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Tuesday July 15, 2014 - 06:16:30 GMT
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| | Email Asian Market Update: China M2, new lending hit multi-month highs; BOJ maintains assessment, lowers GDP target - Source

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.8%, S&P/ASX -0.2%, Kospi +0.8%, Shanghai Composite flat, Hang Seng +0.5%, Sept S&P500 +0.1% at 1,972 ***Commodities/Fixed Income/Currencies*** - Aug gold flat at $1,308, Aug crude oil flat at $100.90/brl, Sept Copper -0.5% at $3.23/lb - (CN) PBoC to drain CNY20B in 28-day repos (5th consecutive drain) - GLD: SPDR Gold Trust ETF daily holdings rise 8.6 tonnes to 808.7 tonnes (highest level since Apr 7th, biggest increase since Aug 2011) ***Market Focal Points/Key Themes*** - Shanghai Composite is flat in the afternoon trade on mixed economic data. M2 money supply hit a 10-month high and new Yuan loans a 5-month high, while foreign direct investment growth is flat for June and at a 13-month low on YTD basis. Separately, NEA reported June power consumption growth rose to 5.9% from 5.3%. China Q2 GDP and the rest of June economic data are on tap for tomorrow. - BOJ policy decision produced little reaction in Japan equities and currency markets. As rumored in the press, BOJ cut its FY14/15 GPD forecast to 1.0% from 1.1% as part of its quarterly review of targets, but also maintained projections for FY15/16 and FY16/17 GDP as well as FY14-17 CPI. BOJ also maintained its economic assessment for the 12th consecutive meeting, reiterating its view on all segments of the economy. Regarding forward outlook, BOJ added the "effects of decline in demand following front-loaded increase prior to consumption tax hike are expected to wane gradually." Also of note, Japanese press speculated the Cabinet Office would boost its economic outlook in the upcoming monthly report for the first time since January. - RBA meeting minutes from July 1st were largely a reiteration of the statement, solidifying expectations of rates remaining unchanged despite the "historically high" level of the exchange rate. As after the release of the statement, AUD saw a brief and modest lift, with fixed income markets tipping back in favor of a rate hold over the 12-month period. - Financial press indicated Microsoft will announce job cuts that could eclipse the 2009 layoffs, just as investors prepare for several notable tech names reporting earnings this week. That MSFT announcement could also come as early as this week, although the company is not scheduled to report Q2 until Jul 22nd. - East Ukraine stand-off continues to simmer, with both sides seemingly preparing for a decisive confrontation around Donetsk. On Monday evening, US State Dept announced it was confident that Russia is sending more tanks toward the border, equipping separatists with heavy weapons. Earlier today, reports surfaced of another Ukraine military aircraft shut down in the east. Ukraine officials believe Russia may have been directly responsible. ***Equities*** US markets: - CDXS: Signs Technology Collaboration and License Agreement with GSK; Eligible to receive up to $25M; +84.4% afterhours - VLO: Guides Q2 EPS $1.10-1.25 v $1.40e; -3.5% afterhours - APOL: Informed by Dept of Education that it will conduct an "ordinary" review of University of Phoenix's administration of federal student financial aid - filing; -3.6% afterhours - MSFT: Said to announce job cut as early as this week that may exceed 5.8K layoffs in 2009 - financial press - LGF: Lionsgate and Alibaba form strategic collaboration to offer Lionsgate Entertainment World service in China Notable movers by sector: - Materials: Whitehaven Coal WHC.AU +4.6% (Q4 coal production results); Oz Minerals OZL.AU (initially rising by over 3.5% following Q2 production results) - Industrials: China International Marine Containers Group 2039.HK +1.0% (H1 guidance); Weichai Power 2338.HK +1.6% (H1 guidance); Zoomlion Heavy Industry Science and Technology 1157.HK -3.0% (H1 guidance) - Technology: Tencent Holdings 700.HK +0.5% (US techs higher earlier today); Leshi Internet Info & Tech 300104.CN flat (H1 guidance); Wangsu Science & Technology 300017.CN -8.9% (H1 guidance); Seiko Epson Corp 6724.JP -1.9% (press speculation on Q1 results) - Utilities: Kyushu Electric Power 9508.JP +0.8% (expects safety plans endorsement from authority) - Telecom: ZTE Corp 763.HK +6.9% (raises H1 guidance) - Source


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