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Monday August 5, 2013 - 07:03:28 GMT
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| | Email Asian Market Update: China ban on New Zealand dairy imports sinks Kiwi Dollar***Economic Data*** - Source

CN) China July Non-manufacturing PMI: 54.1 v 53.9 prior (17th straight month of expansion) >- (CN) CHINA JUL HSBC SERVICES PMI: 51.3 V 51.3 PRIOR - (AU) AUSTRALIA JUN RETAIL SALES M/M: 0.0% V 0.4%E - (AU) AUSTRALIA JULY AIG PERFORMANCES OF SERVICES PMI: 39.4 v 41.5 PRIOR (lowest reading since Mar 2009) - (HK) HONG KONG JUL PURCHASING MANAGERS INDEX (PMI): 49.7 V 48.7 PRIOR - (NZ) NEW ZEALAND JUL ANZ COMMODITY PRICE M/M: +0.6% V -3.7% PRIOR - (TW) TAIWAN JUL CPI Y/Y: 0.1% V 0.6%E; WPI Y/Y: -2.1% V -1.9%E - (KR) SOUTH KOREA JUL FOREIGN RESERVES: $329.7B V $326.4B PRIOR ***Markets Snapshot (as of 03:00 GMT)*** - Nikkei225 -1.0% - S&P/ASX -0.2% - Kospi -0.2% - Shanghai Composite +0.1% - Hang Seng +0.1% - Sept S&P500 -0.1% at 1,703 - Dec gold +0.5% at $1,316 - Sept crude oil flat at $106.95/brl ***Observations/Insights/Currencies*** - China and Russia have moved swiftly to ban shipments of New Zealand's dairy products after reports of bacteria contamination in Fonterra powder emerged late last week, sending Kiwi dollar sharply lower at the open. NZD/USD was quoted near $0.77 - down from $0.7830 - before the official start of trade, but pared some of those declines in the latter half of the session to rise above $0.7760. AUD/NZD has continued to come off its multi-year lows to trade around NZ$1.1450. Hong Kong/China traded dairy name - China Mengniu Dairy (2319), Biostime (1112), China Modern Dairy (1117), and Inner Mongolia Yili Industrial Group (China's largest dairy producer, 600887 in Shanghai) - are posting nice gains on reduced competition from the dairy heavyweight down under. - Australian retail sales came in flat, disappointing consensus estimate for a rise of 0.4% and further solidifying expectations for an RBA rate cut tomorrow. AUD/USD hit fresh multi-year lows below $0.8850 on the data, while shares of retailer Woolworths were down 0.8%. Separately in Australia, PM Rudd announced Sept 7th as the date for national elections. Opposition coalition still holds a slight majority in the polls despite the recent surge by Labor. - Nikkei225 is under added pressure as Japanese earnings season winds down, down about 1% on the session. Tokyo exporters are selling off amid stronger JPY in the wake of disappointing US non-farm payrolls on Friday that sent USD/JPY pair below 98.80 lows - levels where the pair finds itself in late Asia session. Shares of Toyota are also down nearly 1% despite the beat on Q1 results reported afterhours on Friday. ***Fixed Income/Commodities*** - (KR) South Korea sells 3-yr govt bonds; avg yield 2.930% - (KR) South Korea sells 30-yr govt Bonds; avg yield: 3.835% - (AU) Australian Office of Financial Management (AoFM): Raises FY13/14 Bond issuance forecast to A$60B v A$50B in FY12/13 - (JP) Japan BoJ offers to purchase 200B in govt debt with maturities over 10-years, 300B with maturities 3-5 years, 200B in maturities 1-3 years from the market - GLD: SPDR Gold Trust ETF daily holdings fall to 9 18.6 ton (lowest since 894.7 tons in Feb of 2009) - update as of Aug 2nd - SLV: iShares Silver Trust ETF daily holdings fall to 10,396 tons from 10,401 tons - update as of Aug 2nd (2nd consecutive decline) - (AU) Australia Newcastle weekly coal exports for week ended Aug 5th w/w: -23.2% v +17.8% prior - (CN) China Ministry of Commerce (MOFCOM): China pork price +1.7% in late July - (AU) Australia Jul Port Hedland iron ore exports: 26.6M v 27.7M tons m/m ***Speakers/Political/In the Papers*** - (CN) China Ministry of Finance (MOF): likely to expand property tax trial program - Xinhua - (CN) China may postpone the release of Shanghai free-trade zone rules -SCMP - (CN) China Insurance Regulatory Commission (CIRC) official: new rules to loosen life insurance interest rates may create CNY400B new business - financial press - (CN) China Banking Regulatory Commission (CBRC) chief: warns of Local Government Financing Vehicle (LGFV) loan default risks - financial press - (CH) China plans to overhaul shipbuilding industry; issues 3-yr plan - financial press - (CN) China state researcher: China may face economic downslide in Q4 - China Daily - (CN) PBoC won't cut Reserve Requirement Rate (RRR) in short-term - financial press - (CN) Baoshan Iron and Steel Chairman Xu: China steel sector may face annual loss in a relatively long term - Chinese press - (CN) China Ministry of Commerce (MOFCOM) may issue cross-border e-commerce policies in 2013 to boost foreign trade - Chinese press - (CN) China Foreign Minister Wang: China foreign investment will add $500B in next five years - China-ASEAN forum - (CN) China Beijing Commission of Tourism Development: Tourism in Beijing fell 14% y/y in H1 of 2013; first H1 decline since 2008 - (CN) China Bank of Communications (BoCom) Strategist: China unlikely to complete the interest rate reform over the next two years - financial press - (JP) Japan Cabinet Office raises FY13/14 GDP forecast to 2.8% from 2.5%; sees FY13/14 CPI likely rising about 0.5%; marks first increase since