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Monday August 12, 2013 - 05:05:43 GMT
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| | Email Asian Market Update: Japan Q2 GDP misses estimates as CAPEX remains in the red - Source

(JP) JAPAN Q2 PRELIM GDP Q/Q: 0.6% V 0.9%E; NOMINAL GDP Q/Q: 0.7% V 1.0%E; GDP ANNUALIZED Q/Q: 2.6% V 3.6%E; GDP DEFLATOR Y/Y: -0.3% V -0.7%E - (JP) JAPAN JUL DOMESTIC CGPI M/M: 0.5% V 0.2%E; Y/Y: 2.2% V 1.9%E - (SG) SINGAPORE Q2 FINAL GDP Q/Q: 15.5% V 14.2%E; Y/Y: 3.8% V 3.5%E; Raised 2013 GDP forecast to 2.5-3.5% from 1.0-3.0% prior - (KR) SOUTH KOREA JUL EXPORT PRICE INDEX M/M: -0.8% V +2.6% PRIOR; Y/Y: -1.5% V -2.0% PRIOR; IMPORT PRICE INDEX M/M: -0.8% V 2.1% PRIOR; Y/Y: -4.3% V -4.3% PRIOR - (AU) AUSTRALIA JUN CREDIT CARD BALANCES: A$49.9B V A$49.6B PRIOR; RBA CREDIT CARD PURCHASES: A$20.3B V A$22.6B PRIOR - (NZ) NEW ZEALAND JULY FOOD PRICES M/M: 0.5% V 2.1% PRIOR (4th consecutive increase) - (NZ) NEW ZEALAND REINZ JULY HOUSE PRICE INDEX: 3,669 V 3,685 PRIOR, -0.5% M/M; HOUSE SALES Y/Y: -14.7% V 0.0% PRIOR ***Observations/Insights/Currencies*** - Japan's initial estimate for Q2 GDP misses consensus as closely monitored capex component remains in the red for the 6th consecutive quarter, falling 0.1% against projected rise of 0.7%. Analysts debate whether the weak GDP is a game changer on the timing of sales tax increase, even though the private consumption component again rose by 0.8% q/q. Initial reaction in the currency markets was in favor of a stronger yen, as USD/JPY fell below the 96 handle. JPY was subsequently sold later in the session, sending USD/JPY above 98.60 and AUD/JPY above 88.80. - Australia's biggest goldminer - Newcrest - is up over 5% despite missing profit estimates and posting a double digit decline in annual revenue. Shares bid higher after Newcrest affirmed FY14 production targets and also forecasted rising output for the balance of 2014 after a low in Q1. - Australia held its first round of debates between incumbent Labor's Rudd and opposition leader Abbott. The latter seen widening opposition's lead ahead of the Sept 7th elections before the debate. Pundits noting neither candidate scored a decisive victory. - Singapore dollar traded higher after better than expected Q2 final GDP, as USD/SGD fell below S$1.2560 ; MAS also raised its 2013 GDP projections. - EUR/USD traded down just over 20pips, briefly testing below $1.3320; German press speculated Greece may require a new bailout as early as next year, while France Fin Min was forced to clarify his remarks that 2013 GDP will not reach 0.1% target. ***Fixed Income/Commodities*** - USD/CNY: (CN) PBoC sets yuan mid-point at 6.1665 v 6.1230 prior close (strongest Yuan setting since July 17th) - AUD/USD: National Australia Bank (NAB) lowers 2013-end AUD forecast to $0.80 v $0.83 prior - (CN) PBoC gauges demand for 7-day, 14-day reverse repos, 28-day repos and 91-day bill sales - (JP) BOJ offers to buy from the market 450B in 5-10yr JGBs, 200B in over 10-yr JGBs - (KR) South Korea Finance Ministry sells KRW1.8T in 5-yr Bonds; avg yield: 3.210% - (CN) China Gold Association: China Jan-Jun gold consumption risen to 706.36 tons, +54% y/y ***Speakers/Political/In the Papers*** - (CN) China's Railway Corp will auction CNY20B in corporate bonds on Aug 14 - filing - (CN) China Development Bank Chairman expressed concern