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Tuesday June 25, 2013 - 05:28:41 GMT
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| | Email Asian Market Update: China markets plummet again as PBoC skips liquidity operations for the 4th consecutive week - Source

(JP) JAPAN MAY CORP SERVICE PRICE INDEX: 0.3% V 0.0%E (largest increase since 2008) - (KR) SOUTH KOREA JUN CONSUMER CONFIDENCE: 105 V 104 PRIOR (13-month high) - (PH) PHILIPPINES APR TRADE BALANCE: -$1.02B V -$680ME ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 -1.1% - S&P/ASX -0.3% - Kospi -0.7% - Shanghai Composite -3.8% - Hang Seng -1.3% - Sept S&P500 -0.3% at 1,561 - Aug gold +0.1% at $1,278/oz - Aug crude oil -0.5% at $94.71/brl ***Observations/Insights*** - Asian equity markets are down sharply once again, led by the key indices in China where continued liquidity worries kept investors unnerved and headed for the 2nd straight day of steep losses. Although the benchmark 7-day repo rates are down for the 3rd consecutive session, People's Bank of China remained steadfast in its stance to refrain from using routine market operations to inject more funds into the system for the 4th consecutive week. In fact, the rigid PBoC stance ran counter to the more relenting rhetoric from 2 Fed officials in the US, as Dallas and Minneapolis Fed heads Fisher and Kocherlakota signaled discomfort with rising Treasury yields while helping US indices recover from the early fall. Instead, the PBOC continued to keep the liquidity spigot dry, deferring to sell central bank bills. Reversal in the initially bullish sentiment permeated across the risky assets in the opening half of the Asian session - S&P futures are down 5 handles after rising 6 handle, AUD/USD and NZD/USD are down about 70pips from session highs at 0.9210 and 0.7710 respectively, and copper is down over 1% below $3.00/lb. After a 5% drop overnight, Shanghai Composite fell another 3.8% going into midday break, slicing below 1,900 for its lowest level since early 2009. ***Fixed Income/Commodities*** - GLD: Morgan Stanley lowers 2013 gold price target by 5% to $1,409, lowers silver price target by 14% to $23.39 - GLD: SPDR Gold Trust ETF daily holdings fall by 4.2 tons to 985.7 ton (lowest since 970.6 tons in Feb of 2009) >- SLV: iShares Silver Trust ETF daily holdings fall 9,881 to tons from 10,074 tons (lowest level since 9,871 in Dec, 2012) - (CN) China may eliminate aluminum overcapacity curb plan - financial press - Goldman Sachs: global oil stockpiles will be tight in H2 - financial press ***Speakers/Political/In the Papers*** - (CN) China 7-day repo rate declines by almost 105 bps to 6.5% (declining for 3rd straight session) >- (CN) China PBoC not conducting routine liquidity operations today - financial press - (CN) China prepared for pain to continue reform - China Daily - (CN) Deutsche Bank economist Ma: China may see economic rebound by end of year; Positive on economic growth in next 6-12 months - (CN) Shenzhen bank source spreading rumor that almost all banks suspended lending - Chinese press - (CN) China Beige Book (CBB) researcher: For the past 3 quarters, credit in China is not getting to small-medium enterprises (SMEs) - CNBC - (CN) Standard Chartered economist: Worst of China's liquidity crunch may be behind us, but interbank lending rates may remain elevated until at least mid-July - SMH - (CN) Shanghai exchange plans to introduce pilot ETF repo products including 1-day and 7-day repos - Chinese press - (CN) China Qualified Domestic Institutional Investor (QDII2) trial plan has been submitted to the State Council for approval- financial press - (HK) Moody's revises Hong Kong banking system outlook to negative - (JP) Japan, US and South Korea foreign ministers to have a meeting on Monday, July 1st - Kyodo - (KR) US may enter into talks with North Korea regarding nuclear issues - Japanese press - (KR) South Korea Fin Min Hyun: Economy not in recovery yet; the outlook continues to remain uncertain - (AU) Australia Treasurer Swan: Weaker AUD will help economy transition from mining industry, welcomes decline in AUD - (NZ) New Zealand Westpac McDermott Miller showing economy shaking off drought worries; Confidence rose 5pts q/q to 25% in Q2 - NZ press - (IN) India govt advisor Rangarajan: India economy to perform better in current fiscal year - (ID) Goldman Sachs lowers Indonesia 2013 GDP target to 6.0% from 6.4% prior, raises 2013 CPI forecast to 8.2% from 5.7% prior ***Equities*** - NCM.AU: To cut about 150 out of 5,000 jobs at the PNG Lihir gold mine - Australian press - NSANY: To maintain 2013 domestic production target of 1M units; considering introduction of a hybrid compact model - AGM - All Nippon Airways 9202.JP: To dissolve JV with AirAsia at end of Oct; formal announcement expected Tuesday - Japan press - SNE: Sony Entertainment unit said to have expanded its 'Music Unlimited' service to an iPhone app - financial press - Lawson 2651.JP: May report Q1 net profit above 7B, +13% y/y; Rev seen down slightly around 120B and SSS down 2% - Nikkei News - Bank of China 2388.HK: Plans to raise yuan deposit rates it offers other banks from July 1st - financial press - SONC: Reports Q3 $0.26 v $0.26e, R$146.6M v $150Me; -3.9% afterhours -


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