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Thursday June 27, 2013 - 05:20:31 GMT
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| | Email Asian Market Update: Promise of stable money markets in China by the PBoC, soft final US GDP help restore bullish sentiment***Economic Data*** - Source

- (CN) CHINA MAY INDUSTRIAL PROFITS YTD Y/Y: 12.3% V 11.4% PRIOR (8th consecutive increase); Y/Y: +15.5% >- (NZ) NEW ZEALAND MAY TRADE BALANCE (NZ$): 71M V 427ME (four month low); EXPORTS: 4.08B V 4.45BE; IMPORTS: 4.01B V 4.02BE - (AU) AUSTRALIA MAR-MAY JOB VACANCIES Q/Q: -7.3% V -10.1% PRIOR - (NZ) NEW ZEALAND JUN ANZ BUSINESS CONFIDENCE: 50.1 V 41.8 PRIOR (highest reading since Feb 2010); ANZ ACTIVITY OUTLOOK: 45.0 V 34.3 PRIOR - (JP) Japan investors sold net 1.19T in Foreign Bonds last week (6th straight week of net sells; Largest sales amt since Apr 2012) vs sold net 402.5B prior week; Foreign Investors bought net 171.2B in Japan stocks last week vs sold net 3.6B in prior week - (KR) SOUTH KOREA MAY CURRENT ACCOUNT: $8.6B V $4.0B PRIOR (record high); GOODS BALANCE: $7.3B V $3.6B PRIOR - (VN) VIETNAM Q2 GDP Y/Y: 4.9% V 5.0%E - (VN) VIETNAM JUN RETAIL SALES YTD Y/Y: 11.9% V 11.9% PRIOR - (VN) VIETNAM JUN INDUSTRIAL PRODUCTION INDEX Y/Y: 6.5% V 6.7% PRIOR - (VN) VIETNAM JUN TRADE BALANCE: -$200M V -$478ME - (PH) Philippines May Budget Deficit (PHP): 13.16B ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 +1.8% - S&P/ASX +1.8% - Kospi +2.8% - Shanghai Composite +0.4% - Hang Seng +1.4% - Sept S&P500 +0.3% at 1,600 - Aug gold +0.6% at $1,237/oz - Aug crude oil +0.5% at $95.96/brl ***Observations/Insights*** - Asian equity markets are higher across the board, tracking another strong session in the US hours, where Dow Industrial registered a triple-digit rise for the second consecutive day. Soft Q1 final US GDP that featured a much lower than expected personal consumption component backed some of the more dovish commentary from Fed speakers all week, helping US treasury yields come off their recent highs. 10-yr was down about 5bps at 2.54%, USD started the day on the defensive, while precious metals extended their rebound into the Asian trading session. - Credit conditions in China garnered most of the attention in the Asian session, as policymakers stance is seen as increasingly less stringent. Despite deferring routine liquidity operations, overnight PBoC statement promising to inject money to large lenders in need has softened the impact on the fixed income markets - 7-day Shibor rates are back below 7%, down about 50bps from yesterday's levels. - In economic data, NZ terms of trade was much weaker than expected, prompting a brief NZD selloff. Industrial profits for China grew at a faster pace, while South Korea Finance Ministry surprised analysts with an upgrade to its GDP projections. In Japan, investors continued to sell foreign bonds to the tune of Y1.2T, a 14-month high. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.67T in 0.2% 2-yr notes, Avg Yield: 0.146% v 0.151% prior; bid to cover: 5.44x v 4.82x prior - GLD: SPDR Gold Trust ETF daily value at $38.5B, lowest level since Feb 2010 - NZD: RBNZ: Bought NZ$90M (1st net purchase since Jan) in May vs. sales of NZ$256M prior ***Speakers/Political/In the Papers*** - (CN) China PBOC not conducting routine liquidity operations for today's session - financial press - (CN) National Social Security Fund (NSSF) has total asset CNY1.1T in 2012 with return on investment rate 7% (highest in three years) - financial press - (CN) China State Administration of Foreign Exchange (SAFE): China overseas