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Thursday August 29, 2013 - 06:03:00 GMT
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| | Email Asian Market Update: Australia CAPEX data mixed; Syria strike appears less imminent - Source

- Markets are in modest relief rally mode, as the impending military action against Syria appears to have hit a snag. UN inspectors are calling for more time to determine the extent of Assad's chemical weapons use, Pres Obama said his mind is not yet made up as a strike would not resolve civil war, and House of Reps speaker Boehner called for a more detailed objective of the Syria mission from the White House. - Brazil Central Bank continued to battle inflationary pressure with its 3rd consecutive 50bp rate hike to 9.00%, as widely expected. Decision was unanimous and said to be a part of an ongoing adjustment. - Australia Q2 CAPEX rose at its fastest pace in 5 quarters, but a closer look at the Stats Bureau data also revealed lower expectations for total FY12/13 and FY13/14 capital investment levels relative to estimates made in the prior quarter assessment. FY12/13 CAPEX now seen at A$159.2B v A$165.5B prior forecast; FY13/14 CAPEX now seen at A$160.5B v A$163.0B prior forecast. - Press reports hinted Verizon-Vodafone talks for the latter's stake in Verizon Wireless are back on. WSJ's Hilsenrath piece suggested that Janet Yellen has portrayed herself as an underdog to be selected by Obama as the candidate to replace Fed Chairman Bernanke, just as talks are said to be headed into their final stages. ***Economic Data*** - (BR) BRAZIL CENTRAL BANK (COPOM) RAISES SELIC TARGET BY 50BPS TO 9.00% (AS EXPECTED) >- (JP) JAPAN JUL RETAIL TRADE M/M: -1.8% V -1.0%E; Y/Y: -0.3% V +0.1%E (first decline in 3 months); LARGE RETALERS SALES: -1.6% V -0.5%E - (JP) JAPAN JUL LOANS & DISCOUNTS CORP Y/Y: 2.2% V 1.7% PRIOR - (JP) Japan investors sold net 318.5B in Foreign Bonds last week vs sold net 903.8B prior week (2nd consecutive week of net sales) - (AU) AUSTRALIA Q2 PRIVATE CAPITAL EXPENDITURE: 4.0% V 0.0%E (5-quarter high) - (AU) AUSTRALIA JUL HIA NEW HOME SALES M/M: -4.7% V +3.4% PRIOR (first decline in 5 months) - (NZ) NEW ZEALAND AUG ANZ BUSINESS CONFIDENCE: 48.1 V 52.8 PRIOR (3-month low; first decline in 4 months); ANZ ACTIVITY OUTLOOK: 43.3 V 43.7 PRIOR - (NZ) New Zealand Central Bank (RBNZ) sold net NZ$2M in July (first sale since April) vs bought NZ$61M in June - (PH) PHILIPPINES Q2 GDP Q/Q: 1.4% V 1.4%E; Y/Y: 7.5% V 7.2%E - (KR) SOUTH KOREA JUL CURRENT ACCOUNT: $6.8B V $7.2B PRIOR; GOODS BALANCE: $5.7B V $5.0B PRIOR ***Fixed Income/Commodities/Currencies*** - (CN) PBoC injecting CNY26B in 14-day reverse repos today; Injecting net total of CNY41.5B this week v CNY72B last week - JGB: (JP) Japan MoF sells 2.67T in 0.1% 2-yr notes, Avg Yield: 0.112% v 0.127% prior; bid to cover: 5.55x v 9.27x prior - AUD and NZD outperforming against the greenback while JPY started out weaker as traders squared risk-off positions. AUD/USD and NZD/USD are up over 40pips above 0.8970 and $0.7830 respectively, while USD/JPY reached as high as 97.90. GBP saw some relative strength on Verizon/Vodafone deal chatter - GBP/USD was up around 30pips near $1.5550 while EUR/GBP cross was down slightly. - USD/INR: INR currency (Rupee) sharply higher by about 3% in early trade below INR67; Strength attributed to RBI plans to sell USD to refiners - (CN) PBoC sets yuan mid point at 6.1690 v 6.1202 prior close (weakest Yuan setting since Aug 22nd) ***Speakers/Political/In the Papers*** - (CN) China Industrial Bank economist Lu: China August new loans may reach CNY650B v CNY699.9B in July; Social financing may reach CNY800B - Chinese press - (CN) PBoC: China economic environment has been extremely complex in 2013 - press - (CN) Most banks in Shanghai still said to offer a 15% discount on first-home mortgages - Shanghai Daily - (JP) Japan ministries seek record 99T for FY14/15 budget - Japanese press - (JP) BOJ's Morimoto: BOJ to continue easing until stable inflation is reached; domestic economy expected to recover moderately; Downward pressure on rates to intensify - (ID) Indonesia Fin Min Basri: Central Bank trying to smooth Rupiah volatility; No discussion has taken place regarding capital controls - CNBC - (KR) Bank of Korea (BOK)'s Jung: Current account surplus may narrow for Aug - financial press - (US) Selection of next Fed Chairman said to be in the latter stages; Fed's Yellen sees herself as an underdog - WSJ's Hilsenrath - (SY) US Pres Obama: No decision made yet on Syria; direct military engagement in Syria civil war would not help - financial press interview - (SY) China Foreign Minister: Political solution is the only way out of the Syria standoff; Both sides should exercise caution - financial press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +0.5%, S&P/ASX -0.4%, Kospi +1.4%, Shanghai Composite -0.6%, Hang Seng +0.2%, Sept S&P500 -0.1% at 1,631, Dec gold -0.6% at $1,409, Oct crude oil -0.6% at $109.47/brl US markets: - VZ Verizon, Vodafone said to be in talks regarding Verizon Wireless stake; Deal would likely cost Verizon more than $100B; +0.6% afterhours - GES: Reports Q2 $0.52 v $0.36e, R$639M v $625Me; Raises FY14 EPS $1.78-1.92 v $1.81e; +18.5% afterhours Notable movers by sector: - Financials: Westfield Group WDC.AU -1.2% (H1 profits declined 36%), China Life Insurance 601628.CN +0.2% (H1 profits +68), China Minsheng Banking Corp 600016.CN -0.1% (H1 profits), Agricultural Bank of China 1288.HK +1.5% (H1 profit +15%) - Materials: Kingsgate KCN.AU -24.8% (FY13 net loss, no dividends), Jiangxi Copper Company Ltd 600362.CN -3.8% (lower metal prices) - Industrials: Shanghai International Airport Co Ltd 600009.CN -0.4% (H1 results), Zoomlion Heavy Industry Science and Technology Co Ltd 000157.CN -0.6% (H1 results), China State Construction Engineering 601668.CN -0.9% (H1 profits surge 23%) - Utilities: Kansai Electric Power 9503.JP -6.3%, Chubu Electric Power 9502.JP -4.0%, TEPCO 9501.JP -7.1% (continued radiation concerns) - Consumer discretionary: Panasonic Corporation 6752.JP -2.4% (rumors of smartphone exit), David Jones Ltd DJS.AU +0.7% (Q4 results), Qantas Airways Ltd QAN.AU +9.8% (return to profits in FY13) - Technology: Nintendo Co. Ltd 7974.JP -2.8% (cuts in product prices) - Energy: Inpex Corporation 1605.JP +5.3%, Japan Petroleum Exploration 1662.JP +4.8% (higher on oil prices) - Source


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