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Friday July 12, 2013 - 06:30:41 GMT
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| | Email Asian Market Update: Equities mixed despite record closing levels in US as focus turns to China GDP***Economic Data*** - Source

(SG) SINGAPORE Q2 ADVANCED GDP Q/Q: 15.2% V 8.1%E; Y/Y: 3.7% V 2.0%E >- (AU) AUSTRALIA MAY HOME LOANS M/M: 1.8% V 2.2%E (4th consecutive increase); INVESTMENT LENDING: 1.5% V 1.1% PRIOR; OWNER-OCCUPIED HOME LOAN VALUE: +2.3% V -0.9% PRIOR - (AU) AUSTRALIA MAY RBA CREDIT CARD BALANCES: A$49.6B V A$49.4B PRIOR; RBA CREDIT CARD PURCHASES: A$22.6B V A$21.6B PRIOR - (NZ) NEW ZEALAND JUN NON-RESIDENT BOND HOLDINGS: 68.2% V 69.1% PRIOR - (SG) SINGAPORE Q2 ADVANCED GDP Q/Q: 15.2% V 8.1%E; Y/Y: 3.7% V 2.0%E - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED - (CL) CHILE CENTRAL BANK LEAVES NOMINAL OVERNIGHT RATE TARGET UNCHANGED AT 5.00%, AS EXPECTED ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.1% - S&P/ASX +0.5% - Kospi -0.5% - Shanghai Composite -0.5% - Hang Seng -0.3% - Sept S&P500 -0.1% at 1,667 - Aug gold +0.1% at $1,281 - Aug crude oil -0.1% at $104.86/brl ***Observations/Insights*** - Asian equity markets are mixed, as traders are more cautious in spite of record high closing levels in Dow Industrials and S&P500 cash indices. Debate continues over whether Fed Chairman Bernanke broke any new ground in his Q/A overnight, even though the market response indicated a highly dovish interpretation. US Dollar is well off its lows however - EUR/USD traded in a narrow range below $1.31, USD/JPY rose above 99, and AUD/USD traded in a $0.9130-90 range. Precious metals are down slightly, coming off the short-squeeze driven gains overnight to $1,281 and $19.90 session lows. - Investors seen turning increasingly more cautious ahead of the release of China Q2 GDP on Monday, particularly in light of the recent disappointment in the trade data. Fin Min Lou said he's confident China can achieve 7% GDP in 2013, but also downplayed implications of a 6.5% growth. Separately, Macquarie lowers China 2013 GDP forecast to 7.3% from 7.8%. Market chatter hinted China policymakers may be contemplating a policy easing over the weekend on expectation of disappointing GDP print. - In the euro zone, Portugal finance ministry said Troika will be delaying its evaluation amid the latest bout of political uncertainty. Portugal's Constancio also called for an accommodative stance for an extended period. - Focus in the US earnings season shifts to financials, with Wells Fargo and JPMorgan set to report Q2 results ahead of the market open. ***Fixed Income/Commodities*** - (JP) BOJ purchases 200B in 1-3yr JGB; 300B in 3-5yr JGB and 200B in 10-yr JGB - (US) Weekly Fed Balance Sheet Assets Week ending July 10th: $3.462T (record high) v $3.450T prior; M1 y/y change: 11.7% v 11.8% w/w; M2 y/y change: 6.9% v 6.9% w/w ***Speakers/Political/In the Papers*** - (CN) China PBOC's Yi: Money market tensions have been relieved; Financial system has recovered to normal levels >- (CN) China State Researcher Ba Shusong: China should not artificially stimulate growth - financial press - (CN) China Fin Min Lou Jiwei: China 2013 GDP of 6.5% would not be a big problem, but confident can achieve 7% GDP; US Federal Reserve should consider emerging markets when exiting from QE; should help protect against the risks that come from an easy monetary policy - (CN) According to Grant Thornton, confidence among China businesess fell to a 7-year low in Q2 - (CN) According to a survey of economists, China Q2 GDP will fall to 7.5% from 7.7% in Q1 - financial press - (CN) Macquarie lowers China 2013 GDP forecast to 7.3% from 7.8% prior; Lowers 2014 GDP forecast to 6.9% from 7.5% - (CN) Chinese regulators reiterate mortgage rate floor for first-home buyers - Chinese press - (CN) China Wenzhou banks' non-performing loans (NPL) ratio 3.68% by end of June v 3.90% m/m - Chinese press - (CN) China Vice Premier Wang: US, China agreed to seek investment treaty - press conf comments - (US) US Treasury Sec Lew: US, China have deepened ties over the past few years; Reiterate calls for more progress on China currency issues - press conference following 5th Strategic and Economic Dialogue - (JP) Japan econ adviser Hamada: Japan could raise sales tax in 1% increments - Japanese press - (JP) Barclays strategiest: BOJ decision to upgrade economy for the 7th consecutive month should push back expectations for additional easing - Nikkei News - (AU) Australian Treasurer Bowen: Domestic economy is currently in a transition - finanical press interview - (SG) Credit Suisse analyst: Singapore GDP appears strong on the surface, but still not a picture of a "boom" - financial press - (EU) ECB Constancio: accommodative stance needed for longer period; Europe faces long period of slow growth >- (PT) Portugal Fin Ministry: Troika evaluation delayed until late August because of political uncertainty ***Equities*** - Baoshan 600019.CN: To maintain prices of steel products in August at similar levels to those seen in July - Shanghai Daily (update) - BIDU: PBoC grants third-party payment licenses to Baidu and Sina - financial press - QIHU: Said to have finalized the deal to buy China's 3rd biggest search provider Sogou for $1.2B in cash and stock - financial press - Infosys INFO.IN: Reports Q1 Net INR23.7B v INR23.2Be; Rev INR112.7B v INR110Be - RIO.AU: Exec: Cyclical and structural issues affecting Australia coal operations - Fast Retailing 9983.JP: Tier1 firms warning co may miss its FY ests after weak Q3 - financial press; -6.2% - Nidec 6594.JP: Said to have developed a more energy efficient motor for air conditioners in China - Nikkei News - TEPCO 9501.JP: Japan Atomic Power findings show Tsuruga facility not on active fault line, contradicts regulator - Kyodo News - VLO: Provides Q2 interim update: Guides Q2 net $0.80-0.90 (includes charges) v $1.32e; -4.3% afterhours - GPS: Reports June SSS +7% v +4.5%e; +0.4% afterhours - DELL: Icahn announces will disclose a higher bid for the company by tomorrow morning, will add a warrant that will make his bid "vastly superior" to Silver Lake transaction; +0.4% afterhours - AAPL: New iPad mini shipment delayed to Q1 - Taiwan press - Source


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