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Tuesday August 27, 2013 - 08:10:08 GMT
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| | Email Asian Market Update: China sustains growth in industrial profits; Markets skittish on elevated Syria alert after Sec Kerry statement - Source

Geopolitical tensions trump unexpected large decline in US durable goods data that sent benchmark yields below 2.80% - US equities fall to session lows in the final hour after stern comments from State Sec Kerry hinted the US is drawing near to a military response on Syria. - China industrial profits rise for the 10th consecutive month, even as cabinet officials see growth limited to just a few key industries. Vice Fin Min Zhu affirms 2013 targets for GDP of 7.5% and inflation below 3.5%, warns US to consider the spillover impact of QE unwind. - Philippines and Indonesia at the forefront of SE Asia unwind, down over 4% and 2% respectively. Philippines trade data showing 4-year low in imports. - Japan and China foreign ministry officials exchange barbs after reports of China govt ships once again entered disputed waters near Senkaku islands. - TEPCO radioactive water leak concerns on the backburner as Japan govt promises to take a more active role in handling the spill; Shares up over 10%. ***Economic Data*** - (CN) CHINA JULY INDUSTRIAL PROFITS Y/Y: 11.6% V 6.3% PRIOR (10th consecutive increase); YTD: 11.1% V 11.1% PRIOR - (PH) PHILIPPINES JUN TRADE BALANCE: -$370M V -$500ME - (KR) SOUTH KOREA AUG CONSUMER CONFIDENCE: 105 V 105 PRIOR ***Fixed Income/Commodities/Currencies*** - (CN) China PBOC to inject CNY29B through 7-day reverse repos - JGB: (JP) Japan's MoF sells 1.09T 20-year 1.7% JGBs; Avg yield: 1.689% v 1.722% prior; bid-to-cover: 3.39x v 2.61x prior - (MX) Mexico said to have sold gold from its reserves in July - financial press citing IMF data - Fonterra: Raised FY14 forecast for Farmgate milk price higher to NZ$7.80/kg from NZ$7.50 - USD/INR: INR currency (Rupee) sharply weaker in early trade around INR65.20 - Risk-off demand boosting JPY, as USD/JPY fell some 50pips toward the 98 handle before retracing yen advance. AUD/JPY down nearly 100pips from the highs to as low as 88 handle, with high-beta AUD and NZD under relative pressure. AUD/USD fell over 60 pips from the highs below $0.8970. - EUR/USD least volatile, trading in a 25pip range around $1.3380 ahead of the IFO data. ***Speakers/Political/In the Papers*** - (CN) China Vice Fin Min Zhu: Confident to reach 7.5% GDP target and keep inflation below 3.5% - financial press >- (CN) China local govt may raise benchmark prices on land - Chinese press - (CN) Nine banks in Guangzhou have suspended providing new mortgage loans due to limited quota for lending in 2013 - Chinese press - (CN) China PBoC Vice Gov Yi Gang (also head of FX regulator SAFE): BRICS to launch joint reserve pool soon; Agreed to set up $100B contingency reserve arrangement - press - (CN) China Stats Bureau official: Profits are mainly rising in four industries - financial press - (CN) China, Hong Kong could sign CEPA agreement by Thursday - financial press - (CN) State-owned Assets Supervision and Administration Commission (SASAC) plans to introduce various capital into state-owned enterprises restructuring - Chinese press - (JP) Japan Coast Guard reports sighting of China ships entering waters near the disputed Senkaku Islands - Japanese press - (JP) Japan Econ Min Amari: Received no instruction from PM Abe to consider cuts in the corporate tax rate - financial press - (JP) Panel of economic experts begins discussion regarding the impact of consumption tax hike; 5 out of 7 (60 total) expressing support for the hike; Final decision by PM Abe likely by early October - Nikkei News - (KR) South Korea Fin Min Hyun: Instability in emerging markets is widening - financial press - (AU) Macquarie CEO: Australia property market does not appear to be expensive - financial press - (NZ) New Zealand Energy and Resources Min Bridges: Confident mining industry will experience growth in the future - financial press - (EU) Moody's: Does not see euro area periphery to reach pre-crisis GDP levels before 2016-17 - (US) According to unnamed sources in the Obama cabinet, Larry Summers is in the leading role to be named the next Fed Chairman - CNBC - (US) Treasury said to be likely to hit the debt limit at some point in the middle portion of October - financial press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 flat, S&P/ASX flat, Kospi +0.4%, Shanghai Composite -0.2%, Hang Seng -0.3%, Sept S&P500 -0.1% at 1,652, Dec gold +0.4% at $1,398, Oct crude oil +0.5% at $106.44/brl US markets: - BBY: Chairman Emeritus Schulze adopts prearranged trading plan to sell shares; -1.0% afterhours - CI: Reaffirms FY13 operating income guidance; guides FY13 medical customer growth to lower end of range; +0.1% afterhours - ACUR: Reports top-line results of a clinical study assessing abuse liability; results were not statistically significant; -18.7% afterhours - JCP: Pershing Square's Ackman (17.7% stake) said to be selling entire 39M share stake - financial press; -1.7% afterhours Notable movers by sector: - Financials: China Everbright Bank Co 601818.CN -0.7% (H1 profits +15.5%), Poly Real Estate Group Co Ltd 600048.CN -1.5% (H1 profits surge 35%), China Fortune Land Development Co Ltd 600340.CN +2.8% (H1 results), Evergrande Real Estate Group 3333.HK +3.9% (H1 results) - Materials: Whitehaven Coal WHC.AU -1.9% (FY13 net loss, scraps dividend) - Industrials: Nissan 7201.JP -0.7%, Mitsubishi Motors 7211.JP +0.7% (Japan autos mixed on Nikkei report; uneven effects of weaker yen), ANA Holdings Inc 9202.JP +0.5% (acquires 49% stake in Asian Wings Airways), Hyundai Motor Co 005380.KR +1.5% (optimism on wage discussion) - Utilities: TEPCO 9501.JP +11.4% (press report on calls for a new water treatment system and more govt involvement) - Consumer Discretionary: McDonald's Holdings Co Japan 2702.JP +1.5% (CEO change), Fast Retailing Co Ltd 9983.JP -0.6% (Hong Kong listing plans), Seven Group Holdings SVW.AU -7.7% (prelim FY13 results, lower guidance), Flight Centre Limited FLT.AU +6.4% (23% rise in FY13 profits), China Southern Airlines Co 600029.CN +2.2% (lower H1 profits), Billabong BBG.AU -9.7% (FY13 results) - Healthcare: Beijing Tongrentang Co Ltd 600085.CN +1.7% (H1 results) - Source


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