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Thursday August 8, 2013 - 09:11:26 GMT
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| | Email Asian Market Update: China July imports surge by over 10%; BOJ and BOK on hold; Australia employment falters***Economic Data*** - Source

- (CN) CHINA JULY TRADE BALANCE: $17.8B V $26.2BE; Exports Y/Y: +5.1% v +0.5%e (-3.1% prior); Imports Y/Y: +10.9% v -0.1%e (-0.7% prior) >- (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T; Keeps economic assessment unchanged after 7 consecutive increases - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED) - (AU) AUSTRALIA JUL EMPLOYMENT CHANGE:-10.2K V +6.0KE (lowest in four months); UNEMPLOYMENT RATE: 5.7% V 5.8%E - (NZ) NEW ZEALAND JUL QV HOUSE PRICES Y/Y: 8.1% V 7.6% PRIOR - (JP) JAPAN JUN CURRENT ACCOUNT BALANCE: 336.3B V 400BE; ADJ CURRENT ACCOUNT: 646.2B V 711.8BE (fastest decline since Feb); TRADE BALANCE BOP BASIS: -139.2B V -128.7BE - (JP) JAPAN JUL BANK LENDING EX-TRUSTS Y/Y: 2.3% V 2.3%E (22nd consecutive rise); BANK LENDING INCL TRUSTS: 2.0% V 1.9%E (4-year high) - (JP) Japan investors bought net 689.9B in Foreign Bonds last week (net buyers for 5th consecutive week; highest since Aug 2010) vs bought net 233.2B prior week; Foreign Investors sold net 42.2B in Japan stocks last week vs sold net 61.8B in prior week - (JP) JAPAN Q2 HOUSING LOANS Y/Y: 3.2% V 3.2% PRIOR - (JP) JAPAN JUL TOKYO AVERAGE OFFICE VACANCIES M/M: 8.3% V 8.5% PRIOR ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.8% - S&P/ASX +1.0% - Kospi +0.7% - Shanghai Composite +0.1% - Hang Seng +0.8% - Sept S&P500 +0.3% at 1,693 - Dec gold +0.7% at $1,294 - Sept crude oil +0.4% at $104.77/brl ***Observations/Insights/Currencies*** - Tesla shocks Wall St with unexpected profit as shares jump after Q2 earnings to 52-week highs above $150/shr. - Bank of Korea on hold at 2.50% as expected; Sees current account maintaining surplus trend and output gap narrowing. - Bank of Japan also on hold; Keeps economic assessment unchanged after 7 increases; More upbeat on business investment, industrial production, and inflation components. - Australia employment conditions deteriorate as economy loses 10K jobs, the biggest drop in 4 months; Participation rate also drops 2 ticks to 65.1% as labor force shrinks amid slowdown in the mining industry. >- China July trade data driving overall sentiment sharply higher. Imports component particularly impressive with 10.9% y/y rise while exports to US rose over 5%. - In the currency markets, USD/JPY traded up over 50pips toward the 97 before a brief decline to 96.50 following BOJ decision. AUD in focus after China trade data, extending its post-RBA rally above $0.9070, up over 80pips from session lows. EUR and GBP consolidating gains against the greenback around $1.3340 and $1.55 respectively, while Indian rupee is still under pressure above INR61.20. ***Fixed Income/Commodities*** - (CN) PBoC sets yuan mid point at 6.1703 v 6.1192 prior close (strongest Yuan setting since July 24th) - (CN) PBoC to issue CNY15B in 14-day reserve repos in today's session; For the week, injecting CNY20B v CNY136B in prior week - (CN) Rare earth sector rises 2.0% after regulation plan by Chinese gov - (CN) China's FX position may resume growth - Chinese press - GLD: SPDR Gold Trust ETF daily holdings fall by 4.5 tons to 910.5 ton (lowest since 894.7 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) CNY1.17T local government debt (53% of total debt) maturing in H2 v CNY627B prior in H1 - - (CN) China Guangdong Province may draft new plan allowing farmers to sell land - Chinese press - (CN) Standard Chartered analyst: China bank deposit insurance system may begin in next 12-18 months - (CN) Chief economist at Agricultural Bank of China: China's central and local govt debt seen at less than 70% of GDP; Not excessively high - Nikkei News - (CN) Bank of Nanjing raises fixed deposit interest rate 10% higher than prior - Chinese press - (JP) Japan Fin Min Aso: Japan Cabinet has approved medium-term fiscal plan - (JP) Japan Chief Cabinet Sec Suga: PM Abe to launch panel on sales tax hike - (JP) Nikkei News survey finds approx 24% of