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Tuesday June 4, 2013 - 07:22:24 GMT
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| | Email Asian Market Update: RBA keeps rates on hold at 2.75% but keeps the door open to more easing and reiterates AUD still too high - Source

- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH TARGET RATE UNCHANGED AT 2.75%, AS EXPECTED >- (AU) AUSTRALIA Q1 CURRENT ACCOUNT BALANCE (A$): -8.5B V -9.0BE (smallest deficit in 6 quarters); NET EXPORTS OF GDP: 1.0% V 0.8%E - (JP) JAPAN APR LABOR CASH EARNINGS Y/Y: 0.3% V -0.9% PRIOR - (JP) JAPAN MAY MONETARY BASE Y/Y: 31.6% V 23.1% PRIOR (multi-year high rate of increase) - (UK) UK MAY BRC LIKE-FOR-LIKE SALES Y/Y: 1.8% V 1.3%E ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.6% - S&P/ASX -0.1% - Kospi -0.4% - Shanghai Composite -0.8% - Hang Seng -0.3% - Jun S&P500 -0.2% at 1,633 - Aug gold -0.1% at $1,411/oz - Jul crude oil -0.5% at $92.96/brl ***Observations/Insights*** - Asian equity markets are generally lower with the exception of Tokyo, where Nikkei225 recovered from the initial 200pt decline to multi-week lows. Investors are gearing up for Japan PM Abe's address to parliament tomorrow, as he is expected to reveal the government's growth strategy, including plans to establish special economic zones for the support of economic growth. In fixed income, Japan 10-yr JGB yield are up about 5bps around 0.85%. Today's 10-yr JGB auction saw a moderate decline in the bid-to-cover, even as the tail widened to 0.10 from 0.02 in last month's 10-yr auction. Outside Japan, China is leading the decline with a 1% late-session drop on Shanghai Composite. - Reserve Bank of Australia policy decision was in line with the overwhelming expectations for a rate hold after last month's surprise 25bp cut. Most notably, RBA reiterated that inflation outlook may provide some scope for further easing, and also noted that while exchange rate has depreciated since the last meeting, it was still high given the decline in export prices. AUD/USD was little changed on the statement despite the RBA leaving the door open to more easing to further cap the aussie, remaining just above $0.9720 after the USD-decline-driven US session following disappointing. Note the Australia GDP data is also on tap for tomorrow's session. ***Fixed Income/Commodities*** - (JP) Japan MoF sells 2.19T in 0.8% (0.6% prior) 10-yr notes; Avg yield: 0.860% v 0.597% prior; Bid to cover: 3.14x v 3.71x prior - (CN) PBoC sets yuan mid point at 6.1735 v 6.1317 prior close (highest CNY setting on record) - (CN) China PBoC sells 3-month Bills; avg yield 2.9089% - NZD/USD: BNZ strategist Martin: Expects NZD/USD to trade in $0.7950-0.8180 range this week - NZ press ***Speakers/Political/In the Papers*** - (JP) Japan Fin Min Aso: Not easy to achieve 2% inflation target; no comment on FX rates or equity market volatility - financial press - (JP) Japan Econ Min Amari: Fx markets are experiencing 'complicated' movements - (JP) Japan and US to conduct joint military drill despite China objection - Asahi - (CN) China vice Premier Ma: downward pressure still exists amid overall stable economy - (CN) China May power output may increase 5.9% y/y - financial press - (AU) Australia Finance Ministry (AOFM) Chief exec Nicholl: no reason to rule out bonds as long as 30 years; beneficial to extend govt bond yield curve - (AU) Dun & Bradstreet's National Business Expectations Survey seeing more businesses expecting to raise their prices in Q3 than in Q2 - Australian press - (NZ) New Zealand Treasury: Drought conditions to reduce 2013 GDP by 0.7% >- (NZ) New Zealand Fin Min English: Economy growing more strongly; continues to remain on track for FY14/15 surplus - (NZ) According to OECD, New Zealand housing market is the 4th most overvalued in the world, after Belgium, Norway, and Canada - NZ press - (NZ) New Zealand Treasury: Budget deficit of NZD3.99B for 10 months ended Apr - financial press - (KR) Bank of Korea (BOK) gov Kim: external conditions may change unexpectedly - (KR) South Korea's Financial Supervisory Service (FSS) said it does not see sharp rise in yen carry trades in the near-term - financial press - (US) According to UBS, Fed may scale back QE in early Q4 - financial press - (UK) BOE Dep Gov Bailey: Debt overhang is limiting credit demand, have introduced incentives to help lending to small and medium sized businesses - (BR) Brazil May Vehicle Sales m/m: -5.3% - financial press citing Fenabrave - Fitch: memory chip sector faces more moderate level of cyclicality and lower volatility ***Equities*** - BBG.AU: Lowers FY EBITDA A$67-74M v A$74-85M prior; Ended takeover talks, considering asset sales; -45% - WPL.AU: Expansion of LNG production through $1.2B Leviathan gas field is delayed by uncertainty related to Israel's natural gas export policy - AFR - SEN.AU: Sees FY13 pretax profit loss A$1.0-1.6M vs loss A$8.2M y/y; Expects return to profitability in FY14 - FCG.NZ: China pledges to increase monitoring of foreign milk formula and look to "nurture" China-made baby milk products - NZ press - Dai-Ichi Mutual 8750.JP: To acquire 40% stake in Panin Life - financial press - MCHP: Raises Q1 guidance $0.52-0.56 v $0.56e ($0.50-0.54 prior), Rev +4-7% (implies $447-460M) v $461Me (+2-6% prior); +4.4% afterhours - FDX: Increases dividend 7% to $0.15 from $0.14; Accelerates Aircraft Retirements; will take $100M impairment charge; -0.9% afterhours - SAI: Reports Q1 $0.23 v $0.27e, R$2.7B v $2.61Be; -3.0% afterhours - GM: To be added to S&P500, replacing Heinz; GM and AIG added to S&P100 index; +3.2% afterhours -


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