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Monday June 24, 2013 - 05:41:54 GMT
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| | Email Asian Market Update: Shanghai, Hong Kong markets at 2013 lows as Goldman Sachs, CICC cut China GDP projections***Economic Data*** - Source

- (NZ) NEW ZEALAND MAY CREDIT CARD SPENDING M/M: -0.6% V +0.4% PRIOR; Y/Y: 2.4% V 4.0% PRIOR - (NZ) NEW ZEALAND MAY NET MIGRATION: 1.7K V 1.6K PRIOR - (TW) TAIWAN MAY UNEMPLOYMENT RATE: 4.2% V 4.2%E - (HU) HUNGARY JUNE GKI BUSINESS CONFIDENCE: -6.9 V -10.5 PRIOR; CONSUMER CONFIDENCE: -37.3 V -34.4 PRIOR; ECONOMIC SENTIMENT: -14.8 V -16.7 PRIOR - (VN) Vietnam June Consumer Price Index (CPI) Y/Y: 6.7% v 6.7%e ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 flat - S&P/ASX -1.4% - Kospi -0.7% - Shanghai Composite -2.9% - Hang Seng -1.5% - Sept S&P500 -0.5% at 1,576 - Aug gold -0.1% at $1,290/oz - Aug crude oil -0.1% at $93.56/brl ***Observations/Insights*** - Asian equity markets are down to start the new week as worries over the credit crunch in China continue to weigh on regional sentiment. Despite the second consecutive session of lower lending rates - 7-day repo was down 230bps below 7% - and PBOC commentary reassuring investors of ample liquidity, Shanghai Composite is down nearly 3% and Hong Kong off by 1.5%, lowest levels since December and Sept of 2012 respectively. Local analysts note that even though short-term lending rates are moving lower, they are still well above the levels seen just a few weeks ago and, moreover, the damage on the speculative property sector would be lasting. Goldman Sachs and CICC took turns in downgrading their China 2013 GDP to 7.4%, while Moody's noted the credit crunch would be felt by small and m edium-sized banks. S&P futures are down over 6pts below 1,588, Jul copper is off by 1.5% at $3.05, while safe-haven USD is bid across the board, tracking higher treasury yields. USD/JPY rose some 90 pips from the open as high as 98.70, EUR/USD was down over 30 pips below 1.3090, while AUD/USD briefly fell below 0.92 handle. ***Fixed Income/Commodities*** - (KR) South Korea sells 20-yr govt bonds, avg yield: 3.824% - (CN) China National Petroleum Corp (CNPC) widened restriction on natural gas supply to ensure winter supply - Chinese press - (CN) China Statistics Bureau: China pork prices +0.7% in mid June - Goldman Sachs cuts 2013 year-end gold forecast to $1,300/oz from $1,435/oz - GLD: SPDR Gold Trust ETF daily holdings fall by 5.5 tons to 989.9 ton (lowest since 985.9 tons in Feb of 2009) - SLV: iShares Silver Trust ETF daily holdings rise to 10,074 tons from 9,988 tons; first rise since May 8th - EUR/CHF: UBS chief FX strategist sees CHF1.26-1.27 2013-end target - NZD/USD: ANZ analyst: NZD may test below $0.77 this week; Market volatility expected to remain high - NZ press ***Speakers/Political/In the Papers*** - (CN) PBoC: China banking system liquidity at reasonable levels; big banks should help PBoC to stabilize market >- (CN) Moody's: China credit crunch negative to small and medium-sized banks - (CN) China Academy of Social Sciences (CASS) Researcher Liu: China credit market has serious mismatch problem in liquidity reflected by tight money conditions - (CN) Goldman Sachs cuts China 2013 GDP forecasts to 7.4% from 7.8% prior, 2014 GDP to 7.7% from 8.4% prior - (CN) China International Capital Corporation (CICC) cuts China 2013 GDP forecast to 7.4% from 7.7% - (CN) Guangdong vice gov Chen: Shenzhen, Guangzhou cities may implement qualified domestic individual investors (QDII2) pilot scheme - (CN) China may remove lending rate floor this year - Chinese press - (JP) Japan govt considering a trio of proposals to reduce corporate taxes for companies replacing equipment and engaging in R&D activities - Nikkei News - (JP) Three China vessels reported around disputed Senkaku Islands - financial press - (JP) Japan ruling LDP sweeps Tokyo assembly election, as expected - Japanese press - (JP) Japan PM Abe cabinet approval for June at 66% v 68% m/m - Nikkei News - (AU) CBA analysts see 50/50 chance of another RBA easing beyond the July policy meeting - (AU) Australia PM Gillard: Economic growth remains solid; Non-resource sectors are picking up - (AU) Fitch report saw 2013 Australia mortgage delinquencies as sustainable despite an increase proportion of self-employed individuals were missing home-loan repayments - Australian press - (NZ) New Zealand housing affordability said to have fallen to its worst level in 3 years - NZ press - (KR) South Korea think tank cuts 2013 GDP growth forecast to 2.6% from 3.1% prior in Dec - Korean press - (KR) Member of six-party talks on North Korea said to be moving forward to lay the groundwork for resuming negotiations after recent hints toward progress from the North - Korean press - (KR) South Korea Financial Services Commission (FSC) head Shin: to prepare measures to normalize corporate bonds - (KR) South Korea vice Fin Min Choo Kyung Ho: Govt to tighten monitoring of banks' liquidity and scale down bond sales volumes in July - financial press - (TW) Taiwan economic ministry to submit next deregulation of China capital plan to the Cabinet next month - financial press - Bank of International Settlements (BIS): Major economies faced with much higher debt load as their current debt servicing costs rise and the spending on services for the elderly increase - (EU) ECB's Asmussen: Global reform agenda losing momentum; Sense of urgency created by the crisis is waning - (RU) Incoming Russia central bank gov Nabiullina: May cut rates in Q3 if inflation is clearly falling - (SY) UK Foreign Sec Hague: No decision on arming Syria rebels - press - (EG) Egypt Def Min Fattah al-Sisi warns demonstrators; states Army will not allow nation to fall into uncontrollable conflict - financial press - (BR) Thousands of protesters continued to march across Brazil cities despite calls by Pres Rousseff to abandon disorder - press ***Equities*** - Mitsubishi UFJ 8306.JP: Not the source of earlier press reports on acquisition; decision to acquire stake in Thailand's Bank of Ayudhya not yet made - NTT DoCoMo 9437.JP: Sees FY13 Free Cash Flow +77% y/y to 400B - Nikkei News - MTS.AU: Reports FY13 Net A$281.0M v A$262.5M y/y, Rev A$13.1B v A$12.6B y/y; final dividend of A$0.165/shr; appoints Ian Morrice as CEO, effective Jun 30th - GMG.AU: Guides FY earning slightly higher to A$0.324 v A$0.323 prior guidance - Australian press - AMP.AU: Sees H1 Net profit A$415-435M v A$491M y/y - KD8.DE: Reaches preliminary deal with Vodafone to be acquired for about 7.7B - financial press - MSFT: CEO Ballmer reported to announce possible restructuring plans on Monday Jul 1st - financial press - DELL: Icahn said to be preparing funding for bid - financial press - Source


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