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Wednesday June 11, 2014 - 05:03:10 GMT
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| | Email Asian Market Update: World Bank slashes Global, China, and US GDP outlook for 2014; House Speaker Cantor loses his primary - Source

(AU) AUSTRALIA JUN WESTPAC CONSUMER CONFERENCE INDEX: 93.2 V 92.9 PRIOR; M/M: +0.2% V -6.8% PRIOR - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence: 102.2 v 102.2 prior - (NZ) NEW ZEALAND MAY RETAIL CARD SPENDING M/M: 1.3% (highest reading in 7 months) V 0.5%E; TOTAL CARD SPENDING M/M: +1.7% V -0.2% PRIOR - (JP) JAPAN Q2 BSI LARGE ALL INDUSTRY Q/Q: -14.6 V 12.7 PRIOR; BSI LARGE MANUFACTURING Q/Q: -13.9 (biggest decline since Q3 2011) V 12.5 PRIOR - (JP) JAPAN MAY DOMESTIC CGPI M/M: 0.3% V 0.1%E; Y/Y: 4.4% (5-year high) V 4.1%E - (KR) SOUTH KOREA APR MONEY SUPPLY L M/M: 0.5% V 0.2% PRIOR; M2 M/M: 0.4% V 0.5% PRIOR - (KR) SOUTH KOREA MAY BANK LENDING TO HOUSEHOLD (KRW): 485.3T V 483.4T PRIOR - (KR) SOUTH KOREA MAY UNEMPLOYMENT RATE (SEASONALLY ADJ): 3.7% V 3.6%E - (PE) Peru Central Bank cuts reserve requirement ratio (RRR) by 50 bps to 11.5% from 12.0% Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.3%, S&P/ASX -0.3%, Kospi +0.1%, Shanghai Composite -0.2%, Hang Seng -0.4%, Jun S&P500 -0.1% at 1,949, Aug gold +0.1% at $1,261, Jul crude oil +0.1% at $104.45/brl ***Highlights/Observations/Insights*** - World Bank's Global Economic Prospects announced a cut to 2014 worldwide and other GDP projections. Global growth outlook was lowered to 2.8% v 3.2% due to weaker BRICS, China 2014 lowered to 7.6% v 7.7% prior, US forecast cut to 2.1% v 2.8% prior, Japan to 1.3% v 1.4% prior, and Euro area affirmed at 1.1%. Note that China was also the only one of the large economies where 2015 and 2016 GDP is seen lower - 7.5% and 7.6% respectively. US GDP is expected to rebound to 3% the next two years, while Euro area GDP is sen at 1.8% in 2015 and 1.9% in 2016. WB said high-income country recovery is underway, while the pickup in developing world is proceeding slowly. - PBoC annual report was a reiteration of recent commentary, affirming prudent monetary policy and proactive fiscal policy for 2014, pledging to increase support for direct financing, and looking to accelerate interest rate liberalization. - Australia Westpac Consumer Confidence for June rebounded from its biggest drop in a year last month but just slightly. Westpac economist said the Index is still in firmly pessimistic territory, as concerns related to the govt's recent budget cuts continued to weigh on consumer sentiment. - Japan Ministry of Finance released its outlook for the 2nd quarter widely foreshadowing the expected post sales tax hike contraction. The 15pt drop in All Industry manufacturing survey was the biggest since late 2011. MoF did revise its FY14 CAPEX projections higher after a much stronger than expected Q1 Final GDP report in that component to +4.5% from -5.1% prior forecast. - In a political shock to the Republican side, House Majority leader Cantor (R-VA) lost in his Virginia Primary to a Tea Party activist David Brat. Cantor had been widely speculated to take over the Speakership from John Boehner in the future. Tea Party candidate win also restores that movement's credibility and potentially weighs on GOP bid to retake the majority in the Senate. ***Speakers/Political/In the Papers*** - (CN) PBoC releases 2013 annual report; Reiterates prudent monetary policy and proactive fiscal policy for 2014 - financial press - (CN) China Ministry of Finance (MOF): China May fiscal revenue CNY1.37T, +7.2% y/y; fiscal spending CNY1.28T, +24.6% y/y - financial press - (CN) China Association of Automobile Manufacturers (CAAM) May auto sales 1.91M units, +8.5% y/y, -4.6% m/m - Shanghai Daily - (KR) According to Bank of Korea (BOK), household loans by local banks in Apr rose by KRW5T m/m to KRW695.5T; Biggest increase in 4 months - Korean press - (KR) South Korea Pres Park may reshuffle Cabinet this week - Korean press ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 200B in JGB with maturity under 1-yr, 400B in 5-10yr JGB, and 100B in Corporate Bonds - (AU) Australia MoF (AOFM) sells A$700M in 3.25% bonds due 2029; Average yield: 4.2055%; Bid-to-cover: 2.61x - (US) PIMCO's Gross Raises Total Return Fund's holding of US Treasuries to 50% in May from 40% in Apr - (US) API PETROLEUM INVENTORIES: CRUDE: +1.5M v -2Me, GASOLINE: -441K v +0.5Me, DISTILLATE: -298K v +1Me - In USD majors, the greenback was modestly firmer vs the euro but weaker against JPY, AUD, and NZD. EUR/USD extended its slide by about 25pips to $1.3520, USD/JPY fell nearly 20pip to 102.20, while AUD/USD and NZD/USD rose about 20pips above $0.9380 and $0.8540 respectively. Precious metals eked out further gains - Aug gold rose $3 to $1,262 and Jul Silver broke above $19.20. ***Equities*** US markets: - SYNA: Guides Q4 higher to R$300-310M v $280Me ($275-295M prior); +17.7% afterhours - ULTA: Reports Q1 $0.77 v $0.73e, R$713.8M v $699Me; +10.1% afterhours - AIG: Promotes Peter D. Hancock to President and CEO; effective Sept 1st - PRU: Board of Directors authorizes $1B (2.4% of market cap) in share repurchases Notable movers by sector: - Materials: Daido Steel 5471.JP -3.7% (analyst action); Aichi Steel 5482.JP -3.3% (analyst action); CNNC Hua Yuan Titanium Dioxide 002145.CN +0.9% (raises product price); Discovery Metals DML.AU +7.2% (operations update); Aquila Resource AQA.AU +3.2% (block trades, speculation of a stake increase by Mineral Resources) - Industrials: Downer EDI DOW.AU -10.6% (termination of contract); Shandong Fin CNC Machine 002270.CN +3.0%, Siasun Robot & Automation 300024.CN +1.7%, Dalian Zhiyun Automation 300097.CN +1.0% (China Pres Xi comments on robotics) - Utilities: Beijing Water Business Doctor 300055.CN +5.7%, Beijing Originwater Technology 300070.CN +5.1%, Shanghai Safbon Water Service 300262.CN +10.0% (China submits water pollution curb plan) - Source


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