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Wednesday July 17, 2013 - 05:15:00 GMT
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| | Email Asian Market Update: Sharp rise in China FDI supporting Shanghai Composite; Focus on Bernanke congressional testimony - Source

- (CN) CHINA JUN CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 1.0% V 0.3% PRIOR (3rd consecutive increase) - (CN) CHINA JUN ACTUAL FOREIGN DIRECT INVESTMENT (FDI) Y/Y: 20.1% V 0.7%E >- (JP) BANK OF JAPAN (BOJ) RELEASES MINUTES FROM JUN 10-11 MEETING: Japan economy to return to moderate recovery path - (SG) SINGAPORE JUN ELECTRONIC EXPORTS Y/Y: -12.4% V -9.7%E; NON-OIL DOMESTIC EXPORTS M/M: 3.2% V 2.4%E; Y/Y: -8.8% V -5.8%E - (AU) AUSTRALIA MAY WESTPAC LEADING INDEX: 0.2% V 0.7% PRIOR - (KR) SOUTH KOREA JUN PRODUCER PRICE INDEX (PPI): -1.4% V -2.6% PRIOR - (ID) INDONESIA MAY RETAIL SALES: 8.6% v 10.0% prior - (US) API PETROLEUM INVENTORIES CRUDE: -2.6M V -2ME (5th consecutive draw); GASOLINE: +2.6M (largest build since May 21st) V -0.5ME; DISTILLATE: +3.8M V +2ME ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -0.6% - S&P/ASX flat - Kospi +0.8% - Shanghai Composite -0.4% - Hang Seng +0.2% - Sept S&P500 +0.1% at 1,671 - Aug gold flat at $1,290 - Aug crude oil -0.2% at $105.78/brl ***Observations/Insights/Currencies*** - Asian equity markets are mixed ahead as caution abounds going into tomorrow's Congressional testimony by Fed Chairman Bernanke. Dollar selling of the past few days have given to some profit-taking, with EUR/USD down over 20pips below 1.3140, AUD/USD off by 30pips below 0.9220 at the lows, and USD/JPY rising some 50pips above 99.50. BOJ June meeting minutes saw some brief JPY demand, as members worried that extending duration of fixed rate fund-supplying operation would send confusing signal on policy. - BHP rose over 2% - comparable to gains in Rio Tinto - with quarterly production metrics topping expectations. BHP noted Western Australia Iron Ore and Escondida cites exceeded production guidance and annual records were achieved across seven operations and five commodities. - Shanghai Composite received a temporary jolt above 2,075, up 0.5% at its best levels, after a much stronger than expected June foreign direct investment data. Sept copper was up nearly 1% from the lows after the data as well, trading up to $3.20/lb. ***Fixed Income/Commodities*** - JGB: (JP) Japan's MoF sells 2.48T in 0.3% 5-yr notes; Avg yield: 0.295% v 0.361% prior; Bid to cover: 4.28x v 4.36x prior - (AU) Australia MoF (AOFM) sells A$700M in 2.75% 2024 Bonds; avg yield: 3.8634%; bid-to-cover: 3.59x - (CN) China MOF sells 10-yr Bonds; avg yield: 3.6689% - GLD: SPDR Gold Trust ETF daily holdings fall by 1.5 tons to 937.6 ton (lowest since 935.1 tons in Feb of 2009) >- SLV: iShares Silver Trust ETF daily holdings rise to 10,209 tons from 10,185 tons (highest since 10,252 on May 19th) - (CN) China Iron and Steel Association (CISA): China July 1-10th avg daily crude steel production at 2.08M tons, -4.5% from June end ***Speakers/Political/In the Papers*** - (CN) China should clarify QFII capital gains tax policy and adjust quota restriction; Sees much of the billions of dollars of QFII quota remaining unused because of lack of taxation clarity - Chinese press - (CN) China National Bureau of Statistics (NBS) head: China industrial capacity use rate 78.6% by end of Q2 - (CN) China Finance Ministry researcher: China has favorable conditions for economy in H2 - financial press >- (CN) Asia Development Bank (ADB) economist: China consumer confidence remained high - financial press - (CN) China National Development and Reform Commission (NDRC) researcher Wang Yiming: crucial to maintain reasonable economic growth - Chinese press - (CN) Former China National People's Congress (NPC) official He suggests China should lower 2013 GDP target to 7.0% v 7.5% current target - financial press - (CN) China Ministry of Commerce (MoFCom) Spokesperson Shen: Yuan appreciation has weakened China's cost advantage; Current trade situation is "severe" - (JP) Former LDP chief Tanigaki: Discussions of delaying sales tax increase is harmful - financial press - (JP) Japan LDP is poised to win around 70 seats in upper house elections on Sunday, July 21st; Coalition well on the way to securing majority - Nikkei News - (ID) Indonesia Central Bank Gov: No reason to worry about the current IDR rate - (GR) Greece may face funding gap of as much as 10B - German press - (EU) European Union said to be preparing plans to limit transaction fees on payment cards at 0.2% - financial press ***Equities*** - DELL: Special Committee issues letter to stockholders urging them vote for the Dell/Silver Lake deal on July 18 [no indication that vote will be delayed]; -0.2% afterhours - URI: Reports Q2 $1.12 adj v $1.01e, R$1.21B v $1.23Be; -1.9% afterhours - YHOO: Reports Q2 $0.35 (adj) v $0.31e, R$1.07B (ex-TAC) v $1.08Be; +0.8% afterhours - RLGY: Reports prelim Q2 $1.03-1.09 (ex items) v $0.73e, R$1.53-1.54B v $1.48Be; +0.4% afterhours - CSX: Reports Q2 $0.52 v $0.47e, R$3.07B v $3.02Be; +2.5% afterhours - BBG.AU: Plans to name Scott Olivet as CEO; Enters into binding agreement with Altamont Consortium for a $294M bridge loan facility >- BHP: Reports Q4 Iron Ore Production 47.7M tons v 43.2Me (v 40.2M tons q/q), +17% y/y - WES.AU: Reports Q4 coal production at 2.84M tons, +25.2% q/q - IAG.AU: Guides FY13 insurance margin 16.8-17.2% v 12.5-14.5% prior - SXY.AU: Forecasts FY13/14 Net oil production 1.4-1.6Mboe v 1.24Mboe in FY12/13 - Alibaba 1688.HK: Reports Q1 Net $680M, +189% y/y; Rev $1.38B, +71% y/y - 6116.TW: Reports Q2 Net NT$2.55B v NT$1.32B q/q, Rev NT$9.18B v NT$7.57B q/q (update) - KT&G 033780.KR: Reports Q2 Op profit KRW248.7B v KRW270Be, Rev KRW914.5B v KRW980Be - Source


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