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Tuesday June 10, 2014 - 06:27:32 GMT
Trade the News Staff - www.tradethenews.com/freetrial.asp?gv

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TradeTheNews.com Asian Market Update: China CPI rebounds on much higher food prices - Source TradeTheNews.com

(CN) CHINA MAY CPI Y/Y: 2.5% V 2.4%E (4-month high) >- (CN) CHINA MAY PPI Y/Y: -1.4% V -1.5%E (27th month of decline, smallest decline in 5 months) - (AU) AUSTRALIA MAY ANZ JOB ADS M/M: -5.6% V +1.9% PRIOR (first decline in 5 months; biggest decline in 3 years) - (AU) AUSTRALIA APR HOME LOANS M/M: 0.0% V 0.2%E; INVESTMENT LENDING: +2.3% V -0.6% PRIOR; OWNER-OCCUPIED LOAN VALUE: +1.4% V -1.0% PRIOR - (AU) AUSTRALIA MAY NAB BUSINESS CONFIDENCE: 7 V 7 PRIOR; NAB BUSINESS CONDITIONS: -1 V 0 PRIOR - (JP) JAPAN MAY MONEY STOCK M2 Y/Y: 3.3% (1-year low) V 3.2%E; M3 Y/Y: 2.6% V 2.7%E - (JP) JAPAN APR TERTIARY INDUSTRY INDEX M/M: -5.4% V -3.4%E (biggest decline in 3 years) - (NZ) NEW ZEALAND Q1 MANUFACTURING ACTIVITY VOLUME Q/Q: 0.5% V 5.4% PRIOR; MANUFACTURING ACTIVITY Q/Q: 0.6% V 6.0% PRIOR - (NZ) NEW ZEALAND MAY ANZ TRUCKOMETER HEAVY M/M: -2.1% V +1.2% PRIOR - (PH) PHILIPPINES APR UNEMPLOYMENT RATE: 7.0% V 7.5% PRIOR - (PH) PHILIPPINES APR EXPORTS: $4.5B V $5.3B PRIOR; Y/Y: 0.8% V 10.0%E - (UK) UK MAY BRC SALES LFL Y/Y: 0.5% V 1.6%E (2nd consecutive increase) Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.4%, S&P/ASX +0.3%, Kospi +0.5%, Shanghai Composite +0.5%, Hang Seng +0.3%, Jun S&P500 -0.1% at 1,949, Aug gold flat at $1,254, Jul crude oil +0.3% at $104.72/brl ***Highlights/Observations/Insights*** - Latest CPI data out of China that followed overnight announcement of targeted RRR rate cuts have further diminished the prospects for a broader and bolder system-wide liquidity injection, alleviating concerns over deflation that followed April's 1.8%, the lowest since Oct 2012. May CPI hit a 4-month high of 2.5%, beating estimate of 2.4%, as food CPI component spiked up by 4.1%. NBS noted that the prices of fruit rose a walloping 20%. Non-food CPI was up a more tame 1.7% y/y, in line with prior month. - Overnight, PBoC announced targeted reserve requirement ratio (RRR) cut of 50bps for certain qualified entities, covering 65% of urban banks and 80% of rural banks. PBoC also warned the direction of monetary policy has not changed, and that it would maintain a prudent policy approach. - Also of note in China, a press report noted that banks are investigating another instance of fraud in a second port after the initial inquiry into Qingdao Port dealings. CITIC Resources Holdings is down particularly sharply in the fraud fallout due to its exposure to Qingdao stockpile. - ANZ job ads slump out of Australia may have been overshadowed by China inflation prints. The biggest decline in 3 years particularly bodes ill for the release of Australia's official employment data on Wednesday. Australia NAB business confidence surprisingly held up, helping briefly lift the AUD/USD pair above $0.9360 - up 20pips from the lows. - Despite continued selling in US treasuries, higher yields are not leading to a rise USD/JPY. The pair fell over 20pips to 102.30 in the afternoon session, as traders continue to reprice the thinning case for more BOJ easing to the latter part of the year. ***Speakers/Political/In the Papers*** - (CN) Banks said to be investigating possible fraud in second port other than Qingdao Port - financial press - (CN) JPMorgan: China avg daily property sales volume 1.6K units, -49% w/w, -36% y/y in large cities - financial press - (CN) Many banks in China Zhejiang Province (Eastern China) non-performing loan ratio said to have exceeded 6% - Chinese press - (CN) China Securities Regulatory Commission (CSRC) approves the first 10 IPO applications; Marks official restart of IPO process since Feb - Shanghai Daily - (JP) Japan Econ Min Amari: Cabinet working with LDP tax panel on corp tax cut details - (JP) Japan Fin Min Aso: Govt to decide in Dec on further sales tax hike after looking at Q3 data - (JP) Japan said to be potentially prepared to give some ground on auto tariffs in TPP trade negotiations this week - Nikkei - (JP) According to the latest survey by Japan Center for Economic Research (JCER), nearly 40% of economists now expect BOJ to announce additional easing in October, nearly double from May survey - Nikkei - (KR) According to one survey, analysts are unanimous in expectation for Bank of Korea (BOK) to leave rates unchanged in June for the 13th consecutive month - Korean press - (KR) South Korea Finance Ministry releases monthly economic report: Economy continues modest recovery ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY40B in 28-day repos (32nd consecutive drain) - (CN) PBoC sets yuan mid point at 6.1451 v 6.1485 prior setting (strongest Yuan setting since Mar 26th) ***Equities*** US markets: - CHS: Considering going private; Held talks with several PE firms in recent weeks; May get valuation premium of about 30% - FT; +12.0% afterhours - ONNN: ON Semiconductor to acquire Aptina Imaging (private) for $400M in cash; immediately accretive; +1.8% afterhours - FDX: INCREASES DIVIDEND 33% TO $0.20 FROM $0.15 - TWX: Said to be in discussions to take a large stake in Vice Media; deal seen at around $2.2B - financial press - EBAY: PayPal unit chief David Marcus stepping down to move to Facebook; PayPal on track to meet 2015 guidance; -1.2% afterhours - DNDN: John H. Johnson to Step Down as Chairman, President and CEO, effective August 15, 2014; -5.1% afterhours Notable movers by sector: - Consumer Discretionary: Shenzhen Techand Ecology & Environment 300197.CN +1.4% (awarded contract); Reject Shop TRS.AU -11.2% (lowers guidance); Pacific Brands PBG.AU -6.7% (lowers guidance) - Financials: Mitsubishi UFJ Financial Group 8306.JP +1.7% (analyst action); Greentown China 3900.HK -0.4% (May sales results); Agile Property 3383.HK +0.3% (May sales results) - Materials: Northern Star Resources NST.AU +3.1% (May production results) - Energy: Wintime Energy 600157.CN +5.6% (to acquire China Huaying Petroleum) - Healthcare: Nippon Kayaku 4272.JP +2.0% (analyst action); Ramsay Health Care Limited RHC.AU -2.7% (announces acquisition) - 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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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


  • POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic

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  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
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