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Wednesday January 2, 2013 - 06:21:33 GMT
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| | Email Asian Market Update: USD and JPY plummet as US House of Reps follows US Senate in passing fiscal cliff compromise - Source

- (CN) CHINA DEC MANUFACTURING PMI: 50.6 V 51.0E (3rd consecutive month of expansion; matches seven month high in Nov) - (CN) CHINA NOV LEADING INDEX: 100.2 V 100.4 PRIOR - (SG) SINGAPORE Q4 ADVANCED GDP Q/Q: 1.8% V 1.6%E; Y/Y: 1.1% V 1.4%E - (AU) AUSTRALIA DEC RPDATA-RISMARK HOUSE PX Y/Y: -0.3% V 0.0% PRIOR - (AU) AUSTRALIA DEC AIG PERFORMANCE OF MANUFACTURING INDEX M/M: 44.3 V 44.3 PRIOR (10 straight months of contraction) - (KR) SOUTH KOREA DEC HSBC MANUFACTURING PMI: 50.1 V 48.2 PRIOR (first expansion since May 2012) - (ID) INDONESIA DEC INFLATION M/M: 0.5% V 0.5%E; Y/Y: 4.3% V 4.2%E; CORE INFLATION M/M: 4.4% V 4.4%E - (ID) INDONESIA NOV TOTAL TRADE BALANCE: -$478M V -$409ME - (ID) INDONESIA DEC HSBC MANUFACTURING PMI M/M: 50.7 V 51.5 PRIOR - (TH) THAILAND DEC CPI M/M: 0.4% V 0.1%E; Y/Y: 3.6% V 3.2%e; Core CPI y/y: 1.8% v 1.8%e - (TW) TAIWAN DEC HSBC MANUFACTURING PMI: 50.6 V 47.4 PRIOR (8-month high) ***Markets Snapshot (as of 04:30 GMT)*** - Nikkei225 closed - S&P/ASX +1.3% - Kospi +1.4% - Shanghai Composite closed - Hang Seng +1.9% - Mar S&P500 closed - Feb gold +0.2% at $1,679/oz - Feb Crude Oil +0.8% at $92.58/brl ***Notes/Observations*** - Asian equity markets are sharply higher after US lawmakers averted the fiscal cliff in the final hours of the 112th Congress. First, the US Senate voted overwhelmingly in favor of the compromise (89 to 8 vote margin) some 2 hours after midnight on January 1st, passing the baton to the Republican-controlled lower house. As expected, the debate here was much closer - in fact House Majority Leader Cantor was particularly vocal in opposing the bill and its provisions for higher taxes without reductions in entitlement programs. House Speaker Boehner noted the GOP would attempt to generate a push toward an amendment calling for higher spending cuts. Ultimately, the GOP caucus was unable to secure the votes for such an amendment, and the House was faced with the vote on the Senate compromise. House of Reps final vote results came in just before 11pmET, approving the Senate version by a vote of 257-167 with over half of Republican members opposing the resolution. In a brief press conference, President Obama confirmed he will sign the bill into law. Note the Congressional Budget Office estimated the legislation to do little in terms of deficit reduction, forecasting a $4T increase in deficit over 10 years. - Risk-on sentiment permeated across asset classes once it became clear the fiscal cliff compromise would be passed. Australia, Korea, and Hong Kong markets were up over 1%, crude oil futures up nearly $1, Gold rallied about $10/oz from the lows to $1,680, while USD and JPY were heavily sold against risk-on majors. EUR/USD rose over 100pips from the lows and within a couple pips of $1.33 handle, AUD/USD rose some 120pips to trade within 10pips of $1.05, USD/JPY extended its gains above 87 handle, and yen crosses hit fresh multi-month highs. - Investors also heeded another strong manufacturing PMI data out of China. Despite coming short of expectations, the official PMI was in expansion territory for the 3rd consecutive month at 50.6. Economists did note that Dec/Jan data are subject to seasonality and revisions due to the altered timing of the ramp-up in activity related to the Chinese New Year. Out of Singapore, Q4 final GDP was better than expected, averting a technical recession despite a warning from PM Lee that 2012 growth would be merely 1.2%. ***Currencies/Fixed Income/Commodities*** - (AU) Australia Newcastle weekly coal exports for week ended Dec 31st: +23.6% w/w - SLV: iShares Silver Trust ETF daily holdings rise to 10,085 tons from 10,045 tons (record high) - update as of Dec 31st ***Speakers/Political/In the Papers*** - (KR) North Korea's Kim Jung-Un: To undertake "radical" overhaul of economy in the new year; Looking to end confrontation with the South - (KR) Korea Chamber of Commerce and Industry (KCCI): Q1 retail business sentiment index fell to 87 from 98 in Q4; fresh multi-year low - Korean press - (NZ) New Zealand real estate agency Barfoot & Thompson: Lack of new supply and continued demand to continue supporting housing prices, particularly in Auckland and Christchurch - NZ press - (HK) About 50K protesters marched in opposition of Hong Kong chief executive Leung - financial press ***Equities*** - Sharp 6753.JP: Considering a public share offering of over 100B (about 30% of market cap) - Japan press - WF: Chairman: Incoming govt likely to accelerate privatization efforts of Woori Financial - Korean press - Samsung Electronics 005930.KR: Chairman: To boost investment and create new jobs in 2013; Global growth expected to remain low - financial press - Hyundai Motor 005380.KR: Hyundai/Kia group reports 2012 vehicle sales of approx 7.1M units, +8% y/y - Korean press - Kia Motors 000270.KR: Reports Dec vehicle sales -3.8% y/y to 221.4k units - FMG.AU: CEO: Does not see massive shortfall in iron ore supply; strong rebound in the spot price of iron ore is not likely to remain for much longer - AFR - Source


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