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TradeTheNews.com Asian Market Update: China exports rise only 1% in July,
- (CH) CHINA JULY TRADE BALANCE: $25.1B V $35.1BE >- (CN) CHINA JULY NEW YUAN LOANS (CNY): 540.1B V 700.0BE
- (JP) JAPAN JUN FINAL INDUSTRIAL PRODUCTION M/M: +0.4% V -0.1% PRELIM; Y/Y: -1.5% V -2.0% PRELIM; CAPACITY UTILIZATION M/M: -2.3% V -2.2% PRELIM
- (SG) SINGAPORE Q2 FINAL GDP Q/Q: -0.7% V -1.1% PRELIM; Y/Y: 2.0% V 1.9% PRELIM
- (AU) RESERVE BANK OF AUSTRALIA (RBA) QUARTERLY MONETARY POLICY STATEMENT: RAISES 2012 GDP FORECAST TO 3.5% FROM 3.0%; Sees AUD averaging $1.06 vs $1.03 prior
- (JP) BANK OF JAPAN (BOJ) AUGUST MONTHLY REPORT: MAINTAINS ECONOMIC ASSESSMENT; Japanese economy has started to pick up moderately
- (CN) CHINA JULY M2 MONEY SUPPLY Y/Y: 13.9% V 13.8%E; M1 MONEY SUPPLY Y/Y: 4.6% V 5.3%E
- (JP) JAPAN JULY DOMESTIC CGPI M/M: -0.4% V +0.1%E (3rd consecutive decline); Y/Y: -2.1% V -1.5%E (largest decline since Jan 2010)
- (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25% (AS EXPECTED)
- (ID) INDONESIA JUN MONEY SUPPLY M2 Y/Y: 20.9% V 20.9% PRIOR
- (PH) PHILIPPINES JUN TOTAL EXPORTS Y/Y: 4.2% V 12.0%E; TOTAL MONTHLY EXPORTS: $4.3B V $4.9B PRIOR
- (NZ) NEW ZEALAND JUL NZ CARD SPENDING RETAIL M/M: -0.6% V 0.3%E; TOTAL M/M: -0.8% V 0.1% PRIOR
- (CO) COLOMBIA JUNE EXPORTS FOB: $4.6B V $5.2B PRIOR
- (KR) SOUTH KOREA JULY PRODUCER PRICE INDEX (PPI) Y/Y: -0.1% V +0.8% PRIOR (first decline since Nov 2009); M/M: -0.5% v -1.4% prior (4th consecutive decline)
***Markets Snapshot (as of 04:30GMT)***
- Nikkei225 -.08%
- S&P/ASX -0.6%
- Kospi -0.1%
- Shanghai Composite -0.1%
- Hang Seng -0.7%
- Taiwan Taiex -0.2%
- Straits Times Index -0.2%
- Sept S&P500 -0.4%
- Dec gold -0.3% at $1,615/oz
- Sept Crude oil -0.2% at $93.16/brl
***Overview/Top Headlines***
- Asian equities fell after China July trade balance showed a significant slowdown, headline trade surplus of $25.1B was the first month over month decline in 5-months. Exports only rose 1% y/y much lower than the expected 8% increase, imports also lower than expected at 4.7% y/y. Iron ore imports fell to 57.9M tons down from 58.3M tons in June. China Vice Commerce Min said it would be hard to meet to +10% growth target for trade in H2 but was still confident China would achieve the 2012 goal. AUD/USD extended its decline to $1.0520 on the news; both the Shanghai Composite and Hong Kong Hang Seng fell to fresh session lows. Major exporters to China, BHP, Rio Tinto and Fortescue fell on the data as well. China new yuan loans for July also come in much lower than expected CNY540B v CNY700B expected. Markets were mostly unchanged on the news.
- Australia's RBA raised its 2012 GDP forecast to 3.5% form 3.0% seen prior. Inflation outlook was cut by 0.25% to 2.25%. RBA commenting on the strong A$, high level of the exchange rate may be more contractionary for the economy than historical relationships suggest. Overall, commodity prices have fallen more sharply than was expected at the time of the May statement. A$ weakened after the statement.
- Some of the Hong Kong traded real estate and consumer discretionary names reported much weaker y/y earnings, Li & Fung attributed its y/y H1 decline to US operations. NZ$ followed the A$ lower in the session, USD/JPY stayed mostly unchanged around ¥78.55, though it failed to give a boost to Japan exporters. Corn futures gained as much at 0.7% to $8.25, major banks continue to cut their outlook for corn crops and extreme weather across the globe continues to wreak havoc on crops. The UN expects that food import costs will reach $1.24T in 2012, nearly a new record. Singapore Q2 final GDP contracted -0.7% better than the prelim reading of -1.1%, y/y was higher than prelim at 2.0%. USD/SGD rose 15 pips to session high of S$1.2460.
***Speakers/Geopolitical/In the press***
- (PH) Philippines Central Bank Gov Tetangco: Next policy move will depend on economic data; Watching risk appetite and inflation
- (CN) Deutsche Bank cuts China Q3 GDP target to 7.5% from 7.9%; Cuts Q4 target to 7.7% from 8.1% - financial press
- (CN) China may extend property tax trials - Chinese press
- (AU) Australia govt may be considering abandoning a floor price for the carbon tax after 2015 and limiting the availability of the substantially cheaper foreign carbon credits - AFR
***Equities***
- CWN.AU: Reports FY12 Net A$513.3M v A$423Me; Rev A$2.81B v A$2.75Be
- FXJ.AU: Board to meet to discuss A$1.0B impairment charge it will announce with FY12 results later in Aug - The Australian
***US Equities***
- YHOO: Begins review of restructuring plan, share buybacks and acquisition plans, among other plans - filing; -3.4% after hours
- CFN: Reports Q4 $0.51 v $0.50e, R$968M v $956Me; +3.8% after hours
- JWN: Reports Q2 $0.75 v $0.74e, R$2.92B v $3.02Be (reported prelim Q2 R$2.92B on 8/2); raises FY12 guidance; +2.9% after hours
- NVDA: Reports Q2 $0.27 v $0.15e, R$1.04B v $1.01Be; +4.4% after hours
***Fixed Income/Commodities/Forex***
- (CN) China has raised fuel prices 4-5% for the first time since March effective today - Shanghai Daily
- JGB: (JP) BoJ's 1-2 year and 2-3-year bond buying operations fail to meet target
- (CN) Some rare earth producers in China have halted production - Chinese press
- (US) PIMCO Total Return Fund reduced its exposure to US Treasuries in July from 35% to 33% - financial press
- CME raises crude oil margins by 3.7% to $5,738 from $5,535
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