Share This Story:
|
|
Email
TradeTheNews.com Asian Market Update: Mixed markets, European worries and strong
(CN) CHINA JULY HSBC FLASH MANUFACTURING PMI: 49.5 V 48.2 FINAL (5-month high; 9th month of contraction)
- (CN) CHINA JUN CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.1% V 1.1% PRIOR (smallest increase in 7 months)
- USD/CNY: (CN) China banks June fx deficit m/m: $3.5B vs surplus $5.1B prior
- (VN) VIETNAM JULY CPI Y/Y: 5.4% V 5.7%E
***Markets Snapshot (as of 04:30GMT)***
- Nikkei225 -0.1%
- S&P/ASX unchanged
- Kospi unchanged
- Taiwan's Taiex -0.6%
- Singapore Straits Times +0.6%
- Shanghai Composite -0.2%
- Hang Seng closed due to typhoon
- Sept S&P -0.6%
- Spot gold unchanged at $1,576/oz
- Aug Crude oil +0.6% at $88.73/brl
***Overview/Top Headlines***
- Asian equities were mixed in the session as Moody's cut the sovereign rating outlook for Germany, Netherlands and Luxembourg to negative and affirmed Finland's AAA at stable. EUR/USD took the news in stride even gaining to a session high of $1.2138. US Treasury Sec Geithner said he thought that all 17 nations would remain in the EU and that the situation could only be solved internally.
- Spain continues to add a large headwind to the markets with borrowing costs rising to alarming levels and the looming expectation of more regional banks seeking bailouts. Focus will return to Greece as Troika members return to the bedraggled nation for the next round of inspections. AUD/USD rose over 0.5% to $1.0310 as its largest trading partner, China, reported July HSBC flash manufacturing PMI at a 5-month high of 49.5, up from June's final reading of 48.2. This was the 9th month of contraction and the output sub-index was a 10-month high at 51.2. Markets will be closely watching for any signs that China's easing measures are starting to work. China has also said that the recent heavy rainfall could help crops in the northern part of the country.
- Hong Kong was forced to delay the opening as a typhoon swept through the city, most Chinese airlines were also impacted. USD/JPY and EUR/JPY continued to benefit from the yen safe haven status, ¥78.29 and ¥94.80 respective lows for the day. Japan Fin Min Azumi again warned the markets that Japan was ready and willing to take action on excessive moves.
***Speakers/Geopolitical/In the press***
- (AU) RBA Gov Stevens: China on track for 7-8% GDP; AUD to decline in the event of global weakness
- (PH) Philippines Central Bank Gov Tetangco: July CPI to be 2.6-3.5%; Inflation remains manageable
- (CN) Bank of Communications: July new yuan loans may fall to about CNY600B from CNY920B in June - China Daily
- (TW) Taiwan Central Bank said to have maintained overnight rate at 0.388% - financial press
- (US) Fed's Raskin: Expects to talk about QE3 at the next FOMC meeting; Low interest rates create the potential for financial market instability
- (CN) Cost of a license plate in Shanghai did not fall as expected in July despite new policies to curb speculation - China Daily
- (CN) China Academy of Social Sciences (CASS) proposes to remove mortgage discount of 30% on first mortgages - China Daily
***Equities***
- Olympus, 7733.JP: Chairman: Partnership with Panasonic looking less likely; To decide on alliance by the end of the year - financial press
- BHP: Considering reducing staff and contractors at its largest mining ventures; Could also mean that it will not approve expansion at Olympic Dam - AFR
- OSH.AU: Reports Q2 Rev $211.3M v $217.8M y/y; Oil and gas production 1.8 MMBOE; Sales 1.61 MMBOE
- Toshiba, 6502.JP: To Cut Production of NAND Flash Memory at Yokkaichi by 30%, effective today
- Cheung Kong Holdings, 1.HK: Executive Director: Hong Kong homes prices to stay flat in H2 of 2012 - SCMP
- BBG.AU: TPG makes second offer of A$1.45/shr (below prior offer of A$3.30/shr)
- TM: May shift some of its Lexus SUV production from Japan to Canada - Japan press
***US Equities***
- STLD: Reports Q2 $0.20 v $0.19e, R$1.91B v $1.99Be; +0.1% after hours
- DV: Reports Q4 prelim $0.43-0.46 v $0.78e, R$500-510M v $515Me; -22.4% after hours
- TXN: Reports Q2 $0.38 (incl $0.06 in charges) v $0.41e, R$3.34B v $3.34Be; -0.2% after hours
- SANM: Reports Q3 $0.26 v $0.29e, R$1.55B v $1.49Be; +11.6% after hours
- VMW: Reports Q2 $0.68 v $0.66e, R$1.12B v $1.12Be; To acquire software-defined networking firm (SDN) Nicira for $1.05B; -3.7% after hours
- BIDU: Reports Q2 $1.24 v $1.12e, R$858.8M v $804Me; +5.3% after hours
***Fixed Income/Commodities/Forex***
- (TW) Taiwan govt sells NT$30.0B 9-month T-bills at 0.770% (0.845% prior); Bid to cover 2.91x
- (CN) WTO has set up a panel to evaluate China rare earth exports following US, EU, and China requests - financial press
- (CN) China Statistics Bureau: Pork price -0.5% in mid-July
- EUR/USD: Investor John Paulson said to estimate a 50-50 chance the euro will collapse in the next 3 months to 2 years - financial press
- (AU) Australia 3-month bank bill set at 3.5150% v 3.5067% prior
- SLV: iShares Silver Trust ETF daily holdings fall to 9,708 tons from 9,696 tons (first rise since July 9th)
Forex Trading News
Forex Research
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
here.
Forex News
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
RSS News Feed
