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Friday August 2, 2013 - 06:57:29 GMT
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| | Email Asian Market Update: Australia sees deeper FY13/14 deficit than expected as AUD/USD tests new multi-year lows below $0.89 - Source

**Economic Data*** - (AU) AUSTRALIA Q2 PRODUCER PRICE INDEX (PPI) Q/Q: 0.1% V 0.3% PRIOR (5-quarter low); Y/Y: 1.2% V 1.6% PRIOR - (JP) JAPAN JUL MONETARY BASE Y/Y: 38.0% V 36.0% PRIOR - (ID) INDONESIA Q2 GDP Q/Q: 2.6% V 2.8%E; Y/Y: 5.8% V 5.9%E - (US) Weekly Fed Balance Sheet Assets Week ending July 31st: $3.53T v $3.53 prior; M1 y/y change: 11.3% v 11.7% w/w; M2 y/y change: 6.8% v 6.9% w/w ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +1.4% - S&P/ASX +0.9% - Kospi +0.5% - Shanghai Composite +0.8% - Hang Seng +0.6% - Sept S&P500 +0.1% at 1,701 - Dec gold -0.4% at $1,306 - Sept crude oil +0.7% at $108.61/brl ***Observations/Insights/Currencies*** - Nikkei225 is a notable outperformer for the 2nd consecutive session, as better than expected ISM data and weekly claims helped USD/JPY approach 99.70, up over 1 big figure from the overnight lows. Sony ADRs stood out in US session, rising about 4% after Q1 earnings, though the gains are more modest in the local market. Investors will tune in to Q1 results out of Toyota Motors after the close, with expectations calling for a boost to FY earnings projections. - Shanghai Composite is also up for consecutive days this week, extending its gains toward 2,050 level in the morning session. Sentiment is running high despite the rise in US yields and its implications of impending Fed taper. Investors are also overlooking some sobering comments from China commerce minister who said the outlook for exports in the 2nd half is pessimistic. - In the currency markets, AUD/USD remained under pronounced pressure, selling off below the $0.89 handle after press reports that Australian budget will feature expectation of higher unemployment and lower growth rates than previously expected. Subsequent budget announcement prompted some short-covering, as Treasurer Bowen still forecasted a budget surplus in FY16/17, also confirming a bank deposit and tobacco tax. ***Fixed Income/Commodities*** - (JP) Japan BoJ offers to purchase 110B in govt debt with maturities up to 1-year, 450B with maturities 5-10 years from the market - (CN) PBoC sets yuan mid point at 6.1817 v 6.1305 prior close (weakest setting since May 30th) >- GLD: SPDR Gold Trust ETF daily holdings fall by 6.3 tons to 921.1 ton (lowest since 894.7 tons in Feb of 2009) - SLV: iShares Silver Trust ETF daily holdings rise to 10,401 tons from 10,419 tons ***Speakers/Political/In the Papers*** - (CN) China Commerce Minister: Outlook for H2 export is pessimistic - Chinese press >- (CN) Beijing July avg new home price reaches record high - Beijing press - (CN) World Bank: Likely propose privatization of banks and sale of farmers' land as part of reform blueprint for China - financial press - (CN) China to consider waiving its one-child policy after 2015 - Chinese press - (JP) Japan coast guard reported four China vessels entered disputed territories around Senkaku Islands - Japanese press - (JP) Japan Fin Min Aso: Japan govt should have meetings with companies and labor to discuss wages - (JP) Japan govt's FY14 budget to include 1T for growth spending - Nikkei News - (JP) Japan Center for Economic Research (JCER): Japan's Real June GDP estimated flat m/m; 4-month low - Nikkei News - (JP) Japan govt expected to inform regional utility firms (Hokkaido Electric [9509.JP], Tohoku Electric [9506.JP] and Shikoku Electric [9507.JP]) to trim planned rate hikes by over 2% - Kyodo News - (AU) Australia