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Market View

Asian stocks fell for a sixth day as South Korea unexpectedly cut interest rates

Thursday, July 12, 2012 3:39 AM GMT

Good Morning ,

- Asian stocks fell for a sixth day as South Korea unexpectedly cut interest
rates and Australia's jobless rate rose, adding to concern the global economic
slowdown is deepening. The won and the Australian dollar slid.

- BoJ leaves monetary policy basically unchanged, retains recovery view, tweaks
asset purchase program but amount unchanged

- Japan's Finance Minister Azumi said that his country will draw closer to
exiting deflation if the BOJ offers financial support and tries to achieve
its 1 percent inflation goal at an early date.

- Japan Weekly Capital Flows: Foreign investors sold a net JPY3.6bn of Japanese
stocks and a net JPY20.7bn of Japanese bonds during the week ended in July 1,
2012. During the same period, Japanese investors bought a net JPY10.3bn of
overseas stocks and a net JPY353.1bn of overseas bonds

- US FOMC June Minutes, Members divided on the threshold for further easing

- Australia number of people employed fell by 27'000 in June, unemployment 5.2%

- RBA Lowe, EU uncertainty unlikely to be resolved soon, hard to argue that AUD
is overvalued

- New Zealand's July consumer confidence index 110.5, June 105.8, household
still wary

- New Zealand's manufacturing activity slows but still above board with June
PMI 50.2 vs 55.8 in May

- New Zealand's June food prices leap by 1.4% m/m but remain down 0.2% on the
year

- The Bank of Korea unexpectedly cut borrowing costs for the first time in more
than three years. Govenor Kim Choong Soo's officials lowered the benchmark
seven day repurchase rate by a quarter percentage point to 3%.

- China economic growth close to 8%, Development research centre.

- IMF Lagarde, Asia has room to buffer against a global slowdown, can weather
the European crisis

Today's Figures
08.00 GER Wholesale price index mm and yy
09.30 SWE CPI
11.00 EZ Industrial production mm and yy
14.30 CA new housing price index
14.30 US Import and export prices
14.30 US Jobless claims
20.00 US Federal budget

(CET)

Have a good day !

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