[Morning Update] Asia Headlines and Economic Data via TradeTheNews

***Headlines/Economic Data***


Australia/New Zealand

- ASX 200 opened 0.0%

- (AU) AUSTRALIA JUN PRELIMINARY PMI MANUFACTURING: 58.4 V 60.4 PRIOR (13TH MONTH OF EXPANSION)

- (AU) Australia May Prelim Merchandise Trade Balance (A$) 13.3B v 8.0B prior final, Exports M/M: 11% v 3% prior final, Imports M/M: +1% v -3% prior final

- (NZ) New Zealand Debt Management: Will offer NZ$2.6B in bonds in July via 5 auctions - (AU) Reserve Bank of Australia (RBA): Excess cash at exchange settlement (ES) accounts at A$267.3B v A$271.8B prior

- (AU) Reserve Bank of Australia (RBA) Assist Gov (Economic) Ellis: aim of policy settings is to support return to full employment and inflation consistent with target - speaking to Ai Group Business Lunch

- (AU) Commonwealth Bank: Sees RBA increasing cash rate in Nov 2022; Sees OCR at 0.5% end 2022 up from 0.1% currently

- (AU) Australia sells A$1.0B v A$1.0B indicated in 1.25% May 2032 bonds, avg yield 1.612% v 1.6838% prior, bid to cover 3.83x v 3.66x prior

- WOW.AU Guides FY21 to record A$57M pretax net gain; Demerger costs with Endeavor to be inline A$45-50M.


Japan

-Nikkei 225 opened 0.0%

- (JP) Bank of Japan (BOJ) Gov Kuroda: Spoke about domestic and overseas economies with PM Suga; Explained extension of coronavirus support program

- (JP) JAPAN JAN PRELIMINARY PMI MANUFACTURING: 51.5 V 53.0 PRIOR (5TH STRAIGHT MONTH OF EXPANSION)

- (JP) Bank of Japan (BOJ) April Meeting Minutes: Economy likely to recover ahead, supported by increased external demand

- 9984.JP CEO Son: Share buybacks are always an option, but requires balanced thinking, need to consider other uses of capital

– AGM - (JP) Japan is considering tightening regulation on foreign companies that hold stakes in domestic firms with important technology in areas - Japan press.


Korea -Kospi opened +0.1% - 010140.KR Shareholders approve 5 for 1 capital reduction, common and preferred share value to be cut from KRW5,000 to KRW1,000

- (KR) South Korea Finance Min Hong: Extra budget likely to exceed KRW30T (v previously speculated KRW33-35T), targeting to fund extra budget without more deficit bonds .


China/Hong Kong

- Hang Seng opened +0.6%; Shanghai Composite opened %

- (CN) China Securities Journal: Companies should be alert to CNY depreciation risk

- 002024.CN Denies rumors of Alibaba acquiring 40% stake in Suning and Suning Logistics

- (CN) China PBOC sets Yuan reference rate: 6.4621 v 6.4613 prior

- (CN) China PBOC Open Market Operation (OMO): Injects CNY10B in 7-day reverse repos v CNY10B in 7-day reverse repos prior; Net CNY0B v Net inject CNY0B prior

- (CN) China Shenzhen Yantian Port to resume ops on June 24th

- (CN) China State Planner (NDRC): Sent teams to investigate commodity prices and supplies.

Other - (SG) Singapore May CPI M/M: 0.8% v 0.4%e; Y/Y: 2.4% v 2.2%e (fastest annual pace in over 7 years).


- Source TradeTheNews.com

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