businesses plan to increase FY13/14 R&D spending by double digits - (JP) Japan PM Abe appoints Taichi Sakaya as advisor on growth strategy - financial press - (JP) Moody's: Higher growth necessary for Japan to reduce govt debt - (JP) Japan Cabinet Office projections to Council on Economic and Fiscal Policy will indicate govt debt as pct of GDP will not decrease even if economy grows strongly - Nikkei News - (JP) Summer bonuses at Japan's leading corporations said to have risen 5.0% on average; Biggest increase since 1991 - Nikkei News - (AU) Macquarie analyst sees RBA cash target rate reaching 2.00% by end of 2013 vs 2.50% current - financial press - (AU) Australia National Broadband Network (NBN) project to miss 2014 rollout target - AFR - (KR) US think tank estimates North Korea has expanded uranium enrichment facility - Kyodo News - (KR) South Korea may increase utility prices in Oct - Korean press - (KR) According to market researcher Clarkson, Jan-July orders from South Korea shipbuilders reached $23B, +32.4% y/y - Korean press - (KR) North Korea to lift temporary suspension of Kaesong operations and allow South Koreans back into industrial complex - financial press ***Equities*** Materials: [Nakayama Steel 5408.JP +22.4% (Q1 results), Sumitomo Metal Mining 5713.JP +5.2% (Q1 results), Pacific Metals 5541.JP -3.0%, Dowa 5714.JP +3.2%, IAU.AU -3.9% (CEO resignation)] Industrials: [Daikin 6367.JP +3.8% (Q1 results), Chiyoda 6366.JP -4.1%, Sumitomo Rubber 5110.JP -6.1% (H1 results), Shimadzu 7701.JP +8.1% (Q1 results), Kubota 6326.JP +5.8% (Q1 results), Hyundai Heavy 009540.KR +2.8%, Daewoo Shipbuilding 042660.KR +3.8% (contract award), Samsung Heavy 010140.KR +2.9%] Financials: [Mitsui Fudosan 8801.JP +3.6% (Q1 results), Chailease 5871.TW -5.8% (Q2 results)] Technology: [Secom 9735.JP +3.8% (Q1 results), Synnex 2347.TW +2.5% (July results), UMC 2303.TW -2.4% (Q2 results), Acer 2353.TW -3.3% (Q2 results)] Telecom: [TLS.AU +1.7% (FY13 results)] US - After Market Close: - GMCR: Reports Q3 $0.82 v $0.78e, R$967.1M v $983Me; -6.2% afterhours - CTL: Reports Q2 $0.69 v $0.67e, R$4.53B v $4.53Be; -2.9% afterhours - MUR: Approves Spin-Off of Murphy USA Inc. and Announces Regular Dividend; +1.0% afterhours - PRU: Reports Q2 $2.30 v $1.98e, R$11.7B v $11.8Be: +1.6% afterhours - MDLZ: Reports Q2 $0.37 (adj) v $0.35e, R$8.60B v $8.63Be, Raises quarterly dividend 8% to $0.14 from $0.13/shr; Increases share repurchases to $6B; +2.1% afterhours - VALE5.BR: Reports Q2 underlying EPS $0.64 v 0.48e, R$11.3B v $12.3Be; +2.5% afterhours >- TSLA: Reports Q2 +$0.05 (adj) v -$0.18e, R$551M v $395Me; +14.1% afterhours Australia S&P/ASX - New Zealand NZX50: - TLS.AU: Reports FY13 Net A$3.8B v A$3.7Be, Rev A$25.98B v A$25.50B y/y - IAU.AU: CEO Brad Gordon resigns - WES.AU: Announces sale of Bunnings property portfolio; valued at A$312M - FMG.AU: Chairman reiterates Pilbara assets for sale - AFR Japan Nikkei225: - JGC 1963.JP: Reports Q1 Net 13.9B v 11Be, Op Profit 15.3B v 17Be, Rev 154.1B v 163Be - Fuji Heavy 7270.JP: Seen on track to double FY13/14 op profit - Nikkei News - Toyota Motors 7203.JP TM: Recalls approx 370.0k units of the Tacoma truck model - US financial press - Mazda7261.JP: To set up engine machinery factory in Mexico - financial press Korea Kospi: - Daewoo Shipbuilding 042660.KR: Awarded KRW519.1B order - NHN 035420.KR: Reports Q2 Op profit KRW194.2B v KRW197Be, Rev KRW722.6B v KRW575B y/y Taiwan Taiex: - Advanced Semiconductor Engineering 2311.TW: Reports July Sales NT$17.5B v NT$15.7B y/y - UMC 2303.TW: Reports Q2 Net NT$1.8B v NT$983.5Me - Acer 2353.TW: Reports Q2 Net loss NT$343M v NT$213.4Me, Op loss NT$613M v profit NT$250Me Hong Kong Hang Seng - Singapore Straits Times: - China Taiping Insurance 966.HK: To acquire property in Beijing for CNY3.6B - financial press - Orient Overseas 316.HK: Reports H1 Net loss $15.3M v profit $117.2M y/y, Rev $3.03B v $3.12B y/y - Tencent 700.HK: May consider starting sales of wealth management products via WeChat - financial press - China Railway 390.HK: Raises 2013 investment forecast to CNY660B from CNY650B prior - Xinhua - Source


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