TradeTheNews.com Asian Market Update: Australia sequential new home sales and inflation retreat

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TradeTheNews.com Asian Market Update: Australia sequential new home sales and inflation retreat

30.06.2014 07:20 Monday
***Notable Economic Data***
- (JP) JAPAN MAY PRELIMINARY INDUSTRIAL PRODUCTION M/M: 0.5% V 0.9%E; Y/Y: 0.8% V 1.5%E
- (AU) AUSTRALIA MAY HIA NEW HOME SALES M/M: -4.3% (first decline in 5 months) V +2.9% PRIOR
- (AU) AUSTRALIA MAY PRIVATE SECTOR CREDIT M/M: 0.4% V 0.4%E; Y/Y: 4.7% V 4.7%E
- (AU) AUSTRALIA JUN TD SECURITIES INFLATION M/M: 0.0% (1-year low) V 0.3% PRIOR; Y/Y: 3.0% V 2.9% PRIOR
- (NZ) NEW ZEALAND JUN ANZ ACTIVITY OUTLOOK: 45.8 V 51.0 PRIOR; ANZ BUSINESS CONFIDENCE: 42.8 (1-year low) V 53.5 PRIOR
- (NZ) NEW ZEALAND MAY BUILDING PERMITS M/M: -4.6% (1st decline in 3 months) V -2.5%E
- (NZ) NEW ZEALAND Q2 WESTPAC EMPLOYMENT CONFIDENCE INDEX: 109.9 V 108.4 PRIOR (multi-year high)
- (KR) SOUTH KOREA JUL MANUFACTURING BUSINESS SURVEY: 78 (7-month low) V 81 PRIOR; BUSINESS SURVEY NON-MANUFACTURING SURVEY: 69 V 72 PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 flat, S&P/ASX -0.4%, Kospi +0.4%, Shanghai Composite +0.5%, Hang Seng +0.3%, Sept S&P500 flat at 1,952

***Commodities/Fixed Income/Currencies***
- Aug gold -0.3% at $1,316/oz, Aug crude oil -0.3% at $105.45/brl, Sept Copper -0.1% at $3.17/lb
- SLV: iShares Silver Trust ETF daily holdings fall to 10,106 tonnes from 10,148 tonnes prior (lowest since Feb 19th)
- USD/CNY: (CN) PBoC sets yuan mid point at 6.1528 v 6.1543 prior setting (strongest Yuan setting since June 20th)

***Market Focal Points/Key Themes***
- ISIS formally declares a caliphate; No longer recognizes "legality of all emirates, groups, states and organizations"; Iraq military continues its counter-offensive as Russia delivers some of its aircraft and trainers to assist in their operation.

- Ceasefire extension between Ukraine military and pro-Russia rebels reportedly violated by both sides during the weekend with more casualties. Ukraine soldiers gathered in front of govt buildings, calling on authorities to discontinue the ceasefire. Russia Econ Min Ulyukayev also stated the threat of new sanctions could result in "serious" impact on growth.

- BNP Paribas reportedly to cut its dividend and sell billions of euros in bonds next week ahead of announcing a settlement with US regulators. Reports suggesting the Board has approved $8.9B settlement, and the bank will receive a 6-month stay of execution on the suspension of USD settlement.

- Japan industrial production growth slows; PM Abe's FT op-ed reiterated some of the sentiment from his 3rd Arrow speech, claiming impact from April hike in consumption tax likely to be temporary and announcing the cabinet will go forward with Japan pension fund (GPIF) changes.

- Fortescue CFO expects iron ore prices to settle around $110/ton; Norges Bank files for 3% interest in BHP shares.

- JPY hit a 5-week high against USD, with USD/JPY pair falling below 101.30, tracking lower short-term US rates. NZD/USD was the biggest mover among the dollar majors, falling over 40pips below $0.8740.

***Equities***
US markets:
- GM: Announces four additional recalls covering 428K vehicles in the US and Canada over airbag and software issues
- FB: Reportedly researchers affiliated with the company manipulated news feeds of as many as 700K users to study "emotional contagion" - press

Notable movers by sector:
- Consumer Discretionary: Midea Group 000333.CN +1.7% (receives acquisition approval); Qantas Airways QAN.AU -4.5% (prelim May load factor)
- Industrials: Sichuan Chengfei Integration Technology Corp 002190.CN +5.6%, Xi'An Aero-Engine PLC 600893.CN +2.9%, AVIC Aircraft 000768.CN +1.2%, North Navigation Control Technology 600435.CN +4.9% (tension arises on North Korea's missile launch); Nissan Motors 7201.JP -0.8% (to be investigated by the NHTSA)
- Technology: Ourgame International Holdings 6899.HK -12.9% (IPO debut)


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