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Thursday August 1, 2013 - 06:47:49 GMT
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| | Email Asian Market Update: China dodges contraction in official manufacturing PMI; Australia scrambles to raise funds to meet surplus timeline - Source

(CN) CHINA JUL HSBC FINAL MANUFACTURING PMI: 47.7 V 47.7E (11-month low) >- (CN) CHINA JUL MANUFACTURING PMI: 50.3 V 49.8E - (AU) AUSTRALIA JUL AIG PERFORMANCE OF MANUFACTURING INDEX: 42.0 V 49.6 PRIOR (18th consecutive month of contraction; 3-month low) - (AU) AUSTRALIA JUL RPDATA-RISMARK HOUSE PX ACTUAL: 1.6% V 1.9% PRIOR - (AU) AUSTRALIA Q2 IMPORT PRICE INDEX Q/Q: -0.3% V 2.0%E; EXPORT PRICE INDEX Q/Q: -0.3% V 0.3%E - (AU) AUSTRALIA JUN HIA NEW HOME SALES M/M: 3.4% V 1.6% PRIOR - (JP) Japan investors bought net 233.2B in Foreign Bonds last week vs bought net 549.3B prior week (4th consecutive week of purchase); Foreign Investors sold net 61.8B in Japan stocks last week vs bought net 349.8B in prior week - (KR) SOUTH KOREA JUL TRADE BALANCE: $2.7B V $4.9BE - (KR) SOUTH KOREA JUL CPI M/M: 0.2% V 0.2%E; Y/Y: 1.4% V 1.4%E; CORE CPI Y/Y: 1.5% V 1.4% PRIOR - (TW) TAIWAN JUL HSBC MANUFACTURING PMI: 48.6 V 49.5 PRIOR - (VN) VIETNAM JUL HSBC MARKIT MANUFACTURING PMI: 48.5 V 46.4 PRIOR - (ID) INDONESIA JUL HSBC MARKIT MANUFACTURING PMI: 50.7 V 51.0 PRIOR ***Markets Snapshot (as of 03:15 GMT)*** - Nikkei225 +1.2% - S&P/ASX -0.3% - Kospi +0.5% - Shanghai Composite +1.3% - Hang Seng +1.0% - Sept S&P500 +0.5% at 1,688 - Dec gold +0.7% at $1,321 - Sep crude oil +0.3% at $105.37/brl ***Observations/Insights/Currencies*** - A dovish FOMC policy statement expressing concern over low inflation, elevated unemployment rate, and higher mortgage rates has helped the Asian emerging markets rally despite continued uncertainty regarding growth in China. July manufacturing PMI datapoints on the mainland once again saw a suspicious divergence - the official print (focused more on state-owned enterprises) averted expectations of a contraction with a marginal improvement over June, while the HSBC final PMI remained deep in the red. Shanghai Composite remains supported above the psychological 2,000 level. - AUD/USD spiked about 30pips to $0.8980 after the first release China manufacturing PMI before retreating to $0.8950. All Australian major banks were down after AFR reported that the govt plans to charge 0.5-1.0% on deposits of A$100k. Report, so far denied by Fin Min Wong, follows earlier indication Australia govt is looking to increase tobacco taxes as it continues to stretch in shoring up revenues to meet its FY16/17 budget surplus expectations. S&P/ASX is the only major index in the red. - Elsewhere in the currency markets, USD/JPY fell as low as 97.70 following the dovish Fed statement but reversed all of those losses in Asia, helping Nikkei225 to another strong session. Ahead of the ECB and BOE decisions late in the European trading hours, EUR/USD is down 40pips near the lows at $1.3270 and GBP/USD is off by over 50pips below $1.5160. ***Fixed Income/Commodities*** - JGB: (JP) Japan MoF sells 2.18T in 0.8% (0.8% prior) 10-yr notes; Avg yield: 0.800% v 0.883% prior; Bid to cover: 3.51x v 2.41x prior - (NZ) New Zealand sells NZ$300M in 2025 inflation-linked bonds, bid-to-cover 2.28X - (CN) China plans to reduce national steel capacity by 400Mt - China Daily ***Speakers/Political/In the Papers*** - (CN) Moody's: China local govt debt audit to improve transparency is credit positive; Audit may reveal bigger burden from central govt than estimates - (CN) China National Development and Reform Commission (NDRC) researcher Wang: China has little chance to face hard landing - (CN) China State Council: China won't allow growth to slow to unreasonable level - (CN) China Stats Bureau official Zhao: China potential growth has fallen into range of 7-8% - (CN) China big four banks July new loans CNY210B v CNY270B in Jun - Chinese press - (CN) China National Development and Reform Commission (NDRC) researcher Wang: China has little chance to face hard landing - (JP) Japan, US to hold TPP free trade related bilateral discussion in Tokyo next week - (JP) Japan govt is making plans to cut the fiscal deficit in 2014 and 2015 by a total of 8T - Nikkei News - (AU) Australia Fin Min Wong: declines to speculate on new bank levy (earlier press reported Australia govt may look to place a new deposit insurance tax on local banks in the event future bailouts are required) >- (AU) Australia govt to increase tobacco excise tax; expected to generate A$5.3B need to maintain FY16/17 budget on track - financial press - (AU) Moody's: Australia mortgages improved in May - (NZ) According to, New Zealand July new property listings m/m: +9%; stock of unsold houses m/m: +7% - (HK) Moody's: Hong Kong banks benefit from enhanced yuan liquidity facility - HK press - (IN) India's PM Singh wants to lower oil imports by $25B - Indian Press - (PH) Philippines Central Bank gov Tetangco: Fed decision has little impact on local markets in near term ***Equities*** - MAR: Reports Q2 $0.57 v $0.57e, R$3.26B v $3.23Be; -2.6% afterhours >- WFM: Reports Q3 $0.38 v $0.37e, R$3.06B v $3.09Be; -2.1% afterhours - MET: Reports Q2 $1.44 v $1.33e, R$17.04B v $17.1Be; -0.4% afterhours - CBS: Reports Q2 $0.76 v $0.72e, R$3.70B v $3.51Be; +0.6% afterhours - ALL: Reports Q2 $1.12 adj v $0.98e, R$8.79B v $7.38Be; +1.0% afterhours - PBR: Reports June production 2.61M bpd, 4.5% m/m; crude production 1.98M bpd; +1.0% afterhours Australia movers [Transurban TCL.AU +1.6% (FY results), Medusa MML.AU -2.2% (quarterly gold production), Nexus NXS.AU -2.4% (Q4 gas production), Aurora AUT.AU +2.8% (June quarter results), ANZ Bank ANZ.AU -2.2%, National Australia Bank NAB.AU -2.6%, Westpac Banking Corp WBC.AU -1.8%] - ELD.AU: (AE) Announces sale of Futuris Automotive unit - WOW.AU: Australia competition regulator (ACCC) delays decision on Supa IGA acquisition in Queensland - AFR - TCL.AU: Reports FY13 Net A$171.7M v A$59.4M y/y, Rev A$1.195B +3.5% y/y - FMG.AU: Delays development of Nyidinghu iron ore deposit to Q1 2016 - financial press Japan movers [Hokkaido Electric 9509.JP +3.4% (Q1 results), Tohoku Electric 9506.JP +5.6% (Q1 results), Chubu Electric 9502.JP +3.0% (Q1 results), TEPCO 9501.JP +5.8% (Q1 results), Seiko Epson 6724.JP +12.2% (Q1), Toshiba 6502.JP -5.9% (Q1 results), Sharp 6753.JP +0.7% (expected Q1 results, capital raise plans), Panasonic 6752.JP +5.1% (Q1 results), Yamaha 7951.JP +4.5% (Q1 results), Honda 7267.JP -3.0% (Q1 results), NTT 9613.JP -7.5% (Q1 results), Asahi Glass 5201.JP -8.4% (H1 results), Nippon Meat Packers 2282.JP -4.6% (Q1 results), Murata 6981.JP +7.4% (Q1 results), TDK 6762.JP +0.9% (Q1 results), GungHo 3765.JP -6.5% (Q1 results), All Nippon Airways 9202.JP +1.0% (new routes)] - All Nippon Airways 9202.JP: JV Peach Aviation unit begins new daily service to Taiwan - Kyodo News - Asahi Kasei 3407.JP: May report Q1 op profit around 28B, +160% y/y; Rev seen rising about 20% to 430B - Nikkei News - Sharp 6753.JP: No decision made on capital raise (vs prior reports that it may look to raise 100B (about 21% of market cap) by mid-Sept) - Suzuki 7269.JP: To start procuring motorcycle parts from some of its auto parts suppliers in India - Nikkei News - Sharp 6753.JP: May report Q1 op profit around 3B; Rev seen rising 30% around 600B - Nikkei News - Shin-Etsu Chemical 4063.JP: Announces development of new material to extend smartphone battery life - Japanese press South Korea movers [STX O&S 067250.KR +11.7% (New liquidity measures)] - Samsung Fire & Marine Insurance 000810.KR: Reports Q1 Net KRW189.1B v KRW131.4B y/y, Rev KRW1.44T +1.9% y/y - STX Offshore & Shipbuilding 067250.KR: Creditors expected to provide new liquidity - financial press Taiwan movers [AU Optronics 2409.TW +6.6% (Q2 results), Hon Hai 2317.TW -1.4%] - Compal Electronics 2324.TW: Awarded iPad mini2 orders - financial press - DBS.SG: Reports Q2 Net S$887M v S$883Me, Rev S$2.31B v S$1.95B y/y - UNSP.IN: Reports Q1 Net profit INR1.18B v INR1.45B y/y, Rev INR21.9B v INR20.6B y/y - Source


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