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Wednesday June 19, 2013 - 07:15:28 GMT
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| | Email Asian Market Update: China markets slump on liquidity concerns; Nikkei helped by improved Japan trade data; All eyes on the Fed***Economic Data*** - Source

- (AU) AUSTRALIA MAY DEWR INTERNET SKILLED VACANCIES: -0.5% V -1.0% PRIOR (2nd consecutive decline) - (AU) AUSTRALIA APR WESTPAC LEADING INDEX M/M: 0.6% V 0.1% PRIOR - (AU) AUSTRALIA APR CONFERENCE BOARD LEADING INDEX: 0.3% V 0.1% PRIOR - (JP) JAPAN MAY MERCHANDISE TRADE BALANCE TOTAL: -994.0B V -1.22TE; ADJUSTED MERCHANDISE TRADE BALANCE: -821.0B V -890.0BE - (NZ) NEW ZEALAND Q1 CURRENT ACCOUNT BALANCE (NZ$): -0.66B V -0.64BE (smallest deficit in 2 years); CURRENT ACCOUNT TO GDP RATIO YTD: -4.8% V -4.8%E - (CO) COLOMBIA APR TRADE BALANCE: $37M V $115ME; IMPORTS CIF: $5.2B V $4.5B PRIOR - (US) API PETROLEUM INVENTORIES CRUDE: -4.29M V -0.5ME; GASOLINE: +920K V +1ME; DISTILLATE: -610K V +1ME ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +1.1% - S&P/ASX +0.8% - Kospi -0.7% - Shanghai Composite -1.3% - Hang Seng -1.3% - Jun S&P500 -0.1% at 1,643 - Aug gold -0.1% at $1,366/oz - Jul crude oil -0.1% at $98.34/brl ***Observations/Insights*** - China markets are in focus, with both Shanghai and Hong Kong indices down over 1%, as worries over the health of the Chinese financial system continue to simmer. After overnight warning from Fitch on the risks of the shadow banking, Moody's warned local banks face risk from local government financing vehicles. Fixed income traders are gradually starting to take notice, with 7-day repo rates rising to 16 month highs and 1-yr swap rates to near 2-year highs above 4%. Markets are also looking ahead to tomorrow's release of HSBC flash manufacturing PMI after a recent spate of slowing prints. - Japan markets are outperforming, helped by continued improvement in merchandise trade data. May deficit was narrower than expected, and both imports and exports registered double-digit y/y gains. USD/JPY hit session highs on the trade report, rising above 95.60, while EUR/JPY tested above the 128 handle, its US session high. 10-yr JGB yields was back around 0.8%, down over 2bps after another BOJ purchase. - Volatility in USD majors was otherwise fairly subdued despite the risk-off sentiment in China. All eyes are on the Fed policy statement in 12 hours, as traders prepare to react to any hints on the prospects of a near-term QE taper. Several analysts have suggested that any USD selloff in the event of a less-hawkish than expected statement may be capped, since the Fed is still the closest major central bank to end its extraordinary easing policy. Note that the updated FOMC staff projections for economic growth and inflation, on tap for the 2pmET release on Wednesday, will offer particularly telling evidence on whether the Fed believes US economic progress is sufficiently self-sustaining. ***Fixed Income/Commodities*** - (JP) Japan BOJ offers to purchase 500B in 5-10yr govt debt, 300B in maturities of more than 10-yr from the market - AUD/USD: RBS economist Gibbs: RBA meeting minutes statement was a "subtle attempt" to talk down AUD - SMH - (CN) China MoF sells 10-yr bonds, yield 3.50% v 3.38% in late May, bid to cover 1.43X - (AU) Australia MOF (AOFM) sells A$700M in 2029 3.25% Bonds; avg yield 3.9338%; bid-to-cover: 3.04x - (NZ) New Zealand plans to offer NZ$1-2B 2030 new inflation-indexed bond - (CN) China to allow Shandong and Jiangsu provinces to sell direct bonds as expansion of trial bond programs beginning in late 2011- financial press - (AU) Australia Newcastle weekly coal exports for week ended June 17th w/w: -16% - (CN) China Iron & Steel Association (CISA): Guides 2013 iron ore imports to possibly reach 750MT (2012 imports totaled 740M tons) - GLD: