ASIAN SUMMARY: Regional markets are mixed as weak Chinese PMI data and a lack of concrete measures from a key meeting of EU leaders Wednesday drag sentiment, while bargain buying lifts some regional markets following recent declines; the Nikkei rises 0.2%, the S&P/ASX slides 0.2%, the HSI falls 0.2%, the Kospi gains 0.1%, the Taiex skids 0.3%, the Sensex adds 0.6%, the Shanghai Composite loses 0.3% and the STI is up 0.2%. In FX markets, the EUR is stable against the USD and JPY after a summit of European leaders showed little progress, denting the common currency earlier in the session. The EUR/USD is at 1.2576 from 1.2582 late Wednesday in New York, the EUR/JPY is at 99.97 from 100.01, and the USD/JPY is at 79.50 from 79.47. HSBC's flash China manufacturing PMI falls to 48.7 in May from a final reading of 49.3 in April. South Korea's household credit fell KRW500 on quarter billion to KRW9411.4 trillion in 1Q12, marking the first quarterly decline in three years. New Zealand's Treasury says it expecting the RBNZ to begin raising rates from the current level of 2.5% in early 2013. New Zealand's trade surplus widened to NZ$355 million in April from a revised NZ$186 million in March but was below expectations for a NZ$475 million surplus. New Zealand's government unveiled a budget aimed at keeping it on course to reach a NZ$197 million surplus in the year to June 2015. The projected surplus is smaller than the government's February forecast of NZ$370 million. Spot gold is at $1,557.10, down $5.20 from the NY close. July Nymex crude oil futures are up 55 cents at $90.45/bbl.
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