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TradeTheNews.com Asian Market Update: Asian markets subdued on US market holiday; Germany's Merkel in China on trade talks - Source TradeTheNews.com
Market Snapshot (as of 03:30 GMT): - Nikkei225 flat, S&P/ASX flat, Kospi -0.4%, Shanghai Composite -0.1%, Hang Seng -0.3%, Sept S&P500 -0.1% at 1,975 ***Commodities/Fixed Income/Currencies*** - Aug gold -0.2% at $1,317, Aug crude oil -0.1% at $104.02/brl, Sept Copper -0.7% at $3.26/lb - (KR) South Korea sells KRW1.95T in 3-yr govt bonds at avg yield of 2.595; Bid-to-cover: 4.2513x - (CN) PBoC gauges demand for 7-day and 14-day reverse repos, 14-day and 28-day repos as well as 91-day bill sales - (CN) PBoC sets yuan mid-point at 6.1658 v 6.1642 prior setting (weakest Yuan setting since Jun 4th) - (JP) BOJ offers to buy ¥300B in 1-3yr JGB, ¥200B in 3-5yr JGB, ¥100B in 10-25yr JGB and ¥30B in JGB with maturity over 25-yr ***Market Focal Points/Key Themes*** - Trading on the Asian bourses was slower than usual following a US market holiday. Japan retailers were one of the more heavily traded sectors after the main retailers posted quarterly results last week. Aeon declined 4.5% by the mid-day break due to weak Q1 results. Familymart was the top performer rising 4% after it was announced Itochu increased its stake in the company. - At the quarterly Branch Managers meeting BOJ Gov Kuroda reiterated the view that the domestic economy is recovering moderately as a trend and will maintain easing as long as necessary to achieve its 2 percent inflation target. He also added that the y/y rise in the core inflation is likely to be around 1.25% for some time. - China property developers traded higher for the second consecutive days. China Vanke rallied over 7% over two trading days, after releasing Jun sales results last week. Some other property developers in China also traded higher, such as Poly Real Estate higher by 3%, China Merchants Property Development higher by 3%. - German Chancellor Merkel is on a three-day visit to China with trade issues on top of the agenda. Topics of discussion will focus around new energy vehicles, energy, environment, high-tech sectors. German businesses have recently raised issues regarding intellectual property rights. Also Japan PM Abe has started his eight-day Oceania tour beginning with New Zealand with both sides remaining committed to a comprehensive TPP agreement. - In terms of economic data, preliminary May figures for Japan's leading and coincident indexes are due out later today. The leading index is expected to come in at 105.9, down from the final April reading of 106.5 in April, while the coincident is expected at 111.0, easing from last month's posting of 111.1. ***Equities*** US markets: - EXPE: To acquire Wotif Group for approx A$700M in cash - GM: Reports June China vehicle sales 258K units, +9.1% y/y Notable movers by sector: - Consumer Discretionary: FamilyMart 8028.JP +4.3% (Itochu raises stake); Aeon 8267.JP -4.2% (Q1 results); Wotif.com Holdings WTF.AU +24.2% (acquisition deal with Expedia) - Consumer staples: Arcs 9948.JP -1.6% (Q1 results) - Materials: Shanghai ANOKY Textile Chem 300067.CN +9.6% (H1 guidance); Legacy Iron Ore LCY.AU -14.3% (announces new shares issuance) - Energy: Cooper Energy COE.AU +4.0% (sees record earnings for FY14) - Healthcare: Askul 2678.JP +1.1% (FY13/14 results) - Telecom: Newsat NWT.AU +3.6% (secures contract) - Source TradeTheNews.com
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