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Tuesday July 9, 2013 - 04:51:44 GMT
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| | Email Asian Market Update: Rising China CPI diminishes PBoC easing bias; RBA tipped to resume easing in August after weak business sentiment - Source

***Economic Data*** - (CN) CHINA JUN CONSUMER PRICE INFLATION (CPI) M/M: 0.0% v -0.2%E; Y/Y: 2.7% V 2.5%E (4-month high) >- (CN) CHINA JUN PRODUCER PRICE INDEX (PPI) Y/Y: -2.7% V -2.6%E (16th consecutive decline) - (AU) AUSTRALIA JUN NAB BUSINESS CONDITIONS: -8 V -4 PRIOR (4-year low); CONFIDENCE: 0 V -1 PRIOR - (JP) JAPAN JUN MONEY STOCK M2 Y/Y: 3.8% V 3.4%E (multi-year high); M3 Y/Y: 3.0% V 2.9%E - (NZ) NEW ZEALAND JUN QV HOUSE PRICES Y/Y: 7.6% V 7.1% PRIOR - (NZ) NEW ZEALAND JUN CARD SPENDING RETAIL M/M: 1.1% V 0.6%E; TOTAL M/M: 1.2% V 0.7% PRIOR - (NZ) NEW ZEALAND JUN NZIER BUSINESS OPINION: 32 V 23 PRIOR (14-quarter high) - (UK) UK JUN RICS HOUSE PRICE BALANCE: 21% V 8%E (3-year high) - (UK) UK JUN BRC SALES LFL Y/Y: 1.4% V 1.9%E (2nd consecutive increase) ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +1.2% - S&P/ASX +1.4% - Kospi +0.4% - Shanghai Composite +0.3% - Hang Seng +0.4% - Sept S&P500 +0.3% at 1,639 - Spot gold +1.4% at $1,252 - Aug crude oil -0.1% at $103.05/brl ***Observations/Insights*** - Alcoa kicks off the official start to the Q2 earnings season; EPS was in line and Rev was slightly better than consensus; Alcoa also reiterated 7% growth rate in 2013 aluminum demand, and noted record profitability in downstream business; Shares were up initially in extended trade before falling back below $8/shr. >- China June CPI much higher than expected, but much of the increase was attributed to high food prices as well as base effects. Gold was still up some $20 above $1,250 in the aftermath of China CPI. Analysts worry the rising inflation could keep the PBoC at bay despite the slowing economy. June trade figures are on tap for tomorrow. - Australia NAB business conditions sink to a 4-year low as analysts are now starting to tilt in favor of an August rate hike out of the RBA. AUD/USD hit session lows below $0.9090 before rising to $0.9130. Other USD majors traded in narrow ranges - USD/JPY trading about 20pips on either side of 101, EUR/USD off early lows below $1.2850. ***Fixed Income/Commodities/Currencies*** - (CN) PBoC sets yuan mid-point at 6.1730 v 6.1337 prior close (strongest yuan setting since June 20th) - (CN) China Financial Futures Exchange releases draft for 5-yr treasury bond futures for public opinion - financial press - (CN) China Ministry of Commerce (MOFCOM): pork price +0.3% w/w - (NZ) Survey of dealers and economists conducted by BusinessDesk sees NZD/USD trading at the lower end of the $0.75-0.79 range this week, as traders increase bets on the Fed taper - NZ press - AUD/USD: Deutsche Bank FX strategist: Markets have overdone the response to bad news out of China in recent weeks; Sees AUD rebound to $0.98 by the end of 2013 - The Australian - iShares Silver Trust ETF daily holdings fall to 10,034 tons from 10,051 tons - GLD: SPDR Gold Trust ETF daily holdings fall by 15.0 tons to 947.0 ton (lowest since 935.1 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) China National Bureau of Statistics (NBS): China June CPI y/y rise due to lower base - (CN) China PBoC not injecting funds into open market for today's session - financial press - (CN) China Center for International Economic Exchanges (CCIEE) researcher Wang: China Q2 GDP may be slightly below 7.5% - Chinese press - (CN) China should depreciate yuan and increase credit support for export growth stability - Chinese press - (CN) Shanghai consumer confidence fell 1.8pts to 103.2 in Q2; 9-month low - Shanghai Daily - (JP) Japan Econ Min Amari: economic footing for Japan is getting stronger - financial press - (JP) Japan Fin Min Aso: Japan govt not decided whether to use leftover budget funds for extra budget yet - financial press - (JP) Japan plans to raise minimum wage by more than 2% - Japanese press - (JP) Japan May occupancy rates across Tokyo's 19 major hotels rose 5.7pts y/y to 83.9%, highest occupancy for May in 7 years - Nikkei News - (AU) Swaps markets now pricing in a near-60% chance of an RBA rate cut in August following the NAB Q2 business conditions data v 45% chance overnight - financial press - (AU) Westpac strategist Callow: Australia NAB business conditions report showed sharp deterioration; Supports the case for an RBA rate cut in August - SMH - (NZ) New Zealand Fin Min English: FY12/13 budget deficit may be NZ$2B better than forecast - (KR) South Korea releases monthly economic report: South Korea economy will improve on policies, global recovery - (US) US financial regulator said to be considering two separate leverage ratio for banks - financial press - (US) Reportedly US and European regulators nearing deal on swap rules that would allow foreign banks to avoid some of strict US rules on risky derivatives - press - (EG) Former Fin Min Samir Radwan seen as the leading candidate to become Egypt's interim PM - financial press ***Equities*** - AA: Reports Q2 $0.07 v $0.07e, R$5.85B v $5.74Be; -0.3% afterhours >- ISRG: Reports prelim Q2 Net $160M v $155M y/y, Rev $575M v $631Me; -11.3% afterhours - AMRN: Announces Public Offering of 21.7M ADS (16% of ADSs outstanding); -10.2% afterhours - WDFC: Reports Q3 $0.66 v $0.56e, R$93.1M v $89.3Me; approved $60M buyback program on 6/18 (6.7% of market cap); +14.0% afterhours - FCG.NZ: To cut approx 300 jobs following support services review - Bank of China 2388.HK: Increases rate for fixed-rate mortgage scheme - financial press - Evergrande 3333.HK: Reports H1 land sales CNY44.6B, +27.3% y/y - HK press - China Vanke 200002.CN: Reports H1 floor space sales of 7.2M sqm, +19% y/y, valued at CNY83.7B, +34% y/y; avg selling price at CNY11.7K/sqm, +13% y/y - Formosa Plastic 1301.TW: Reports Q2 Rev NT$56.3B v NT46.5B y/y - Asustek 2357.TW: Reports Q2 Rev NT$99.6B v NT$103.7B y/y - Japan Airlines 9201.JP: San Francisco-bound BA777 flight said to have returned to Tokyo following signs of oil leak - financial press - Kansai Electric 9503.JP: Not likely to restart Takahama no. 1, 2 nuclear facilities any time soon - Japanese press - DIC 4631.JP: May report Q1 op profit around 10B, +3% y/y; Rev seen rising 8% to 190B - Nikkei News - Hino Motors 7205.JP: May report Q1 op profit around 30B, +100% y/y; Rev seen rising about 20% to 450B - Nikkei News - Source


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