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Friday August 9, 2013 - 05:04:20 GMT
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| | Email Asian Market Update: China CPI misses estimates as markets eye remaining July data; RBA lowers 2013 GDP target - Source

(CN) CHINA JUL PRODUCER PRICE INDEX (PPI) Y/Y: -2.3% V -2.1%E; M/M -0.3% >- (CN) CHINA JUL CONSUMER PRICE INDEX (CPI) Y/Y: 2.7% V 2.8%E; M/M +0.1% v 0.0% prior - (AU) RESERVE BANK OF AUSTRALIA (RBA) QUARTERLY STATEMENT ON MONETARY POLICY; Recent inflation data did not diminish scope to cut again in August; Lowers 2013 GDP target to 2.25% - (JP) JAPAN JUN TERTIARY INDUSTRY INDEX M/M: -0.3% V -0.4%E - (JP) JAPAN JUL MONEY STOCK M2 Y/Y: 3.7% V 3.8%E; M3 Y/Y: 3.0% V 3.1%E - (NZ) NEW ZEALAND JUL CARD SPENDING RETAIL M/M 0.5%E V 1.1% PRIOR; CARD SPENDING TOTAL M/M: 0.2% V 1.2% PRIOR - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED ***Markets Snapshot (as of 03:30 GMT)*** - Nikkei225 +0.2% - S&P/ASX -0.4% - Kospi flat - Shanghai Composite -0.6% - Hang Seng +0.4% - Sept S&P500 flat at 1,692 - Dec gold +0.1% at $1,311 - Sept crude oil +0.8% at $104.22/brl ***Observations/Insights/Currencies*** - Unlike the US long bond auction, demand for Japan's 30-year fairly robust. 30-yr JGBs priced will above par at 102.11 v 100.11 prior; bid-cover 4.14x v 3.96x - Among the notable US earnings, Priceline tops estimates in a typical fashion, sending shares up $50 bucks above $980 in extended session; Rare-earth stalwart Molycorp disappoints. - Australia central bank's quarterly policy statement lowering 2013 GDP target by 0.25pts to 2.25% but projecting a rebound in 2015 to a midpoint of 3.5%. Also lower 2013 and H1 2014 core CPI. >- China July CPI a decimal below forecast at 2.7%. Shanghai Composite is down 0.6% at session lows at the break despite the 7-day shibor falling to a 3-week low, with reports over further property curbs hitting the sector. - Currency markets fairly subdued after a volatile week. AUD remained in focus after less dovish than expected RBA overnight, rising to session high of 0.9130 after RBA quarterly policy statement projections forecast a bounce in 2015. USD/JPY hitting session lows around 96.30, down about 60pips from the highs, following reports of a 5.0 magnitude earthquake in Japan. EUR/USD and GBP/USD in narrow ranges around 1.3380 and 1.5540. ***Fixed Income/Commodities*** - (JP) Japan MoF sells 456.6B in 1.9% (1.9% prior) 30-yr notes; Avg yield: 1.791% v 1.894% prior; Bid to cover: 4.14x v 3.96x prior - (CN) China MOF sells 20-yr bonds, avg yield 4.32% - USD/CNY: (CN) PBoC sets yuan mid point at 6.1668 v 6.1225 prior close (strongest Yuan setting since July 17th) - (JP) BoJ to buy 2.0T T-bills on Aug 13th; 150B in corporate bonds on Aug 15th - (AU) Australia MoF (AOFM) sells A$700M in 4.75% 2015 Bonds; avg yield: 2.4218%; bid-to-cover: 3.16x - (NZ) RBNZ: Bought NZ$61M in June vs. purchase of NZ$90M prior - (US) Weekly Fed Balance Sheet Assets Week ending Aug 7th: $3.542T (record high) v $3.53T prior; M1 y/y change: 11.1% v 11.3% w/w; M2 y/y change: 6.9% v 6.8% w/w - GLD: SPDR Gold Trust ETF daily holdings fall by 1.2 tons to 909.3 ton (lowest since 894.7 tons in Feb of 2009) ***Speakers/Political/In the Papers*** - (CN) China said to be considering possibility of shale gas imports from the US - Nikkei News >- (CN) China CASS Researcher Yi: China may do more to curb property speculation; China may add six additional cities into property tax trial program - Chinese press - (CN) Banks in Zhejiang report end of June non-performing loans (NPL) of CNY104.6B v CNY107.6B m/m (first decline in 32 months) - press - (CN) Wenzhou said to have started allowing purchase of 2nd homes - Chinese press - (CN) Beijing Urban Construction plans to raise approx CNY3.9B by issuing up to 416M shares - financial press - (US) Fed's Fisher: Reiterates need to dial down on QE - CNBC - (US) Cleveland Fed's Pianalto plans retirement in the early part of next year - financial press ***Equities*** US - After Market Close: - MCP: Reports Q2 -$0.36 (adj) v -$0.23e, R$136.9M v $163Me; -13.4% afterhours >- MNST: Reports Q2 $0.62 v $0.64e, Net Rev $630.9M v $643Me; -4.2% afterhours - GPS: Reports July SSS +1.0% v 1.8%e; -1.7% afterhours - NVDA: Reports Q2 $0.23 v $0.13e, R$977.2M v $980Me; -1.9% afterhours - VZ: Gains FDA Clearance for Remote Health Monitoring Solution; -0.1% afterhours - LGF: Reports Q1 $0.18 v $0.03e, R$569.7M v $513Me; +3.6% afterhours - PCLN: Reports Q2 $9.70 v $9.41e, R$1.68B v $1.65Be; +5.4% afterhours >- RAX: Reports Q2 $0.16 v $0.13e, R$375.8M v $373Me; +11.7% afterhours Australia S&P/ASX - New Zealand NZX50: - TAH.AU: Reports FY13 Net A$126.6M v A$139Me; Rev A$2.13B, -30% y/y - ANZ.AU: Lowers variable mortgage interest rate by 25bps to 5.88%; effective on Aug 16th Japan Nikkei225: - IHI Corp 7013.JP: To partner with Hyundai Motor to produce engine turbochargers - Nikkei News - Isuzu 7202.JP: To start sales of small-engine pickup trucks in Thailand in 2015 - Nikkei News - Sojitz 2768.JP: To invest 35B in four solar farms with power generating capacity totaling 106K kw - Nikkei News Hong Kong Hang Seng - Singapore Straits Times: - China Resources 291.HK: In talk with TESCO for potential JV - financial press - Source


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