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Thursday August 22, 2013 - 10:10:12 GMT
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| | Email Asian Market Update: China HSBC Flash Manufacturing PMI in expansion for the first time in 4 months; USD/JPY tracks rising US yields higher after Fed minutes - Source

- FOMC meeting minutes give little hint of impending September taper and a few officials expressed some caution over the outlook for the economy in the near term. However US treasury yields were lifted by language of "broad support" in Bernanke's tapering timeline as well as acknowledgement of "solid gains" in recent payroll employment reports. Benchmark yields were up 6bps back above 2.85% while US cash equity markets ended the day at the lows. - HPQ down nearly 8% after Q2 earnings and more pessimistic outlook on growth in FY14. - China HSBC flash manufacturing PMI jumps to expansion for the first time in 4 months; HSBC chief economist attributes improvement to "initial filtering through of recent fine-tuning measures and companies restocking activities." - Brazil press reported the govt gives in to pressure for higher gasoline prices amid ongoing selloff in Real. Increase said to be in the single % digits and will take place at an undisclosed time later this year. - Sterling underperforms after BOE dissenter Weale hinted he would not rule out the possibility of additional QE and also acknowledged improved confidence following BOE decision to introduce "forward guidance". ***Economic Data*** - (CN) CHINA AUG HSBC FLASH MANUFACTURING PMI: 50.1 V 48.2E (4-month high) - (AU) AUSTRALIA JUN CONFERENCE BOARD LEADING INDEX: -0.2% V 0.0% PRIOR - (JP) Japan investors sold net 903.8B in Foreign Bonds last week (net sellers for 1st time in 7 weeks) vs bought net 1.63T prior week; Foreign Investors bought net 47.9B in Japan stocks last week vs sold net 148.6B in prior week - (KR) SOUTH KOREA JUL DISCOUNT STORE Y/Y: -4.9% V +4.2% PRIOR; DEPT STORE Y/Y: -2.1% V +4.1% PRIOR - (TW) TAIWAN JUL UNEMPLOYMENT RATE: 4.2% V 4.2%E ***Fixed Income/Commodities*** - (CN) For the week, PBoC injected CNY72B v CNY47.5B in prior week - (AU) Australia 10-year govt Bond yield rises by over 6bps 4.06% (highest level since Apr 2012) - (CA) Fitch affirms Canada sovereign rating at AAA; Outlook Stable - GLD: SPDR Gold Trust ETF daily holdings fall by 0.6 tonnes to 913.5 tonnes ***Currencies*** - USD/JPY extends post FOMC minutes gains above 98.10 - 1-week high - as improved China flash manufacturing PMI prompts JPY selling amid high-beta FX appetite. AUD/USD rises nearly 50pips toward $0.90, while NZD/USD rises over 30pips above $0.7860. - GBP hurt by comments by BOE's Weale, falling over 60pips below $1.56, while EUR/USD trades rangebound around $1.3340. - USD/CNY: (CN) PBoC sets yuan mid point at 6.1698 v 6.1234 prior close (weakest Yuan setting since Aug 13th) - USD/INR: (IN) INR currency (Rupee) hits new fresh record lows against USD, moving beyond INR64.85 ***Speakers/Political/In the Papers*** - (CN) Standard Chartered: Q2 confidence index for China's small- and medium-sized enterprises (SMEs) fell 4.5pts to 52.0% - Shanghai Daily - (CN) China Guangxi Province sets up free-trade zone with ASEAN - Chinese press - (KR) Bank of Korea (BOK) deputy gov Suh: South Korea shows relatively resilient and strong economic growth amid global financial crisis - Conf in Seoul - (UK) BoE's Weale: Can see circumstances when additional QE may be required - financial press interview >- (DE) German Finance Ministry sees pickup in domestic economic to continue in H2; Jul tax revenues at 44B, +1.9% y/y - financial press - (BR) Brazil to raise gasoline prices due to depreciating BRL - Brazil press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.3%, S&P/ASX -0.8%, Kospi -0.9%, Shanghai Composite +0.4%, Hang Seng -0.4%, Sept S&P500 -0.1% at 1,635, Dec gold -0.5% at $1,363, Oct crude oil -0.1% at $103.80/brl US markets: - HPQ: Reports Q3 $0.86 v $0.87e, R$27.2B v $27.4Be; CEO: see overall y/y rev growth in FY14 as "unlikely" [previously said rev growth "still possible" in FY14] - conf call; -7.8% afterhours >- SMTC: Reports Q2 $0.52 v $0.51e, R$165.0M v $166Me; -8.9% afterhours - LTD: Reports Q2 $0.61 v $0.59e, R$2.52B v $2.51Be; Raised FY13 EPS $3.06-3.21 v $3.18e (prior $2.95-3.15); -2.3% afterhours - ONXX: Said to have provided Kyprolis trial data to potential buyers; +2.5% afterhours - HAIN: Reports Q4 $0.65 v $0.62e, R$463.5M v $460Me; +7.3% afterhours Notable movers by sector: - Energy: Origin Energy ORG.AU +5.8% (FY13 results, secured A$7.4B loan facility) - Technology: Brambles Limited BXB.AU -4.4% (FY13 results below est) - Materials: Fortescue Metals Group FMG.AU +3.7% (FY13 profits +12% beat est, reaffirmed FY14 outlook); Alumina AWC.AU -3.3% (narrowed H1 losses); Toll Holdings TOL.AU +2.5% (FY13 profits, increased dividend) - Utilities: TEPCO 9501.JP -4.9% (continued concerns over leak; to consult IAEA on reassessment); Tohoku 9506.JP (+0.9%; Aims to restart its Onagawa nuclear power plant sooner than previously indicated) - Consumer Discretionary: Wumart Stores 1025.HK +1.5% (rising H1 profit, revenue) - Source


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