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Wednesday July 3, 2013 - 07:06:30 GMT
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| | Email Asian Market Update: Morsi defiant, Aussie deflated - Source

(AU) AUSTRALIA MAY TRADE BALANCE (A$): 670M V 53ME (17-month high) >- (AU) AUSTRALIA MAY RETAIL SALES M/M: 0.1% V 0.3%E (3-month high) - (AU) AUSTRALIA MAY HIA NEW HOME SALES M/M: 1.6% V 3.9% PRIOR (3rd consecutive increase) - (CN) CHINA JUN NON-MANUFACTURING PMI: 53.9 V 54.3 PRIOR (16th straight month of expansion) >- (CN) CHINA JUN HSBC SERVICES PMI: 51.3 V 51.2 PRIOR - (AU) AUSTRALIA JUN AIG PERFORMANCE OF SERVICE INDEX: 41.5 V 40.6 PRIOR - (KR) SOUTH KOREA JUN FOREIGN RESERVES: $326.4B V $328.1B PRIOR - (UK) UK JUNE BRC SHOP PRICE INDEX Y/Y: -0.2% V -0.1% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.6% - S&P/ASX -2.2% - Kospi -1.1% - Shanghai Composite -1.3% - Hang Seng -2.0% - Sept S&P500 -0.2% at 1,604 - Aug gold +0.1% at $1,245/oz - Aug crude oil +2.3% at $101.92/brl ***Observations/Insights*** - US equity markets pressued late in the day as Portugal/Egypt uncertainty continues to weigh on sentiment. - 10-yr yields in Portugal up over 20bps as Portugal PM Coelho acknowledges political tension following resignation of foreign min; EUR/USD at 1-month low below 1.2970 - Egypt PM Morsi demands that military withdraws 48-hr resolution ultimatum, plans to defend his democratically-elected rule with his blood in a national addressed; 16 killed and 200 wounded after statement in clashes with Mursi supporters after statement. - AUD briefly higher on strong Australia Trade Balance, China exports and iron ore shipments, rising above $0.9180; Subsequent comments from RBA Gov Stevens reiterating overnight expectation for subtrend growth to persist sends AUD/USD to lowest levels since Sept 2010 below $0.91. USD/JPY consolidating gains above 100.50. - Aug crude oil rises over $2 above $102 on Egypt clashes and large API draw. - Traders setting sights on ADP payrolls. ***Fixed Income/Commodities/Currencies*** - (JP) Japan BoJ offers to purchase 100B in 1-3yr, 400B in 3-5yr, 450B in 5-10yr govt debt from the market - (AU) Australia MOF (AOFM) sells A$700M in 4.75% 2027 Bonds; avg yield: 4.1034%; bid-to-cover: 3.06x - GLD: SPDR Gold Trust ETF daily holdings fall by 3.6 tons to 964.7 ton (lowest since 935.1 tons in Feb of 2009) >- SLV: iShares Silver Trust ETF daily holdings rise to 9,961 tons from 9,905 tons; 1-week high - (US) API PETROLEUM INVENTORIES CRUDE: -9.36M V -2.5ME (largest draw since -12.03M on Jan 3rd) ***Speakers/Political/In the Papers*** - (CN) China Premier Li Keqiang: favorable conditions have been created to achieve 2013 GDP target at 7.5% - meeting with Macedonia PM Nikola Gruevski - (CN) PBoC May net increase in FX assets declined to CNY1.01M, -64% m/m (lowest increase in six months) - financial press - (CN) China four big banks June new loans CNY230B v CNY208B in May - Chinese press - (CN) PBoC index shows China liquidity not inadequate - financial press - (CN) The probability of a financial crisis is low for China - FT - (CN) Bank of Communications analyst Lian: sees China 2013 inflation CPI around 2.6% v 3.5% official target - Chinese press - (JP) Japan Chief Cabinet Secy Suga: cannot accept China's unilateral development in East China Sea - financial press - (AU) RBA Gov Stevens: Sub-trend economic growth likely to continue in near-term; Data from China consistent with annual GDP of approx 7.5% - (AU) Fitch: continued traffic growth supports stable Australian transportation outlook - (NZ) New Zealand real estate agency Barfoot & Thompson: Auckland June House Sales declined to 1,059 y/y - financial press - (TW) Taiwan FSC cautioned local bank must raise provisions - Taiwanese press - (HK) Hong Kong Land Registry: Hong Kong June home sales HK$18.7B v HK$34.1B y/y - (US) Obama Administration: to delay Obamacare employer mandate component implementation until 2015 - (US) Fed's Powell (FOMC voter, dovish): there is a case for continued support of economy remains strong; likely to see continued accommodation for quite some time - (EG) Egypt President Mursi: Egypt was held back because of former regime - presidential statement - (EG) Egypt Military (SCAF) prepared to shed own blood to defend citizens against terrorists, radicals - financial press ***Equities*** - DELL: Founder Michael Dell said to face mounting odds against buyout bid; Dell shareholder vote on $13.65/share buyout date set for Jul 18th - financial press - PZE: Reports May total production at 2.5M boepd -2.1% m/m, -3.9% y/y; -1.9% afterhours - S: Softbank bid said to have won majority support from FCC - financial press - WPL.AU: Cuts 2013 production guidance to 85-89MMBOE v 88-94MMBOE prior - BBG.AU: ANZ Bank sold approx $65M in Billabong debt - financial press - Silver Base 886.HK: Reports FY13 Net loss HK$1.1B v profit HK$697.9M y/y, Rev HK$390.2M v HK$2.9B y/y - Mitsubishi Motors 7211.JP: Reports June North America sales -2%y/y - Gree Inc 3632.JP: May report Q4 op profit down 70% y/y around 5B; Rev seen falling 10% to 35B - Nikkei News - Source


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