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Tuesday June 11, 2013 - 06:13:28 GMT
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| | Email Asian Market Update: JPY, JGB yields rise as BOJ refrains from extending fixed rate lending operation; AUD slumps on weak housing and confidence data - Source

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T; REFRAINS FROM EXTENDING DURATION OF FIXED RATE FUND-SUPPLYING OPERATION - (AU) AUSTRALIA APR HOME LOANS M/M: 0.8% V 2.0%E; INVESTMENT LENDING: 1.1% V 1.4% PRIOR; OWNER-OCCUPIED HOME LOAN VALUE: -0.9% V +5.1% PRIOR >- (AU) AUSTRALIA MAY NAB BUSINESS CONDITIONS: -4 V -6 PRIOR; NAB BUSINESS CONFIDENCE: -1 V -1 PRIOR - (JP) JAPAN Q2 BSI LARGE ALL INDUSTRY Q/Q: +5.9 V +1.0 PRIOR; LARGE MANUFACTURING: +5.0 V -4.6 PRIOR (7-quarter high) - (JP) JAPAN MAY MONEY STOCK M2 Y/Y: 3.4% V 3.5%E; M3 Y/Y: 2.8% V 2.8%E - (PH) PHILIPPINES APR UNEMPLOYMENT RATE: 7.5% V 7.1% PRIOR - (PH) PHILIPPINES APR TOTAL EXPORTS: -12.8% V -5.3%E; TOTAL MONTHLY EXPORTS: $4.04B V $4.33B PRIOR - (UK) UK MAY RICS HOUSE PRICE BALANCE: 5% V 3%E (highest reading since Jun 2010) - (NZ) NEW ZEALAND MAY ANZ TRUCKOMETER HEAVY TRAFFIC: 4.7% V 3.8% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -1.5% - S&P/ASX +0.1% - Kospi -1.1% - Shanghai Composite closed - Hang Seng -1.1% - Jun S&P500 -0.2% at 1,639 - Aug gold -0.1% at $1,384/oz - Jul crude oil +0.1% at $95.83/brl ***Observations/Insights*** - Asian equity markets are led lower by the Nikkei225, as the Bank of Japan failed to deliver another dose of policy action in today's decision. Leading up to the meeting, several Japanese press reports speculated the central bank would extend its 0.1% fixed-rate lending facility to banks from one year to two, thereby prompting local banks to take an even more active part in the purchases of longer-term govt debt and keep the 10-year yields from approaching 1%. Instead, the BOJ refrained from the extension in favor of a less aggressive measure, announcing a 3.15T loan program to 70 financial institutions designed to stimulate bank landing. With so much expectation built into the extension, USD/JPY sold off sharply on the decision, falling over 80pips below the 98 handle. Likewise, Nikkei225 fell 1.5% returning from mid-day break, while the 10-yr JGB yield rose about 3bps above 0.88% following the policy statement. BOJ did raise its economic assessment for the 6th consecutive meeting, noting the economy, exports, and industrial production have been picking up, and also expressing more confident view on inflation gradually turning positive as part of its Outlook section. Traders will tune in to the upcoming press conference from BOJ Gov Kuroda reflecting on today's decision around the market close. - In Australia, AUD/USD once again tested fresh 32-month lows below the $0.94 handle after disappointing NAB business confidence and home lending data. NAB confidence fell for the 2nd consecutive month, as bank analysts said the outlook for the mining industry is by far the most pessimistic. Home loans grew just 0.8%, the slowest pace in 3 months, as economists largely saw the housing trends reflecting weak consumer sentiment in spite of the increasingly more accommodative lending rates. ***Fixed Income/Commodities*** - GLD: SPDR Gold Trust ETF daily holdings rise by 2.8 tons to 1,009.9 ton (first rise since May 29th) - JGB: Japan MoF to float a total of 600B in inflation-linked JGBs starting in Oct; resuming issuance for the first time since Aug 2008 - Nikkei News ***Speakers/Political/In the Papers*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T; REFRAINS FROM EXTENDING DURATION OF FIXED RATE FUND-SUPPLYING OPERATION - (JP) Japan cabinet June approval rating at 67% v 72% prior month - Yomiuri News - (JP) Japan Fin Min Aso: should quicken tax reform debate - (JP) Former Japan Fin Min official Sakakibara ('Mr Yen'): '3rd arrow' announcement was disappointing; Monetary easing likely to continue - CNBC interview - (JP) Japan ruling LDP to receive approx 44% of vote in upcoming House of Councilors (upper house) elections - Yomiuri - (CN) Former PBoC academic adviser Li Daokui: China possibly to invest in infrastructure projects in Q3 - Hong Kong press - (CN) Daiwa lowers China 2013 GDP forecast to 7.8% from 8.1%; Lowers 2014 GDP forecast to 7.5% from 7.7% prior - (KR) According to a survey from LG Economic Research Institute (LGERI), nearly 70% of consumers said they would keep spending at similar levels even if interest rates are lowered - (KR) South Korea Finance Ministry official Choi: South Korea export growth momentum is not strong - (KR) South Korea Fin Min Hyun: Conditions are not easy for an economic recovery - financial press - (KR) Bank of Korea (BOK): Apr household loans rose by KRW1.4T m/m to KRW656.5T - Korean press - (AU) Australia PM Gillard: confident to lead Labor to September polls - (AU) Goldman Sachs lowers Australia 2013 GDP forecast to 2.0% from 2.4% prior, Lowers AUD/USD forecast to $0.85 from $0.90 prior - (HK) Hong Kong Monetary Authority committee: see sign of Hong Kong economy losing growth momentum - (EU) Former World Bank Pres Zoellick: Europe still in "muddle through" phase - financial press - (ES) Bank of Spain's Linde: Does not see Spain banks needing to access additional ECB capital - financial press ***Equities*** - LULU: Reports Q1 $0.32 v $0.30e, R$345.8M v $341Me, CEO Christine Day to step down when successor named; -12.7% afterhours >- S: Softbank agrees to raise acquisition offer to $21.6B from $20.1B prior; +2.0% afterhours - BA: US Navy to sign 5-yr contract for additional 99 new V-22 Osprey tilt-rotor aircraft this week; valued at $6.5B - financial press - DMND: Reports Q3 +$0.05 (ex items) v -$0.16e, R$184.9M v $185Me; +3.2% afterhours - TXN: Narrows Q2 EPS $0.39-0.43 v $0.42e, Rev $2.99-3.11B v $3.06Be (prior $0.37-0.45, R$2.93-3.17B) - mid-quarter update; -1.7% afterhours - CTRX: Enters into a ten-year strategic PBM partnering agreement with Cigna; +14.1% afterhours - NAV: Reports Q2 -$4.39 v -$1.09e, R$2.53B v $2.93Be - filing; -4.7% afterhours - China State Construction 3311.HK: Reports contract value HK$25.6B in Jan-May, +28.3% y/y - China Overseas Land 3311.HK: Reports contract value HK$25.6B in Jan-May, +28.3% y/y - TSM: Chairman: Global smart phone, tablet market growth does not seem to be slowing - Softbank Corp 9984.JP: Paulson & Co. to vote all in favor of Softbank Sprint deal - SNE: Debuts new PS4 console; 30 PS4 titles in development, 20 expected to be on sale this year - PS4 press conf - All Nippon Airways 9202.JP: Spokesman: Cancelled 787 Dreamliner flight over engine issues - NWH.AU: Guides FY NPAT A$73-76M, Rev A$1.3B - GEM.AU: Increased annual dividend from A$0.10/shr to A$0.12/shr, +20% - Source


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