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Wednesday July 10, 2013 - 07:52:46 GMT
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| | Email Asian Market Update: Equities pare early gains after China trade data disappoints; Markets brace for FOMC meeting minutes and Bernanke speech on Wednesday - Source

CN) CHINA JUN TRADE BALANCE: $27.1B V $27.8BE >- (AU) AUSTRALIA JUL WESTPAC CONSUMER CONFIDENCE INDEX: 102.1 V 102.2 PRIOR; INDEX M/M: -0.1% V +4.7% PRIOR - (JP) JAPAN JUN DOMESTIC CGPI M/M: 0.1% V 0.0%E; Y/Y: 1.2% V 1.2%E - (JP) JAPAN MAY TERTIARY INDUSTRY INDEX: 1.2% V 0.7%E - (KR) SOUTH KOREA MAY MONEY SUPPLY L M/M: 0.5% V 0.5% PRIOR; M2 M/M: 0.1% V 0.4% PRIOR; M2 y/y: 4.8% (4-month low) v 5.1% prior - (KR) SOUTH KOREA JUN BANK LENDING TO HOUSEHOULDS (KRW): 469.9T V 465.1T PRIOR - (KR) SOUTH KOREA JUN UNEMPLOYMENT RATE: 3.2% V 3.2%E - (KR) SOUTH KOREA JUN EXPORT PRICE INDEX M/M: +2.6% V -0.9% PRIOR; Y/Y: -2.0% V -5.8% PRIOR; IMPORT PRICE INDEX M/M: +2.2% V -1.8% PRIOR; Y/Y: -4.3% V -9.7% PRIOR - (PH) PHILIPPINES MAY TOTAL EXPORTS: -0.8% V -14.1%E; TOTAL MONTHLY EXPORTS: $4.9B V $4.0B PRIOR - (US) API PETROLEUM INVENTORIES CRUDE: -9.0M v -3Me (4th consecutive draw); GASOLINE: -3.5M V -0.5Me; DISTILLATE: +2.8M V +0.5Me - (CO) Colombia May Exports FOB: $5.3B v $5.4Be ***Markets Snapshot (as of 03:45 GMT)*** - Nikkei225 +0.1% - S&P/ASX +0.6% - Kospi -0.2% - Shanghai Composite +0.4% - Hang Seng +0.3% - Sept S&P500 -0.1% at 1,644 - Spot gold -0.2% at $1,244 - Aug crude oil +0.8% at $104.32/brl ***Observations/Insights*** - Asian equity markets initially tracking another session of gains on Wall St but paring the early advance after a particularly soft set of economic data from China. While trade surplus was not far from consensus, June exports fell for the first time in 17 months> by 3.1% (vs +3.7%e), while imports were also down 0.7% (vs -0.3% expected). Exports to US and EU were down 5.4% and 8.3% respectively, even though imports of iron ore were up 6.8% on the year. AUD/USD fell 40pips below $0.9130 after the data before recovering just above $0.9150. Front month copper also down 1% from the highs, trading below $3.04. - Second consecutive week of outsized draw in API petroleum inventories sending front-month crude oil contract above $104.50. - Euro consolidating its drop in the US session following a sovereign downgrade of Italy by S&P and comments from ECB's Asmussen allowing for additional LTRO; Remains below the critical $1.28 handle; EU's Barnier rumored to unveil euro zone bank resolution plan later today despite the German opposition. - Ahead of tomorrow's BOJ policy statement, Nikkei News speculating the central bank will likely raise its economic assessment for the 7th consecutive month and may use the word "recovery" for the first time in two-and-a-half years; JPY firming up following China trade data amid a modest bout of risk aversion, as USD/JPY falls back below 101. ***Fixed Income/Commodities*** - (CN) China Ministry of Finance (MoF) sells 7-yr bonds at avg yield 3.46% - (AU) Australia MoF (AOFM) sells A$700m in 3.25% 2029 Bonds; avg yield: 4.3592%; bid-to-cover: 1.54x - GLD: SPDR Gold Trust ETF daily holdings fall by 7.2 tons to 939.8 ton (lowest since 935.1 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) China Premier Li Keqiang: China to stabilize growth, advance reform - (CN) China Customs Administration spokesman Zheng: Slowdown in industrial production curbs imports demand - (CN) China Insurance Regulatory Commission (CIRC) vice chairman Chen: sees China insurers investment income to grow in 2013 - (CN) China State Information Center senior economist Hu: current cash crunch is temporary - China Daily - (CN) China State Council researcher Zhang: Sees China H2 consumer prices to be stable; 2013 CPI to be less than 3% (3.5% official target) - Chinese press - (CN) Moody's: Inflationary environment in China remains largely non-existent - (CN) ANZ economist Zhou: PBoC should base policy on forward looking inflation/growth; Prefers more accommodative policy with lower interest rates and even reserve requirement ratio (RRR) - Shanghai Daily - (CN) China foreign ministry spokesperson Hua Chunying: Japan efforts to boost its military are "worrisome"; Recent comments may cause tensions - Shanghai Daily - (HK) China may allow Hong Kong to speed up political reform talks - Hong Kong press - (JP) Japan Nuclear Regulation Authority greenlight the restart of four reactors operated by the Shikoku, Kyushu and Hokkaido utilities ahead of others - Nikkei News - (JP) BOJ expected to raise its economic assessment for the 7th consecutive month as part of its policy statement tomorrow - Nikkei News - (JP) OECD chief Gurria: Suggest Japan to raise consumption tax to 10% - financial press - (AU) Westpac economist Hassan: Forecasting RBA will cut rates in August and then two more times in Dec and Mar quarters - SMH - (NZ) New Zealand Fin Min English: Risk to NZ dollar if interest rates rise - financial press - USD/KRW: Woori Finance: KRW may strengthen to KRW1,138 in near term - financial press - (EG) US President Obama, Gulf leaders discussed concerns over Egypt - financial press - (EG) Egypt interim-PM to offer Muslim Brotherhood minister positions - financial press - (US) Fed's Williams (dove, FOMC non-voter): US economy is suffering from adverse demand shock - (US) US Financial Stability Oversight Council (FSOC) designates AIG, GE Capital as systemically important; designation triggers more oversight, capital requirements - (US) US Coast Guard responding to loss of well control in the Gulf of Mexico; flyover finds a 4 mile long sheen - financial press ***Equities*** - AIR.NZ: Australia regulator ACCC proposes to conditionally reauthorize Virgin-Air New Zealand Tasman routes - financial press - FCG.NZ: Reports Jun milk volumes -11.8% y/y - Korea Gas 036460.KR: Reports June Sales Volumes +16% y/y - Sino-Ocean Land 3377.HK: Reports H1 contracted sales CNY17.8B, +29.5% y/y - Zeon 4205.JP: May report Q1 op profit of 7.5B, +10% y/y - Nikkei News - TEPCO 9501.JP: Announces discovery of higher radioactivity in groundwater around Fukushima facility - Japanese press - Honda 7267.JP: Opens its first new domestic plant since 1990 - Nikkei News - Toray 3402.JP: May report Q1 op profit around 19B, +10% y/y; Rev also seen rising about 10% to 400B - Nikkei News - NUS: Raises Q2 EPS guidance to $1.20 v $0.96e (0.91-0.95 prior), Rev $680M v $580Me (prior $570-580M); Raises FY13 Rev guidance $4.85 to $5.00 v $4.27e, R$2.83-2.86B v $2.51Be (prior $4.18-4.30, R$2.51-2.54B); +13.9% afterhours - Source


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