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Tuesday July 2, 2013 - 08:48:17 GMT
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| | Email Asian Market Update: RBA on hold but AUD falls as central bank retains easing bias, sees AUD at high level, and warns on protracted slump - Source

- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH TARGET RATE UNCHANGED AT 2.75%, AS EXPECTED - (JP) JAPAN JUN MONETARY BASE Y/Y: 36.0% V 31.6% PRIOR (record high rate of growth) - (JP) JAPAN MAY LABOR CASH EARNINGS Y/Y: 0.0% V 0.0% PRIOR - (NZ) NEW ZEALAND JUN ANZ COMMODITY PRICE: -3.7% V -1.6% PRIOR (2nd consecutive decline) - (TW) TAIWAN JUN MANUFACTURING PMI: 53.6 V 55.3 PRIOR ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 +0.7% - S&P/ASX +1.5% - Kospi -0.1% - Shanghai Composite -0.4% - Hang Seng -0.5% - Sept S&P500 +0.1% at 1,609 - Aug gold +0.2% at $1,258/oz - Aug crude oil -0.1% at $97.85/brl ***Observations/Insights*** - US equities come off the highs late in the session as tensions in Egypt continue; Military reported to have given the presidency a 48-hr window to find a political solution; Morsi's office denies it will be held to a military ultimatum. >- Zynga spikes higher on confirmation of new CEO. - Moody's sees Cyprus debt exchange equivalent to a default. - Former PBoC official Li sees China Q2 GDP falling to 7.5% from 7.7%; China liquidity crunch continues to ease as 7-day repo falls to 4-week low below 5%. - Soft demand seen in Japan 10-yr JGB auction. - RBA on hold at 2.75%; Reiterates exchange rate remains high and may depreciate further; Adds Australia sub-trend GDP may persist as economy adjusts to lower levels of mining investment; S&P/ ASX extending gains above 2% after statement. - AUD/USD falls over 60pips below $0.9160 after the statement; Other USD majors in narrow ranges - EUR/USD below $1.3060, USD/JPY up slightly above 99.70. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.18T in 0.8% (0.8% prior) 10-yr notes; avg yield: 0.883% v 0.860% prior; bid to cover: 2.41x v 3.14x prior - GLD: Investor Dennis Gartman turns positive on gold; $1,600 by year-end would not be "farfetched" - CNBC interview - GLD: SPDR Gold Trust ETF daily holdings fall by 1.2 tons to 968.3 ton (lowest since 935.1 tons in Feb of 2009) - (CN) China PBOC will not drain, inject cash on Tuesday's session - financial press ***Speakers/Political/In the Papers*** - (CN) China Wenzhou banks' non-performing loan (NPL) ratio 3.90% by end of May at CNY27.8B v 3.92% m/m - Chinese press - (CN) China National Development and Reform Commission (NDRC) starts price monopoly investigation on foreign dairy companies - Chinese press - (CN) BoA cuts China Q2 GDP forecast to 7.6% from 7.7% prior - (CN) JPMorgan chief China economist: Biggest challenge for China economy is weakness in manufacturing sector - Shanghai Daily - (CN) According to Shanghai Deovolente Realty Co, Shanghai new home sales for June rose 22% m/m to 1.12M sqm - Shanghai Daily - (HK) Hong Kong Fin Secy Tsang: possible to implement more property curb measures - (SG) Barclays: Singapore loans match deposits for the first time since 1999 - (JP) Mayor of Japan's Osaka contends that the policies of Abenomics do not challenge entrenched interests and are thus "bound to fail" - Nikkei News - (JP) Japan govt issued a power conservation request running through Sept 30th; voluntary cuts on electricity use in effect from 9am to 8pm on weekdays - Nikkei News - (AU) According to NSW Minerals Council, as many as 29K jobs in Australia are at risk from region's mining sector project delays - AFR - (NZ) New Zealand PM Key: Govt prefers for RBNZ to use macro-prudential tools - (KR) Fitch: Korean banks may limit growth so as to build Basel III buffers - (KR) South Korea commerce minister: First stage of free trade talks with China may be finalized in Sept - Shanghai Daily - (ID) World Bank: Lowers Indonesia 2013 GDP forecast to 5.9% from 6.2% prior; forecasts 2013 CPI at 7.2%, 2014 at 6.7% - (PH) ANZ raises Philippine 2013 GDP forecast to 7.1% from 6.5%; 2014 GDP to 6.5% from 6.0% prior - (EG) Egypt President did not authorize earlier statement by military; rejects military ultimatum - financial press - (BR) Brazil Fin Min Rousseff: Fiscal control helping to contain inflation; to present referendum proposal to congress Tuesday - (BR) Brazil central bank revises rules on reserve requirements related to time deposits - financial press ***Equities*** - ZNGA: Confirms names Don Mattrick as new CEO; Founder Pincus remains as Chairman; +6% afterhours - GBX: Reports Q3 $0.50 v $0.53e, R$433.7M v $498Me; announces facilities reductions - MMS: Guides initial FY14 EPS $1.75-1.85 (adj diluted) v $3.77e (unclear if comp), Rev $1.56-1.65B v $1.5Be; +1.0% afterhours - NLSN: To replace Sprint Nextel in S&P500 after close of trading on Jul 8th; +3.7% afterhours - Hyundai Motor Co 005380.KR: Reports June vehicle sales 404.4k units, +8.2% y/y - Kia Motors 000270.KR: Reports June vehicle sales 237k units, +2.0% y/y - Asustek Computer 2357.TW: Board approves share repurchase plan for up to 10M shares (approx 1.3% of shares outstanding) - Taiwanese press - Nissan 7201.JP: Unveils new design for its Datsun model targetet at emerging markets - Nikkei News - Kirin 2503.JP: May report H1 op profit around 58B, +1% y/y; Rev seen rising 5% y/y to 1.05T - Nikkei News - BXB.AU: Plans to demerge recall as separate ASX listed firm - RIO: Still awaiting approval from Mongolian government to commence shipping from A$6B Oyu Tolgoi mine despite the reelection of Pres Tsakhia Elbegdorj - Australian press - QBE.AU: Provides H1 update: Premium rate increases in H1 in line with expectations at +5% overall; Affirms forecast for at least $250M in savings by 2015 - Source


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