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Monday June 2, 2014 - 06:21:59 GMT
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| | Email Asian Market Update: Australia house prices drop at fastest pace in over 5 years; China PMI hits 5-month high - Source

- (CN) CHINA MAY MANUFACTURING PMI: 50.8 V 50.7E (3rd consecutive increase and 5-month high) >- (AU) AUSTRALIA MAY RPDATA/RISMARK HOUSE PRICE INDEX: -1.9% (1st decline in a year; Biggest decline in over 5 years) V 0.3% PRIOR - (AU) AUSTRALIA APR BUILDING APPROVALS M/M: -5.6% (biggest decline in 10 months) V +2.0%E; Y/Y: 1.1% V 12.3%E - (AU) AUSTRALIA MAY AIG PERFORMANCE OF MANUFACTURING INDEX: 49.2 V 44.8 PRIOR (7th consecutive contraction, 7 months high) - (AU) AUSTRALIA Q1 COMPANY OPERATING PROFIT Q/Q: 3.1% V 2.5%E; INVENTORIES Q/Q: -1.7% V -0.4%E - (AU) AUSTRALIA MAY TD SECURITIES INFLATION M/M: 0.3% V 0.4% PRIOR; Y/Y: 2.9% V 2.8% PRIOR - (JP) JAPAN Q1 CAPITAL SPENDING Y/Y: 7.4% (7-quarter high) V 5.8%E; CAPITAL SPENDING EX-SOFTWARE Y/Y: 8.3% V 5.9%E - (JP) JAPAN MAY FINAL MARKIT/JMMA MANUFACTURING PMI: 49.9 V 49.9 PRELIM - (KR) SOUTH KOREA MAY HSBC MANUFACTURING PMI: 49.5 V 50.2 PRIOR (9-month low) - (KR) SOUTH KOREA MAY TRADE BALANCE: $5.3B v $4.5B PRIOR; 28th month of trade surplus - (VN) VIETNAM MAY HSBC MANUFACTURING PMI: 52.5 (9 straight month of expansion) V 53.1 PRIOR Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.8%, S&P/ASX +0.4%, Kospi +0.2%, Shanghai Composite closed, Hang Seng closed, Jun S&P500 +0.1% at 1,923, Aug gold +0.2% at $1,247, Jul crude oil +0.4% at $103.14/brl ***Highlights/Observations/Insights*** - China Manufacturing PMI released over the weekend beat estimates, rose for the 3rd straight month, and hit a 5-month high, but investors were hardly enthused by the marginal increase and the mixed components. Most of the increase was due to higher New Orders (52.3 v 51.2 m/m, 6-month high) and input prices (50.0 v 48.3 m/m, 5-month high). Meanwhile, new Export orders remained in contraction for the 2nd month and Employment actually fell to a 3-month low.> - Also of note on the mainland, China Index Academy released its monthly housing metrics, and here the news were decisively more negative. Average price of new residential properties across 100 major cities in May fell -0.3% m/m to CNY10.98K/sqm vs +0.1% rise in April, which marked the 1st decline for the average price in 2 years>. Economist with Barclays said "the risks of a disorderly adjustment are real and rising", while SocGen noted that the aggregate exposure of China's financial system to the property market is likely to be as much as 80% of GDP - Australia released a set of economic data which were also largely negative. The housing sector down under was under the heaviest strain - building permits fell by the biggest margin in 10 months while RPDATA house price index saw its 1st decline in a year and the biggest decline in over 5 years. That should effectively keep RBA on the sidelines well into 2015 even as inflation continues to flash signs of heating up. Note today's release of TD Inflation estimate of 2.9% y/y - at the near-top end of the RBA target range. TD Securities chief economist Beacher, who was previously in the more hawkish camp, said the latest numbers led her "to push out the beginning of our expected tightening cycle from November to March 2015". - Among notable developments in the corporate space, Nikkei reported Toyoto is planning to invest around 500B in domestic facilities (1.02T in total) in FY14/15, which would mark its post-2008 GFC high. CAPEX expansion is a good sign for Japan's top auto group, suggesting the headwind from higher consumption tax is not feeding into capacity constraints. ***Speakers/Political/In the Papers*** - (CN) China Lt Gen Wang Guanzhong (military's deputy chief of general staff): Opposed to attempts by any one nation to dominate regional security - financial press - (CN) China City of Haikou, Hainan Province (Southern China) announces measures on housing market; To ease restriction on affordable housing purchases - (VN) Chinese boat said to have damaged Vietnam coast guard ship yesterday - Vietnam press - (IN) India Fin Min Jaitley: To uphold fiscal discipline despite slowing economic growth - financial press ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 110B in JGBs with maturities of 1-yr and below, 150B in JGBs with maturity over 10-yr; *Note: BOJ offered to buy 170.6B in JGB with maturity over 10-yr on May 28th. - (KR) South Korea sells 3-yr Bonds; avg yield 2.840% - (KR) South Korea sells KRW961B in 30-yr government bonds at 3.575%, bid to cover 4.3x - USD majors were little changed with the exception of AUD which sustained the most damage after the release of the soft building approvals data. AUD/USD pierced below the $0.93 handle and fell as low as $0.9260's, down over 40pips. USD/JPY tested above the 102 handle and Nikkei outperformed, while China indices were closed for holiday. ***Equities*** US markets: - PL: Japan's Dai-ichi Life Insurance said to be preparing to acquire life insurer Protective Life (PL) for over 500B - Nikkei - GOOG: Said to be in plans to invest over $1B in satellite venture to expand internet services - financial press - MTZ: Lowers Q2 guidance to $0.40 v $0.52e, Rev $1.1B v $1.15Be ($0.53, $1.15-1.20B prior) Notable movers by sector: - Consumer Discretionary: Funtastic FUN.AU -14.5% (cuts FY14 guidance) - Financials: Dai-Ichi Mutual Life Insurance 8750.JP -4.0% (speculation of acquisition) - Materials: Kingsgate KCN.AU -1.4% (CEO to stand down due to illness) - Energy: Liquefied Natural Gas Ltd LNG.AU +8.6% (update on Magnolia LNG project); Karoon Gas Australia KAR.AU +39.4% (expects toreach Brazil partner agreement) - Industrials: Toyota Motor 7203.JP +1.2% (to invest in domestic facilities) - Technology: Panasonic 6752.JP +2.2% (speculation on Rev in Brazil) - Source


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Mon 15 Oct 2018
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