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Tuesday August 13, 2013 - 05:00:07 GMT
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| | Email Asian Market Update: Australia Treasury confirms no budget surplus before FY16/17; BOJ minutes show concern over slowing inflation***Economic Data*** - Source

- (AU) AUSTRALIA JUL NAB BUSINESS CONDITIONS: -7 V -7 PRIOR; NAB BUSINESS CONFIDENCE: -3 V 0 PRIOR (7-month low) >- (JP) JAPAN JUN MACHINE ORDERS M/M: -2.7% V -7.0%E (first decline in two months); Y/Y: 4.9% V 2.6%E - (PH) PHILIPPINES JUN EXPORTS Y/Y: 4.1% V 8.1%E; TOTAL MONTHLY EXPORTS: $4.5B V $4.9B PRIOR - (UK) UK JUL RICS HOUSE PRICE BALANCE: 36% V 24%E (highest reading since Nov 2006) ***Observations/Insights*** - Australia sticks to the forecast of budget surplus; Reiterates 2.5% GDP target this year. >- Yum China July sales down double digits; Reiterates expectation for China Division same-store sales to recover and turn positive in Q4. - Sina Corp tops estimates amid improving margins, offers upbeat Q3 guidance. - BOJ July 11th meeting minutes revealing concern progress on inflation may slow and that China economy remains sluggish. 5-yr JGB auction showing strong demand. - PBoC injects CNY11B in 7-day repos. - AUD underperforms on slowing business confidence. ***Fixed Income/Commodities/Currencies*** - EUR/USD and GBP/USD in narrow 20-pip ranges around $1.33 and $1.5450; AUD/USD briefly approaches $0.91 handle after NAB data, down nearly 50pips from session highs; USD/JPY rising for second session, up 50 pips from the lows above 97.40; PBoC back away from multi-week high yuan setting; INR still under pressure above INR61.50. - JGB: (JP) Japan's MoF sells 2.45T in 0.3% 5-yr notes; Avg yield: 0.285% v 0.295% prior; Bid to cover: 5.51x v 4.28x prior - (CN) China PBOC to inject CNY11B in 7-day reverse repos - financial press - USD/CNY: (CN) PBoC sets yuan mid point at 6.1705 v 6.1223 prior close - Baoshan Steel 600019.CN: Raises main steel product prices for September - financial press ***Speakers/Political/In the Papers*** - (CN) China Ministry of Industry and Information Technology (MIIT): China Jan- June information consumption CNY2.02T - (CN) China state researcher: China could reach GDP per capita target with growth rate of 6.9-7.1% by 2020 - Chinese press - (CN) China banks may need to assume mortgage default rate of as high as 10% - Chinese press - (CN) China Building Materials Federation vice-chairman: China oversupply of cement has become uncontrollable - (CN) Chinese local govts approve urban rail investments; sees total of CNY4T investment till 2020 - Chinese press - (CN) Morgan Stanley: China coal prices may have bottomed; Inventories in China and Indonesia have been falling past 2 months - financial press - (CN) China National Development and Reform Commission (NDRC) fined gold stores CNY10.6M for price manipulation - Xinhua - (JP) BANK OF JAPAN (BOJ) RELEASES MINUTES FROM JULY 10-11 MEETING: Few members said CPI rises may pause following the summer - (JP) All Japan nuclear power supplies to be halted on Sept 15 - Japanese press - (JP) Former BoJ official / Japan PM Abe adviser Nakahara believes the sales tax increase should be delayed until the fall of 2014 - financial press - (AU) Australia Treasury affirms govt statement for FY13/14 GDP at 2.5%, FY14/15 GDP at 3.0% >- (AU) S&P: China hard-landing would have impact on Australia banks - (NZ) New Zealand releases international visitors survey: FY12/13 China visitor spending +24% y/y at NZ$645M - (NZ) New Zealand PM Key to visit China later this year to issue a formal apology regarding the latest Fonterra milk botulism scare - financial press - (NZ) New Zealand Central Bank (RBNZ) proposes changes to loan value ratio (LVR) implementation - (KR) South Korea govt may cancel some tax hike proposal following backlash - Korean press - (SG) Singapore H1 private home prices +1.6% y/y - URA - (MX) IMF: Mexico energy reform plan announced today could contribute to domestic growth - (BR) HSBC cuts Brazil 2013 GDP forecast to 1.9% from 2.4%, 2014 to 2.2% from 3.0% prior ***Equities*** Markets Snapshot (as of 03:00 GMT): - Nikkei225 +1.4%, S&P/ASX +0.2%, Kospi +0.9%, Shanghai Composite -0.1%, Hang Seng +0.3%, Sept S&P500 flat at 1,687, Dec gold flat at $1,334, Sept crude oil +0.1% at $106.20/brl Utilities: [Oki Electric 6703.JP +5.3% (Q1 results)] Materials: [Mitsubishi Materials 5711.JP +4.7% (Q1 results); Newcrest Mining NCM.AU -3.4% (cut at Macquarie); Alacer Gold AQG.AU +5.6% (Sales update; reaffirms FY13 production, cost guidance)] Industrials: [Toto Ltd 5332.JP +5.0%; Kawasaki Heavy 7012.JP +4.5%; Hyundai Merchant 011200.KR +10.9% (Q2 Results); Bradken BKN.AU +8.9% (FY13 results)] Telecom: [Softbank 9984.JP +4.2%; Amcom AMM.AU +6.8% (FY13 results)] Healthcare: [Chugai Pharmaceuticals 4519.JP +4.0%] Consumer Discretionary: [Calbee Inc 2229.JP +6.4%] Technology [Samsung Electronics 005930.KR +3.2% (12-in tablet development); MediaTek 2454.TW +2.4% (quad chip demand)] US - After Market Close: - YUM: Reports July China SSS -13%; -3.8% afterhours - AAPL: Said to be preparing to introduce a new version of the iPad and iPad Mini featuring slimmer design - financial press; +0.2% afterhours - SINA: Reports Q2 $0.21 v $0.11e, R$153M v $150Me; +5.9% afterhours Japan Nikkei225: - Hitachi Metals 5486.JP: Alliance of 12 China rare earth firms plan to sue Hitachi for alleged patent infringements - financial press - Kintetsu Department Stores 8244.JP: Sees increased business; July sales at main outlet +30% y/y - Kyodo News - Mazda 7261.JP: To enter into the Cambodia market - Japanese press - Kawasaki Kisen 9107.JP: To invest about 2.2B in a logistics center in Thailand, about 10mi from Laem Chabang Port - Nikkei News - Toshiba 6502.JP: Launching a health-monitoring service for the elderly around October - Nikkei News - Daio Paper 3880.JP: To launch a capital tie-up with Tokushu Tokai Paper; Companies to acquire 3% stakes in each other by end of Aug - Nikkei News - Meiji 2269.JP: Reports Q1 Net 6.5B v 1.9B y/y, Op Profit 9.4B v 6.4B y/y, Rev 275B v 274B y/y - Mabuchi Motors 6592.JP: Reports H1 Net 5.6B v 3.0B y/y, Op 3.7B v 2.8B y/y, Rev 51.0B v 42.1B y/y Australia S&P/ASX - DMP.AU: Reports FY13 underlying NPAT A$30.4M v A$26.9M y/y; SSS 2.0% v 6.5% y/y, Network Rev A$848.6M v A$805.3M y/y; Announces capital raise to take a stake in Japan unit - SGP.AU: Reports FY13 underlying Net A$494.8M v A$676.1M y/y, Rev A$1.92B v A$2.21B y/y - BKN.AU: Reports FY13 Net A$66.9M v A$100.5M y/y, Rev A$1.32B v A$1.46B y/y - SAI.AU: Guides FY Net loss A$43M, EBITDA A$100-105M Hong Kong Hang Seng - Singapore Straits Times - South Korea - Taiwan: - China Lilang 1234.HK: Reports H1 Net CNY242.3M v CNY278.0M y/y, Rev CNY1.09B v CNY1.26B y/y - CLP 2.HK: CEO: Does not see turnaround in its Australian business in the next six months; India ops to improve significantly in H2 - SCMP - Universal Technologies 1026.HK: Expects to see a substantial decline or loss in H1 compared to profit y/y - China Ocean Shipbuilding 651.HK: Expects to see significant decrease in revenue and increase in loss in H1 - Peak Sports Products 1968.HK: Reports Q2 SSS flat y/y - Tencent 700.HK: May look to spinoff WeChat in a Singapore listing - Chinese press - Yanchang Petroleum 346.HK: Reports H1 Net HK$24.1M v loss HK$58.4M y/y, Rev HK$8.04B v HK$647.3M y/y - Foxconn 2038.HK: Reports H1 Net $17.7M v $226.1M y/y, Rev $2.48B v $2.50B y/y - EVOC 2308.HK: Reports H1 Net CNY25.5M v CNY23.3M y/y, Rev CNY550.5M v CNY556.0M y/y - Springland 1700.HK: Reports H1 Net CNY446.1M v CNY391.4M y/y, Rev CNY2.11B v CNY1.95B y/y - Hyundai Motor 005380.KR: Labor union declares strike action; Also plans to release hybrid version of Azera sedan model - Korean press - Hana 086790.KR: Provides new business strategy; plans to earn 30% of net profits overseas by 2025 - Korean press - Hannstar Display 6116.TW: Reports July Rev NT$2.79B; -5.3% m/m, -11.3% y/y - Compal 2324.TW: Compal-Lenovo JV in China outsourcing front-end manufacturing to China-based notebook OEMs in a bid to boost output - DigiTimes citing supply chain sources - HTC 2498.TW: May sell part of Shanghai plant to Huawei - financial press - MediaTek 2454.TW: May encounter quad chip shortages on Xiaomi handset demand - financial press - Source


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