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Thread: Forex news from InstaForex

  1. #1281
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    Challenging Operating Environment and Deteriorating Asset Quality and Profitability



    Moody's Investors Service says the outlook on China's banking system remains negative, reflecting a challenging operating environment, and banks' deteriorating asset quality and profitability.
    "Rising system leverage and worsening credit conditions exert continued pressure on the banks' asset quality and profitability," says Yulia Wan, a Moody's Assistant Vice President and Analyst.
    "In addition, China's sovereign outlook change to negative from stable in March 2016 affected the ratings of banks that had incorporated a degree of government support and uplift," says Wan.
    The presentation -- "Rising System Leverage and Impact on Banks' Credit Profiles" -- was held at Moody's 2016 Mid-Year China Conference: Understanding the Risks of High and Rising Leverage in Beijing on 31 May. The Shanghai conference is scheduled for 2 June. The morning seminars feature senior Moody's managers and analysts, and cover a broad range of sub-themes.
    The change in Moody's Macro Profile on China's banking system to "Moderate" from "Moderate+" in March 2016 reflected the continued rise in leverage in the Chinese economy from an already high level. The change of the Macro Profile has led Moody's to reassess Chinese banks' financial factors and standalone profiles.
    "While our rated banks are not immediately affected by this Macro Profile change, their standalone credit profiles face downward pressure," says Wan.
    According to Moody's, asset quality is deteriorating with increasing nonperforming loans (NPLs) and rising credit costs; there is a widening gap between NPLs and 90+ day delinquencies as greater numbers of 90+ day delinquencies are not recognized as NPLs.
    In addition, shadow banking assets accounted for nearly 80% of GDP in 2015. Increasing interconnectedness between banks and the shadow banking system could put additional pressures on banks' asset quality.
    Investments in loans and receivables among the 26 listed banks in China jumped four-fold to RMB10.4 trillion from RMB2.5 trillion between 2012 and 2015.
    Moody' stressed that these investments are an opaque source of asset risk.
    However, Moody's says there are several mitigating factors that support the credit profiles of Chinese banks.
    These include the banks' (1) good profitability relative to global peers, despite increasing impairment charges and pressure on net interest margin; (2) loan loss reserves, which provide a buffer against losses despite its rapid decline; (3) broadly stable liquidity, despite pressures from capital outflows and a growing portfolio of illiquid investments; (4) adequate capital, though falling behind global standards; (5) increasing NPL write-offs and sales; (6) support from the government, which remains a strong and key credit factor.

    This year's conference will include the following plenary sessions:
    • Incorporating government support in the ratings of SOEs amid rising defaults
    • China property outlook -- slowing growth and increasing competition raise risks
    • Why does the build-up in corporate leverage matter to the sovereign?
    • Does high leverage pose a risk to financial system stability?
    • What risks do corporates face from high leverage, overcapacity and restructuring?
    • Diversifying sources of finance

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  2. #1282
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    Chinese woes, Fed rate hike force investors to ditch Asian holdings



    Chinese economic woes and the Federal Reserve's brewing interest rate hikes have pressured investors to sell its Asian bonds and currencies. An HSBC data indicated a net $3.2 billion ditched equity markets in the region, excluding Japan, the biggest outflow since January. The report added bond markets in Indonesia and South Korea are now receiving huge reverse of inflows, while currencies have slumped sharply. The MSCI Asia-Pacific Index climbed 19% between late January and the end of April in the wake of tailwinds of a dovish Fed, hopes the Chinese economy will recuperate, and stabilization in commodity prices.

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    Fxwirepro: South Korean Won falls on the Back of Lower Than expected Cpi Data



    USD/KRW is currently trading around 1190 levels.
    Overnight South Korea released CPI data with negative numbers.
    South Korea’s May CPI growth Y/Y decreases to 0.8 % (forecast 0.90 %) vs previous 1.0%. In addition, CPI growth M/M decreases to 0.0 % (forecast 0.20 %) vs previous 0.1 %.
    On the other side, South Korea’s April current account balance decreases to 5.14 bln $ vs previous 10.07 bln $ (revised from 10.07 bln $).
    South Korea’s May trade balance prelim decreases to 7.1 bln $ vs previous 8.80 bln $.
    Intraday bias remains bullish till the time pair holds key support at 1177 marks.
    A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
    Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
    Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.
    We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.

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    EU hate speech accord highlights escalating pressure over content regulation



    When the European Union and four major US internet firms agreed to halt illegal hate speech from their services, they are facing intense pressure to curtail and monitor content. Under the agreement, Facebook Inc., Google's YouTube, Microsoft Corp., and Twitter Inc. will look into reports of hate posts within 24 hours and disable or revoke access to the content, if needed. Governments in the region have been responding to increasing commentaries on pro-Islamic State, anti-immigrant, and other sensitive issues on social media. Although the four companies played down the importance of the agreement, people privy to the matter disclosed the recent EU pact is inclined to implementing more prohibitions.

