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TradeTheNews.com Asian Mid-session Update: Shanghai continues slide; Japan exports growth slows further - Source TradeTheNews.com
JP) JAPAN MAY MERCHANDISE TRADE BALANCE: -¥216B V -¥259BE; ADJ TRADE BALANCE: -¥183B V -¥-184BE - (SG) SINGAPORE MAY ELECTRONIC EXPORTS Y/Y: -2.5% V -2.6%E; NON-OIL DOMESTIC EXPORTS M/M: -3.1% V -3.2%E; Y/Y: -0.2% V 2.3%E - (AU) AUSTRALIA MAY WESTPAC LEADING INDEX M/M: -0.1% V +0.1% PRIOR - (NZ) NEW ZEALAND Q1 CURRENT ACCOUNT BALANCE (NZ$): 0.66B V 0.28BE; first surplus in a year ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.3%, S&P/ASX +1.1%, Kospi flat, Shanghai Composite -1.8%, Hang Seng +0.3%, Sep S&P500 flat at 2,089***Commodities/Fixed Income***- Aug gold -0.1% at $1,180/oz, Jul crude oil +0.2% at $60.07/brl, Jul copper +0.1% at $2.62/lb- (US) API Petroleum Inventories: Crude -2.9M (2nd straight draw) v -1.5Me; Gasoline -2.9M v -0.5Me; ; Distillate +1.6M v +1Me - (JP) BOJ offers to buy ¥375B in 1-3yr JGBs, ¥400B in 3-5yr JGBs, and ¥400B in 5-10yr JGBs - (AU) Australia MoF (AOFM) sells A$900M in 3.25% 2025 Bonds; avg yield: 2.9799%; bid-to-cover: 3.74x ***Market Focal Points/FX***- Asian indices remain mixed going into Wednesday's crucial FOMC policy update, with Australia outperforming and Shanghai Composite extending its decline to a 2-week low below 4,800. Losses on the mainland remain heavy despite outsized gains for one of China's top banks - BoCom - receiving approval from regulators to optimize the shareholding structure, explore the introduction of private capital, and consider mechanism of shareholding by senior management and employees. Reform of human resources and remuneration would also be implemented in what appears to be a test of westernized financial institution on the mainland. - Japan May merchandise trade deficit was smaller than expected, but both import and export components undershot expectations, revealing continued hardship in Asia's 2nd largest economy in spite of the recent acceleration in yen selling. Exports growth of 2.4% also marked a 9-month low, with exports to US slowing to just 7.4% v 21.4% prior and exports to Europe remaining nearly flat. Shipments from Japan to China also slowed from 2.4% to 1.1%. - Australia's Westpac leading index slowed with a 0.1% decline, and resident economist noted the "stalling momentum mid-year is a concern given the recent reduction in interest rates and hopes that this would help generate a more convincing upswing in Australia's consumer and non-mining business sectors." Australia stock index was still higher, as investors cheered the formal signing of a free trade agreement with China, its biggest trading partner. PM Abbott called the signing, estimated to allow more than 85% of Australian goods to enter China without penalties, a "milestone in bilateral relations". Australia's top retail name Woolworth offered a trading update, and despite cutting its FY15 outlook shares were up on resignation of company CEO perceived to be ineffective.- USD majors saw their typically low pre-FOMC volatility. AUD/USD and NZD/USD were down less than a third of a percent with respective lows below 0.7730 and 0.6970, USD/JPY up a marginal 0.1% above 123.40, and EUR/USD rising about 25pips above 1.1260.***Equities***US equities / ADRs:- BOBE: Reports Q4 $0.56 (adj) v $0.44e, R$332M v $331Me; +4.4% afterhours- ADBE: Reports Q2 $0.48 v $0.45e, R$1.16B v $1.16Be; -1.4% afterhours- LZB: Reports Q4 $0.39 v $0.38e, R$375M v $380Me; -4.1% afterhoursNotable movers by sector:- Consumer discretionary: Zhonghe Co 002070.CN -6.5% (profit warning); China Eastern Airlines 670.HK +1.7% (private placement); Fast Retailing 9983.JP -0.6% (strike in China)?Tsuruha Holdings 3391.JP -4.8% (FY14/15 result)- Consumer staples: Woolworths Limited WOW.AU +1.8% (CEO to retire, cuts guidance)- Financials: Bank of Communications 3328.HK +3.5% (approval for deepening reform); China Merchants Bank 600036.CN +0.8% (cooperation with Anbang Insurance); Bank of China 601988.CN +3.5% (participation in gold price auction); Pudong Development Bank 600000.CN -0.4% (to acquire Shanghai Trust); Sunac China Holdings 1918.HK +2.4% (terminates target company acquisitions from Kaisa); PICC Property & Casualty 1339.HK +2.8% (YTD premium income)- Industrials: WDS Ltd WDS.AU -10.3% (lowers guidance); Austal Ltd AUB.AU -0.7% (awarded contract); GUD Holdings GUD.AU +1.2% (private placement)- Technology: Shaanxi Broadcast & TV Network Intermediary 600831.CN +10.0% (private placement); Sharp Corp 6753.JP +0.6% (plans for capital replenishment and potential management changes)- Materials: Metallurgical Corporation of China 601618.CN +0.9% (YTD contracts); Medusa Mining MML.AU -0.6% (guidance) - Source TradeTheNews.com
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