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| Email (AU) AUSTRALIA Q1 CURRENT ACCOUNT BALANCE (A$): -10.4B V -10.0BE (1-year low)
- (JP) MOODY'S REVIEWING JAPAN'S Aa2 SOVEREIGN RATING FOR POSSIBLE DOWNGRADE
- (AU) AUSTRALIA APR PRIVATE SECTOR CREDIT M/M: 0.0% V 0.5%E; Y/Y: 3.3% V 3.8%E
- (SI) SINGAPORE APR CREDIT CARD BAD DEBTS (S$): 16.4M V 14.6M PRIOR; CREDIT CARD BILLINGS: 2.6B V 2.9B PRIOR
- (AU) AUSTRALIA APR BUILDING APPROVALS M/M: -1.3% V -1.8%E; Y/Y: -11.5% V -12.7%E
- (JP) JAPAN APR LABOR CASH EARNINGS Y/Y: -1.4% V -0.2%E (16-month low)
- (SI) SINGAPORE APR M1 MONEY SUPPLY Y/Y: 22.0% V 20.6% PRIOR; M2 MONEY SUPPLY Y/Y: 11.0% V 8.7% PRIOR
- (SI) SINGAPORE APR BANK LOANS & ADVANCES Y/Y: 21.9% V 19.9% PRIOR
- (NZ) NEW ZEALAND MAY NBNZ ACTIVITY OUTLOOK: 39.7 V 29.5 PRIOR; BUSINESS CONFIDENCE: 38.3 V 14.2 PRIOR (10-month high)
- (JP) JAPAN APR OVERALL HOUSEHOLD SPENDING Y/Y: -3.0% V -2.8%E (7th consecutive month of decline)
- (JP) JAPAN APR JOBLESS RATE: 4.7% V 4.7%E (4.6% prior; first rise since Oct 2010 and a 3-month high); JOB-TO-APPLICANT RATIO: 0.61 V 0.62E (first drop in 17 months)
- (JP) JAPAN MAY MARKIT/JMMA MANUFACTURING PMI: 51.3 V 45.7 PRIOR (3-month high, first expansionary reading in 3-months)
- (KS) SOUTH KOREA APR LEADING INDEX Y/Y: 1.1% V 1.6% PRIOR
- (KS) SOUTH KOREA APR SERVICE INDUSTRY OUTPUT Y/Y: 3.1% V 3.0% PRIOR
- (JP) JAPAN APR ANNUALIZED HOUSING STARTS: 798K V 780KE; Y/Y: +0.3% V -3.0%E
- (KS) SOUTH KOREA APR INDUSTRIAL PRODUCTION M/M: -1.5% V 0.5%E; Y/Y: 6.9% V 9.2%E; MANUFACTURING Y/Y: 7.1% V 9.2% PRIOR
- (KS) SOUTH KOREA JUN BUSINESS SURVEY MANUFACTURING: 97 V 100 PRIOR; NON-MANUFACTURING: 86 V 89 PRIOR
- (JP) JAPAN APR AUTO PRODUCTION Y/Y: -60.1% v -57.3% PRIOR (largest drop on record); EXPORTS Y/Y: -67.8%
- (AU) AUSTRALIA APR RP DATA-RISMARK HOUSE PX M/M: -0.1% V 0.2% PRIOR; Y/Y: -0.3% V -0.6% PRIOR (4th consecutive month of decline)
- (JP) JAPAN APR PRELIM INDUSTRIAL PRODUCTION M/M: 1.0% V 2.0%E; Y/Y: -14.0% V -12.4%E
- (UK) LLOYDS MAY MEASURE OF BUSINESS CONFIDENCE M/M: 14 V 30 PRIOR
- (NZ) New Zealand Apr Money Supply M3 y/y: 5.0% v 5.6% prior
- (CH) China APR Leading Index: 102.1 v 101.8 prior
***Markets Snapshot (as of 04:30GMT)***
- Nikkei225 +1.4%
- S&P/ASX +0.9%
- Kospi +1.7%
- Taiex +1.2%
- Shanghai Composite -0.1%
- Hang Seng +0.9%
- Straits Times Index +0.4%
- S&P Futures +0.6 at 1,337
- Spot Gold -0.1% at $1,536/oz
- July Crude +0.5% at $101.05
- July Copper -0.6% at $4.16
***Overview/Top Headlines***
- Markets were positive today with many of them gaining 1-2% in the session with only Shanghai flirting to the downside. When wheat opened it fell 3% below $7.95 on the report over the weekend that Russia was lifting its ban on grain exports effective July 1st after a strong growing season. Main driver in the currencies was on the report that Germany may back off from pushing for Greek debt rescheduling, EUR/USD reached above $1.44 handle heading into the European open. AUD/USD, GBP/USD also hit multi week highs in the session.
