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

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 TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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19:00 US- FOMC Minutes
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