After 5 consecutive months of surplus, Australia's terms of trade fell into deficit for the 2nd straight month in May, and the latest A$1.9B shortfall is the biggest in the past 18 months. Exports sank 5% m/m, as shipments to Australia's largest market - China - fell 12%. Gold and crude oil saw some of the biggest relative declines on sequential basis, even though shipments of iron ore held up on demand from Japan (rising to A$6.74B from A$6.42B prior). AUD/USD, the most volatile among USD majors, fell about 40pips toward $0.9450 after the data.
JPMorgan CEO Dimon revealed he has been diagnosed with "curable" throat cancer. Dimon letter further stated that treatment would not impact his ability to run the company and that no other areas of his body were in peril. Dimon said the 8-week chemotherapy treatment would start shortly and may impede some of his travel. JPM shares were down less than 1% afterhours.
Argentina credit rating was placed on Watch Negative at S&P, projecting a 50-50 chance of being lowered to Selective Default, after the sovereign missed its scheduled payment. S&P noted "the CreditWatch placement reflects our view of at least a one-in-two probability that Argentina will not pay the outstanding US$539 million interest payment on the discount bonds within the 30-day grace period allowed thereunder". Ratings agency did note that "affirmation of the 'CCC+/C' local currency ratings reflects our view that the potential disruptions to payments on Argentina's external debt are not likely to further erode its ability to service debt issued in local currency under local law."
US State Dept and Congress held talks about increasing its planned shipments of Lockheed Hellfire missiles to Iraq to 4,000 from 500 purchased. Press reports have also indicated Obama administration may consider expanding the US military involvement beyond the 300 "advisors" deployed last month.
In China, local press report stated Bureau of Stats may begin to include intellectual property into its GDP calculation. Also of note, a financial press report indicated China's Qilu Bank sued a local government financing vehicle (LGFV) over bad loans, which could mark the first formal admission of default among the overleveraged LGFV entities.
Source: actionforex.com
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