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Wednesday August 28, 2013 - 05:34:41 GMT
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| | Email Asian Market Update: Jitters over military strike on Syria continue to dominate, as front-month crude oil rises above $111; SE Asia bourses down sharply*

- Expectations rising for a military strike against Syria as soon as in the next 48hours; US officials said to present concrete proof of a chemical attack against the rebels by Thursday; Oct crude oil up over $2 above $111.50 despite the unexpected build in API crude inventories. - JPY, USD benefitting in risk-off environment at the expense of AUD, NZD, CAD, etc. - Australia economic data from the property sector mixed; Affordability index up slightly and 16.7% higher than in mid-2012 while construction work continues to fall. - EM SE Asia accelerates losses, as geopolitical worries exacerbate capital outflows; Philippines down over 5%, Vietnam down 3%, Indonesia/Thailand down over 2%; China more resilient as PBoC considers deposit rate liberalization. ***Economic Data*** - (AU) AUSTRALIA Q2 CONSTRUCTION WORK DONE Q/Q: -0.3% V +1.0%E (2nd consecutive decline) - (AU) AUSTRALIA Q2 CBA/HIA HOUSE AFFORDABILITY Q/Q: 72.8 V 69.7 PRIOR - (TH) THAILAND JULY MANUFACTURING PRODUCTION INDEX ISIC Y/Y: -4.5% V -1.9%E - (KR) SOUTH KOREA SEP BUSINESS SURVEY MANUFACTURING: 77 V 73 PRIOR; BUSINESS SURVEY NON-MANUFACTURING: 70 V 67 PRIOR ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy from market 250B in 1-3 yr JGBs, 350B in 3-5yr in JGBs, 200B in over 10-yr JGBs - (AU) Australia MoF (AOFM) sells 2.75% A$800M in 2024 Bonds; avg yield: 3.9792%; bid-to-cover: 1.71x - (US) API PETROLEUM INVENTORIES: CRUDE: +2.5M v -300Ke (first build in 11 weeks); GASOLINE: -1.1M v -1.1Me; DISTILLATE: +3K v +600Ke - SLV: iShares Silver Trust ETF daily holdings rise to 10,600 (highest since 10,677 tons on Apr 4th) tons from 10,555 tons - GLD: SPDR Gold Trust ETF daily holdings rise by 0.9 tonnes to 921.0 tonnes (highest level since 921.1 tonnes on Aug 5th) - AUD/USD, NZD/USD hit 3-week lows below $0.8920 and $0.7750 respectively; Kiwi finds support as Fonterra questions botulism allegations in its powder. - USD/JPY falls to 2-week lows below 96.90. - USD/CNY: (CN) PBoC sets yuan mid point at 6.1667 v 6.1217 prior close (strongest Yuan setting since Aug 15th) - USD/INR: (IN) INR currency (Rupee) trades at fresh record lows; USD/INR moves above 67.80 level - EUR/USD in 20-pip range above $1.3380. ***Speakers/Political/In the Papers*** - (CN) PBoC research bureau official: China should widen deposit rate range - Chinese press - (CN) Wenzhou considers to launch state-owned asset management company to handle non-performing assets - financial press - (CN) China should not focus on GDP as part of its plan for urbanization - People's Daily - (CN) Beijing land sale in 2013 may exceed record in 2010 - financial press - (CN) Several banks in Beijing tighten mortgage loans to home buyers - Chinese press - (JP) Japan PM Abe will not reshuffle cabinet in the autumn - Japanese press - (JP) Japan govt to consider trade liberalization rate of 90% as part of membership in TPP, up from 70-80% its has offered until now - Nikkei News >- (JP) Requests for Japan's FY14/15 budget said to exceed 100T for the 2nd consecutive year - Nikkei News - (KR) Bank of Korea (BOK): South Korea economy shows slight improvement in July-Aug from Q2; Sees China slowdown as major risk, particularly in petrochemical and steel sectors. - (KR) South Korea Institute of Finance (KIF): Raises 2013 GDP forecast to 2.8% from 2.6% estimate made in May - Korean press - (KR) South Korea Ministry of Oceans and Fisheries: Container cargo handling at South Korean seaports in July fell 2.8% y/y to 111.1M tons - Korean press - (SY) Syria troops reported to have evacuated from a military base in Damascus - financial press >- (SY) US to release proof of Syria chemical attacks on Aug 29th - financial press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -2.3%, S&P/ASX -1.2%, Kospi -0.5%, Shanghai Composite -0.2%, Hang Seng -1.3%, Sept S&P500 +0.2% at 1,632, Dec gold -0.2% at $1,418, Oct crude oil +2.2% at $111.44/brl US markets: - TIVO: Reports Q2 $1.96 (incl items) v -$0.02e, R$100.1M v $86.7Me; +2.0% afterhours - PNG: Plains All America offers proposal to acquire publicly held unit of PAA Natural Gas; +5.9% afterhours - HEI: Reports Q3 $0.54 v $0.47e, R$267.1M v $255Me; +3.4% afterhours - NYT: Confirms its main website has been hacked; +0.3% afterhours Notable movers by sector: - Financials: China CITIC Bank 601998.CN -0.6% (H1 profits over 5%) - Materials: BHP Billiton Ltd BHP.AU -2.2%, Rio Tinto Ltd RIO.AU -2.5%, Fortescue Metals FMG.AU -4.3%; Australia miners lower - Industrials: Nissan Motor Co Ltd 7201.JP -3.1%, Suzuki Motor Corp 7269.JP -4.6%, Mazda Motor Corp 7261.JP -4.0% (Japan automakers lower on stronger yen), Transfield Services Ltd TSE.AU +8.0% (FY13 results), BC Iron BCI.AU +7.2% (FY13 results), China Communications Construction Co Ltd 601800.CN -1.5% (H1 profits rose 14%) - Utilities: TEPCO 9501.JP -3.4% (severity level officially raised) - Consumer discretionary: FAW Car Co Ltd 000800.CN -1.8% (reverses losses in H1); China Southern Airlines Co 600029.CN -0.4% (H1 results) - Consumer stables: Woolworths Limited WOW.AU +1.5% (FY13 results, sees earnings growth amid weak retail condition) - Energy: AGL Energy Ltd AGK.AU +4.0% (triples annual profit); PetroChina Co Ltd 601857.CN -1.0% (alleged exec violations) - Technology: Haier Electronics Group 1169.HK -0.9% (H1 results) - Source


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