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Wednesday August 7, 2013 - 06:38:40 GMT
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| | Email Asian Market Update: USD/JPY at 5-week lows ahead of BOJ decision tomorrow - Source

(AU) AUSTRALIA JUN HOME LOANS M/M: 2.7% V 2.0%E; INVESTMENT LENDING: -0.5% V +1.1% PRIOR; OWNER-OCCUPIER LOAN VALUE: 2.1% V 2.2% PRIOR - (AU) AUSTRALIA JUL AIG PERFORMANCE OF CONSTRUCTION INDEX: 44.1 V 39.5 PRIOR (5-month high) - (NZ) NEW ZEALAND Q2 AVERAGE HOURLY EARNINGS Q/Q: 0.4% V 0.6%E; PRIVATE WAGES EX-OVERTIME Q/Q: 0.4% V 0.5%E; PRIVATE WAGES INCL OVERTIME Q/Q: 0.5% V 0.5%E - (NZ) NEW ZEALAND Q2 UNEMPLOYMENT RATE: 6.4% V 6.3%E; EMPLOYMENT CHANGE Q/Q: 0.4% V 0.3%E; Y/Y: 0.7% V 0.7%E; PARTICIPATION RATE: 68.0% V 67.9%E - (JP) JAPAN JUN OFFICIAL RESERVE ASSETS: $1.25T V $1.24T PRIOR - (KR) SOUTH KOREA JUN MONEY SUPPLY L Y/Y: 6.8% V 7.3% PRIOR; M2 M/M: 0.6% V 0.1% PRIOR - (KR) SOUTH KOREA JULY BANK LENDING TO HOUSEHOLD (KRW) 470T V 469.9T PRIOR - (US) API PETROLEUM INVENTORIES: CRUDE: -3.7M v -1.5Me; GASOLINE: -970K v -0.5Me; DISTILLATE: +1.5M v -0.5Me ***Markets Snapshot (as of 04:00 GMT)*** - Nikkei225 -2.3% - S&P/ASX -1.3% - Kospi -1.0% - Shanghai Composite +0.4% - Hang Seng -0.2% - Sept S&P500 -0.2% at 1,691 - Dec gold -0.4% at $1,277 - Sept crude oil +0.1% at $105.3/brl ***Observations/Insights/Currencies*** - New Zealand wage growth remains subdued, likely keeping RBNZ on the sidelines until 2014. NZD outperformed in the US session against the dollar, supported by a less than feared price decline in Fonterra's dairy auction. - AUD/USD backing away from the $0.90 handle to trade down to $0.8950 despite better than expected mortgage lending as traders took profit ahead of the release of July economic data for China over the next 2 sessions. - USD/JPY hits 5-week lows below 97.20 ahead of the BOJ decision tomorrow. USD was under modest pressure overall in US hours despite the strong trade data, with much of the damage sustained after US IBD Economic Assessment. ***Fixed Income/Commodities*** - (CN) China MOF sells 7-yr bonds, avg yield 3.7164% - (CN) USD/CNY: Yuan rises to 19-year high of CNY6.1206 in OTC market - (CN) PBoC sets yuan mid point at 6.1726 v 6.1217 prior close (strongest Yuan setting since July 29th) - (JP) BoJ offers to buy from the market 110B in up to 1-yr JGB, 200B in 1-3yr JGB, and 300B in 3-5yr JGB - (AU) Australia MoF (AOFM) sells A$1B in 3.25% 2025 Bonds; avg yield: 3.9026%; bid-to-cover: 2.69x - (JP) Japan 10-yr govt bond yields decline by 1.5bps to 0.765%; 3-month low - GLD: SPDR Gold Trust ETF daily holdings fall by 2.1 tons to 915.0 ton (lowest since 894.7 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) Major real estate firms in China have filed large mixed shelf registrations for the first time since Aug 2009; will use the proceeds for future investment - >- (CN) According to Century 21 China Real Estate, July sales of existing homes fell 11.2% m/m to 19.8K units - Shanghai Daily - (CN) China National Development and Reform Commission (NDRC) :fines six foreign milk power companies total at CNY670M for price fixing - Xinhua - (CN) S&P: China's automakers have room to grow - press - (CN) China Defense Ministry: concerned about expansion in Japan military - (CN) China Iron & Steel Association (CISA) calls to limit production in steel to support price - - (CN) China National Development and Reform Commission (NDRC) to implement macro-policies for employment - financial press - (CN) Some banks in Shanghai said to have raised 5-yr fixed deposit rates to 110% of the benchmark rate - Chinese press - (CN) China may implement new rules on baby formula leading to reduction in the number of dairy producers - Chinese press - (CN) Former World Bank chief economist Justin Lin: China can maintain 7.5% growth rate for 2013 - (CN) PBoC considering establishing new government agency for forex operation - SCMP - (CN) China National Development and Reform Commission (NDRC) official: China's urbanization doesn't represent another CNY4T stimulus - Chinese press - (CN) China's first batch of fully private banks may be launched in Beijing or Wenzhou City as early as H2 - Chinese press - (CN) China State Information Center: China may continue to see slowdown in trade growth in H2 - Chinese press - (JP) Japan Chief Cabinet Sec Suga: Japan govt regards Fukushima water issue as very serious; Budget flexibility required to tackle deflation - (JP) Japan PM Abe plans to order Industry Minister to increase response to Fukushima water issue on Aug 7th - financial press - (JP) Japan PM adviser Hamada: BOJ should be prepared for easing if economy falters - (JP) Japan unveils biggest naval vessel since war - press - (JP) Four China vessels said to have entered near disputed Senkaku islands - financial press - (JP) Japan's domestic price of H-beams and other steel products used in construction have risen for the first time in 5 months - Nikkei News - (JP) Japan PM Abe said to be considering a reshuffle of cabinet at the end of Dec - Japanese press - (KR) South Korea Financial Supervisory Service (FSS) said foreigners were net buyers of domestic stocks in Jul - Korean press - (KR) South Korea Fin Min Hyun: Sees weak recovery in the private sector of domestic economy; May take measures to ease concerns over US QE taper - (KR) Bank of Korea (BOK) likely to keep benchmark rate unchanged at 2.50% - Korean press - (AU) Moody's: Australia REIT outlook is Stable; macroeconomic risks, cyclical re-leveraging key challenges for outlook - (AU) Australian PM Rudd: Yesterday's rate cut was important for mortgage holders - press conf - (AU) Australia high court upholds mining tax (MRRT) - financial press - (AU) Australia opposition leader Tony Abbott: Committed to cut corporate tax rate by 1.5% effective July 1st, 2015 - Australian press - (NZ) New Zealand Fin Min English: Domestic dairy product prices remain elevated - (EG) Supporters of former Egypt PM Morsi clash with security forces in Alexandria; 1 fatality report - financial press ***Equities*** Key movers by sector: - Utilities [TEPCO 9501.JP +3.2% (possible support from METI)] - Autos [Isuzu Motors 7202.JP -6.2% (Q1 results), Mitsubishi Motors 7211.JP -2.6%, Hyundai Motors 005380.KR -3.2% (No union wage agreement), Kia Motors 000270.KR -2.6% (No union wage agreement)] - Financials [Woori Financial 005940.KR -2.1%] - Consumer Discretionary [Billabong BBG.AU +10.7%] - Technology [Fujitsu 6702.JP -1.8% (awarded order), Pioneer Corp 6773.JP -6.7% (Q1 results), Samsung Electronics 005930.KR -1.9% (speculation on reducing investment plans), TPK 3673.TW -6.9% (Q2 results), Nanya Technology 2408.TW -2.8% (July results), Radian 6176.TW -4.7% (July shipments) - Materials [Pacific Metals 5541.JP -13.4%, Tokyo Steel 5423.JP +2.8% (product price increases), St Barbara SBM.AU +3.2% (affirms FY14 gold production)] - Industrial [Ube Industries 4208.JP -8.1% (Q1 results), Daikin Industries 6367.JP +6.7% (Q1 results), Sumitomo Osaka Cement 5232.JP +4.6% (Q1 results), IHI Corp 7013.JP -5.3% (Q1 results), Yamaha 7951.JP -3.5%, Makalot Industrial 1477.TW (Invest plans)] - Energy [Showa Shell 5002.JP +6.5% (H1 results)] US - After Market Close: - FSLR: Reports Q2 $0.39 v $0.50e, R$520M v $684Me; lowers guidance; -9.1% afterhours >- CAR: Reports Q2 $0.50 v $0.49e, R$2.0B v $2.0Be; Authorizes $200M share repurchase program (approx 6% of market cap); -3.9% afterhours - DIS: Reports Q3 $1.03 v $1.03e, R$11.6B v $11.7Be; -1.9% afterhours - MRO: Reports Q2 $0.67 adj v $0.71e, R$3.90B v $3.84Be; Raises quarterly dividend 12%; +0.3% afterhours - CF: Reports Q2 $8.38 v $7.79e, R$1.71B v $1.69Be; +2.4% afterhours - FOXA: Reports Q4 $0.31 (ex gain) v $0.34e, R$7.21B v $7.12Be; +3.3% afterhours - CSC: Reports Q1 $0.91 v $0.83e; R$3.26B v $3.58Be; +4.7% afterhours >- FNSR: Reports prelim $0.30-0.31 v $0.24e, R$266M v $253Me (guided $0.22-0.26, R$245-260M prior); +17.6% afterhours Australia S&P/ASX - New Zealand NZX50: - SBM.AU: Affirms FY14 gold production guidance 395-445Koz - SFR.AU: Posco seeks to sell stake in Sandfire - Korean press Japan Nikkei225: - Daio Paper 3880.JP: May report Q1 pretax profit just above 1.2B, +15% y/y; Rev may rise 4% to about 100B - Nikkei News - Nisshinbo 3105.JP: Reports Q1 Net loss 1.2B v loss 1.1B y/y, Op loss 678M v loss 757M y/y, Rev 103.7B v 100.6B y/y - Rakuten 4755.JP: Capital Research reduces stake in the company from 7.08% to 5.20% - Mitsui Chemical 4183.JP: To complete maintenance at Ichinara plant today - financial press - Nippon Steel & Sumitomo 5401.JP: To partner with three other steel companies to construct an experimental hydrogen-fueled blast furnace to reduce carbon dioxide emissions - Nikkei News - TEPCO 9501.JP: (JP) Japan Ministry of Economy, Trade and Industry (METI) to mull support in response to recent water issues at Fukushima - financial press' - Softbank 9984.JP to increase stake in Sprint to 80% - Nikkei News - Fujitsu 6702.JP: Received an order from Canon for a new supercomputer - Nikkei News - 7203.JP: Aqua hybrid replaces Prius as Japan's top selling new vehicle in July - Nikkei News Korea Kospi: - Kia Motors 000270.KR: Labor Union said to have walked out of wage talks - financial press - Samsung Electronics 005930.KR: Samsung and LG deny press speculation on reducing investment on China LCD plant Taiwan Taiex: - Makalot Industrial 1477.TW: Plans to invest NT$500M/yr over four years to increase production volume - Taiwan press - MediaTek 2454.TW: Reports July Rev NT$13.2B, +43% y/y - Nanya 2408.TW: Reports Jul Rev NT$26.72B v NT$23.16B m/m - Chi Mei Optoelctronics 3009.TW: Banks said to have demanded repayment of up to NT$6B in loans - Taiwanese press - Formosa Petrochemical 6505.TW: Reports Jul Rev NT$76.76B v NT$66.25M m/m Hong Kong Hang Seng - Singapore Straits Times: - Biostime 1112.HK: Received China regulator fine of CNY162.9M on anti-monopoly investigation for Guangzhou unit - financial press - Yangzijiang Shipbuilding YZJ.SG: Reports Q2 Net CNY811.7M v CNY878.2M y/y; Rev CNY4.42B, +12% y/y - Source


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