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Thursday August 15, 2013 - 05:00:21 GMT
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TradeTheNews.com Asian Market Update: Cisco down 10% on poor guidance; Lenovo tops estimates - Source TradeTheNews.com

- Spot gold rises another $10 during Asian trading session, reaching a 2-week high while edging closer to the $1,350/oz level. SPDR GLD ETF saw its 2nd consecutive increase in holding, while biggest GLD holder - Paulson & Co - finally announced it has squared more than half of its long position. - USD under pressure as dovish Fed speak from Bullard and positive momentum from solid EZ/Germany GDP figures temper US yield advantage. - Cisco shares plummet nearly 10% in extended session, adding to 3% losses after earnings; CEO Chambers announced 5% workforce reduction in conjunction with softer than anticipated Q1 revenue guidance. - China's social networking giant Renren also down over 9% on much weaker than expected guidance for next quarter amid delays in the social gaming pipeline. - Lenovo beats on top and bottom line; Trading higher by over 2.5% - Japan cabinet office holding assessment of economy unchanged while cabinet officials dampen rumors of a corporate tax cut accompanying consumption tax hike; ***Economic Data*** - (JP) JAPAN CABINET OFFICE (GOVT) AUG MONTHLY REPORT: KEEPS ECONOMIC ASSESSMENT UNCHANGED; UPGRADES VIEW ON JOB MARKET; SEES DEFLATION COMING TO AN END >- (JP) Japan investors bought net 1.61T in Foreign Bonds last week (3-year high; net buyers for 6th consecutive week) vs bought net 690B prior week; Foreign Investors sold net 148.6B in Japan stocks last week vs sold net 42.2B in prior week - (NZ) NEW ZEALAND AUG ANZ CONSUMER CONFIDENCE: +2.7% V -3.3% PRIOR; INDEX: 123.0 V 119.8 PRIOR - (NZ) NEW ZEALAND JUL BUSINESS NZ MANUFACTURING PMI: 59.5 V 55.2 PRIOR (multi-year high) - (NZ) NEW ZEALAND JUL ANZ JOB ADVERTISEMENTS M/M: 3.5% V 0.3% PRIOR - (AU) AUSTRALIA AUG CONSUMER INFLATION EXPECTATION: 2.3% V 2.6% PRIOR - (AU) AUSTRALIA JUL RBA FX TRANSACTIONS (A$): 436M V 993M PRIOR - (PH) Philippines Jun Overseas Workers Remittances: $1.9B v $1.9B prior; Y/Y: 5.8% v 5.3% prior ***Fixed Income/Commodities*** - (CN) PBoC injecting CNY28B in 14-day reverse repos today; Inject net total of CNY47.5B this week vs CNY20B last week - SLV: iShares Silver Trust ETF daily holdings rise to 10,453 (highest since 10,497 tons on Apr 12th) tons from 10,396 tons as of Aug 13th - GLD: SPDR Gold Trust ETF daily holdings rise by 2.1 ons to 913.2 ton (2nd consecutive increase) - Paulson & Co discloses quarterly holdings (13F): Cuts GLD holdings to 10.2M shares from 21.8M ***Currencies*** - USD under pressure across the board in early Asian session - EUR/USD broke a string of 4 consecutive declines to rise 50pips above the $1.33 handle. Cable gains were more modest, up about 30 pips above $1.5530. USD/JPY rallied above 98.20 after weekly MOF portfolio data showed 3-year highs in Japan investors' appetite for foreign bonds, but retraced all of those gains to fall below 97.60 following Japan credit rating R&I agency warning to the govt not to back away from consumption tax hike plans. AUD/USD and NZD/USD up for the second day, rising to $0.9180 and $0.8070 respectively. ***Speakers/Political/In the Papers*** - (US) Fed's Bullard (dovish, FOMC voter): Need more data before decision on tapering bond purchases; Fed should not go on "autopilot" with taper, maintain policy flexibility - (CN) According to China Bank of Communications (BoCom) report, PBoC may cut Reserve Requirement