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Thursday July 25, 2013 - 06:21:08 GMT
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| | Email Asian Market Update: Hawkish RBNZ helps NZD recover ground lost to China flash PMI***Economic Data*** - Source

- (NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED) >- (KR) SOUTH KOREA Q2 PRELIM GDP Q/Q: 1.1% V 0.8%E; Y/Y: 2.3% V 2.0%E - (JP) JAPAN JUN CORP SERVICE PRICE INDEX y/y: 0.4% V 0.6%E (2nd consecutive rise) - (JP) Japan investors bought net 549.3B in Foreign Bonds last week (3rd straight week) vs bought net 1.1T prior week; Foreign Investors bought net 398.8B in Japan stocks last week vs bought net 398.2B in prior week - (KR) SOUTH KOREA JUN DISCOUNT STORE SALES Y/Y: +4.2% V -4.3% PRIOR; Dept store sales y/y: 4.1% v 1.0% prior - (PH) PHILIPPINES MAY TRADE BALANCE: -$364M V -$660ME ***Markets Snapshot (as of 03:15 GMT)*** - Nikkei225 -0.6% - S&P/ASX -0.3% - Kospi flat - Shanghai Composite -0.8% - Hang Seng -0.4% - Sept S&P500 -0.1% at 1,682 - Aug gold +0.1% at $1,321 - Aug crude oil -0.4% at $104.97/brl ***Observations/Insights/Currencies*** - Bidu, Facebook rise sharply in extended session after strong Q2 results; Bidu guiding Q3 Rev $1.42-1.46B v $1.25Be and expects a strong headcount growth; FB monthly active users up over 20% as CEO downplays diminishing popularity among teens. - RBNZ left its cash target rate on hold as expected, but added that the removal of monetary stimulus will likely be needed in the future, with policy depending on extent of growing momentum in housing market. NZD/USD rose some 50pips above $0.7980, despite RBNZ noting NZD remains overvalued. Fixed income market probability for an RBNZ rate hike by Jan 2014 rose to about 50% following the statement. - Hynix is up a modest 0.5% on stronger than expected Q2 results; Chipmaker did point to limited H2 supply growth for DRAM and NAND memory. - Newcrest Mining is down over 3% after quarterly production data despite meeting FY13 ests. Miners are under added pressure today due to profit taking in precious metals tracking USD strength. - USD/JPY briefly fell below Y100 despite rising US yields and a 3rd consecutive week of buying of foreign bonds by Japan investors. Dealers citing strong technical resistance at 100.50 level. EUR/USD and AUD/USD little changed around $1.32 and $0.9150. ***Fixed Income/Commodities*** - SLV: iShares Silver Trust ETF daily holdings rise to 10,428 tons from 10,284 tons (highest since 10,440 on May 14th) - (CN) PBoC will not conduct open market operations in today's session - (CN) PBoC sets yuan mid point at 6.1759 v 6.1360 prior close (weakest yuan setting since July 7th) ***Speakers/Political/In the Papers*** - (CN) China Labor Ministry: Q2 employment situation generally stable - (CN) China govt targets CNY690B rail investments in 2013 - State Council meeting - (CN) Former PBoC vice gov Wu: China won't loosen deposit rate cap in 2013 and 2014 - Chinese press - (CN) HSBC chief economist: Sees no evidence of China crash - financial press interview - (JP) BOJ to purchase 400B in commercial paper outright from the market - (JP) Japan Defense Ministry to request 4% budget increase - Japanese press - (JP) Japan's upcoming defense policy paper to reference the issue of being able to attack military bases that threaten Japan with missiles - Nikkei News - (JP) Japan PM Abe not to visit the controversial Yasukuni shrine on date of anniversary of the war - Japanese press - (JP) Japan Fin Min Aso: Reiterates view that domestic economy has shown clear signs of recovery - (JP) Japan Chief Cabinet Secy Suga: believes trade deficit will narrow as exports growing - (AU) Australia PM Rudd: China mining boom is over; expresses need to diversify domestic economy - (AU) Westpac chief economist Evans: RBA needs to cut interest rates soon to help deal with weakest consumer demand since the 1970s - Australian press - (NZ) ANZ analysts continue to see the first RBNZ rate increase in early 2014 - financial press - (KR) Bank of Korea (BOK) official Jung: H2 growth unlikely to be less than in H1; May achieve BOK's 2.8% GDP target in 2013 - (KR) South Korea Fin Min Hyun: slowing growth in emerging markets is concern for global economy - financial press - (TW) Taiwan research institute CIER cuts 2013 GDP to 2.28% v 3.63% prior in Apr - Taiwanese press - (TH) DBS: lowers Thailand 2013 inflation estimate to 2.4% from 2.9% ; lowers 2014 inflation estimate to 3.5% from 3.7% - (US) Reportedly US housing regulators are considering softening new risk retention measures that were meant to curb risky mortgage underwriting; rules to be weakened over concerns about hurting the housing market recovery - press ***Equities*** - FB: Reports Q2 $0.19 v $0.14e, R$1.81B v $1.61Be; +16.8% afterhours >- BIDU: Reports Q2 $1.22 v $1.21e, R$1.23B v $1.12Be; +13.9% afterhours - FFIV: Reports Q3 $1.12 v $1.08e, R$370.3M v $362Me; +8.1% afterhours - EQIX: Reports Q2 adj EBITA $244.2M v $243Me; (not comp) v $0.59e, R$525.7M v $533Me; -6.1% afterhours - WDC: Reports Q4 $1.96 v $1.79e, R$3.73B v $3.62Be; -4.0% afterhours - V: Reports Q3 $1.88 adj v $1.79e, R$3.00B v $2.89Be; +2.0% afterhours - TEX: Reports Q2 $0.65 v $0.54e, R$1.91B v $1.98Be; -1.9% afterhours - QCOM: Reports Q3 $1.03 v $1.03e, R$6.24B v $6.03Be; +4.1% afterhours - LVS: Reports Q2 $0.72 (adj) v $0.69e, R$3.24B v $3.31Be; -0.5% afterhours - FLS: Reports Q2 $0.84 v $0.79e, R$1.24B v $1.21Be; +1.0% afterhours - MQG.AU: Continues to expect improved results for FY14 provided market conditions are better than FY13 - AGM address - OZL.AU: Reports Q2 Copper production at 17.4K tons v 20.5Ke; Cuts FY13 gold output target - NCM.AU: Reports Q4 gold production 642.0k oz, +25% q/q; Copper 22.8k tons, +20% q/q; FY13 gold production at 2.1M oz, copper 80.4k tons - COE.AU: Reports Q4 production 152.7K bbl, +22% y/y; Rev A$16.2M v A$13.1M y/y - AIR.NZ: Reports June passenger figures at 1.18M, +1.8% y/y; FY13 at 13.4M, +2.2% y/y - S-Oil 010950.KR: Reports Q2 Net loss KRW22.5B v profit KRW65.3Be, Op profit KRW99.6B v KRW154Be, Rev KRW6.97T - Hynix 000660.KR: Reports Q2 Net KRW946.8B v KRW769Be, Op profit KRW1.1T v KRW898Be, Rev KRW3.93T v KRW3.56Te - Sanrio 8136.JP: May report Q1 Op profit 4.5B, +10% y/y, Rev 17.5B +4% y/y - Nikkei News - Fujifilm 4901.JP: May report Q1 op profit around 25B, +20% y/y; Rev seen rising about 10% to 570B - Nikkei News - Nippon Steel 5401.JP: Pretax profit on track to triple in FY13/14 to about 300B - Nikkei News - China Communications Services 552.HK: Reports H1 Net HK$238.3M, Rev HK$5.0B +3.3% y/y - CAPL.SG: Reports Q2 Net S$383.1M, -0.7% y/y; Rev S$1.84B, +22.7% y/y - Source


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