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Monday December 31, 2012 - 04:39:28 GMT
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| | Email Asian Market Update: No fiscal cliff deal in US Senate, talks to resume Monday; China HSBC Manufacturing PMI at 18-month high - Source

- (CN) CHINA DEC HSBC MANUFACTURING PMI: 51.5 V 50.9E (highest since May of 2011) - (AU) AUSTRALIA NOV PRIVATE SECTOR CREDIT M/M: 0.0% V 0.2%E (17-month low); Y/Y: 3.5% V 3.7%E - (KR) SOUTH KOREA DEC CONSUMER PRICE INDEX (CPI) M/M: 0.2% V 0.2%E; Y/Y: 1.4% V 1.5%E; CORE CONSUMER PRICE INDEX: 1.2% V 1.3% PRIOR - (SG) SINGAPORE NOV CREDIT CARD BAD DEBTS (SGD): 20.0M V 18.8M PRIOR; CREDIT CARD BILLINGS (SGD): 3.41B V 3.36B PRIOR - (SG) SINGAPORE NOV BANK LOANS & ADVANCES: 15.9% V 17.9% PRIOR - (SG) SINGAPORE NOV MONEY SUPPLY M1 Y/Y: 5.3% V 4.0% PRIOR; M2: 6.2% V 5.4% PRIOR - (UK) UK DEC LLOYDS BUSINESS BAROMETER: 20 V 17 PRIOR ***Markets Snapshot (as of 03:00 GMT)*** - Nikkei225 closed - S&P/ASX -0.5% - Kospi closed - Shanghai Composite +0.8% - Hang Seng flat - Mar S&P500 +0.4% at 1,390 - Feb gold +0.3% at $1,662/oz - Feb Crude Oil -0.1% at $90.67/brl ***Notes/Observations*** - Asian equity markets are mixed on thin holiday volumes with half the regional indices closed going into the New Years holiday. Much of the spotlight fell on the developments in Washington after the final-hour sell-off in US equities on Friday following Pres Obama's disappointing meeting with Congressional leaders on the fiscal cliff without a scaled back budget package. Even here however, there was little substance to drive market sentiment. Senate leaders made their rounds with US media early on during the weekend - Sen Graham (R-SC) said the chances of a fiscal cliff deal are "exceedingly good", while NY Sen Schumer noted the prospects for a deal were better than 50-50. Talks broke down by Sunday, after Democratic lawmakers balked at the Republicans insisting to keep "chained-CPI" revisions as part of any budget deal. Sen McCain later withdrew that demand, but the delay forced lawmakers to suspend talks until 11am Monday. Expectations for any kind of deal have turned so sour, that US equity futures rallied some 5 handles after Senate Majority leader Reid announced negotiations will continue. - Outside of Washington, China continued to shine, building on the gains from Friday that sent Shanghai Composite to a 6-month high. The key mainland index added another 1.1% going into its mid-day break after a much stronger than expected HSBC Manufacturing PMI data that came in at an 18-month high. China policymakers speculated further on Q4 and 2013 growth, and while projections varied, all seemed to agree that the 7.4% low GDP in Q3 would mark the bottom. Note the official China Dec manufacturing PMI will be released later on Monday and is also expected to improve for the 4th consecutive month. ***Currencies/Fixed Income/Commodities*** - AUD/USD: Rises to session highs above $1.0405 following China HSBC Manuf PMI data - MOO: US Senate and House agricultural committees have agreed on 1-yr extension for expiring US farm bill that would prevent doubling of retail milk prices to as high as $7/gallon in 2013 - financial press - (CN) China to comply with the ruling by the WTO and eliminate tariffs on 9 industrial materials - Nikkei News ***Speakers/Political/In the Papers*** China: - (CN) PBOC: To focus on controlling risks in financial system; To maintain "prudent" monetary policy in 2013 and look to stabilize growth - financial press - (CN) China state researcher Ba Shusong: Forecasts Q4 GDP at 7.7% - financial press - (CN) China Academy of Social Sciences (CASS) analyst Yi Xianrong: Yuan exchange rate may fluctuate within a 3% band in 2013 - financial press - (CN) Shanghai Dec property transactions reach 23-month high - Chinese press - (CN) China Securities Regulatory Commission (CSRC): Plans to loosen control on M&A activity - Chinese press - (CN) China NDRC Dep chief Zhang Xiaoqiang: Sees 2013 GDP around 7.5% and CPI around 3.5%; NDRC Dep Director Lu Zhongyuan: No doubt China GDP can rise by over 8% in 2013 - Chinese press Japan: - (JP) BOJ Gov Shirakawa: Pledges to work with the new govt in dealing with deflation; Will support "efforts to strengthen growth potential" - (JP) Japan's LDP party considering measures to ease the cost of home buying as part of tax policy for FY13/14 - Nikkei News Korea: - (KR) Bank of Korea Gov Kim: South Korea economy not likely to improve sharply in 2013 - (KR) According to data from Korea Investment and Securities (KIS), South Korea per capita GDP in 2013 is expected to rise about 1.3% to $22.7K - Korean press - (KR) According to a report from South Korea Ministry of Land, Transport and Maritime Affairs, overseas construction orders won by Korean firms in 2012 rose 10% to $64.9B, but missed the govt target of $70B - Korean press Europe: - (FR) France Constitutional Court: 75% "millionaire-tax" is unconstitutional because of taxpayer inequality - financial press (update) >- (DE) German Chancellor Merkel: Economic environment in Germany to be more challenging in 2013 than in 2012 - financial press - (GR) According to a Greek media poll, nearly 68% of respondents see the govt failing in its fight against tax evasion ***Equities*** - Sharp 6753.JP: Set to sell off its shares in Italy-based solar battery manufacturing joint venture (JV) 3Sun - financial press - Panasonic PC: Pres: Will look to downsize staff further amid continued sale and transfer of business units - Japan press - Toshiba 6502.JP: Entered bidding for a 1.54T project to build nuclear power plant facilities in Finland and Czech Republic - Japan press - ZTE 763.HK: Exec: Aims to become top-3 smartphone brand in the world through tighter competition in US market - US financial press - HTC 2498.TW: Pres of China unit: Firm has adjusted its product, sales and marketing strategies for 2013; Expects to start benefiting next year from patent settlement with Apple - Chinese press - Samsung Heavy 010140.KR: Client cancels a KRW505B order - financial press - Oil Search OSH.AU: Sold 40% stake in block 3 (Gardan) in Yemen for approx $44M - financial press - AAPL: May launch an "iWatch" smartwatch product featuring 1.5in LED screens this summer - UK press - DUF: Agrees to be Acquired by Private Investor Consortium at $15.55/shr or $665.5M


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