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Thursday July 9, 2015 - 06:16:14 GMT
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| | Email Asian Mid-session Update: China stocks rebounds as some new measures take hold - Source

CN) CHINA JUN CPI Y/Y: 1.4% V 1.3%E - (CN) CHINA JUN PPI Y/Y: -4.8% V -4.6%E; 40th straight month of decline - (AU) AUSTRALIA JUN EMPLOYMENT CHANGE: +7.3K V 0KE; UNEMPLOYMENT RATE: 6.0% V 6.1%E - (NZ) NEW ZEALAND JUN RETAIL CREDIT CARD SPENDING M/M: 0.5% V 0.5%E; TOTAL M/M: 0.6% V 1.4% PRIOR - (NZ) New Zealand JUN ANZ Heavy Truckometer m/m: +1.6% V -1.0% prior (first increase in 5 months) - (JP) JAPAN JUN MACHINE ORDERS M/M: +0.6% (3-month low) V -4.9%E; Y/Y: 19.3% (16-month high) V 16.7%E - (JP) JAPAN JUN MONEY STOCK M2 Y/Y: 3.8% V 4.0%E; M3 Y/Y: 3.1% V 3.3%E - (UK) UK JUN RICS HOUSE PRICE BALANCE: 40% V 36%E (11 month high) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.7%, S&P/ASX -0.5%, Kospi -0.6%, Shanghai Composite +0.6%, Hang Seng +2.9%, Sept S&P500 +0.5% at 2,048***Commodities/Fixed Income***- Aug gold -0.5% at $1,157/oz, Aug crude oil +1.0% at $52.19/brl, Sept copper +0.9% at $2.52/lb- SLV: iShares Silver Trust ETF daily holdings rise to 10,156 tonnes from 10,115 tonnes- 2-week high - (CN) PBoC to inject CNY35B in 7-day reverse repos (5th consecutive injection); neutral position this week v injected CNY50B prior; Offer yield at 2.5%, unchanged from prior - JGB: (JP) Japan MoF sells ¥738B in 1.6% (1.5% prior) 30-yr bonds; Avg yield: 1.432% v 1.526% prior; Bid to cover: 2.21x (11-year low) v 2.74x prior - (JP) Japan investors bought net ¥205.2B in foreign bonds V sold ¥42.8B in prior week; Foreign investors sold net ¥185.4B in Japan stocks v bought ¥298.0B in prior week ***Market Focal Points/FX***Shanghai Composite opened down by over 2% but risk-on sentiment replaced panic selling of the last few days as investors finally responded to some fresh govt measures targeting equity selloff. Ahead of the open, CSRC announced a limit on share reduction for substantial shareholders (5% stake or more) and also allowed purchase of shares through fund management companies. PBoC also reportedly "offered "abundant" loans to CSF to inject liquidity directly into the stock market, while CSF had reportedly funneled CNY200B to 5 fund management companies. Lastly, regulators cracked down on "malicious" short selling, with China public security ministry announced joint plans with CSRC to investigate cases of market manipulation. Returning from break, Shanghai Composite extended its gains to rise over 4% on aggressive bottom-fishing.Economic calendar was heavy with releases from China, Australia, and Japan. China inflation was generally in line, with CPI bouncing from last month's multi-month lows, while PPI remains in y/y decline for 40 straight months. For the moment, China data does not play an active role in determining expectations for further PBoC action. Japan's Machine Orders growth slowed sequentially but were sharply higher y/y, and Cabinet Office later announced the orders total value reached its highest levels since mid-2008. Australia employment data was slightly better than expected, and slight employment net increase benefited from a very strong gain in full-time component. Participation rate of 64.8% was also a 3 month high and hours worked a 5-month high, prompting economists to downplay expectations for the need of further RBA easing despite the recent collapse in iron ore prices.Bank of Korea left rates on hold at record low 1.5% as widely expected and also downgraded 2015 GDP target to 2.8% from 3.1%, while also leaving CPI target at 0.9%. The decision was unanimous, as BOK Gov Lee noted some deterioration in sentiment due to MERS as well as rising household debt. Lee did not he expects a modest recovery to arrive sometime in Q3.Alcoa marked unofficial start of the earnings season, missing on the bottom line but beating on sales by a narrow margin. EBITDA margins were up 270bps, and Alcoa also maintained its 2015 aluminum demand growth expectations of 6.5%. Shares were up marginally in the afterhours session.FX markets were fairly active, as investors bid up risk by selling JPY and buying AUD, particularly on the heels of stronger than expected jobs data. AUD/USD rose 100pips to 0.7490, USD/JPY was up about 100 pips from the lows at 121.50, and AUD/JPY cross spiked up 180pips toward ¥91.***Equities***US equities / ADRs:- CAG: Said to have hired advisors to evaluate sale of Ralcorp unit - financial press; +1.0% afterhours- AA: Reports Q2 $0.19 v $0.23e, R$5.90B v $5.82B; +0.5% afterhoursNotable movers by sector:- Consumer discretionary: China Southern Airlines Co 1055.HK +13.0% (H1 guidance)- Financials: China Galaxy Securities Co 6881.HK +11.5% (June result); CITIC Securities 6030.HK +10.7% (June result); Poly Real Estate Group Co 600048.CN +3.2% (H1 result); China Vanke 000002.CN +2.0% (share repurchase); Changjiang Securities Co 000783.CN +1.4% (H1 result); GF Securities Co Ltd 000776.CN +0.2% (H1 guidance); Fosun International 656.HK +16.6% (to buy private bank)- Industrials: Zoomlion Heavy Industry Science and Technology Co 1157.HK +13.5% (H1 guidance); Dongfeng Motor 600006.CN +6.1% (June result); AviChina Industry & Technology Co 2357.HK +18.4% (share repurchase)- Technology: Toshiba Corporation 6502.JP -2.4% (update on intention to delay losses; credit line)Tsinghua Unisplendour Co 000938.CN +10.0% (H1 guidance)- Materials: Resolute Mining RSG.AU -0.6% (FY16 guidance); Doray Minerals DRM.AU -2.3% (Q2 result)- Energy: Sinopec 386.HK +0.8% (Q2 guidance); China Shenhua Energy Co 601088.CN +0.6% (share repurchase); Caltex Australia CTX.AU -0.9% (H1 result)-


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