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Wednesday July 2, 2014 - 06:46:00 GMT
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| | Email Asian Market Update: Australia records its biggest trade deficit in 18 months as China demand crumbles - Source

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.5%, S&P/ASX +1.2%, Kospi +0.8%, Shanghai Composite +0.1%, Hang Seng +1.0%, Sept S&P500 +0.1% at 1,967 ***Commodities/Fixed Income/Currencies*** - Aug gold flat at $1,327, Aug crude oil +0.2% at $105.44/brl, Sept Copper -0.5% at $3.19/lb - GLD: SPDR Gold Trust ETF daily holdings rise 5.7 tonnes to 796.4 tonnes (highest since Apr 16th) - SLV: iShares Silver Trust ETF daily holdings fall to 10,042 tonnes from 10,106 tonnes prior (lowest since Feb 19th) - (US) API PETROLEUM INVENTORIES: CRUDE: -0.9M v -2Me, GASOLINE: -0.4M v 0e, DISTILLATE: +4.4M v +1Me - (AU) Australia MoF (AOFM) sells A$600M in 4.5% 2033 Bonds; avg yield: 4.0926%; bid-to-cover: 3.12x - (AR) S&P places Argentina long-term Foreign Currency credit rating outlook on Watch Negative - USD/HKD: (HK) Hong Kong Monetary Authority (HKMA) sells HK$16.3B to defend currency peg - USD/CNY: (CN) PBoC sets yuan mid point at 6.1549 v 6.1523 prior setting (weakest Yuan setting since June 15th) - USD/CNY: (RU) Russia Central Bank (CBR) Gov Nabiullina: Russia and China near Ruble, Yuan swap agreement; Aims to boost bilateral trade - financial press - USD/KRW: (KR) South Korea Fin Ministry official: Concerned over one-sided trading in fx market (Comments after USD/KRW fell below KRW1,010 rate today - strongest KRW level since 2008) ***Market Focal Points/Key Themes*** - After 5 consecutive months of surplus, Australia's terms of trade fell into deficit for the 2nd straight month in May, and the latest A$1.9B shortfall is the biggest in the past 18 months. Exports sank 5% m/m, as shipments to Australia's largest market - China - fell 12%. Gold and crude oil saw some of the biggest relative declines on sequential basis, even though shipments of iron ore held up on demand from Japan (rising to A$6.74B from A$6.42B prior). AUD/USD, the most volatile among USD majors, fell about 40pips toward $0.9450 after the data. - JPMorgan CEO Dimon revealed he has been diagnosed with "curable" throat cancer. Dimon letter further stated that treatment would not impact his ability to run the company and that no other areas of his body were in peril. Dimon said the 8-week chemotherapy treatment would start shortly and may impede some of his travel. JPM shares were down less than 1% afterhours. - Argentina credit rating was placed on Watch Negative at S&P, projecting a 50-50 chance of being lowered to Selective Default, after the sovereign missed its scheduled payment. S&P noted "the CreditWatch placement reflects our view of at least a one-in-two probability that Argentina will not pay the outstanding US$539 million interest payment on the discount bonds within the 30-day grace period allowed thereunder". Ratings agency did note that "affirmation of the 'CCC+/C' local currency ratings reflects our view that the potential disruptions to payments on Argentina's external debt are not likely to further erode its ability to service debt issued in local currency under local law." - US State Dept and Congress held talks about increasing its planned shipments of Lockheed Hellfire missiles to Iraq to 4,000 from 500 purchased. Press reports have also indicated Obama administration may consider expanding the US military involvement beyond the 300 "advisors" deployed last month. - In China, local press report stated Bureau of Stats may begin to include intellectual property into its GDP calculation. Also of note, a financial press report indicated China's Qilu Bank sued a local government financing vehicle (LGFV) over bad loans, which could mark the first formal admission of default among the overleveraged LGFV entities. ***Equities*** US markets: - SHLM: Reports Q3 $0.74 v $0.65e, R$645.7M v $548.5M y/y; +3.1% afterhours - GOOG: Acquires music service Songza; terms not disclosed; +0.1% afterhours - JPM: CEO Dimon informed employees and key shareholders that he has curable throat cancer; -0.6% afterhours - PAYX: Reports Q4 $0.40 v $0.40e, R$639M v $618Me; -2.0% afterhours - CAMP: Reports Q1 $0.19 v $0.19e, R$59M v $58.2Me; -13.5% afterhours Notable movers by sector: - Consumer Discretionary: Ryohin Keikaku 7453.JP +5.4% (Q1 results) - Industrials: Mazda Motor Corp 7261.JP +1.7%, Toyota Motor 7203.JP +0.7%, Nissan Motor 7201.JP +1.2%, Honda Motor 7267.JP +0.6% (Japan auto sector on Jun US sales results) - Technology: InnoLux 3481.TW +6.3% (plans to move production back to Taiwan); Tencent Holdings 700.HK +2.0% (JD was up by over 4% earlier in US session) - Healthcare: Yunnan Hongxiang Yixintang Pharmaceutical 002727.CN +44.0%, Hubei Forbon Technology Co Ltd 300387.CN +44.0%, Zhejiang Shapuaisi Pharmaceutical Co Ltd 603168.CN +44.0% (IPO debut) - Source


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