financial assets in the amount of $5.36T by end of March v $5.17T q/q - financial press - (CN) Barclays: China "Li-konomics" may cause a temporary hard-landing - (CN) China National Development and Reform Commission (NDRC): China urbanization rate reached 52.6% in 2012 but overall quality is still low - (CN) China State Administration of Foreign Exchange (SAFE) approves $900M QFII quota on June 24th - (CN) China Academy of Social Sciences (CASS) Researcher Zhang: China should accelerate currency exchange rate reform but not opening of capital account - (CN) Goldman Sachs: Chinese stock market won't have a sustained rebound - financial press - (CN) According to Century 21 China Real Estate, Shanghai land sales in June may top CNY20B - highest monthly value in nearly 3 years - Shanghai Daily - (JP) Japan FY12 tax revenue expected at 43.9T v 42.6Te - Kyodo News - (JP) Japan Chief Cabinet Secy Suga: expects Abenomics to increase tax revenue for FY12 - (JP) Three Chinese ships reported to have entered disputed Senkaku Islands - financial press - (NZ) New Zealand Debt Management chief Doyle: Demand for govt bonds increased due to Asia, Europe demand - (NZ) New Zealand RBNZ Dep Gov Spencer: Strong housing not yet threat to inflation; higher rates would not be the right policy response - (KR) South Korea Finance Ministry: Raises 2013 GDP forecast to 2.7% from 2.3% prior; Forecasts 2014 CPI at 2.8%, GDP at 4.0% - (KR) South Korea Financial Services Commission (FSC) Chairman Shin: Looking at steps to support corporate bond market - (KR) Bank of Korea (BOK) maintains Q3 aggregate loan ceiling at KRW12T - financial press - (KR) BOK official Kim: Expects June current account surplus to be smaller than the record high seen in May - financial press - (ID) Indonesia Trade Min Wirjawan: Sees 2013 trade balance above -$1.6B; imports expected to rise on investment demand - (VN) Vietnam PM Dung: Targeting 2014 GDP of 6% - financial press - (EU) EU finance ministers: EU states reach political deal on bank bail-in rules - financial press - (US) Fed's Lacker (hawk, non voter): Low inflation expected to be transitory, markets may have gotten a bit ahead of themselves with respect to tapering response; Not "anywhere near" reducing balance sheet size but fine with tapering now ***Equities*** - Mazda 7261.JP: Reports May Japan auto production +7.0% y/y - Panasonic 6752.JP: President Tsuga: To put resuming dividend payouts at the top of its to-do list for this fiscal year - Nikkei News - QAN.AU: Australia investigators report on A380 engine explosion; Engine made by Rolls Royce said to have been poorly designed - financial press - DOW.AU: Downer GE consortium awarded Boco Rock wind farm contract valued at about A$350M - GNC.AU: Australia regulator ACCC to not oppose acquisition by Archer Daniels - TOL.AU: TGF impairment of goodwill on unit of A$200M, will not impact operational earnings guidance - ICBC 1398.HK: Chairman Jiang: ICBC has ample liquidity and willing to help to stabilize market if necessary - Bank of China 3988.HK: (CN) Some branches of ICBC and Bank of China have stopped lending due to China's credit squeeze - Chinese press - Luk Fook 590.HK: Reports FY13 Net HK$1.27B v HK$1.17Be, Rev HK$13.4B v HK$11.9B y/y - Daelim Industrial 000210.KR: Awarded KRW200B order in Kuwait - Korean press - BBBY: Reports Q1 $0.93 v $0.93e, R$2.61B v $2.60Be; +0.1% afterhours - CLWR: DISH Announces Formal Withdrawal of Clearwire Tender Offer; -1.8% afterhours - MLHR: Reports Q4 $0.43 v $0.36e, R$460M v $441Me; -4.6% afterhours - Source


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