FY08/09. - (JP) Japan PM Abe to instruct Econ Min Amari to set up meetings with corporate management to seek their input on the impact of higher consumption tax - Nikkei News - (JP) Japan LDP Policy Chief Takaichi to visit Yasukuni shrine on Aug 15th - Japanese press - (JP) Japan PM advisory panel to propose 'self-defense' interpretation of the constitution - Asahi News - (JP) Japan Iron and Steel Federation: June exports rose 2.2% y/y to 3.69M tons (1st increase in 2 months) - Nikkei News - (JP) IMF's Lagarde: Supports Japan's plans to raise sales tax from 5% to 10% - Nikkei News - (JP) Japan coast guard indicating four China vessels continue to patrol the area around the disputed territories near Senkaku Islands - Japanese press - (JP) Japan listed firms Q1 pretax profit +40% y/y (highest since Q2 2010) - financial press - (JP) Japan brokerages to raise fees to limit high-speed fx margin trades - Japanese press - (KR) Analysts expect Bank of Korea (BOK) to hold rates in Aug - Yonhap - (KR) South Korea Institute of Finance (KIF): Expects Korean banks' net interest margin to deteriorate further this year - Korean press - (AU) Moody reaffirms Australia sovereign rating at AAA; Outlook Stable - (AU) Moody's: Australia currency decline is positive for domestic banks - (AU) Australia Jul new car sales +4.1% y/y at 90.2k units - (AU) Australia PM Rudd calls for national elections on Sept 7th - (AU) Australia Dep PM Albanese: Labor starting election campaign slightly behind - financial press - (NZ) China has halted all of Fonterra's milk powder imports >- (NZ) New Zealand Ministry of Primary Industries confirmed Russia placed ban on all NZ dairy products after the trade minister indicated that other countries may join China and Russia in banning dairy imports from Fonterra. - (NZ) New Zealand PM Key: Important not to lose the confidence of consumers in China - financial press - (NZ) New Zealand real estate agency Barfoot & Thompson: Auckland July House Sales +7% m/m - financial press - (EG) Egypt security authorities said to have warned pro-Mursi supporters that the time for a peaceful end over their sit-in is running short; Will break up vigils unless mediation produces results - financial press - (EG) Egypt's benchmark EGX 30 Index rising 2.9% in Sunday trade following a 50bp rate cut by the central bank on Thursday; highest level since late February - (US) Former chief White House economist Austan Goolsbee: Global economy has moved away from the crisis; US employment sector has remained stagnant - financial press - London Metals Exchange (LME), Goldman Sachs named co-defendants in US class action suit regarding anticompetitive practices ***Equities*** - MU: Said to be increasing DRAM investment in Taiwan - VGZ: Reports Q2 -$0.26 v -$0.42 y/y - DELL: Icahn considers "tweaking" Dell offer if he gets partial victory in Delaware Chancery Court - NY Post - AAPL: US Trade Rep overturns the ITC imposed import ban on some Apple devices in Samsung patent infringement case - press Australia movers [markets closed (Bank Holiday Monday)] - AQG.AU: CEO: Australian mines sales process drawing to a close - SAR.AU: Raises FY13/14 production guidance to 120-130Koz - ENV.AU: Envestra rejects takeover proposal from APA Group; Says proposal undervalues the company - CDD.AU: Affirms FY13 NPAT approx A$77.7M, at upper end of guidance range A$73-77M, +5% y/y - VAH.AU: Provides FY13 guidance: Sees FY13 Net loss A$95-110M, carbon tax impact of A$45-50M - FCG.NZ: Exec: no products sold on global dairy trade has been affected by contamination speculation Japan movers [Taiheiyo Cement 5233.JP +2.6%, Toppan Printing 7911.JP -1.2% (prelim Q1 results), Sumitomo Chemical 4005.JP +2.0%, Nissan Chemical 4021.JP -3.0%, Fukuoka Financial 8354.JP -2.9%, Toto 5332.JP -2.5%, JX Holdings 5020.JP -2.2%] - Maruha Nichiro 1334.JP: May report Q1 op profit around 3.5B v 3.9B y/y; Rev rising slightly to around 200B - Nikkei News - Toppan Printing 7911.JP: May report Q1 op profit just below 5B v 1.7B y/y; Rev rising slightly to just above 360B - Nikkei News - TEPCO 9501.JP: Estimates 20-40T becquerels of radioactive tritium has leaked into the Pacific Ocean since the disaster - financial press - Isuzu 7202.JP: May report Q1 op profit 43B (record high) +50% y/y, Rev 480B +20% y/y - Nikkei News - Marubeni 8002.JP: To acquire 25% stake in Mainstream Renewable Power (deal valued at 100M); also plans to acquire 50% National Power International (financial terms not disclosed) - (JP) Japan airlines preparing for busy holiday season; sees increased domestic, int'l reservations - Japanese press South Korea movers [STX Offshore & Shipbuilding 067250.KRU -14.9%, JW Pharmaceutical +2.1% (overseas expansion)] - Hyundai Heavy 009540.KR: Awarded $3.3B plant order from Saudi Arabia - financial press - CIFI Holdings 884.HK: Reports Jan-July contract sales CNY8.16B, +78% y/y - Asia Tele-Net 679.HK: Expects to see profit in H1 v loss y/y - China Foods 506.HK: Reports H1 Net loss HK6M v Net HK$474M y/y - COAL.IN: Reports Q1 Net INR37.3B v INR44.7B y/y - JUST.IN: Reports Q1 Net INR280M v INR166M y/y - BHEL.IN: Reports Q1 Net INR4.7B v INR9.2B y/y - High Tech 2498.TW: To repurchase 15M shares - Source


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