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Tuesday June 18, 2013 - 05:03:17 GMT
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| | Email Asian Market Update: Strong y/y rise in China housing prices, dovish RBA minutes weigh on AUD - Source

(CN) CHINA MAY CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.3% V 1.5% PRIOR - (CN) CHINA MAY ACTUAL FOREIGN DIRECT INVESTMENT (FDI) Y/Y: 0.3% V 0.4% PRIOR - (CN) CHINA MAY NEW HOME PRICES M/M: RISES IN 65 OF 70 CITIES VS 67 PRIOR; Y/Y: PRICES RISES IN 69 OF 70 CITIES VS 68 PRIOR >- (AU) RESERVE BANK OF AUSTRALIA (RBA) JUNE MINUTES: POLICY APPROPRIATE FOR THE TIME BEING - (KR) SOUTH KOREA MAY PRODUCER PRICE INDEX (PPI): -2.6% V -2.8% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.7% - S&P/ASX -1.1% - Kospi +0.2% - Shanghai Composite -0.3% - Hang Seng -0.7% - Jun S&P500 -0.1% at 1,633 - Aug gold flat at $1,382/oz - Jul crude oil flat at $97.80/brl ***Observations/Insights*** - Asian equity markets are generally softer despite the strong session of gains in the US hours and all the volatility of the final 90 minutes following the FT Fed taper speculation fiasco. US equities swung some 100pts on the Dow, first lower and then higher, after FT's Harding opined the Fed chief will hint closing proximity to tapering QE on Wednesday, before redacting his view on Twitter as something he has expressed in the past, rather than a reflection of any direct information from the US central bank. - Regionally, China home prices was the most notable event in an otherwise lackluster pre-Fed session. Soft May economic data has given a rise to speculation of a renewed PBoC easing bias, but those expectations may have to be scaled back after May home prices across 70 main cities rose 6% y/y, up from an already 2-year high of 4.9% in April. China housing data was released concurrently with the RBA policy meeting minutes noting that not only is the mining investment peaking, but that conditions in the non-mining industry are also subdued. AUD suffered after the China housing/RBA minutes release, falling to session lows below $0.95 vs USD and 90 vs JPY. Japanese Yen remained on the defensive against other currencies, with the 20-year JGB auction showing a more robust demand and Japan cabinet officials reflecting on the endorsement of Abenomics from the G8. ***Fixed Income/Commodities*** - (JP) Japan's MoF sells 1.10T 20-year 1.6% JGBs; Avg yield: 1.686% v 1.680% prior; bid-to-cover: 4.23x v 2.54x prior - GLD: SPDR Gold Trust ETF daily holdings fall by 0.3 tons to 1,003.2 ton (lowest since 985.9 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (JP) Japan Econ Min Amari: Abenomics have been well received at the G8 Summit; too early to discuss BoJ easing exit - (JP) Japan Fin Min Aso: Agrees that BoJ is correct in sticking with the QE expansion announced in Apr - (JP) BlackRock Japan bond portfolio head: Volatility is subsiding; 10-yr yields likely to remain in 0.65-0.90% range until at least the end of July - Nikkei News - (CN) China Stats Bureau: China should continue with property control policies - financial press - (CN) BoA/ML: China property tax could be more severe than expected - (CN) China sovereign wealth fund (CIC) investment unit, Central Huijin Investment, increased stake in big four banks last week for CNY360M - Chinese press - (CN) Fitch analyst Chu: sees increasing awareness of credit risks in China; continues to see relative stability in the coming year - (CN) China Academy of Social Sciences (CASS) Researcher Liu: China may further cut interest rates if growth continues to slow down - (CN) China interbank liquidity may be tense until July - Chinese press - (CN) Large banks in China have been urging the PBoC to inject more liquidity into the money market and lower the reserve-requirement ratio (RRR) - US financial press - (KR) South Korea Fin Min Hyun: Govt policies unlikely to impact corporate business activities - financial press - (NZ) New Zealand PM Key: Believes RBNZ and retail banks could find a way to exempt first-home buyers from proposed restrictions on low-deposit home loan - NZ press - (TW) Taiwan Financial Supervisory Commission plans to ease rules for Chinese companies to issue yuan-dominated bonds - financial press - (US) US President Obama: Fed Chairman Bernanke has stayed on longer than he originally planned - financial press citing interview with Charlie Rose on PBS - (US) Fitch analyst Colquhoun: Fed likely to be the first major central bank to begin tightening - financial press - (EU) S&P: Forecasts euro recovery to be delayed to 2014 vs H2 in 2013 - financial press - NPD: May total video game sales $386.3M v $495.2M m/m, -25% y/y ***Equities*** - S: Files lawsuit against DISH, Clearwire citing the illegality of DISH tender offer for Clearwire; +0.1% afterhours - STLD: Guides Q2 EPS $0.10-0.14 v $0.21e; -0.9% afterhours - GNMK: Guides FY13 Rev lower to $30M v $35Me ($35M prior), citing additional uncertainties relating to the future revenue contribution from its largest customer; -4.7% afterhours - Seven & I 3382.JP: May report Q1 op profit around 74B, +10% y/y; Rev seen rising 10% to 1.3T - Nikkei News - SNE: Third Point increases stake by 9% to 70M shares valued at approx $1.4B - AQG.AU: Affirms FY13 gold output forecast of 330-365K oz - RIO: China Minmetals reported to be considering bid for Canada iron ore assets - financial press - Source


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