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Thursday July 18, 2013 - 06:26:38 GMT
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| | Email Asian Market Update: China backs away from gradual yuan appreciation as property prices continue to rise - Source

***Economic Data*** - (CN) CHINA JUN NEW HOME PRICES M/M: RISES IN 63 OF 70 CITIES VS 65 PRIOR; Y/Y: PRICES RISES IN 69 OF 70 CITIES VS 69 PRIOR - (AU) AUSTRALIA MAY CONFERENCE BOARD LEADING INDEX: 0.0% V 0.3% PRIOR - (AU) AUSTRALIA JUN RBA FOREIGN EXCHANGE TRANSACTIONS (A$): 993M V 490M PRIOR - (AU) AUSTRALIA Q2 NAB BUSINESS CONFIDENCE: -1 V +2 PRIOR; Conditions: -4 v -3 prior - (NZ) NEW ZEALAND JUL ANZ CONSUMER CONFIDENCE INDEX: -3.3% V +0.2% PRIOR; ANZ CONSUMER CONFIDENCE: 119.8 V 123.9 PRIOR - (NZ) NEW ZEALAND JUN ANZ JOB ADVERTISEMENTS M/M: 0.0% V -1.4% PRIOR - (CO) Colombia May Trade Balance: $315.4M v $36.8M prior; Imports: $5.2B v $5.2B prior ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.6% - S&P/ASX +0.3% - Kospi -0.5% - Shanghai Composite -0.2% - Hang Seng flat - Sept S&P500 -0.2% at 1,673 - Aug gold flat at $1,279 - Aug crude oil -0.1% at $106.43/brl ***Observations/Insights/Currencies*** - Earnings season picking up, with eBay and Intel falling in extended session after missing expectations; Sandisk sharply higher on strong results and upgrade on FY outlook. - USD rises for the second consecutive session after some retreat in late US hours; USD/JPY above 100 (+40pips), EUR/USD falls 30pips below $1.31, AUD/USD down about 80pips below $0.9170. >- China mulling a measure to support exporters later this month; In the mean time, PBoC setting yuan at weakest level in over a week. - China property market stay hot; y/y price rising 6.8% - 6th consecutive month of increase - despite govt curbs. - Japan cabinet official proposes postponing consumption tax increase by 1 year. - Australia's treasurer Bowen acknowledging the end of China resources boom; Expects investment to peak in current FY. - In Europe: Greece passes austerity legislation; ECB's Asmussen sees no rise in German inflation; Traders look ahead to 10-year auction in Spain later today amid the rising political uncertainty. ***Fixed Income/Commodities*** - (CN) PBoC sets yuan mid point at 6.1720 v 6.1353 prior close (weakest setting since July 8th) - (JP) BOJ offers to buy 200B in 1-3 yr JGBs, 300B in 3-5 yr JGBs, and 200B in over 10-yr JGB - GLD: SPDR Gold Trust ETF daily holdings fall by 1.5 tons to 936.1 ton (lowest since 935.1 tons in Feb of 2009) - (CN) PBoC not conducting open market operations in today's session; For the week, PBoC said to be injecting CNY160B into money markets ***Speakers/Political/In the Papers*** - (CN) China Academy of Social Sciences (CASS) researcher Zhang: China may postpone property tax trial program nationwide - Chinese press - (CN) Some China local govts have difficulty to achieve economic growth targets - Chinese press - (CN) China may increase credit support for exporters to boost trade - Chinese press - (CN) Fitch gives China Rebalancing & Corporate Update; Sees GDP of 7.0-7.5% from 2013-2015 - (CN) China Banking Regulatory Commission (CBRC) vice chairman Yan: China should maintain prudent and proactive monetary policy in H2 - financial press - (CN) PBoC research head Ji: sees China GDP 7.0-7.5% as moderate - Chinese press - (JP) Japan Dep Econ Min Nishimura: Upper house election will support govt policies; expresses confidence that Japan will defeat deflation - (JP) Japan cabinet expected to raise Economic Assessment for third consecutive month in July - Japanese press - (JP) According to China FDI data, Japan investment in China rose 14% y/y in H1 to $4.69B - Nikkei News - (AU) S&P affirms Australia sovereign rating at AAA; Outlook Stable - (AU) Australia Treasurer Bowen: Domestic economy is strong, resilient; growth will not 'fall off a cliff' - (NZ) According to the latest outlook from BNZ, fixed and floating mortgage rates are expected to start rising in the past year - NZ press - (HK) According to Hong Kong Property, home prices could decline as much as 45% in the next 3-5 years amid higher tax, interest rates and weaker outlook - financial press - (ID) Citi cuts Indonesia 2013 GDP forecast to 6.0% from 6.1% prior, Cuts 2014 GDP forecast to 6.1% from 6.3% prior - (US) US Senate reaches deal to lower student loan rates - financial press - (US) House of Representatives votes to delay US Health Care law employer requirement - financial press - (GR) Greece parliament passes Public Sector Reforms Bill to secure further bailout aid - financial press ***Equities*** - IBM: Reports Q2 $3.91 v $3.70e, R$24.9B v $25.3Be; raises FY13 forecast; +2.6% afterhours >- INTC: Reports Q2 $0.39 v $0.40e, R$12.8B v $12.9Be; Cuts FY13 guidance; -3.5% afterhours - EBAY: Reports Q2 $0.63 v $0.63e, R$3.88B v $3.89Be; -5.9% afterhours - AXP: Reports Q2 $1.27 v $1.21e, R$8.24B v $8.24Be; -1.0% afterhours - STLD: Reports Q2 $0.13 v $0.13e, R$1.80B v $1.79Be; -0.4% afterhours - SNDK: Reports Q2 $1.21 v $0.93e, R$1.48B v $1.40Be; +6.7% afterhours - DLZ: Pepsico said not planning to acquire company at Peltz's suggestions; +3.1% afterhours - DELL: Activist investor Icahn: feel pretty good about the Dell vote tomorrow; need to let the shareholders speak (CNBCs Delivering Alpha); +0.2% afterhours - SFR.AU: Reports quarterly copper production 14.3KT and gold production 11.3Koz - WOW.AU: Raises FY continuing operations net growth target to 5-6% v 4-6% prior - WPL.AU: Reports Q2 Rev $1.35B v $1.4Be; production at 20Mmboe v 21Me, -0.6% y/y - AZJ.AU: Affirms FY13 guidance coal tons hauled 193.7MT, in line with 192-195MT target - NCM.AU: Affirms FY13 copper production 75-85KT and gold production 2.0-2.15M oz - NSW Mineral Exploration and Investment Conference - ASB.AU: Raises FY13 Net profit guidance to $35-40M from $23-26 prior - TEPCO 9501.JP: Reports of vapor said to be emanating from Fukushimia Daichi facility - financial press - Sharp 6753.JP: May report a smaller Q1 op loss because of better than expected solar cell sales - Japanese press - TDK 6762.JP: May report Q1 op profit around 5B v 9.2B y/y amid poor sales of HDD magnetic heads; Rev expected to rise about 15% to 240B due to weaker JPY - Nikkei News - Marubeni 8002.JP: Marubeni and Mitsubishi Estate to invest about 30B to build some 1.2K condos in inland China - Nikkei News - Nippon Steel 5401.JP: To mass produce seamless pipes in Brazil (first mass production abroad) - Nikkei News - Toshiba 6502.JP: Elpida and Toshiba to invest to expand capacity to manufacture chips for smartphones for the first time in approx two years - Nikkei News - Source


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