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Tuesday June 10, 2014 - 06:27:32 GMT
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| | Email Asian Market Update: China CPI rebounds on much higher food prices - Source

(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


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