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TradeTheNews.com Asian Market Update: Stocks, commodities well off the lows amid reports of PBoC actions to restore calm***Economic Data*** - Source TradeTheNews.com
- (NZ) NEW ZEALAND JUN ANZ CONSUMER CONFIDENCE INDEX: 0.2% V 3.8% PRIOR; ANZ CONSUMER CONFIDENCE: 123.9 V 123.7 PRIOR - (US) NORTH AMERICA MAY SEMI BOOK/BILL RATIO: 1.08 V 1.08 PRIOR (5th consecutive month above parity) - (US) Weekly Fed Balance Sheet Assets Week ending June 19th: $3.427T (record high) v $3.367T prior; M1: -$109.3B v +$85B prior; M2: +$11.2B v +$21.6B prior ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.9% - S&P/ASX -0.3% - Kospi -1.7% - Shanghai Composite -0.9% - Hang Seng -1.6% - Jun S&P500 +0.3% at 1,588 - Aug gold +0.1% at $1,287/oz - Jul crude oil -3.4% at $94.94/brl ***Observations/Insights*** - Asian equity markets are down yet again in the wake of accelerated selloff in US indices, but trading well off the opening lows. Short-covering into the weekend as well as reports the PBoC is growing less tolerant of the banking sector grinding to a halt are helping ease investor pain. Rumors in the financial press suggesting the Chinese central bank conducted "window guidance" with key banks to help unfreeze liquidity. Hong Kong's Hang Seng was down below 20,000 at the open before rising above 20,200. Likewise, Nikkei225 traded down by over 2.5% in the morning session, but returned higher after the lunch break and actually turned positive above 13K in the afternoon session. Tokyo stocks, as well as yen pairs, are also aided by Japan cabinet officials jawboning on discussions over a lower corporate tax rate. SP eminis are up 5 handles, Aug gold is up over $20 bucks off the lows above $1,290, USD/JPY is up nearly 70 pips from the lows testing 97.50, and the widely-sold AUD rose as high as 0.9250 ***Fixed Income/Commodities*** - (AU) Australia MOF (AOFM) sells A$700M in 2018 5.5% Bonds: avg yield: 3.0533%; bid-to-cover: 4.03x - GLD: CME raises initial gold margins by 25%, effective June 21st; also lowers 5-year note futures margins - GLD: SPDR Gold Trust ETF daily holdings fall by 4.2 tons to 995.4 ton (lowest since 985.9 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) PBoC rumored to have conducted "window guidance" with the major state-run banks, asking to stop hoarding cash and restore stability by releasing credit supply - financial press >- (CN) China overnight repo rate down to 8.22% v 11.74% prior, one-day repo rate down 376bps to 7.98%; 7-day repo rate down 321bps to 8.41% - (CN) China one-year swap declines by just under 5bps to 4.67% - financial press - (CN) China National Development and Reform Commission (NDRC) researcher Chen: China H2 GDP to be lower than H1 - (CN) China Academy of Social Sciences (CASS) Researcher Zhang: China 2013 GDP may slow to 7.4-7.6% range - Chinese press - (CN) China PBoC not likely to loosen monetary policy in remarkable fashion - financial press - (CN) PBoC official Pan: China should raise private stake in banks - Chinese press - (CN) China banks hope China Banking Regulatory Commission (CBRC) to talk to PBoC to ease liquidity issues - Chinese press - (CN) Shanghai Deovolente analyst: Shanghai land market still overheated despite two recent auctions at the asking price - Shanghai Daily - (JP) Japan Econ Min Amari: Govt to discuss whether or not to lower corporate tax rate; Policy easing cannot continue forever - (JP) Japan Fin Min Aso: Plans to unveil fiscal reform plans by mid-year - (JP) Japan vice Fin Min Yamaguchi: Yield spike would seriously affect the Japanese economy - addressing parliament - (JP) Japan Chief Cabinet Sec Suga: Corporate tax rate cut is one natural option to revive economy - (JP) S&P chief economist Sheard: Japan volatility is natural - (NZ) BNZ economist: New Zealand GDP rise going forward after growing just 0.3% in Q1, as impact of droughts are diminished - NZ press - (KR) South Korea financial regulator Shin: may take measures for market stability on June 24th - Yonhap - (KR) South Korea Fin Min Hyun: financial and fx market became unstable after Fed - (KR) South Korea June 1-20th exports -3% y/y; Imports -2.4% y/y, trade deficit $80M - (SG) Singapore air pollution index rises to record high 400 (beyond "hazardous") - (HK) Hong Kong govt aims 45K new homes over next ten years - Hong Kong press - (BR) Brazil Pres Rousseff calls for emergency cabinet meeting amid continued protests; cancels planned trip to Japan - financial press - (GR) Greece PM Samaras: made proposal for reopening state broadcaster ERT, but couldn't come to agreement with Democratic Left leader Kouvelis - (GR) IMF: review of Greece program is ongoing; Greek mission has made good progress - (EU) EU's Dijsselbloem: establishing a clear pecking order for ESM bank recaps; the €60B ceiling on ESM bank recap fund can be reviewed in the future - financial press ***Equities*** - Softbank 9984.JP: President: Sees FY14/15 Capex ¥580B; on track to complete Sprint deal in early July - annual shareholder's meeting - AUO: Chairman: Expects a turnaround from losses to profits during 2013 - DigiTimes - ORCL: Reports Q4 $0.87 v $0.87e, R$10.95B v $11.1Be; Doubles quarterly dividend to $0.12; Authorized repurchase of up to additional $12B (7.7% of market cap) in common stock under existing share repurchase program; guides Q1 Non-GAAP EPS $0.56-0.59 v $0.58e, Non-GAAP Rev 3-6% y/y (in USD and constant currency) v 5.0%e (implies $8.46-8.70B v $8.61Be); -8.8% afterhours - NWSA: To enter S&P500 index, replacing APOL; +1.2% afterhours - Source TradeTheNews.com
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