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Wednesday July 31, 2013 - 07:06:00 GMT
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| | Email Asian Market Update: Australia, Shanghai indices outperform as China's NDRC reiterates 7.5% 2013 GDP target; Indian rupee plummets - Source

(JP) JAPAN JUL MARKIT/JMMA MANUFACTURING PMI: 50.7 V 52.3 PRIOR (4-month low) - (JP) JAPAN JUN LOANS & DISCOUNTS CORP: 1.7% V 2.1% PRIOR >- (JP) JAPAN JUN LABOR CASH EARNINGS Y/Y: 0.1% V 0.2%E (first rise in 5 months) - (AU) AUSTRALIA JUN PRIVATE SECTOR CREDIT M/M: 0.4% V 0.3%E (6-month high); Y/Y: 3.1% V 2.9%E - (NZ) NEW ZEALAND JUL ANZ BUSINESS CONFIDENCE: 52.8 V 50.1 PRIOR; ANZ ACTIVITY OUTLOOK: 43.7 V 45.0 PRIOR - (NZ) NEW ZEALAND JUN MONEY SUPPLY M3 Y/Y: 6.2% V 6.2% PRIOR - (TW) TAIWAN Q2 PRELIM GDP: 2.3% V 2.1%E - (SG) SINGAPORE JUN BANK LOANS & ADVANCES: 17.7% V 18.8% PRIOR - (SG) SINGAPORE JUN M1 Y/Y: 18.3% V 15.4% PRIOR; M2 Y/Y: 9.1% V 9.9%E - (SG) SINGAPORE JUN CREDIT CARD BAD DEBTS: 21.1M V 22.6M PRIOR; CREDIT CARD BILLINGS: NO3.5B V 3.6B PRIOR - (SG) SINGAPORE Q2 PRELIM UNEMPLOYMENT RATE: 2.1% V 1.9%E - (UK) UK JUL BRC SHOP PRICE INDEX Y/Y: -0.5% V -0.2% PRIOR (3rd straight decline; fastest rate of deflation since Jan 2007) - (UK) UK Jul GfK Consumer Confidence: -16 v -19e (update) - (US) API PETROLEUM INVENTORIES: CRUDE: -740K v -2Me (7th consecutive draw); GASOLINE: +1.8M v -1Me; DISTILLATE: -500K v +0.5Me ***Markets Snapshot (as of 03:15 GMT)*** - Nikkei225 -0.8% - S&P/ASX +0.9% - Kospi -0.1% - Shanghai Composite +0.7% - Hang Seng +0.3% - Sept S&P500 +0.1% at 1,686 - Dec gold +0.6% at $1,332 - Sept crude oil +0.3% at $103.35/brl ***Observations/Insights/Currencies*** - Shanghai Composite and S&P/ASX are leading the charge among regional indices as the head of China's top state planning body looked to further alleviate concerns over slowing China growth. NDRC chief Xu said Beijing is still comfortable with its 2013 7.5% GDP target and also noted the economy has been relatively stable. Worries over the credit markets have also taken a back seat for the time being - the 7-day Shibor is back below 5% and down for the 2nd consecutive session. Front month copper was up over 1%, rising as high as $3.08 following comments from NDRC. Australia stocks continue to price in expectations of an RBA rate cut next week following dovish remarks from Gov Stevens overnight. Fixed income markets are pricing in over 90% chance of a cut. AUD/USD fell below $0.9020, less that 20 pips away from multi-year lows. - Nikkei225 gave back most of yesterday's gain as investors turned more cautious on expectation of a less upbeat FOMC statement sending USD further down against JPY. Japan electronics, telecoms mitigated some of the losses with Soft Bank (9984.JP), KDDI (9433.JP), Hitachi (6501.JP), GS Yuasa (6674.JP) leading the way on higher on strong Q1 results overnight. USD/JPY traded in a narrow 30 pips range around the 98 handle. - In Asia-Pac EM currencies, Indian rupee is a notably lower, as USD/INR traded within an earshot of its record high above INR61 level. Overnight, RBI left its interest rates on hold as expected but the central bank Gov expressed reservations regarding the sovereign bond issue. Local press reported India government may be seeking a successor for RBI Gov Subbarao. - Looking ahead, investors are setting their sights on the volatility from US ADP, initial estimate of Q2 GDP, and FOMC policy statement on Wednesday. ***Fixed Income/Commodities*** - (CN) China 7-day weighted avg repo rate opens near 4.58% v 4.99% prior close - (AU) Australia MoF (AOFM) sells A700M in 4.75% 2027 Bonds; avg yield: 4.0550%; bid-to-cover: 3.15x ***Speakers/Political/In the Papers*** - (CN) China Banking Association: China banks 2013 bad loans may increase CNY70-100B - (CN) China National Development and Reform Commission (NDRC) head Xu: expresses confidence that China 2013 GDP to reach 7.5% - (CN) China Academy of Social Sciences (CASS): China urbanization fiscal costs may reach CNY650B/yr - Chinese press - (CN) China Taxation Administration head Wang: China may face challenges in meeting tax revenue target in 2013 in Chinese press - (CN) China PBOC's Sheng: China home prices not determined by money supply; Prices driven by supply and demand - Chinese press - (JP) According