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Friday August 30, 2013 - 06:19:41 GMT
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| | Email Asian Market Update: Fresh set of data further endorse Abenomics policies, bolster the case for sales tax hike - Source

***Observations/Insights*** - US Treasury yields initially stronger after better than expected US Q2 GDP revision before short-covering ahead of Syria-uncertainty infused long holiday weekend. - blows out expectations and boost FY sales guidance; Shares up nearly 8%. - UK drops out of the Syria war party after House of Commons defeats PM Cameron's motion; China reiterates opposition to any military force, particularly if it is unilateral; Oil prices fall over a buck below $107 before retracing decline. >- Japan economic data continue to reflect the impact of Abenomics, as unemployment rate falls to pre-GFC lows, production rate of increase hits multi-month highs, and the more recent Tokyo CPI figures show more progress in the fight against deflation. - Japan Econ Min Amari and Fin Min Aso reiterate their position in favor of sticking to sales tax hike next year, citing strong data as evidence for more focus on the fiscal front. ***Economic Data*** - (JP) JAPAN JULY PRELIMINARY INDUSTRIAL PRODUCTION M/M: 3.2% V 3.6%E (highest rate since June of 2011); Y/Y: 1.6% V 1.8%E >- (JP) JAPAN JULY OVERALL HOUSEHOLD SPENDING: 0.1% V 0.3%E (1st increase in 3 months) - (JP) JAPAN AUG TOKYO CPI Y/Y: 0.5% V 0.5%E; TOKYO CPI EX-FRESH FOOD Y/Y: 0.4% V 0.4%E (matches 2-year high) - (JP) JAPAN JULY NATIONAL CPI Y/Y: 0.7% V 0.7%E (2nd consecutive increase); NATIONAL CPI EX-FRESH FOOD Y/Y: 0.7% V 0.6%E - (JP) JAPAN JULY JOBLESS RATE: 3.8% V 3.9%E (2nd consecutive decline; lowest since Oct 2008); JOB-TO-APPLICANT RATIO: 0.94 V 0.93E (highest since May 2008) - (JP) JAPAN AUG MARKIT/JMMA MANUFACTURING PMI: 52.2 V 50.7 PRIOR (highest since Feb 2011) - (AU) AUSTRALIA JULY PRIVATE SECTOR CREDIT M/M: 0.4% V 0.4%E; Y/Y: 3.2% V 3.1%E - (NZ) NEW ZEALAND JUL BUILDING PERMITS M/M: -0.8% V +1.3%E (2nd consecutive decline) - (NZ) New Zealand Jul Money Supply M3 y/y: 4.9% v 6.2% prior - (KR) SOUTH KOREA JUL CYCLICAL LEADING INDEX CHANGE Y/Y: 0.3% V 0.6% PRIOR - (KR) SOUTH KOREA JUL INDUSTRIAL PRODUCTION M/M: -0.1% V +0.3%E; Y/Y: +0.9% V -0.9%E - (SG) SINGAPORE JULY CREDIT CARD BAD DEBTS: 21.3M V 21.1M PRIOR; CREDIT CARD BILLINGS: 3.54B V 3.48B PRIOR - (SG) SINGAPORE JULY MONEY SUPPLY M1 Y/Y: 14.7% V 18.3% PRIOR; M2: 7.4% V 9.1% PRIOR - (SG) SINGAPORE JULY BANK LOANS AND ADVANCES: 17.6% V 17.7% PRIOR - (UK) UK AUG GFK CONSUMER CONFIDENCE: -13 V -14E (46-month high) - (US) US velocity of money (M2) in Q2 seen at 1.573 (still at multi-year low) after Preliminary GDP release vs the adjusted 1.581 final figure for Q1 - (US) Weekly Fed Balance Sheet Assets Week ending Aug 28th: $3.602T v $3.603T prior; M1 y/y change: 10.7% v 11.1% w/w; M2 y/y change: 6.9% v 6.9% w/w ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10 yr JGB; 140B in floating rate JGB and 2.0T in T-bills outright - (AU) Australia MoF (AOFM) sells 4.25% A$800M in 2017 Bonds; avg yield: 2.9680%; bid-to-cover: 3.94x - (KR) South Korea MoF plans to sell KRW6.9T in Bonds in Sept - Korean press - IEA: Current situation in oil market does not warrant a response, oil market is adequately supplied - NZD/USD reverses initial 30pip slide to $0.7740 to rise above $0.7780 in afternoon session; AUD/USD up 50pips from the lows at $0.8950; High-beta