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Tuesday July 16, 2013 - 08:05:52 GMT
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| | Email Asian Market Update: AUD, INR come off recent lows; ADB cuts regional and China GDP forecasts***Economic Data*** - Source

ZEALAND Q2 CONSUMER PRICE INDEX (CPI) Q/Q: 0.2% V 0.3%E; Y/Y: 0.7% V 0.8%E (below 1-3% target range for 4th consecutive quarter) - (NZ) New Zealand Q1 House Price Index y/y: 7.1% v 7.5%e ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.4% - S&P/ASX 0.0% - Kospi -0.5% - Shanghai Composite -0.8% - Hang Seng -0.2% - Sept S&P500 -0.1% at 1,676.50 - Aug gold -0.4% at $1,278 - Aug crude oil -0.2% at $106.11/brl ***Observations/Insights/Currencies*** - India Central Bank followed Indonesia with an unexpected policy tightening, protecting the economy from the risk of more investment outflows. RBI increased Marginal Standing Facility and bank rate by 200 bps to 10.25%. USD/INR fell over 1% to INR59.20, while the Sensex opened down nearly 2%. - Reserve Bank of Australia (RBA) minutes from the July meeting were slightly less dovish than expected, most notably stating with AUD decline policy now seems appropriate. More vocal acknowledgement of lower exchange rate was interpreted as a sign that RBA's policy easing bias is diminishing, particularly as it remains unperturbed by the slowdown in China. Moreover, RBA said the exports in the resource sector are still solid and will remain so. AUD/USD rose about 60pips following the minutes release as high as $0.9170 before trading down to $0.9150. - Asia Development Bank (ADB) cut China 2013 GDP to 7.7% from 8.2% prior and 2014 GDP to 7.5% from 8.0% prior. ADB also lowered 2013 developing Asia to 6.3% from 6.6% prior and 2014 to 6.4% from 6.7% prior, citing softer outlook for China economy will subdue economic activity elsewhere in the region. - In other dollar majors, USD/JPY was once again unable to sustain a thrust above the 100 handle, falling back below 99.70. Weak US retail sales data and lower UST yields keeping USD capped for now, with retail sales disappointing dollar bulls earlier in the US session. US 10yr and 30yr yields were down about 8bps on the day. EUR/USD traded in a narrow range ahead of the 5am ET release of German ZEW data. ***Fixed Income/Commodities*** - (AU) Australia MoF (AOFM) sells A$200M in 1.25% 2022 Bonds; avg yield: 1.255%; bid-to-cover: 8.98x - (US) PIMCO's Gross: Raises Jun Treasury holdings to 38% from 37% m/m - financial press - (AU) Australia Newcastle weekly coal exports for week ended July 15th w/w: -3.9% v +27.5% prior - (CN) Bernstein: China coal demand may decline in 2016; May halt imports in 2014-2015 - (CN) China Ministry of Commerce (MOFCOM): pork price +0.3% w/w ***Speakers/Political/In the Papers*** - (CN) Asia Development Bank (ADB) cuts China 2013 GDP to 7.7% from 8.2% prior, 2014 GDP to 7.5% from 8.0% prior - (CN) China Labor Minister Yin: H1 urban unemployment rate 4.1% - Xinhua - (CN) China State Council may study H1 economic situation and lay out H2 plan tomorrow - Chinese press - (CN) China PBoC will not conduct open market operations in today's session - (CN) RMB not to have much room for further appreciation - China Daily - (CN) China daily rail cargo volume remained unchanged y/y - China Daily - (CN) China can tolerate lower GDP - Chinese press - (JP) Japan Fin Min Aso: not harmful to talk about Abenomics at G20 meeting - (JP) Japan Econ Min Amari: to make efforts to create environment for sales tax rise - (JP) BOJ offers to purchase 450B in 5-10yr, 110B in up to 1yr govt debt from the market - (JP) Average summer bonuses at Japanese corporations said to have risen 1.6% on average; First increase in 2 years - Nikkei News - (AU) Australia PM Rudd: Australians feeling rising cost of living pressures; Confirms Australia to abolish carbon tax in favor of emissions trading scheme - (NZ) BNZ chief economist: Demand for New Zealand food exports to continue rising despite the China slowdown - NZ press - (KR) Bank of Korea (BOK) gov Kim: Carefully monitoring risks in the financial industry - financial press - (IN) Credit Agricole analyst: India Central Bank (RBI) shows intent to sacrifice growth for its currency - (VN) Vietnam govt revises down 2013 trade deficit forecast to $3-4B from $9B prior - (EG) Mursi supporters reported to have marched to US Consulate in Alexandria, and attacked police station in Giza - financial press - (US) Treasury's Brainard: There is a risk for protracted stagnation in Europe; the US is meeting its goals on deficits ***Equities*** - BIDU: To acquire all share of 91 Wireless for $1.9B >- CTAS: Reports Q4 $0.69 v $0.70e, R$1.13B v $1.12Be; -3.9% afterhours - GLEN.UK: To halt iron ore mining in Australia due to poor outlook - FMG.AU: Citi analyst: Fortesque requires $90/ton iron ore to 2015 with no asset sales; must consider options if TPI sale fails - PDN.AU: Reports Q4 Rev $107.4M; FY13 Rev $408.4M (record high) +14% y/y; FY13 uranium production 8.255M lb, +20% y/y; Guides FY14 production 8.3-8.7M lb - ICBC 1398.HK: Reports H1 yuan loans +6.1% y/y - Chinese press - GS Yuasa 6674.JP: Spokesperson: Company has not been asked to cooperate in Ethiopian Airlines' Dreamliner 787 investigation - financial press - Source


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