regarding local govt debt risk - Chinese press - (CN) China International Capital Corporation (CICC): July economic data is not the signal to buy stocks - press - (CN) China Housing Ministry official: China should start property tax in small cities - Chinese press - (CN) China may change policy on financing for developers - Chinese press - (CN) China may allow banks trade govt bond futures - Chinese press - (CN) China State Council planning to boost the value of output of green industries by an average of 15% per year to a total of about CNY4.5T by 2015 - Shanghai Daily - (CN) China officials confirm a new case of H7N9 bird flu in the southern Guangdong province - financial press - (CN) China govt issues statement on financial support for small companies; ensure loan growth and cut financing cost - (CN) China Banking Regulatory Commission (CBRC) loosens criteria on launching Chinese banks - press - (JP) Japan PM Abe's adviser Honda: Q2 GDP indicates conditions not appropriate for sales tax hike >- (JP) Japan Econ Min Amari: Japan Q2 economy continues to show steady growth - (JP) Japan PM Abe: Economy is steadily improving as a result of govt policies since last year - press conf - (JP) According to Nikkei Inc projections, FY13/14 sales for Japan's 1.4K domestic firms (ex financials/utilities) are expected to rise 8% y/y to 464.8T - Nikkei News - (AU) No winner, loser following first televised Australian national elections debate - financial press >- (AU) Australia's Liberal/National opposition coalition has widened its lead on Labor party govt to a 45% to 38% margin - Sunday Telegraph citing latest Galaxy Poll - (AU) Queensland Resources Council chief exec Roche: many coal companies in "survivor mode"; inevitable to cut cost - press - (AU) Fitch: Recent interest rate cut not likely to improve Australia mortgage performance - (NZ) Reserve Bank of New Zealand (RBNZ) appoints two new directors to fill two vacancies; Jonathan Ross replaces Dr Chris Eichbaum, Bridget Liddell replaces Dr Arthur Grimes. - (NZ) According to a survey by BNZ, fewer New Zealand first home buyers are entering the market - financial press - (NZ) Financial press comments on rapidly rising property prices in Auckland, with annual increase around 13% - financial press - (NZ) New Zealand PM Key: All of New Zealand's export industry suffered from Fonterra milk powder contamination alarm - financial press - (SG) Singapore Central Bank (MAS) Ong: Current monetary stance remains appropriate; Will not consider adjusting monetary setting until October - press - (SG) BoA/ML raises Singapore 2013 GDP forecast to 3.0% - (TW) JPMorgan lowers Taiwan H2 2013 GDP forecast; Lowers FY13 GDP forecast to 2.1% y/y from 2.3% prior - (ID) DBS raises Indonesia 2013 inflation forecast to 7.5% from 6.7% prior - (US) In July, PIMCO's Total Return Bond Fund said to have raised its US Treasury holdings to 39% v 38% prior; Highest level since April - financial press >- (CH) SNB vice chairman Danthine: Cap on franc remains top priority - Swiss press - (FR) France Fin Min Moscovici clarifies his earlier remarks on GDP projections; Stands by 0.1% 2013 GDP target, but also says that figure may change when France presents new budget on Sept 25th - press - (GR) German Bundesbank expects creditors will have to agree on new Greece bailout in early 2014 - German press ***Equities*** - Nikkei225 