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Wednesday August 14, 2013 - 07:09:17 GMT
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| | Email Asian Market Update: CBA posts another record profit; Australia consumer confidence recovers - Source

(AU) AUSTRALIA Q2 WAGE COST INDEX Q/Q: 0.7% V 0.7%E; Y/Y: 2.9% V 3.0%E >- (AU) AUSTRALIA AUG WESTPAC CONSUMER CONFIDENCE: +3.5% V -0.1% PRIOR; INDEX: 105.7 V 102.1 PRIOR - (NZ) NEW ZEALAND Q2 RETAIL SALES EX-INFLATION Q/Q: 1.7% V 1.5%E (3rd consecutive increase) - (NZ) NEW ZEALAND JUL NON-RESIDENT BOND HOLDINGS: 67.9% V 68.2% PRIOR - (KR) SOUTH KOREA JUL UNEMPLOYMENT RATE: 3.2% V 3.2%E - (CL) CHILE CENTRAL BANK LEAVES NOMINAL OVERNIGHT TARGET UNCHANGED AT 5.00% (AS EXPECTED) ***Observations/Insights*** - Apple above $490 in extended session on Icahn tweet; CREE plummets on weak guidance. - Commonwealth of Australia bank down about 1% Rev slows; Outlook for economy in FY 14 unchanged. - Australia wage growth, including the mining sector, slows marginally; Aug consumer confidence recovers; New Zealand retail sales surprise to the upside. - Europe looks forward to EZ/Germany GDP; BOE to announce MPC minutes. ***Fixed Income/Commodities*** - (AU) Australia MoF (AOFM) sells A$800M in 5.5% 2023 Bonds; avg yield: 3.8382%; bid-to-cover: 3.21x - (AU) Moody's: Australian asset-backed security (ABS) arrears rise in Q2 - (CN) China MOF sells 3-yr bonds, avg yield 3.77% - (CN) China Statistics Bureau: China pork price +2.4% in early Aug - (JP) BOJ offers to buy from the market 200B in 1-3yr JGBs; 300B in 3-5-yr JGBs, and 200B in over 10-yr JGBs - (US) API PETROLEUM INVENTORIES: CRUDE: -1.0M v -1.5Me (9th consecutive draw); GASOLINE: +1.7M v -0.5Me; DISTILLATE: +1.1M v +1Me ***Currencies*** - EUR/USD and GBP/USD rangebound around $1.3260 and $1.5440 ahead of GDP data from Europe and MPC minutes/claimant figures from the UK. USD/JPY back below the 98 handle, down over 30pips from the high, as USD longs tracking rising US yields are squared. NZD/USD hit session highs near $0.7990 after stronger than expected retail sales. AUD/USD bouncing around the $0.91 handle on mixed economic data - improved Aug Westpac consumer confidence overshadowed by slowing labor costs, as mining sector wages grew at its slowest pace in 3 quarters. ***Speakers/Political/In the Papers*** - (US) Fed's Lockhart (moderate, FOMC non-voter): Any change in QE should be a cautious first step, must still be data dependent >- (JP) Japan PM Abe to make cash offering to Yasukuni shrine without attendance - Japanese press - (CN) China Automobile Dealers Association (CADA) official: National Development and Reform Commission (NDRC) investigating whether automakers are setting minimum prices - SCMP - (CN) China H2 fixed asset investment may grow 19-20% y/y - Chinese press - (KR) Follow up: South Korea govt to raise minimum salary subject to tax hikes to KRW55.0M from KRW34.5M prior; Annual incomes of KRW55-60M will see their tax burden increase KRW20,000 yearly effective next year - Korean press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +0.2%, S&P/ASX +0.2%, Kospi +0.2%, Shanghai Composite +0.1%, Hang Seng closed (typhoon), Sept S&P500 -0.2% at 1,688, Dec gold +0.1% at $1,322, Sept crude oil -0.3% at $106.48/brl US - After Market Close: - CREE: Reports Q4 $0.38 v $0.37e, R$375M v $377Me; Guides Q1 $0.36-0.41 v $0.43e, R$380-400M v $400Me; -15.7% afterhours - JDSU: Reports Q4 $0.13 v $0.13e, R$421.3M v $439Me; Guides Q1 Rev $410-430M v $441Me; -0.4% afterhours - AAPL: Carl Icahn: We currently have a large position in Apple, we believe the company to be extremely undervalued - twitter; +5% in US session; +0.9% afterhours above $490 Australia earnings: - CBA.AU: Reports FY13 Net A$7.82B v A$7.6Be, Rev A$44.9B v A$47.2B y/y; -0.9% - Commonwealth Bank of Australia beat on the bottom line for the 4th consecutive year of record profit; Initial spike in shares was quickly reversed as traders noted expectation of comparable business environment in FY14 and slight decline in the ROE. - OZL.AU: Reports H1 Net loss A$268.0M v Net profit A$119.5M y/y, Rev A$316.2M v A$514.8M y/y; -3.8% - Oz minerals continues a string of alarming update out of Australia's mining sector. Company swung to a loss and saw a big drop in revenue, while exploration expense fell to $37.1M v A$47.7M y/y - RIO: CEO: Cost program is gathering momentum; medium-term economic outlook remains volatile; -1.1% - Also in the mining space, Rio Tinto put out its update for the first half. Most notably, RIO is acknowledging deceleration in China economy and not expecting growth to recover in H2, even though its ruling out a hard landing. - LEI.AU: Reports H1 Net A$366.2M v A$114.6M y/y, Rev A$10.52B v A$9.93B y/y; reaffirms FY13 guidance; -5.6% - Leighton Holdings is down over 5% despite tripling its profits. Investors citing Leighton acknowledgement of challenging conditions leading to a 20% drop in contract mining work. CEO also pointed to govt budget constraints weighing on infrastructure investment. Notable movers by sector: - Utilities [TEPCO 9501.JP +2.9% (Decommission plan receives approval), KEPCO 015760.KR -2.2%] - Materials [Kobe Steel 5406.JP +1.8%, OZ Minerals OZL.AU -3.8% (H1 results; lower revenue, production)] - Industrials [Tosoh 4042.JP +2.9% (Q1 results), Nippon Sheet Glass 5202.JP +4.8%, Leighton LEI.AU -5.6% (H1 results miss), Worley Parsons WOR.AU +3.7% (FY13 profits slip), Hyundai Merchant 011200.KR +1.3%, Hyundai Motors 005380.KR +2.6%, Korea Aerospace 047810.KR +2.8% (Nears contract deal)] - Energy [Showa Shell 5002.JP -4.4%, GS Holdings 078930.KR +2.4% (Q2 results)] - Financials [Sumitomo Realty 8830.JP +2.2%, Commonwealth Bank CBA.AU -1.1%, Computershare CPU.AU -5.8% (FY13 profits fall)] - Technology [Dainippon Screen 7735.JP -3.6%, Carsales CRZ.AU +2.6% (FY13 profits rise 17%), Via Technologies 2388.TW -2.7%] - Consumer Discretionary [Jtekt 6473.JP +2.4%, Eclat Textile 1476.TW +1.8%] - Healthcare [CSL CSL.AU -3.2% (Forecasts slower profit growth)] - Source


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