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TradeTheNews.com Asian Market Update: The world's second largest economy reports
- (CN) CHINA MAY HSBC FINAL MANUFACTURING PMI: 48.4 V 49.3 APRIL FINAL (V 48.7 MAY FLASH) >- (CN) CHINA MAY PMI MANUFACTURING: 50.4 V 52.0E (5-month low; 1st m/m fall in 6 months)
- (KR) SOUTH KOREA MAY EXTERNAL TRADE BALANCE: $2.4B V $2.5BE
- (JP) JAPAN Q1 CAPITAL SPENDING: 3.3% V 1.0%E; CAPITAL SPENDING EX-SOFTWARE: +3.5% V -0.1%E
- (AU) AUSTRALIA MAY AIG PERFORMANCE OF MANUFACTURING INDEX: 42.4 V 43.9 PRIOR (3rd consecutive contraction and a 9-month low)
- (KR) SOUTH KOREA MAY CONSUMER PRICE INDEX M/M: 0.2% V 0.2%E; Y/Y: 2.5% V 2.5%E; CORE CONSUMER PRICE INDEX Y/Y: 1.6% V 1.8% PRIOR
- (NZ) NEW ZEALAND Q1 TERMS OF TRADE INDEX Q/Q: -2.3% V -2.8%E (lowest since Q2 of 2009 and 3rd consecutive q/q contraction)
- (ID) INDONESIA APR TOTAL TRADE BALANCE: -$640M V +$533ME
- (ID) INDONESIA MAY INFLATION M/M: 0.1% V 0.2%E; Y/Y: 4.5% V 4.6%E; CORE INFLATION Y/Y: 4.1% V 4.3%E
- (AU) AUSTRALIA APR RPDATA-RISMARK HOUSE PX ACTUAL M/M: -1.4% V -0.8% PRIOR (biggest m/m drop on record)
- (KR) SOUTH KOREA MAY HSBC MANUFACTURING PMI: 51.0 V 51.9 PRIOR
- (VN) VIETNAM MAY PMI MANUFACTURING: 48.3 V 49.5 PRIOR
- (TW) TAIWAN MAY HSBC MANUFACTURING PMI: 50.5 V 51.2 PRIOR
- (NZ) NEW ZEALAND MAY ANZ COMMODITY PRICE: -4.2% V -4.5% PRIOR (3rd consecutive contraction)
- (EU) EU APRIL MONSTER EMPLOYMENT INDEX M/M: 143 V 144 PRIOR (V 135 Y/Y)
- (US) US MAY MONSTER EMPLMOYMENT INDEX M/M: 147 V 146 PRIOR (V 143 Y/Y)
***Markets Snapshot (as of 05:00GMT)***
- Nikkei225 -1.3%
- S&P/ASX -0.3%
- Kospi -0.3%
- Singapore Straits Times Index -0.6%
- Shanghai Composite +0.4%
- Hang Seng +0.1%
- June S&P Futures -0.5% at 1,303
- Aug gold -0.4% $1,558/oz
- July Crude -0.2% at $86.33
***Overview/Top Headlines***
- The markets started off tepid on weaker US data then dipped lower as fears of a hard landing in China were renewed after China's official Purchasing Managers Index fell pointedly from 53.3 in April to 50.4 in May. HSBC Manufacturing PMI came in at 48.4 v 49,3 prior. This comes after China has played down chatter of any large scale stimulus package. The official reading is a 5-month low and the first decline m/m in 6-months caused all the markets to decline over 1%, except Shanghai which rose nearly 0.2%.New orders and input prices recorded their first contraction in 5 months while imports saw its first contraction in 4-months. AUD/USD fell below $0.9650, a low not seen since October 2011. It is expected that China's GDP will bottom out in the next quarter as the recently announced preferred policies for 7 new industries have a chance to get into place. Korean won, NZD, NT$ and the Philippine peso strengthened against the USD, though there was little conviction too keep a real trend for the emerging market crosses. EUR/USD continues to push lower testing $1.2324, late in the US session the IMF played down reports of a Spain contingency plan; notes that it is 'normal' to look at a variety of scenarios. Not long after Spain's Finance Ministry said there is no IMF bailout plan; not aware of any steps being taken by the IMF. Japan Chief Cabinet Sec Fujimura said Japan is prepared to act on excessive yen moves. Econ Min Furukawa and Finance Minister Azumi reiterated a similar view. Polls out of Greece continue to show anti-austerity party Striza either leads or is not far behind New Democracy with elections in a little over 2 weeks.
***Speakers/Geopolitical/In the press***
- (CN) China's National Development and Reform Commission's (NDRC) analyst Zhang Hanya: Sees China Q2 GDP at 7.1-7.5% vs 8.1% in Q1 - Chinese press
- (AU) Fair Work Australia regulator announces 2.9% increase to national minimum wage to A$606.40/wk - financial press
- (AU) CBA is among the top 4 banks in Australia calling for RBA to cut rates by 25bps at Tuesday's meeting; CBA also calling for another 25bp cut in July
- (CN) China May home prices m/m: -0.3% vs -0.3% prior - Soufun
- (VN) Vietnam may cut deposit ceiling rate from 11% to 9% later this year - Vietnam press
***Equities***
- FMG.AU: CEO: Confident China growth can continue to generate sufficient cash flow to further pay back debt - SMH
- (SG) Formula One will delay $2.5B IPO due to market weakness
- Hon Hai, 2317.TW: Confirms plans to bring China workers' salaries in line with cost of living - financial press
- ICBC, 1398.HK: President: Will not adjust loan targets or accelerate lending - SCMP
- VALE: Declares force majeure on Australia shipments from Carborough Downs coking coal mine due to detection of high level of carbon monoxide
***Fixed Income/Commodities/Forex***
- FCG.NZ: Chairman: Demand will drive milk prices higher in the medium and long term; No inventory build up
- (CN) China is looking into a rare earth trading platform, also talked about rare earth reserves - China Media
- (CO) Colombia Mining Ministry announces cut to gasoline prices (second time in the month)
- (US) USDA Raises FY12 Agriculture Trade Export Forecast from $131.0B to $134.5B
- USD/MXN: (MX) Mexico Central Bank said to have sold about $107M from $400M on offer to protect Peso - financial press
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