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Thursday June 13, 2013 - 07:16:02 GMT
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| | Email Asian Market Update: China markets reopen with a vengeance after weak May data; BOK, RBNZ firmly on hold - Source

***Economic Data*** - (AU) AUSTRALIA MAY EMPLOYMENT CHANGE: +1.1K V -10.0KE; UNEMPLOYMENT RATE: 5.5% V 5.6%E >- (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED) - (NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED) - (AU) AUSTRALIA JUN CONSUMER INFLATION EXPECTATION: 2.3% V 2.3% PRIOR - (JP) Japan investors sold net 386.9B in Foreign Bonds last week (4th straight week of net sells) vs sold net 1.17T prior week; Foreign Investors bought net 113.6B in Japan stocks last week vs sold net 191.1B in prior week ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -5.3% - S&P/ASX -1.0% - Kospi -1.1% - Shanghai Composite -3.0% - Hang Seng -2.7% - Jun S&P500 -0.4% at 1,603 - Aug gold flat at $1,392/oz - Jul crude oil -0.4% at $95.54/brl ***Observations/Insights*** - Volatility in the equity and currency markets shifted into hyper drive in the Asian session as China markets returned from the Dragon Boat Festival and swiftly rejoined the global selloff. After 3 days off, Shanghai Composite fell over 3% in the wake of disappointing trade and industrial production data released over the weekend, briefly trading as low as 2,130 before departing for lunchbreak around 2,145. Likewise, the Hang Seng was down nearly 3% as well, falling to its lowest levels since November of 2012. Moreover, the World Bank cut its forecast for 2013 global GDP by 0.2pts to 2.2%, forecasting a more stable but slower growth. Risk-off environment was just as prevalent in other key indices as well as SP500 futures which fell over 8 handles toward 1,600 mark. - Reserve Bank of New Zealand and Bank of Korea both held rates steady as 2.50% as widely expected. RBNZ disappointed expectations looking for a more hawkish tone due to high housing inflation, lower NZD, and diminishing headwinds from the recent droughts. Instead, RBNZ reiterated NZD was overvalued despite the recent decline, and Gov Wheeler noted he is still prepared to cap off kiwi dollar strength. And while the statement did single out Auckland and Canterbury for higher prices, Wheeler said he is not seeing any spillover inflation from the housing sector. NZD/USD sold off about 40pips after the statement before hitting session lows just below the $0.79 figure later in the day. Bank of Korea decision contained fewer surprises as the central bank voted unanimously to stand pat 2.50% after last month's surprise 25bp cut. BOK gov Kim said the rate hold was appropriate to evaluate the impact of that May easing, reiterated some discontent over the monetary actions from Japan, and also noted that the outlook could still be upgraded if no news materialized in the months ahead. - In other notable developments, JPY hit fresh 2-month highs vs USD and 5-month highs against AUD respectively below the 95 and 90 levels respectively as short-Yen / long-Nikkei Abenomics trade continued to unravel in the wake of the "3rd arrow" shortfall. Japanese investors refrained from net longs in foreign bonds for the 4th consecutive week, further weighing on the Yen pairs, just as a BOJ official Amamiya warned the "cost-push" inflation from weak yen without subsequent investment "could negatively affect a steady economic recovery". Elsewhere, AUD/USD got a brief boost above $0.95 after stronger than expected employment data before succumbing to the overall downward risk-off trend, before falling as low as $0.9430 later in the day. ***Fixed Income/Commodities*** - USD/INR: (IN) India Central Bank (RBI) said to have intervened in FX markets over the past several days - financial press >- USD/CNY: (CN) PBoC sets yuan mid point at 6.1612 v 6.1335 prior close (record high setting for yuan) - (JP) BOJ offers to buy 450B in 5-10yr JGB, 200B in more than 10-yr JGB ***Speakers/Political/In the Papers*** - World Bank: Lowers 2013 global GDP by 0.2% to 2.2%; Global economy transitioning to more stable, lower growth - (CN) Morgan Stanley cuts China 2013 GDP forecast to 7.6% from 8.2% - (CN) Moody's: Local govt debt limited transparency is Credit Negative - (HK) Hong Kong Chief Exec Leung: Hong Kong has no plans to ease property curbs anytime soon; no plans to change dollar peg - financial press - (NZ) New Zealand Central Bank (RBNZ) gov Wheeler: New Zealand dollar remains overvalued - addressing parliamentary committee - (NZ) New Zealand RBNZ Gov Wheeler: Economy currently growing at 2% annually; Prepared to intervene in FX markets if opportunity arises, may take tops off NZD when possible - press conf - (TH) Thailand Fin Min Kittiratt: Requested Bank of Thailand to maintain THB from not being too strong, volatile; should use fx reserves to deal with market movements - (TH) Thai Central Bank Gov Prasarn: sold USD to support Baht last week to maintain stability ***Equities*** - OSH.AU: Sees 2013 production outlook be similar to 2012 level; Guidance range of 6.2-6.7Mmboe - CLO.AU: Raises FY13 EBIT A$90M, Rev A$1.5B (A$80-85M prior, A$1.43B prior) - Samsung Heavy 010140.KR: Awarded KRW1.95T order for floating oil production unit from Nigeria - Marubeni 8002.JP - To bid for Rio Tinto Australia coal stake valued as much as $2B - financial press - Hitachi 6501.JP: Planning to reduce costs by 400B by FY15 - financial press - Takeda 4502.JP: To partner with Sanofi-Aventis to help increase sales in China - Japan press - MW: Reports Q1 $0.65 v $0.55e, R$616.5M v $604Me (2 est.); +2.9% afterhours - FSLR: Prices 8.5M shares in common stock offering at $46.00/share (approx 9.7% of shares outstanding); +0.1% afterhours - SPRD: Raises Q2 Rev $270-278M v $219Me (previously guided $220-228M on 5/8); +24.3% afterhours - SWY: Empire Company (Sobeys) to acquire Canada Safeway for C$5.8B; +29.7% afterhours - HRB: Reports Q4 $2.51 v $2.59e, R$2.20B v $2.26Be; +0.6% afterhours - PVH: Reports Q1 $1.91 v $1.37e, R$1.94B v $1.95Be; +8.1% afterhours - Source


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