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Thursday June 11, 2015 - 06:29:16 GMT
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| | Email Asian Mid-session Update: RBNZ, BOK announce fresh easing, while strong Australia jobs data diminish outlook for more RBA action - Source

CN) CHINA MAY INDUSTRIAL PRODUCTION Y/Y: 6.1% V 6.0%E; INDUSTRIAL PRODUCTION YTD Y/Y: 6.2% V 6.2%E - (CN) CHINA MAY YTD FIXED URBAN ASSETS Y/Y: 11.4% V 11.9%E - (CN) CHINA MAY RETAIL SALES Y/Y: 10.1% V 10.1%E; RETAIL SALES YTD Y/Y:10.4% V 10.4%E - (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) CUTS OFFICIAL CASH RATE BY 25BPS TO 3.25% VS EXPECTED HOLD AT 3.50%- (KR) SOUTH KOREA CENTRAL BANK (BOK) CUTS 7-DAY REPO RATE BY 25BPS TO 1.50%, AS EXPECTED; RECORD LOW - (AU) AUSTRALIA MAY EMPLOYMENT CHANGE: +42K V +15KE; UNEMPLOYMENT RATE: 6.0% (1-year low) V 6.2%E - (AU) AUSTRALIA JUN CONSUMER INFLATION EXPECTATION: 3.0% V 3.6% PRIOR; 14-month low - (NZ) New Zealand REINZ May House Sales Y/Y: 21.6% v 27.6% prior - (JP) JAPAN Q2 BUSINESS SURVEY INDEX (BSI) LARGE ALL INDUSTRY Q/Q: -1.2 V +1.9 PRIOR; BSI LARGE MANUFACTURING Q/Q: -6.0 (1-year low) V +2.4 PRIOR; Raises FY15/16 capex y/y: +5.9% v -3.9% prior forecast- (UK) UK MAY RICS HOUSE PRICE BALANCE: 34% V 36%E; 10-month high ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +1.4%, S&P/ASX +1.3%, Kospi +0.5%, Shanghai Composite flat, Hang Seng +1.0%, Jun S&P500 -0.1% at 2,104***Commodities/Fixed Income***- Aug gold -0.1% at $1,185/oz, Jul crude oil -0.5% at $61.10/brl, Jul copper flat at $2.75/lb- (MX) PEMEX discovers new oil in shallow waters of Gulf of Mexico; May add up to 200K bpd in output - financial press - GLD: SPDR Gold Trust ETF daily holdings decline 1.5 tonnes to 704.2 tonnes; lowest since 2008 - (CN) PBoC won't conduct open market operations (OMO) in today's session (16th consecutive halt); Net zero position this week (7th consecutive week of neutral position) - USD/CNY: PBoC sets yuan mid point at 6.1150 v 6.1173 prior setting (strongest Yuan setting since May 22nd) - JGB: (JP) Japan's MoF sells ¥1.09T in 1.3% (1.2% prior) 20-year JGBs; Avg yield: 1.293% v 1.221% prior; bid-to-cover: 2.56x (lowest since May 2013) v 2.91x prior - (JP) Japan investors sold net ¥385.2B in foreign bonds V sold ¥348.4B in prior week; Foreign investors bought net ¥255.3B in Japan stocks v bought ¥574B in prior week ***Market Focal Points/FX***- Regional indices are generally higher with the exception of Shanghai, which is trading near flat amid continued reservations related to MSCI deferring inclusion into its EM index. Among the most notable developments in China, govt announced a pilot scheme to expand consumer credit service from 16 cities to nationwide to encourage consumption, while NDRC approved new infrastructure projects with combined investment value of CNY127B. China MOF also put out mixed May fiscal data, as spending slowed to just 2.6% y/y from 33% in April and revenue growth slowed to 5% from 8.2%. Late in the day, China released more May economic data, with industrial output slightly better than expected, retail sales in line, and fixed investment a bit below consensus.- Australia jobs numbers were much stronger than expected, with unemployment falling to a 1-year low of 6% and employment change at 42K, even though 2/3rd of that figure was in the part time sector. Westpac, JPMorgan, CBA, and NAB forecasters are in the camp of RBA remaining on hold for the rest of the year, with jobless rate appearing to have topped despite the risks of renewed increase. Fixed income markets also reportedly shifted probability of another 2015 rate cut from about 55% to 40%.