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    U.S. Pushes to Block North Korea from Banking System



    The United States government warned that foreign banks doing business with North Korea will face U.S. sanctions or fines. The insular communist country's series of ambitious nuclear arms tests that started this January raised accusations of money laundering activities to fund its lucrative nuclear testing, prompting the U.S. administration to call North Korea a "primary money laundering concern” and to take actions to cut off the country from accessing the U.S. financial system. U.S. Treasury also stated that all government and financial authorities are expected to follow suit and cut banking ties with North Korea.

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    Fxwirepro: Usd/krw Strongly Holds 1190 Mark, Downside Limited



    USD/KRW is currently trading around 1190 levels.
    It made intraday high at 1192 and low at 1185 marks.
    Pair is moving in a firm range from 1185 to 1195 marks.
    Intraday bias remains neutral till the time pair holds key resistance at 1195 marks.
    A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
    Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
    Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.
    We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.

    News are provided byInstaForex.

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    Apple Services Resume after Two-Hour Outage



    Some of Apple Inc.'s services including its Apple Store experienced a two-hour outage on Thursday. Services resumed after the outage, but some services connected to iCloud and photo applications are still unavailable to several users. Apple's U.S. support page provided a timeline that showed that the issues started to manifest at around 4 p.m. U.S. EDT. The App Store service was back at around 6:30 p.m. EDT. No additional comment or information was released by Apple regarding the incident. The company stated on its website that they are investigating the issue and will provide updates when more information becomes available.

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    Fxwirepro: Usd/jpy Stabilises Around Fresh -5 Week Low After Nfp Job Results, 105.54 Mark in Focus



    USD/JPY is currently trading around 106.71 marks.
    It made intraday high at 106.87 and low at 106.35 levels.
    Intraday bias remains bearish till the time pair holds key resistance at 107.94 marks.
    A daily close above 107.94 is required to take the parity higher towards key resistances around 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
    On the other side, a sustained break below 106.13 will drag the parity down towards key supports at 105.71, 105.45 and 104.55 levels respectively.

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    Asian Shares Rise as Dollar Wanes After Jobs Slowdown



    Asian shares rose on Monday while the dollar sagged near its lowest in almost a month. The decline in the dollar comes after data shows the slowest job growth in U.S. in non-farm payrolls in a span of more than five years, lowering the chances of an expected near-term U.S. interest increase. U.S. non-farm payrolls recorded its lowest increase since 2010, with only an increase of 38, 000 last month, far from the expected 164, 000 by economists. There was an increase of 0.4% of MSCI's broadest index of Asia-Pacific shares outside Japan, while Japan's Nikkei stock index dropped by 1.6%. This is after the dollar dropped 2% against the yen last Friday. On Wall Street, S&P 500 ended within just 1.5% of its record closing high on Friday. The dollar index moved up by 0.1% to 94.112 .DXY, but stayed not higher than Friday's recorded low of 93.855, its lowest since May 2012. A poll shows that all top banks on Wall Street are expecting the U.S. Federal Reserve during its June 14-15 policy meeting to let the interest rates remain unchanged.

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    Moody's Assigns Aa3 to Chino Basin Desalter Authority (ca) Revenue Bonds



    Desalter Revenue Refunding Bonds, Series 2016A; Rating: Aa3; Rating Type: Underlying LT; Sale Amount: $67,690,000; Expected Sale Date:
    06/22/2016; Rating Description: Revenue: Government

    Enterprise Summary Rating Rationale
    Moody's Investors Service has assigned an Aa3 rating to the Chino Basin Desalter Authority (CDA) Revenue Refunding Bonds, Series 2016A. The bonds have an expected par value of $67.7 million. We have also affirmed the rating on the Authority's existing $76.1 million of outstanding revenue bonds.

    The rating reflects the Chino Basin's satisfactory debt service coverage from pledged revenues, sound liquidity, stable water supply availability, and largely standard legal covenants with the exception of a weaker than typical additional bonds test.

    Rating Outlook
    Outlooks are usually not assigned to local government credits with this amount of debt outstanding.
    Factors that Could Lead to an Upgrade
    Significant and sustained improvement of debt service coverage
    Materially improved liquidity
    Factors that Could Lead to a Downgrade
    Weakening of debt service coverage
    Material deterioration of cash
    Water supply pressures
    Legal Security
    The bonds are secured by the CDA's pledge of revenues from its water purchase agreements, Metropolitan Water District rebates, and interest income. The water purchase agreements are take-or-pay contracts from program participants who pay their share of costs as part of their individual operations and maintenance.

    Use of Proceeds
    Proceeds of the sale will be used to refund the CDA's Series 2008A Revenue Bonds.

    Obligor Profile
    The authority is a joint exercise of powers agency by and among JCSD, SARWC, the cities of Chino, Chino Hills, Norco and Ontario, and IEUA with the power, among others, to design, finance, lease, purchase, acquire, construct, operate, maintain, sell, hypothecate or otherwise dispose of the Project for the purposes of the production, treatment and distribution of water to the Project Participants. In 2008, WMWD was added as member of the authority.

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