- USD/JPY jumped up 15 pips and NZD/JPY hit a 1-year high -on the news that Moody's was placing Japan's Aa2 sovereign rating on review for possible downgrade, not long after it also placed all Japanese banks on review. The review has been prompted by heightened concern that faltering economic growth prospects and a weak policy response would make more challenging the government's ability to fashion and achieve a credible deficit reduction target.
- Australia Q1 current account balance came in at a 1-year low of -A$10.4B, causing the AUD/USD to weaken by 20 pips below the $1.0730 level. Sydney Morning Herald noted that it is likely that tomorrow's Q1 GDP is likely to be a contraction and could be worse that what was seen during the global financial crisis. Evidence includes mine inventories building up and lower shipments, as well as today's contraction in Australia's Q1 corporate profits.
- New Zealand May NBNZ activity outlook came in at a very positive 39.7 v 29.5 prior and Business confidence reached a 10-month high at 38.3 v 14.2 prior, this gave a fresh test of post-flotation 26-year high above $0.8240 for the NZD/USD. On the political front in Japan, PM Kan said he would not resign from office, saying that he has a responsibility to see the country through the nuclear crisis. Japan Fin Min Noda said any increase in sales tax would depend on economic development; PM Kan likely to call an election before tax increases. There were some fresh calls for a no-confidence vote for the embattled leader, Japan ruling DPJ party former leader Ozawa supports no-confidence motion against PM Kan.
- Fears of slowing growth are being echoed between President Lee and Korean companies. Korea Chamber of Commerce & Industry (KCCI) in a recent survey found that more than half of Korean companies expect domestic economic growth to turn lower in H2. South Korea President Lee has asked ministers to look for ways to increase domestic demand which is in a slump.
***Speakers/Geopolitical/In the press***
- (AU) Australia Future Fund has no plan to purchase EU rescue bonds; Currently holds no sovereign bonds - Australian Press
- (CH) China Min of Agriculture Han Changfu: Will have a bumper wheat and rapeseed harvest this summer despite drought - Chinese press
- (JP) Japan Cabinet Office downgraded assessment for 9 out of 11 regional economies (quarterly regional update) - Nikkei News
- (CH) China increased electricity prices for industrial, commercial and agricultural users in certain regions by 3% in order to ease expected power shortages - China Daily
***Equities***
- SNE: CFO: Does not expect an large losses that are usually associated with launch of new video game when debuting new handheld later this year - The Australian
- Tepco, 9501.JP: S&P cuts long-term credit rating to B+ from BBB (five notch cut to junk status)
- MCC.AU: Chairman De Lacy: A$10/ton carbon tax would never work, it would be increased as it would have no real impact which will lead to a much higher tax - The Australian
***FX/Fixed Income/Commodities***
- (AU) Australia Newcastle Exports +9.9% for week ending May 30th
- (CH) Exec at SinoSteel: China to increase coal production by 1B tons through 2015; additional production may not meet demand - financial press
- (CH) PBoC sells CNY3B 1-yr bills at 3.3058% v 3.3058% prior (unchanged for 8th consecutive week)
- USD/CNY: (CH) PBoC sets yuan mid point at 6.4845 v 6.4829 prior close (new yuan high since July 2005 revaluation)
- USD/KRW: Bank of Korea suspected of fx intervention to curb KRW gains - traders
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