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Wednesday June 26, 2013 - 05:47:25 GMT
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TradeTheNews.com Asian Market Update: China markets still under pressure depite Wall St rally and rumors of PBoC liquidity injection - Source TradeTheNews.com

- (KR) SOUTH KOREA JUL BUSINESS SURVEY MANUFACTURING: 78 V 82 PRIOR (4-month low); NON-MANUFACTURING: 69 V 69 PRIOR - (US) API PETROLEUM INVENTORIES CRUDE: -28K V -2ME; GASOLINE: +1.33M V +1ME; DISTILLATE: +525K V +0.5ME ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 -0.9% - S&P/ASX -1.3% - Kospi -0.4% - Shanghai Composite -1.3% - Hang Seng +0.9% - Sept S&P500 -0.4% at 1,575 - Aug gold -2.1% at $1,249/oz - Aug crude oil -0.8% at $94.56/brl - Spot Gold, Silver fall to lowest levels since 2010 tracking USD strength; Gold falls $30 below $1,245; Silver down $0.90 below $18.80 - Copper reverses initial gains above $3.09, Falls below $3.03 - EUR/USD at 3-week lows below $1.3060; EUR/JPY, AUD/JPY down about 60pips from session highs ***Observations/Insights*** - World Bank uneasy over the impact of Fed's tapering intention on global economy. - China liquidity crunch continues to ease, as 7-day repo rates fall for the 4th consecutive session, to low 7%; Still well above the 3% long-run average; Press reports hinting PBoC may step in with liquidity for bigger banks as analysts speculate policymakers will look to avoid disorderly credit squeeze. - Shanghai Composite open the day higher before falling about 1% going into midday break. - Gold, Silver plummet amid continued dollar bullish sentiment, higher US Treasury yields, and more selling in key ETF holdings in the US session - Investors looking ahead toward statement from Japan PM Abe, last press conf by BOE Gov King, US Q1 final GDP. ***Fixed Income/Commodities/Currencies*** - (CN) China 1-yr swap falls by 36bps to 3.71% (lowest since June 14th) >- (CN) China 7-day repo rate declines to 7.17% from 7.44% prior (declines for the 4th consecutive session) - (CN) China MOF sells 3-yr bonds, avg yield 2.87%; sells 30-yr bonds, avg yield 3.95% in Hong Kong; Sells 5-year bonds at 3.02% - GLD: SPDR Gold Trust ETF daily holdings fall by 16.2 tons to 969.5 ton (lowest since 935.1 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) - AUD/USD: Westpac: AUD fair value has fallen to $0.91-92; May remain in mid $0.90's in 2014 ***Speakers/Political/In the Papers*** - (CN) China June new loans may be in range of CNY700-800B v CNY667.4B m/m- Chinese press - (CN) BoA/ML chief China economist Lu Ting: Does not expect a hard landing in China; Credit squeeze will have to end soon - China Daily >- (CN) Credit tightening by commercial banks expected to spill over into property market; Smaller developers to lower prices later this year - China Daily - (CN) China Banking Regulatory Commission (CBRC): Bad loans are rising this year - Chinese press - (HK) Property consultants and agents estimates Hong Kong home prices could fall up to 10% in H2 and see sharp decline in transaction volume due to Fed 's talk - financial press - (JP) Japan deputy economy minister Nishimura: Japan economic strength to be seen in equities - (JP) According to a local property management company, Tokyo rental contracts rose 10% y/y to 18.6K (12th consecutive increase; 1st double-digit rise in 6 months) - Nikkei News - (AU) Deutsche Bank analyst: Current Australia federal, state budget deficits for FY13/14 are too optimistic; Sees federal deficit about A$10B bigger than estimated - financial press >- (AU) Australia Bureau of Resources and Energy Economics (BREE): forecasts FY13/14 resources, energy exports at A$197B v A$177B in FY12/13 - financial press - (AU) Group of ruling Labor party MPs considering a petition to directly challenge PM Gillard; Showdown with rival Kevin Rudd may happen as early as Thursday - AFR - (AU) Business Council of Australia (BCA): End of resources boom is showing Australian economy "as is"; Days of double-digit growth are in the past - Australia press - (NZ) New Zealand Fin Min English: Concerned about China credit conditions impact on New Zealand's economy; markets are too focused on comments from Central Bankers - financial press interview - (KR) Korea Chamber of Commerce and Industry (KCCI): According to a survey of about 1K manufacturers, corporate investment is expected to rise slightly in H2 - Korean press - (KR) South Korea Fin Min Hyun: Financial market volatility is widening; overreacting to possible liquidity squeeze - (TW) Taiwan President Ma proposes "three arrows" to boost economy - Taiwan press - Goldman Sachs lowers 2013 and 2014 GDP projections in Thailand, Malaysia and Singapore - (US) Treasury Sec Lew: Impact of US sequestration starting to sink in - financial press - (UK) BoE Miles (dove): Should not be in a hurry to normalize policy; UK may require further stimulus - (BR) Brazil Central Bank: Lifting reserve requirements on banks holding short USD positions; effective Jul 1st ***Equities*** - MBE.AU: Sees FY13 EBITDA A$850K, +165% y/y; Rev seen at A$12M v A$11.4M y/y - SDL.AU: To proceed with plans to develop West African iron ore assets despite the collapse of its A$1.3B deal with the Hanglong group 3 months ago - Australian press - Unicharm 8113.JP: May report Q1 op profit +10% y/y around 17B (record for the quarter); Rev seen rising 17% to about 140B - Nikkei News - TEPCO 9501.JP: Japan govt to provide additional 666.2B to help TEPCO pay compensation from 2011 Fukushima disaster - Nikkei News - (JP) Japan's major banks to raise mortgage rates by 5-10bps for the 3rd consecutive month in July - Nikkei News - ICBC 1398.HK: Yuan loan to deposit ratio at approx 60%, below the 75% required level - Chinese press - AVAV: Reports Q4 -$0.04 v -$0.09e, R$54.1M v $51.4Me; +5.7% afterhours - SNX: Reports Q2 $0.81 v $0.81e, R$2.59B v $2.50Be; -3.8% afterhours - APOL: Reports Q3 $1.05 v $0.85e, R$946.8M v $963Me; -4.5% afterhours - SYNA: Guides Q4 higher to R$227-230M v $199Me ($190-205M prior guidance); +14.4% afterhours - Source TradeTheNews.com

 

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