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Wednesday July 24, 2013 - 06:29:58 GMT
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| | Email Asian Market Update: China HSBC flash PMI falls to 11-month low; Australia Q2 CPI keeps market in limbo on next RBA decision - Source

CN) CHINA JULY HSBC FLASH MANUFACTURING PMI: 47.7 V 48.2E (11-month low) >- (JP) JAPAN JUN MERCHANDISE TOTAL TRADE BALANCE TOTAL: -180.8B V -155.7BE; ADJUSTED MERCHANDISE TRADE BALANCE: -598.7B V -594.7BE (smallest deficit in 10 months) - (AU) AUSTRALIA Q2 CONSUMER PRICES (CPI) Q/Q: 0.4% V 0.5%E; Y/Y: 2.4% V 2.5%E; CPI TRIMMED MEAN Q/Q: 0.5% V 0.5%E ; Y/Y: 2.2% V 2.1%E - (AU) AUSTRALIA JUNE DEWR INTERNET SKILLED VACANCIES M/M: -1.8% V -1.8% PRIOR (3rd consecutive decline) - (NZ) NEW ZEALAND JUNE TRADE BALANCE (NZ$): 414M V 105ME (3-month high); EXPORTS: 4.02B V 4.01BE; IMPORTS: 3.60B V 3.90BE - (SL) SRI LANKA LEAVES REVERSE REPO RATE UNCHANED AT 9.00% (EXPECTED); LEAVES REPURCHASE RATE UNCHANGED AT 7.00% (EXPECTED) - (VN) Vietnam July Consumer Price Index (CPI) m/m: 0.3% v 0.1% prior; y/y: 7.3% v 6.7% prior - (US) API PETROLEUM INVENTORIES: CRUDE: -1.44M (6th consecutive draw) v -2Me; GASOLINE: -890K v +1Me; DISTILLATE: -710K v +1.5Me ***Markets Snapshot (as of 03:10 GMT)*** - Nikkei225 -0.6% - S&P/ASX +0.2% - Kospi +0.2% - Shanghai Composite -0.9% - Hang Seng -0.4% - Sept S&P500 flat at 1,688 - Aug gold +0.5% at $1,342 - Aug crude oil -0.2% at $106.97/brl ***Observations/Insights/Currencies*** - Apple is up nearly 4% in extended session after a broad beat on top and bottom line estimates; iPhone shipments were well above expectations while those of iPads tracked below. - Japan merchandise terms of trade data mixed - slightly larger deficit than expected, but adjusted deficit still at a 10-month low; Exports to Europe rising for the 1st time in nearly 2 years and exports to China rising for the 3rd consecutive month. - HSBC Flash Manuf PMI out of China coming in much weaker than expected at 11-month lows; employment component at 52-month low and new orders also at 11-month low; HSBC economist noting "continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking... einforces the need to introduce additional fine-tuning measures to stabilise growth." - PBoC setting yuan at 1-week high; shibor 7-day rates at 3-week highs. - Australia Q2 CPI mixed, with headline slighlty below ests and trimmed mean slightly above; fixed income markets pare expectations for a rate cut next month to mid 50pct from mid-60's. AUD/USD briefly rises above $0.93 to 4-week high before falling to $0.9250s following China PMI data; Sept copper also hitting session low after PMI below $3.17, down over 1%. - USD generally higher across the board following China PMI in other majors - EUR/USD hit session lows below $1.32, NZD/USD fell 50pips below $0.7950, USD/JPY rose slightly above 99.70; Precious metals lower on USD strength, with gold falling about $10 to $1338. ***Fixed Income/Commodities*** - (JP) Japan BoJ offers to purchase from the market 450B in 5-10yr govt debt, 300B in 3-5-yrs, 200B in 1-3 yrs - financial press - (CN) China Ministry of Finance (MoF) sells 5-yr bonds, Yield 3.7040% - (CN) PBoC sets yuan mid