flat, S&P/ASX +0.8%, Kospi +0.4%, Shanghai Composite +1.4%, Hang Seng +1.7%, Sept S&P500 -0.1% at 1,685, Dec gold +1.3% at $1,329.30, Sept crude oil +0.2% at $106.14/brl Utilities: [Yokogawa Electric 6841.JP -8.1% (Q1 results), Ebara 6361.JP -6.0% (Q1 results)] Tech: [Dainippon Screen Manufacturing 7735.JP -5.6% (Q1 results)] Materials: [Mitsubishi Materials 5711.JP +4.0% (Q1 results), Newcrest Mining NCM.AU +5.4% (FY13 results, reiterates FY14 guidance), Fortescue Metals FMG.AU +6.6%, Legacy Iron LCY.AU +13.7% (receives interim funding), JB Hi-Fi JBH.AU +3.2% (FY13 results, raises FY14 guidance), Sam Yung Trading 002810.KR -3.6%] Industrials: [Hitachi Construction 6305.JP +4.3% (Q1 results), Bridgestone 5108.JP +4.9% (H1 results, raises FY13/14 guidance), Coffey COF.AU +20.0% (FY13 results)] Consumer Discretionary: [Citizen 7762.JP +16.0% (Q1 results, raises FY13/14 guidance), S&T Motors 00040.KR +11.7%] US - After Market Close: - LDK: President: expects to see return to profit in 2013 - financial press - AAPL: iPhone 5S said to be unveiled at the Sept 10th event - AllThingsD - PBR: Reports Q2 Net BRL6.2B v loss BRL1.35B y/y, Rev BRL73.6B v BRL68.0B y/y Australia S&P/ASX - New Zealand NZX50: - JHX.AU: Reports Q1 Net $142.2M v $68.5M y/y, Op profit $52M v $43.8M y/y, Rev $372.2M v $339.7M y/y - NCM.AU: Reports FY13 Underlying Net A$451.0M v A$480Me, Rev A$3.78B -14.5% y/y; confirms no final dividend >- JBH.AU: Reports FY13 Net A$116.4M v A$115Me; Rev A$3.31B, +5.8% y/y - LCY.AU: Major shareholder National Mineral Development Corp (NMDC) provides A$3M interim funding support, cancellation of entitlement offer - UGL.AU: Reports FY13 Underlying Net A$92.1M v A$168.3M y/y, Rev A$4.2B -12.0% y/y - COF.AU: Reports FY13 EBITDA A$18.6M v loss A$0.5M y/y, Rev A$688.4M v A$678.1M y/y, no final dividend - TOE.AU: Agrees to an all-share deal to buy Australia uranium project; Expands Wiluna regional resource base by 42% - FRE.NZ: Reports FY13 Net NZ$40.3M v NZ$37.0M y/y - FCG.NZ: Established inquiry committee to oversee an independent review related to recent quality issues with whey protein concentrate Japan Nikkei225: - TEPCO 9501.JP: Uncovered radioactive tritium in groundwater collected from a newly built Fukushima Daiichi observation well - Nikkei News Hong Kong Hang Seng - Singapore Straits Times - South Korea - Taiwan: - GCL Poly Energy 3800.HK: See a wider net loss for H1 compared to a loss of HK$330M y/y - Mengniu Dairy 2319.HK: Enters into JV agreement with Danone - Agricultural Bank of China 1288.HK: Shanghai Disney Park will benefit from HK$314B loan from Agriculture Bank - SCMP - Li Ning 2331.HK: Reports H1 Net Loss CNY184M v loss CNY188Me, Rev CNY2.91B v CNY3.86B y/y - Daewoo E&C 047040.KR: Awarded KRW1.97T construction order for building a coal-fired power plant near the city of Safi in Morocco - LG Fashion 093050.KR: To enter into the Thailand market - Korean press - Hyundai Corp 011760.KR: Awarded $600M supply deal from Guam Power Authority - Korean press - Asiana Airlines 020560.KR: To offer $10K compensation to every survivor of the fatal jet crash in San Francisco in early July - financial press - Asustek 2357.TW: May receive Google Nexus 10 tablet manufacture orders; 2357.TW: To unveil new notebooks for the US market in Sept - Taiwanese press - Source


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