SPDR Gold Trust ETF daily holdings fall by 1.5 tons to 1,001.7 ton (lowest since 985.9 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (JP) RBS economist: Japan merchandise of trade data showing exports are in increasingly better shape - (JP) According to BoJ data at the end of Q1, household financial assets totaled 1,571T, +3.6% y/y; JGB holdings of domestic financial firms rise in Q1 - (JP) Japan Nuclear Regulator is said to be finalizing nuclear facility restart guidelines - (JP) Japan BoJ Gov Kuroda: Expects financial markets to gradually regain stability - fiscal committee (lower house) - (JP) Japan PM Abe: Reiterates Abenomics was well received at G8 Summit - financial press - (JP) Japan govt to request industry to raise minimum wage by at least 10/hr (implies +1.3%) - Japanese press - (CN) China 7-day repo rate rises by nearly 125bps to 8.05%, the highest level since Jan 2012 - financial press >- (CN) China 1-yr rate swap rises by approx 10 bps to just under 4.1% (21-month high; 13th consecutive rise) - financial press - (CN) China International Capital Corporation (CICC) Chief Economist Peng: expects tightened interbank funding to be significantly alleviated in July - (CN) Moody's: Chinese banks face risks from local govt financing - (CN) China Local Government Financing Vehicle (LGFV) debt issuance may ease in H2 - Chinese press - (CN) HSBC: China local govt debt reached $2T by end of 2012, 23.3% GDP - (CN) China may expand property tax trial to more cities soon - Chinese press - (CN) PBoC: New mortgages in Shanghai in May rose to CNY10.8B from from CNY5.52B in April - Shanghai Daily - (CN) China Coal Transport and Distribution Association: China coal imports in May fell 3.9% m/m amid weaker demand and concerns govt environmental policies may curb low-quality coal; June imports may fall again - Shanghai Daily - (CN) China average daily crude steel production in first 10 days of June: 2.256M tons vs 2.154M tons in last 10 days of May - Chinese press - (CN) China Ministry of Transport: cargo throughput by volume at major ports was down 1.8% m/m at 911.7M tons - Chinese press - (AU) BoA/ML chief Australia chief economist Eslake: Likelihood of a recession in Australia is at 25%; RBA may need to slash rates close to zero and adopt QE - AF - (NZ) Westpac economist: New Zealand goods balance to be mixed over the remainder of 2013 - NZ press - (KR) South Korea FSS Gov Choi: To conduct stress test on financial firms - (KR) Bank of Korea (BOK): South Korea bankruptcies in May fell to 71 from 89 in Apr - Korean press ***Equities*** - Astellas 4503.JP: Said to be considering the sale of its Dermatology unit valued at $500M-1.0B - Mitsui Fudosan 8801.JP: To increase overseas investment 100% to about 100B in FY13/14 - Nikkei News - Japan Airlines 9201.JP: Flight crew union calls off strike scheduled for today - Kyodo News - Honda HMC: Being sued by US govt over off-road engine emissions, US seeking $14.2B in damages plus engine modifications - financial press - Acer 2353.TW: Forecasts Q2 notebook, tablet shipments flat q/q (prior +0-5%) - Huawei 002502.CN - Follow-up: Huawei spokesman have no intention to acquire Nokia - BOQ.AU: On track to meet FY13 key management targets - NCM.AU: Australian Shareholders' Association calling for resignation of chairman Mercer after market cap decline from A$30B to A$8.5B - Australian press - TTEK: Revises Q3 EPS guidance to -$0.50 to -$0.30 v +$0.37e, Rev $440-490M v $553Me (prior $0.32-0.42, R$525-575M); authorizes $100M stock repurchase program (approx 5.7% of market cap); -10.6% afterhours - ADBE: Reports Q2 $0.36 v $0.33e, R$1.01B v $1.01Be; Guides Q3 $0.29-0.35 v $0.35e, R$975M-1.025B v $1.01Be; +5.2% afterhours - BA: Boeing 787 operated by United Airlines makes unscheduled landing in Seattle - Source


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