raises FY13/14 budget deficit to A$30.1B from deficit A$18B in May; Confirms bank levy to begin in 2016, to raise A$733M >- (AU) Australia RBA member: Decline in AUD will boost resource export returns - financial press interview - (AU) Australia Treasurer Bowen: Domestic economy is going through a transition - press conf - (KR) South Korea to set 2014 minimum wage at KRW5,210/hour; official announcement expected Friday - financial press - (TW) Taiwan research institute CIER reports that manufacturers remain pessimistic - Taiwanese press - IMF Chief Lagarde: Policies of five major economies unbalanced; world economy could be 3% bigger if appropriate monetary policies were implemented - (LY) Head of Libya oil security has resigned after recent protests that have sharply reduced oil output from the country ***Equities*** - OPEN: Reports Q2 $0.50 v $0.47e, R$45.6M v $46.0Me; -6.7% afterhours - INTU: Cuts FY13 EPS guidance (after close of transaction) to $3.16-3.18 v $3.31e ($3.31-3.35 prior), Rev to $4.15-4.16B v $4.47Be ($4.495-4.520B prior); +0.1% afterhours - KRFT: Reports Q2 $0.85 (ex items) v $0.67e, R$4.74B v $4.82Be; +0.6% afterhours - TSO: Reports Q2 $1.56 v $1.43e, R$8.90B v $7.68Be; Increased quarterly dividend by 25% to $0.25/shr (yield 1.73%); +0.8% afterhours - DELL: CNBC's Faber: Dell/Siver Lake making progress in talks with Special Committee; +1.7% afterhours - AIG: Reports Q2 $1.12 v $0.85e, R$9.91B v $9.76Be; Reinstates dividend of $0.10/shr, stock buyback of $1.0B; +5.0% afterhours - LNKD: Reports Q2 $0.38 v $0.31e, R$364M v $353Me; +7.0% afterhours Australia movers [ANZ.AU +1.2%, CBA.AU +0.7%, NAB.AU +0.8%, WBC.AU +1.3%, BHP.AU +1.1%, WPL.AU +0.9%, STO.AU +0.9%, LYC.AU +3.8%] - PDN.AU: Postpones sale process for Langer Heinrich; trading halt remains - ORL.AU: Guides FY13 EBIT A$40M, FY14 A$23-25M - WDC.AU: Guides H1 distribution A$0.255/shr - SFG.AU: Acquires debt assets for A$24.75M - NAB.AU: National Australia Bank, Macquarie Bank, Westpac Banking Corporation seeking to acquire Australia assets of Lloyd's - financial press - GXY.AU: Reports July Lithium Carbonate production 678 tons, +12% y/y; total production sales 611 tons, +11.5% y/y Japan movers [Sapporo 2501.JP +4.2% (improved H1 sales forecast), Asahi 2502.JP +4.8% (record H1 sales results), Sharp 6753.JP +2.4% (Q1 results), Suzuki 7269.JP +4.7% (Q1 results), Mazda 7261.JP +2.6% (North American Jul sales), Nippon Sheet Glass 5202.JP +3.9% (Q1 results), Mitsui Chemicals 4183.JP +7.4% (Q1 results), Sumitomo Heavy 6302.JP -1.4% (Q1 results), Kyocera 6971.JP -4.4% (Q1 results)] - Marubeni 8002.JP: May report Q1 net profit around 53B v 52B y/y - Nikkei News - Teijin 3401.JP: Reports Q1 Net 0.2B v loss 1.6B y/y, Op Profit 1.8B v 0.1Be, Rev 183.5B v 185Be South Korea movers [Hyundai Motor 005380.KR +1.5% (July sales), Daewoo Engineering 047040.KR -0.7% (awarded $82M contract), Kia Motors 000270.KR -0.6% (July sales), CJ Corp 001040.KR -3.0%] - Daewoo Engineering 047040.KR: Awarded $82M construction order in Indonesia - Daewoong Pharmaceutical 069620.KR: To acquire China drug firm Liaoning Baifeng for KRW18B - Korean press - KT Corp 030200.KR: Reports Q2 Net KRW108.5B v KRW251.2Be, Op profit KRW348.3B v KRW368.8Be, Rev KRW5.76T v KRW6.05T y/y Taiwan movers [HTC 2498.TW -3.0%, Airtac 1590.TW +3.0%] - AUO: Pres: Expects panel shipments to increase in Aug; Optimistic regarding Q4 - DigiTimes - 1301.TW: Receives fine from FTC for abusing monopoly - Taiwanese press - Guangzhou 2777.HK: Reports July contracted sales CNY2.97B, +25.3% y/y - Oversea-Chinese Banking OCBC.SG: Repots Q2 Net S$597M v S$640Me, Rev S$1.57B v S$1.53B y/y - Source


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