point at 6.1695 v 6.1374 prior close (strongest yuan setting since July 16th) - SPDR Gold Trust ETF daily holdings fall by 1.5 tons to 929.8 ton (lowest since 894.7 tons in Feb of 2009) - (CN) China Statistics Bureau: China pork price +0.9% in mid July ***Speakers/Political/In the Papers*** - (CN) China Ministry of Industry and Information Technology (MIIT) Zhu: China faces uncertainty and pressure on growth - (CN) China State researcher Li: misunderstood China GDP lower limit at 7% - (CN) Shanghai H1 GDP rose 7.7% y/y to CNY1.02T - Shanghai Daily - (CN) China said to be considering land reform measures to boost urbanization policies - Chinese press - (CN) China National Development and Reform Commission (NDRC) researcher Wang: China Q4 GDP may be below 7% - Chinese press - (JP) Japan Chief Cabinet Secy Suga: believes trade deficit to narrow as exports growing - (JP) Kyodo poll: Japan cabinet July approval rating declines to 56% from 68% prior (first reading below 60%); Nikkei poll: approval rating falls about 3pts m/m in July to 63%; Disapproval rating rose 6pts to 29% - (AU) Probability of Aug RBA rate cut said to have declined to 60% from 70% (prior to Q2 CPI data release) - (NZ) New Zealand Institute of Economic Research Shadow Board: Expects RBNZ to keep rates unchanged at 2.5%, but the preference for a hold falling to 61% from 69% ahead of June decision - NZ Herald - (TH) Thai Central Bank July 9-10 meeting minutes: finds it necessary to mind China developments; Inflation is stable at a low level - (TW) DBS cuts Taiwan 2014 GDP forecast to 3.3% from 4.2% prior - (HK) Citi: sees Hong Kong home price to decline by 5-10% in next 12 months - (US) Larry Summers now seen as the front-runner to replace Fed Chairman Bernanke - CNBC citing Washington Post sources ***Equities*** - AAPL: Reports Q3 $7.47 v $7.31e, R$35.3B v $35.1Be; +3.9% afterhours - ALTR: Reports Q2 $0.31 v $0.31e, R$422M v $421Me; +1.5% afterhours - PNRA: Reports Q2 $1.74 v $1.77e, R$589M v $596Me; -6.9% afterhours - T: Reports Q2 $0.67 (ex $0.04 in items) v $0.68e, R$32.1B v $31.8Be; -0.5% afterhours - EA: Reports Q1 -$0.40 v -$0.59e, R$495M v $460Me; +6.4% afterhours - NSC: Reports Q2 $1.46 v $1.50e, R$2.80B v $2.84Be; -1.2% afterhours - DFS: Reports Q2 $1.20 v $1.16e, R$1.73B v $1.71Be; +0.6% afterhours - GUD.AU: Reports FY Net A$31.5M, -66.1% y/y, Rev A$596.5M,-2.4% y/y - BKI.AU: Reports FY Net A$33.6M, +12.1% y/y - SXY.AU: Guides FY13/14 oil production 1.4-1.6Mbbl, +13-18% y/y - ALZ.AU: Reports H1 Net A$88.4M v A$89.6M y/y, Rev A$391.5M v A$430.4M y/y - AGO.AU: Reports Q4 Iron ore shipments 2.22MT (record high), +16% q/q; FY13 shipments at 7.4MT +25% y/y - Advantest 6857.JP: May report Q1 op loss of nearly 3B v profit 0.8B y/y (would mark first quarterly loss in 4 years); Rev seen falling about 10% to 30B - Nikkei News - Otsuka 4578.JP: May report Q1 op profit around 60B (best quarter on record), +23% y/y; Rev seen rising 11% to about 320B - Nikkei News - Hitachi Chemical 4217.JP: Plans to quadruple output of large lithium batteries used for utility-scale grid storage - Nikkei News - Huawei 002502.CN: Reports H1 Rev CNY113.8B, +11% y/y - Source


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