to one survey, economists see Japan's Apr-June GDP at 3.5% - Nikkei News - (JP) Japan govt begins discussion on mid-term fiscal plan; the decision on planned sales tax hike next year was not clarified - (JP) Japan has proposed to eliminate tariffs on at least 90% of commerce with China and South Korea as part of a three-way free trade agreement - Nikkei News - (AU) NAB forecasts two RBA rate cuts by year end vs one cut prior - financial press - (AU) Goldman Sachs: Australia iron ore producers profitability depend on AUD; Producers need $88/ton iron ore price to stay profitable - (TW) New housing units on market reaches record number - Taiwanese press - (TW) Taiwan research institute TIER monthly report: Manufacturing sentiment improved on export growth - financial press - (IN) India Fin Min Chidambaram: India Central Bank (RBI) Gov Subbarao seeking to move on, successor being sought - financial press - (US) WSJ's Hilsenrath: Record of potential Fed chairman Bernanke replacement Larry Summers suggests he would not retreat from easy money aggressively - US financial press ***Equities*** Key US earnings: - AMGN: Reports Q2 $1.89 v $1.74e, R$4.68B v $4.50Be; -2.0% afterhours - AFL: Reports Q2 $1.62 v $1.52e, R$6.04B v $5.89Be; -0.3% afterhours - BWLD: Reports Q2 $0.88 v $0.79e, R$305M v $304Me; +0.8% afterhours - TTWO: Reports Q1 -$0.54 v -$0.58e, R$142.7M v $122Me; +1.2% afterhours - TTWO: Reports Q1 -$0.54 v -$0.58e, R$142.7M v $122Me; +1.2% afterhours - LOPE: Reports Q2 $0.45 (adj) v $0.40e, R$141.5M v $138Me; +2.8% afterhours - FISV: Reports Q2 $1.50 v $1.44e, R$1.14B v $1.18Be; +3.6% afterhours >- SYMC: Reports Q1 $0.44 v $0.37e, R$1.71B v $1.64Be; +3.7% afterhours - HBI: Reports Q2 $1.19 v $0.96e, R$1.19B v $1.21Be; +6.8% afterhours - Australia movers [Clough CLO.AU +28.3% (acquisition proposal), Lynas LYC.AU -4.7% (quarterly production), LNG LNG.AU -14.3% (share issuance), WDS WDS.AU +20.6% (raises FY13 guidance), Kingsgate KCN.AU -3.9% (workforce reduction/FY forecasts)] - KCN.AU: To lay off a third of its South Australian Challenger project workforce - Australian press - AUT.AU: Reports June quarter oil and gas Rev $134M, +5% q/q - WDS.AU: Raises FY13 Net to slightly exceed upper-end of prior guidance ($6-8M); Rev expected in A$350-355M v A$330-350M prior forecast - CLO.AU: Received Murray &Roberts (M&R) proposal to acquire Clough shares at A$1.46/shr - LYC.AU: Reports June quarter total production 144T - QAN.AU: To increase fuel surcharges by 2-3% for tickets booked after Aug 13th - AFR - WOW.AU: CEO: Confident company can return sales growth to over 10% - AFR - FCG.NZ: Raises FY13/14 Farmgate milk prices/kilo of milk solids at NZ$7.50 from NZ$7.00 - Japan movers [Orix 8591.JP +7.6% (Q1 results), Hitachi 6501.JP +5.8% (Q1 results), Sumitomo Electric 5802.JP +8.7% (Q2 results), GS Yuasa 6674.JP +9.0% (Q1 results), Softbank 9984.JP +3.2% (Q1 results), KDDI 9433.JP +6.3% (Q1 results), Konica 4902.JP +9.6% (Q1 results), Hokuriku Electric Power 9505.JP -5.1% (Q1 results), All Nippon Airways 9202.JP -2.9% (Q1 results)] - TM: Forecasts 10.1M unit production rate for this year - Honda HMC: Aims to achieve top position in India motorcycle markets by FY16 - Nikkei News - Toyota Industries 6201.JP: Reports Q1 Net 28.0B v 25Be, Op Profit 23.8B v 18.3B y/y, Rev 486.7B v 386.5B y/y - Mitsui OSK 9104.JP: Reports Q1 Net 14.5B v 7.0Be, Op Profit 11.5B v 9.7Be, Rev 412B v 427Be - Kawasaki Kisen 9107.JP: Reports Q1 Net 7.0B v 2.3Be, Op Profit 7.3B v 4.0Be, Rev 295.7B v 302Be - Denso 6902.JP: Reports Q1 Net 86B v 66Be, Op Profit 102B v 95Be, Rev 997B v 977Be - TEPCO 9501.JP: Governor of Niigata Prefecture remains opposed to granting TEPCO permission to resume operation of its nuclear reactors; Talks with Econ Min Amari were unsuccessful - Nikkei News - 8001.JP: Itochu May report Q1 Net 73B +3% y/y; Expected to reaffirm FY13/14 forecast for Net profit of 290B +3% y/y - Nikkei News - Mitsubishi Chemical 4188.JP: May report Q1 op profit around 24B, +50% y/y; Rev seen rising 5% to just under 800B - Nikkei News - BHARTI.IN: Reports Q1 Net profit INR6.89B v INR7.5Be, Rev INR202.6B v INR185.6B y/y - South Korea movers [STX Offshore 067250.KR +12.4%] - Taiwan movers [HTC 2498.TW -6.7% (Q3 guidance)] - Source


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