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

- 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


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