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Wednesday June 5, 2013 - 06:10:51 GMT
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| | Email Asian Market Update: Abe's 3rd arrow misses the bulls eye; Australia Q1 GDP falls short of estimates***Economic Data*** - Source

- (AU) AUSTRALIA Q1 GROSS DOMESTIC PRODUCT Q/Q: 0.6% V 0.7%E; Y/Y: 2.5% V 2.7%E - (AU) AUSTRALIA MAY AIG PERFORMANCE OF SERVICE INDEX: 40.6 V 44.1 PRIOR (lowest reading in 13 months) - (CN) CHINA MAY HSBC SERVICES PMI: 51.2 V 51.1 PRIOR - (HK) HONG KONG MAY PURCHASING MANAGERS INDEX: 49.8 V 49.9 PRIOR - (NZ) NEW ZEALAND MAY ANZ COMMODITY PRICES M/M: -1.6% V +12.6% PRIOR (first decline in 10 months) - (NZ) NEW ZEALAND Q1 VALUE OF ALL BUILDINGS: 5.8% V 2.0% PRIOR - (KR) SOUTH KOREA MAY FOREIGN EXCHANGE RESERVE: $328.1B V $328.8B PRIOR - (TW) TAIWAN MAY CPI Y/Y: 0.7%V 0.8%E; WPI Y/Y: -3.3% V -2.9%E - (PH) PHILIPPINES MAY CONSUMER PRICE INDEX M/M: 0.1% V 0.2%E; Y/Y: 2.6% V 2.8%E; CORE CPI: 3.0% V 2.8%E - (UK) UK MAY BRC SHOP PRICE INDEX Y/Y: -0.1% V +0.4% PRIOR (first decline since Sept 2009) ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.3% - S&P/ASX -1.3% - Kospi -1.0% - Shanghai Composite -0.2% - Hang Seng -0.9% - Jun S&P500 -0.1% at 1,630 - Aug gold +0.6% at $1,406/oz - Jul crude oil +0.4% at $93.65/brl ***Observations/Insights*** - Asian bourses are broadly weaker with Australian equities as the region's largest underperformer at the time of the midday break in Tokyo/China. The S&P/ASX continued its recent selloff, at one point falling to a 4-month low below 4,840, after the release of slower than expected GDP in the first quarter. Output gained a seasonally adjusted 0.6%, in line with the prior sequential increase but less than the 0.7% expected, with total gross fixed capital formation down 2.3% against the gain of 0.8% in the prior quarter. Silver lining in an otherwise lukewarm report is the terms of trade component rising 2.7% q/q after falling by the same margin in Q4. Following the GDP data, swaps data priced in a near-60% chance of another 25bps rate cut by the RBA by August, up from just under 50% prior. - Japan PM drew the bow of Abenomics for the third time, unveiling his much anticipated "growth strategy plan" featuring commitment to a 2% annual GDP target for the next 10 years, reduction on capex levies, restart of nuclear plants, and increasing capital inflows among the other less notable components. Nikkei225 spiked up from 13,500 to 13,700 but quickly reversed those gains to trade below 13,350. Analysts attributed the reversal to some of the missing components - for instance, more flexibility in the labor sector - and little attention to implementation detail. Likewise, USD/JPY spiked up above 100.40 at the start of the speech before falling back below 99.70. ***Fixed Income/Commodities*** - (CN) China MOF sells CNY30B in 7-yr bonds, avg yield 3.3506% - (JP) BOJ offers to buy 200B in 1-3 yr govt debt, 500B in 3-5 yr debt and 500B in 5-10 yr debt - (AU) Australia MOF (AOFM) sells A$700M in 2023 Bonds; avg yield 3.4308%; bid-to-cover: 3.09x - USD/JPY: DoubleLine's Gundlach: Yen expected to stay persistently weak; Sees Nikkei225 falling as low as 12,500 over the near term - GLD: SPDR Gold Trust ETF daily holdings fall by 2.7 tons to 1,010.5 ton (lowest since 1,008.8 tons in Feb of 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 9,988 tons from 9.993 tons (lowest since Dec 2012) - (AU) Australia May Port Hedland iron ore exports: 27.9M tons v 26.0M m/m - (US) API PETROLEUM INVENTORIES CRUDE: -7.8M V -0.5ME (first draw in 6 weeks); GASOLINE: -1.33M V +0.5ME; DISTILLATE: +240K V +1ME; UTILIZATION: 87.6% V 86.6% W/W ***Speakers/Political/In the Papers*** - (CN) China Banking Regulatory Commission (CBRC) Chairman Shang Fulin: encourage banks to increase credit line for small companies - (CN) Former PBOC adviser Yu Yongding: not good time for China's capital account to be opened quicker - financial press - (CN) China four big banks new loans in May reaches CNY208B v CNY245.5B in April - Chinese press - (CN) China vice Premier Ma reiterates prudent monetary policy and maintain stable monetary environment - financial press - (JP) Japan PM Abe's Econ Advisor Hamada: Should not be concerned with volatility in the equity market; Nikkei has "corrected itself nicely" - Nikkei News - (JP) BOJ's balance of long-term JGBs has risen more than 8T in May to 104T; Rises above 100T for the first time ever - Nikkei News - (JP) Japan Govt to aim for 2% annual GDP target for period through FY22 when adjusted for inflation or 3% in nominal terms - Nikkei News - (JP) China requesting that Japan and US cancel a drill scheduled for June in California involving execises to recapture control of a remote island - Nikkei News (update) - (JP) Japan Center for Economic Research (JCER): Japan's Real APR GDP estimated at +0.9% m/m; second consecutive month of growth - Nikkei News - (AU) Australia Treasurer Swan: domestic economy continues to outperform developed countries - (AU) Swaps markets now pricing in about a 57% chance of another 25bps cut by August after weaker than expected Australia GDP - press - (HK) Hong Kong property agent numbers are falling due to housing curbs - Hong Kong press - (US) Fed's Fisher (hawk, alternate on FOMC): Fed has done all it can to aid economy; Inflation benign, sees little risk of big rise - (US) PIMCO's Gross: Expects Fed to start tapering QE later this year; Low interest rates are weighing on growth - CNBC interview - PWC report shows top 40 global miners 2012 net profit -49% to A$68B - financial press ***Equities*** - FCG.NZ: Westpac sees Fonterra FY13/14 payout NZ$6.50/kgms - financial press - TSLA: CEO: Seeing continued strong demand for Model S; Q2 results will be comparable to Q1 and also see more incremental demand from Europe - AGM - BOBE: Reports Q4 $0.71 v $0.65e, R$333.9M v $327Me; +3.9% afterhours -


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