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Monday July 15, 2013 - 08:32:08 GMT
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| | Email Asian Market Update: China Q2 GDP meets expectations, defusing renewed hard landing fears - Source

- (CN) CHINA Q2 REAL GDP Q/Q: 1.7% V 1.8%E; Y/Y: 7.5% V 7.5%E; YTD Y/Y: 7.6% V 7.7%E >- (CN) CHINA JUN INDUSTRIAL PRODUCTION Y/Y: 8.9% V 9.1%E; YTD: 9.3% V 9.3%E - (CN) CHINA JUN RETAIL SALES Y/Y: 13.3% V 12.9%E (5-month high) - (CN) CHINA JUN URBAN FIXED ASSETS INVESTMENT YTD Y/Y: 20.1% V 20.2%E (1-yr low) - (CN) CHINA Q2 BUSINESS CLIMATE INDEX: 120.6 V 125.6 PRIOR - (AU) AUSTRALIA JUN NEW MOTOR VEHICLE SALES M/M: 4.0% (8-month high) V 0.3% PRIOR; Y/Y: 7.1% V 0.8% PRIOR - (UK) UK JUL RIGHTMOVE HOUSE PRICES M/M: 0.3% V 1.2% PRIOR; Y/Y: 4.8% V 2.7% PRIOR - (NZ) NEW ZEALAND JUN PERFORMANCE SERVICES INDEX: 55.0 V 56.0 PRIOR ***Markets Snapshot (as of 03:45GMT)*** - Nikkei225 +0.2% - S&P/ASX +0.3% - Kospi +0.2% - Shanghai Composite +1.5% - Hang Seng +0.5% - Sept S&P500 +0.2% at 1,674 - Aug gold +0.8% at $1,288 - Aug crude oil 0.1% at $106.03/brl ***Observations/Insights/Currencies*** - Asian equity markets open the new week on a solid footing, as Q2 GDP / June economic data out of China assuaged some of the more bearish sentiment tones on Friday. Going into the release, Chinese press backtracked on the reports from Fin Min Lou on Friday suggesting that growth even in the 6.5-7.0% range would be acceptable, indicating the quote was mistranslated and affirming his commitment to achieving the 7.5% 2013 GDP target. Modest risk-on rally at the start of the Asian session gathered some more steam after the Q2 GDP came in line, sending AUD/USD up nearly 40pips above the $0.91 handle. S&P futures traded up over 4handles, while front month copper hit session highs around $3.16. Speaking after the release of the data, NBS spokesperson reiterated 7.5% GDP target, and also reaffirmed that the financial system had ample liquidity. Separately, PBoC Gov Zhou reiterated prudent monetary policy stance and also said policy makers would continue to lower Reserve Ratio Requirement (RRR) ratio for small- and medium-sized banks. ***Fixed Income/Commodities*** - (KR) South Korea sells 10-yr govt Bonds; avg yield: 3.400% - GLD: Citi cuts 2013 gold forecast to $1,358/oz from $1,555 prior, 2014 to $1,145/oz from $1,435 prior - (CN) China Statistics Bureau: China pork prices +0.7% in early July ***Speakers/Political/In the Papers*** - (CN) China PBOC Gov Zhou: Reiterates stance on prudent monetary policy, will fine-tune policy at appropriate time - financial press >- (CN) Bankers indicating China may allow IPO markets to reopen as early as this month - US financial press - (CN) China National Bureau of Statistics (NBS): China H1 main economic data within rational range; economic growth is stable; Conditions are in place to achieve 2013 GDP target 7.5% - (CN) Fitch's Colquhoun: China rating already shows GDP around 7% - (CN) Chinese developers increasingly seek offshore financing sources in H1 due to lower interest rates and strong liquidity - SCMP - (CN) China to study long-term measures to curb property sector - Chinese press >- (CN) China state researcher Xia Bin: China economy is already in the middle of financial crisis - financial press - (CN) China National Development and Reform Commission (NDRC) researcher Wang Yiming: China faces increasing pressures in H2 - Chinese press - (CN) PBOC to use a mix of policy tools to ensure steady credit growth; Liquidity still ample - Shanghai Daily - (CN) Shanghai new home sales -5.0% w/w ; Avg new home price +0.97% w/w- Uwin - (JP) Japan H1 corporate real estate purchases at 2.36T (highest since H1 2005) - Japanese press - (JP) Two Chinese missile destroyers, two frigates and a supply ship spotted sailing through the Soya Strait from the Sea of Japan to the Sea of Okhotsk early Sunday - financial press - (JP) Japan Defense Ministry to issue interim report/planned policy revision at year-end - Kyodo News - (JP) Ruling LDP lead maintained at 30.6% v 29.8% w/w) in weekly poll - Kyodo News - (AU) Australia Newcastle workers to hold another round of rolling strikes next week - financial press - (AU) According to the latest Farifax-Nielsen poll, Australia PM Rudd has drawn even with opposition leader Abbott in a 2-party preferred measure - financial press - (NZ) According to a survey of economists, New Zealand Q4 inflation seen remaining below the 1-3% target band for the 4th consecutive quarter; Expected to start rising in Q1 - NZ press - (HK) Hong Kong Int'l Airport Jun passenger volume at 5M, +7.6% y/y; June cargo volume 337K tons - (KR) High ranking official from South Korea to visit Japan next week to help ease rising tension between the two countries - Nikkei News - (IR) Israel PM Netanyahu: Iran is moving closer and closer to a nuclear weapon; Israel may have to act before the US - comments from CBS "Face the Nation" interview ***Equities*** - INGR: Guides Q2 EPS $1.15-1.20 v $1.33e; Lowers FY13 EPS guidance to $5.10-5.40 v $5.86e (prior forecast $5.60-6.00) - DJW.AU: Reports FY13 Net A$37.7M v A$44.1M y/y; Rev A$37.6M v A$42.5M y/y - NFE.AU: Reports Jun quarter concentrate production 436Kt v 482Kt q/q - Samsung Heavy 010140.KR: Awarded KRW1.17T order for two drill ships from Seadrill Draco - Source


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