ASIAN SUMMARY: Regional markets are mixed; the S&P/ASX rises 0.5%, the HSI gains 0.1%, the Kospi is up 0.3%, the Taiex slips 0.2%, the Sensex loses 0.2%, the Shanghai Composite drops 1.2%, the STI adds 0.2%, and the NZX-50 skids 0.8%. Markets in Japan are shut for a holiday. In FX markets, the USD is struggling to gain traction against the EUR as expectations that Fed Chairman Bernanke will hint at fresh monetary easing when he testifies before Congress this week are keeping dollar bulls sidelined for now. The EUR/USD is at 1.2239 from 1.2250 late Friday in New York, the EUR/JPY is at 96.81 from 96.98, and the USD/JPY is at 79.09 from 79.20. China's cabinet is expected to hold its mid-year economic conference as early as Wednesday and will likely launch a new round of stimulus after the conference, state-run China Securities Journal reported Monday, citing unnamed analysts. The value of Australia's commercial finance falls 12% in May in seasonally adjusted terms to A$31 billion, after rising 10.3% in April. Sales of new private homes in Singapore slumped for the second straight month in June to reach a fresh 2012 low; a total of 1,371 new private-residential units were sold in June, down 19.5% from a revised 1,704 units in May. Spot gold is at $1,588.80, down 60 cents from the NY close. August Nymex crude oil futures are down 32 cents at $86.78/bbl.
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