risk aversion with Asian stock markets likely to take positive cue from gains on Wall Street overnight. Tech stocks could get boost from news Intel earnings, guidance beat expectations, stock +7.8% after hours.

Oil stocks also likely in focus after crude prices hit another record high. On data front, there's Australia's Westpac-Melbourne Institute indexes of economic activity at 0100 GMT, Korea jobs at 0430 GMT, Japan revised machine tool orders at 0600 GMT, China GDP at 0630 GMT, also China PPI, CPI, retail sales, fixed asset investment, industrial output.

Later there's UK jobs, EU CPI, US MBA mortgage applications, housing starts, CPI, industrial production, oil inventories, Fed's Yellen, Plosser due to speak, Treasury undersecretary McCormick speaks, Fed Beige Book. Notable on the U.S. earnings calendar are Coca Cola and JP Morgan.

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