- Reserve Bank of New Zealand surprised traders with a 25bps rate cut to 3.25% - its first in 4 years and also the first policy adjustment after 6 consecutive holds. RBNZ also lowered its 90-day bill rate projections by 60bps to 3.1% from 3.7%, while Gov Wheeler signalled more easing announcing that markets have already priced in 2 cuts. Wheeler also said further significant downward adjustment in exchange rate is justified. Later in the day, REINZ housing data showed y/y rise in median prices at 7% and those of Auckland a whopping 20% y/y, sparking criticism that RBNZ is fanning the flame of property inflation.- BOK also cut rates to record low of 1.50%, though this had been anticipated by majority of analysts. There was one dissenter who preferred for rates to remain unchanged. BOK cited risks associated with MERS outbreak impacting consumption and exports, while also reiterating inflation would remain low for the time being. BOK Gov Lee added the central bank's growth projections made in April may be cut further.- World Bank cut its 2015 GDP target to 2.8% from 3%, developing GDP to 4.4% from 4.8%, and US to 2.7% from 3.2%, urging the Fed to hold off on the liftoff until 2016. - Among FX majors, trading in AUD, NZD, and JPY were all volatile on the latest developments. NZD/USD hit multi-year low, falling as much as 200pips from pre-RBNZ levels to $0.70 - lowest level since late 2010. AUD/USD spiked up about 70pips on jobs data to 0.7080. USD/JPY was up about 30pips late in the day at the highs near 123.30 after a govt source said yesterday's comments by BOJ Gov Kuroda that JPY may not weaken further do not necessarily reflect the views of the Abe administration.***Equities***US equities / ADRs:- BOX: Reports Q1 -$0.28 v -$0.31e, R$65.6M v $63.6Me; +10.0% afterhours- MW: Reports Q1 $0.54 (adj) v $0.52e, R$885M v $862Me; Remains confident in FY15 and FY17 guidance; +8.5% afterhours- KKD: Reports Q1 $0.24 v $0.21e, R$132.5M v $136Me; +5.2% afterhours- NKE: To become Exclusive Oncourt Uniform and Apparel Provider of the NBA, WNBA and NBA D-League; +0.7% afterhoursNotable movers by sector:- Consumer discretionary: Suning Appliance 002024.CN +7.9% (govt to promote consumer credit); Samsung C&T Corp 002380.KR -2.5% (to sell shares); Panasonic Corporation 6752.JP +2.5% (to partner with NTT); Youngor Group Co Ltd 600177.CN +4.0% (agreement with Citic Group); Pang Da Automobile Trade 601258.CN +10.0% (partnership with Foton Motor)- Financials: Renhe Commercial Holdings 1387.HK +4.1% (acquisition); Wanda Commercial Properties 3699.HK +1.5% (May result); Zhejiang China Commodities City Group 600415.CN +4.3% (govt to promote cross-border e-commerce); Token Corp. 1766.JP +7.3% (FY14/15 result)- Industrials: Fujian Xiamen Xiangyu Co Ltd 600057.CN +10.0% (govt to promote cross-border e-commerce);Hyundai Heavy 009540.KR -0.8% (to sell convertible bonds, awarded contract)- Technology: Zhejiang NetSun Co 002095.CN +4.4% (govt to promote cross-border e-commerce); LG Display 034220.KR -0.2% (speculation to supply panel for Apple Watch)- Materials: BC Iron BCI.AU +7.0% (repay loan ahead of schedule); China Rare Earth Holdings 769.HK -9.7% (share placement)-Healthcare: Ramsay Health Care RHC.AU +2.7% (reaffirms guidance)-


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