FX bid higher as markets continue to reprice the likelihood of a Syria attack. - USD/JPY in a 40 pip range around 98.20 and without direction despite the consistently upbeat data from Japan and solid gains in US equity futures portending risk-on mode in thin markets. - SE Asia EM currencies MYR and THB recover lost ground for 2nd consecutive session even though INR reverses yesterday's gains - Rupee weaker by 0.9% in early trade around INR67.20 - USD/CNY: (CN) PBoC sets yuan mid point at 6.1709 v 6.1205 prior close (weakest Yuan setting since Aug 22nd) ***Speakers/Political/In the Papers*** - (CN) China fuel price change window may start today; Analysts estimate may rise CNY200/ton - Chinese press - (CN) PBoC sees China bond market picked up and corporate financing volume rose in July - July financial market report - (JP) Japan Fin Min Aso: Failure to raise sales tax could lead to a decline in share prices and JGBs - (JP) Japan Econ Min Amari: Latest data indicate Japan is in process of exiting deflation - (JP) Japan YTD July-end electricity bills +10.1% (fastest yearly rise since Mar 1981) - (JP) Nikkei News comments on falling auto sales in SE Asia; July marked 3rd consecutive month of y/y decline - (KR) South Korea Finance Ministry: Expects August industrial production to further decline due to auto workers strike and a power shortage - financial press - (SY) China Foreign Minister: Unilateral action cannot solve Syria crisis - (SY) UK House of Commons rejects PM Cameron's motion on Syria military action - financial press - (UK) UK British Chambers of Commerce (BCC) raises 2013 GDP forecasts to 1.3% from 0.9% prior, 2014 to 2.2%, 2015 to 2.5% - (UK) BoE Gov Carney: Could increase stimulus if required - British press - (US) Fed's Lacker (hawkish, non-voter): Aggressive use of central banks portfolio to target credit threatens to pull monetary authority into politics ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.5%, S&P/ASX +0.5%, Kospi %, Shanghai Composite +0.2%, Hang Seng -0.1%, Sept S&P500 +0.2% at 1,640, Dec gold -0.3% at $1,409, Oct crude oil -1.2% at $107.55/brl US markets: - KKD: Reports Q2 $0.14 v $0.16e, R$112.7M v $112Me; -13.2% afterhours >- PSUN: Reports Q2 $0.02 v $0.01e, R$215.2M v $216Me; -11.2% afterhours - OVTI: Reports Q1 $0.55 v $0.43e, R$373M v $375Me; -9.8% afterhours - APA: Enters into Upstream Oil and Gas Partnership with Sinopec; to receive $3.1B in cash for 33% stake in Apache Egypt; +3.4% afterhours - CRM: Reports Q2 $0.09 (adj) v $0.08e, R$957M v $937Me; Raises FY14 Rev guidance; +7.8% afterhours Notable movers by sector: - Financials: China financials mixed after H1 earnings - Bank of China 3988.HK -0.61%; ICBC 1398.HK -0.40%; Ping An Insurance 2318.HK +1.02%; CITIC Securities 6030.HK +1.34% - Industrials: Virgin Australia VAH.AU -2.5% (FY13 net loss, no dividend); Hitachi Construction 6305.JP -1.0% (Postponing building new mining equiment in Australia - press) - Utilities: TEPCO 9501.JP +1.0%, Chubu Electric 9502.JP +1.9%, Kansai Electric 9503.JP +2.3%, Hokkaido Electric 9509.JP +4.3%, 9508.JP Kyushu Electric +3.0% (Japan YTD July-end electricity bills +10.1%, fastest yearly rise since Mar 1981) - Consumer discretionary: Harvey Norman HVN.AU +2.4% (FY13 results; sees H1 outlook improving) - Technology: Sumco 3436.JP +1.4% (speculation of strong H1 results) - Energy: Offshore Oil Engineering Co Ltd 600583.CN -1.1% (H1 results) - Source


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