Ratio (RRR) as many as two times in 2013 - Chinese press - (CN) China Real Estate Association vice chairman: China may announce long-term property control policies; May not loosen restrictions on a large scale - Chinese press - (CN) China big four banks new loans reach CNY155B in first 11 days of August - financial press - (CN) China National Energy Admiration (NEA): total power use in July reaches 495B kwh, +8.8% y/y; July industrial power use rose to highest monthly in 2013 - (JP) Japan rating agency R&I: Japan's AA+ rating is premised on the planned two-step consumption tax hike; Would lower Outlook if tax is delayed >- (JP) Moody's: Japan's weaker economic growth is Credit Negative - (JP) Japan Chief Cabinet Sec Suga: It is not correct to say that PM Abe has given instructions to lower corporate tax rate as speculated in the press - (JP) Japan Fin Min Aso: Lowering the corporate tax rate would have minimal effect - (AU) Australia PM Rudd: Labor govt plans to form a special economic zone in northern Australia ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -1.6%, S&P/ASX -0.1%, Kospi closed, Shanghai Composite +0.1%, Hang Seng +0.5%, Sept S&P500 -0.1% at 1,680, Dec gold +0.5% at $1,339, Sept crude oil +0.3% at $107.16/brl US - After Market Close: - CSCO: Reports Q4 $0.52 v $0.51e, R$12.4B v $12.4Be; Guides Q1 Rev 3-5% y/y v +5.2%e (implies R$12.2-12.5B v $12.5Be); to cut workforce by 5% in Q1; -9.6% - NTAP: Reports Q1 $0.53 adj v $0.49e, R$1.52B v $1.54Be; -3.5% - A: Reports Q3 $0.68 v $0.62e, R$1.65B v $1.64Be; Narrows higher FY13 $2.83-2.85 v $2.78e, Narrows Rev $6.76-6.78B v $6.79Be (prior $2.70-2.85, R$6.75-6.85B); +3.2% - RENN: Reports Q2 -$0.03 v -$0.07e, R$49.6M v $55.9Me; -9.5% - NTES: Reports Q2 $1.37 v $1.25e, R$393.3M v $371Me; +5.9% Australia corporate news: - WES.AU: Reports FY13 Net A$2.26B v A$2.3Be, Rev A$59.83B v A$59.9Be; Says outlook for industrial divisions will continue to be challenging; trading -0.6% - BOQ.AU: Affirms FY13 management targets; Sees Net profit about the target range of A$339-368M; trading +0.2% - AMP.AU: Reports H1 Net A$393M v A$320Me; Rev A$9.08B v A$7.30B y/y; trading +4.4% - RIO: To lay off approx 1.7K workers at Oyu Tolgoi site in Mongolia due to delay in the underground development of the site - financial press; trading -0.4% Hong Kong corporate news: - Lenovo 992.HK: Reports Q1 Net $173.9M v $167Me, Rev $8.79B v $8.49Be; Gross margin 13.6% v 13.1% y/y; Market share +1.7pts to 16.7%; Expanded its market share by 1.7pts to 16.7% as China revenue hold up with a 5% increase; trading +2.4% - Cathay Pacific Airways 293.HK: Reports H1 Net HK$24M v HK$590Me, Rev HK$48.6B v HK$48.8B y/y; trading flat Korean corporate news: - Hyundai Motor, Kia unions authorize strike action - Korean press - Korean AirLines 003490.KR: Reports Q2 Net loss KRW358.7B v loss KRW164.6B y/y, Op loss KRW50.8B v loss KRW30Be Notable movers by sector: - Industrials [Mitsui OSK Lines 9104.JP +3.8%, Kawasaki Kisen 9107.JP +2.3%, Yamaha Corp 7951.JP -3.2%, Bridgestone 5108.JP -3.3%, Taiheiyo Cement 5233.JP -3.5% (China facility to be closed), Suzuki Motors 7269.JP -3.3%, Kubota 6326.JP -3.1%] - Materials [Oz Minerals OZL.AU -5.6% (cut at Citi)] - Consumer Discretionary [Citizen 7762.JP -3.5%, Sekisui 1928.JP -3.5%, Sydney Airport SYD.AU +5.0% (A$308M institutional placement)] - Financials [Daiwa Securities 8601.JP -3.6%, SAI SAI.AU +6.4% (raised at Credit Suisse), AMP AMP.AU +4.0% (H1 profits +5.4%)] - Source TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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