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Friday July 26, 2013 - 05:59:52 GMT
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| | Email Asian Market Update: Japan inflation data turn positive for the first time in months; USD remains under pressure - Source

- (JP) JAPAN JUNE NATIONAL CPI Y/Y: 0.2% V 0.1%E; NATIONAL CPI EX-FRESH FOOD: 0.4% V 0.3%E (first rise since Apr 2012, 2-year high) >- (JP) JAPAN JULY TOKYO CPI Y/Y: 0.4% V 0.2%E; CORE CPI: 0.3% V 0.3%E (3rd consecutive y/y increase, 2-year high) - (KR) SOUTH KOREA JUL CONSUMER CONFIDENCE: 105 V 105 PRIOR - (TH) THAILAND JUN CUSTOMS TRADE BALANCE: -$1.9B V -$1.8BE - (US) Weekly Fed Balance Sheet Assets Week ending July 24th: $3.53T (record high) v $3.495T prior; M1 y/y change: 11.7% v 11.7% w/w; M2 y/y change: 6.9% v 6.9% w/w ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 -2.5% - S&P/ASX +0.4% - Kospi +0.2% - Shanghai Composite -0.7% - Hang Seng +0.2% - Sept S&P500 +0.1% at 1,686 - Aug gold +0.8% at $1,341 - Aug crude oil +0.1% at $105.57/brl ***Observations/Insights/Currencies*** - Treasury yields and US Dollar both fell in late US session following a WSJ report from Fed watcher Hilsenrath reiterating the Fed will keep its $85B/mnth asset purchase program unchanged at next week's meeting. Hilsenrath also noted Fed may consider setting lower bound for inflation as a threshold for policy response and also reminded investors that some policymakers believe it would be too soon to raise short-term rates even after joblessness drops below 6.5%. USD weakness across the board sent USD/JPY below 99 in the Asia, weighing heavily on the Nikkei225 index. 10-yr yields were down below 2.6%. Note the latest Fed balance sheet saw fresh multi-month low in holdings of US Treasuries by foreign central banks - data likely to be reflected in the next (June) TIC report. In other USD majors, EUR/USD briefly approached $1.33 handle, while AUD/USD backed away from $0.9280 after hints from Australia Treasurer Bowen that the country may need an extra year to achieve a budget surplus. - US earnings season continues to percolate with large afterhours declines for Expedia and Zynga. The former whiffed on top and bottom line, while the latter is down sharply after suspending its interest in US real money gaming. - Samsung Electronics is down nearly 1% despite the rise in the Kospi; Tech giant missed on Q1 net profit and warned that global smartphone market growth is expected to slow while still boosting its CAPEX spending plans, predominantly on the outperforming chip segment. - Japan core CPI was at 2-year high rates of growth nationwide in June and in Tokyo region in July. JPY briefly weakened after the data despite the implications of a less active BOJ policy approach, as rising inflation bodes positively for popular support of Abenomics. - Shanghai Composite remains under pressure, falling for the 3rd consecutive session. Daily 7-day shibor fix continues to show renewed strain in the financial system, rising to the highest level since July 1st. Separately, PBoC Gov Zhou said China faces large economic downturn pressure. ***Fixed Income/Commodities*** - (JP) Japan BoJ offers to purchase from the market 200B in 10yr+ govt debt, 300B in 3-5-yrs, 200B in 1-3 yrs - financial press - (AU) Australia MoF (AOFM) sells A700M in 5.5% 2023 Bonds; avg yield: 3.7607%; bid-to-cover: 3.3x - GLD: SPDR Gold Trust ETF daily holdings fall by 2.4 tons to 927.4 ton (lowest since 894.7 tons in Feb of 2009) - (DE) IMF: Germany decreased gold holding in June - financial press ***Speakers/Political/In the Papers*** - (CN) PBoC to encourage banks to support financing for small companies; reiterates to keep prudent monetary policy - (CN) China Iron & Steel Association (CISA): China seeking to cut 9.75M tons in iron, steelmaking capacity - (CN) Four China coast guard ships patrolling around the disputed Senkaku Islands - Reports from China and Japan press sources >- (CN) Fitch: China money market funds seeing major outflows - (CN) PBoC gov Zhou: China faces large economic downturn pressure - People's Daily - (CN) China MOF researcher Jia Kang: it's unnecessary to have large-scale fiscal stimulus - Chinese press - (CN) China State Council researcher: China won't face a hard-landing - Chinese press - (CN) China Passenger Car Association (CPCA): China July wholesale vehicle sales may increase more than 16% y/y, retail sales may increase 18% y/y - Chinese press - (JP) Japan Fin Min Aso: price reflects Japan is gradually shifting to inflation from deflation - (JP) Japan Econ Min Amari: Prices rising towards BOJ policy goals - financial press - (JP) Japan to delay fiscal plan, pending consumption tax decision - Japanese press - (AU) Australia Treasurer Bowen: Plans to return to budget surplus in FY16/17 (FY15/16 prior target); Terms of trade reduction is impacting govt revenues - (KR) Bank of Korea (BOK) Gov Kim: Domestic economy is driven by exports - (HK) Hong Kong Monetary Authority (HKMA): Hong Kong June bank loans annualized growth approx 40% - (SG) Singapore Q2 private home sales 4.5K v 5.4K units q/q, private home prices +1% q/q - URA - (TW) Taiwan research institute TIER cuts 2013 GDP forecast to 2.52% from 3.71% prior in April - Taiwanese press - (EG) US Obama Administration: To continue to provide aid for Egypt - financial press - (US) Moody's: Impact of US housing recovery will be mostly Credit Positive - (US) US Senate Democrats said to be circulating letter supporting Janet Yellen as the next Fed Chairman - financial press ***Equities*** - EXPE: Reports Q2 adj $0.64 v $0.81e, R$1.21B v $1.25Be; -24.1% afterhours >- ZNGA: Reports Q2 -$0.01 v -$0.04e, R$188M v $184Me; will not pursue real money games in the US; -14.6% afterhours - AMZN: Reports Q2 -$0.02 v $0.04e, R$15.7B v $15.7Be; -2.3% afterhours - KLAC: Reports Q4 $0.82 (adj) v $0.79e, R$720M v $708Me; -3.0% afterhours - CB: Reports Q2 $1.77 adj v $1.38e, net premiums written $3.1B v $3.1B y/y; +1.9% afterhours - CLF: Reports Q2 $0.82 v $0.62e, R$1.49B v $1.44Be; +4.0% afterhours - GILD: Reports Q2 $0.50 v $0.50e, R$2.77B v $2.68Be; +5.1% afterhours >- SBUX: Reports Q3 $0.55 v $0.53e, R$3.74B v $3.72Be; +5.8% afterhours - SIP.AU: Sees H1 EBIT down y/y due to higher cost base from key areas of business; H1 Rev expected slightly stronger - PNA.AU: Reports Q2 copper output 15.5KT; gold output 44.8K oz, silver output 206.1KT - Fonterra FCG.NZ: Westpac sees FY13/14 milk payout reaching NZ$7.40/kg vs NZ$7.00/kg initial official target (NZ$6.50 prior Westpac forecast) - NZX NZX.NZ: Reports H1 total trades at 528.6k +17.5% y/y, trade value at NZ$20.8B +56.0% y/y - Samsung Electronics 005930.KR: Reports Q2 Net KRW7.77T v KRW8.0Te, Op profit KRW9.53T (record high) v KRWT6.72T y/y, Rev KRW57.46T v KRW57.0Te - SK Innovation 096770.KR: Reports Q2 Net KRW256.8B v KRW242.5Be, Op Profit KRW395.5B v KRW333.5Be, Rev KRW16.9T v KRW17.2Te - Mazda 7261.JP: Reports June Global vehicle production -1.6% y/y to 101.0K units - Suzuki 7269.JP: Reports June Domestic production -19.0% y/y - Oji Paper 3861.JP: May report Q1 net profit over 8B, +20% y/y; Rev seen rising 5% to just under 320B - Nikkei News - Kia Motors 000270.KR: Reports Q2 Net KRW1.18T v KRW1.1Te, Op profit KRW1.13T v KRW1.1Te, Rev KRW13.1T v KRW12.5Te - AIA Group 1299.HK: Reports H1 Net $1.93B v $1.44B y/y, Rev $12.0B v $9.0B y/y - Source


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