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Monday July 8, 2013 - 09:16:20 GMT
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| | Email Asian Market Update: Higher US interest rates drive USD higher, as weaker yen boosts Nikkei225***Economic Data*** - Source

(JP) JAPAN MAY CURRENT ACCOUNT TOTAL: 541B V 600BE; ADJ CURRENT ACCOUNT: 623B V 600BE (3rd consecutive month of surplus); TRADE BALANCE: -906.1B V -901BE >- (JP) JAPAN JUN BANK LENDING EX-TRUSTS: 2.2% V 2.3%E; BANK LENDING INCL TRUSTS: 1.9% V 1.9%E (4-year high) - (AU) AUSTRALIA JUN ANZ JOB ADS M/M: -1.8 % V -2.5% PRIOR (4th consecutive month of decline to a 4-yr low); y/y: -19% - (NZ) NEW ZEALAND REINZ JUN HOUSE PRICE INDEX: 3,685 V 3,687 PRIOR; HOUSE SALES M/M: 0.7% V 0.7% prior; Y/Y: -20.5% V +7.5% PRIOR - (ID) INDONESIA MAY MONEY SUPPLY GROWTH Y/Y: 14.4% V 14.7% PRIOR - (NZ) New Zealand May Card Spending Volume y/y: 4.8% v 5.8% prior - Paymark - (CL) Chile Jun CPI M/M: 0.6% v 0.4%e; Y/Y: 1.9% v 0.9% prior; CPI Ex Perishables & Fuel M/M: 0.3% v 0.1% prior ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.4% - S&P/ASX -0.8% - Kospi -1.0% - Shanghai Composite -1.3% - Hang Seng -2.0% - Sept S&P500 +0.2% at 1,629 - Spot gold +0.5% at $1,219 - Aug crude oil +0.3% at $103.53/brl ***Observations/Insights*** - Asian equity markets traded mixed in the opening session of what promises to be a busy week in the region. Nikkei225 is the sole gainer among the top indices, tracking weakness in the Japanese yen against the dollar as a function of a sharp rise in the US non-farm payrolls on Friday. With US economy adding nearly 200K jobs in the month of June, investors are increasingly more confident that the Fed taper will commence before the end of 2013. Economic data out of Japan also helped matters, as steady improvement in the current account and accelerating bank lending - increasingly perceived as the most critical factor of Abenomics - further demonstrated successful implementation of the policies of the LDP cabinet heading into upper house elections. USD/JPY briefly tested 101.50 in the early part of the session before pulling back below 101.20. - China markets were visibly underperforming despite the continued evidence of diminished tension in the banking system. 7-day Shibor was down over 15bps below 3.7% but investors remained guarded against a premature return of risk-on bias going into June economic data and Q2 GDP reports that will showcase the impact of govt's shadowbanking crackdown. In Hong Kong, property developers are at the forefront of a selloff following reports of a mass strike by the local real estate agents claiming that some 90% of property agents received no commissions last month. Barrage of June economic data from the mainland will start with tomorrow's release of June CPI data. Meanwhile, the most notable development from China over the weekend was the successful conclusion of a free trade arrangement with Switzerland. ***Fixed Income/Commodities/Currencies*** - (AU) Australia Newcastle weekly coal exports for week ended July 8th w/w: +27.5% v -24.8% prior - (KR) South Korea sells 5-yr govt bonds; avg yield: 3.400% - (JP) BOJ offers to buy 100B in 1-3yr JGBs, 400B in 3-5 yr JGBs, 500B in 5-10yr JGBs - (JP) Japan investors sell 2.96T in foreign bonds in the month of June (record high) - financial press ***Speakers/Political/In the Papers*** - (CN) China considering policies to facilitate financial support for emerging industries - financial press - (CN) Citigroup cuts China 2013 GDP forecast to 7.4% from 7.7% prior, cuts 2014 GDP to 7.1% - (CH) China and Switzerland sign a free trade agreement after 2 years of negotiations - Chinese press - (CN) China Passenger Car Association: June vehicle shipments rose by 12.3% y/y to 1.29M units - Shanghai Daily - (CN) Former PBOC advisor Li: Expects China economy to rebound in H2 - financial press - (CN) China Q2 GDP may weaken to 7.5% from 7.7% in Q1 - Chinese press - (HK) About 23K real estate agents in Hong Kong said to have marched in protest to govt property curbs - Shanghai Daily - (JP) Economic and employment policies are seen as the top issues ahead of this month's upper house Parliament elections in Japan - Nikkei News - (JP) According to a private survey of economists, Japan's last recession ended in November, lasting about 8 months - Nikkei News - (JP) Japan PM Abe, LDP to consider modifying revision plans to constitution - Japanese press - (JP) Poll continues to place ruling coalition to secure upper house majority - Japanese press - (AU) South Australia govt forecasts FY13/14 wheat production of 4.3M tons, total crop production of 7.6M - (NZ) Taiwan may sign trade agreement with New Zealand - financial press - (KR) South Korea Transport Ministry official: govt to conduct safety test for eight airlines following San Francisco crash - financial press - (KR) North, South Korea agree to initial measures to reopen Kaesong industrial zone - financial press - (GR) Update: IMF states progress made on terms of next loan tranche; deal likely on Monday - financial press - (IN) India removes trading band for govt bonds for today's session - financial press ***Equities*** - MediaTek 2454.TW: Reports June Rev NT$9.8B -10.6% m/m, +24.6% y/y - LG Display LPL and Innolux 3481.TW said to have increased their tablet panel orders to customers in southern China - DigiTimes - Dongfeng Motors 489.HK: Expects to sign JV agreement with Renault in July - financial press - 020560.KR: Asiana Airlines Boeing 777 passenger plane crash landed at San Francisco International Airport - Tepco 9501.JP: To apply for Kashiwazaki-Kariwa plant restart - Japanese press - 9501.JP: TEPCO discloses level of radioactive tritium is still rising in seawater around the Fukushima Daiichi nuclear power plant - Nikkei News - SIE.DE: Mitsubishi 8318.JP, Sumitomo 8615.JP arrange 1.2B in syndicated loans for rail project - Japanese press - Hokkaido Electric 9509.JP: To apply for nuclear restart on Monday July 8th - financial press - Kyushu Electric 9508.JP: To apply for restart of Sendai nuclear facility - financial press - Kansai Electric 9503.JP: To submit report on nuclear safety investigations to regulator - Japanese press - Source


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