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Tuesday September 3, 2013 - 06:51:25 GMT
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TradeTheNews.com Asian Market Update: RBA on hold at 2.50% as expected and maintains a Neutral bias; Verizon confirms Vodafone deal, Microsoft acquires Nokia device division - Source TradeTheNews.com

Merger-mania in the telecom sector - Verizon and Vodafone confirm their $130B deal for Vodafone's stake in Verizon Wireless, transaction to be immediately accretive; Microsoft also acquires Nokia's Devices/Services business (including smartphone unit) for 5.4B - Nikkei225 rallies by over 2%, hitting 2-week highs tracking weakness in JPY; USD/JPY rises to 1-month high above 99.60; Japan cabinet officials also cheering latest set of positive data, paving the way for the expected sales tax hike. - Reserve Bank of Australia on hold at 2.50% and largely reiterates prior statement; Also solidifies a neutral bias after shedding the passage indicating the "outlook may provide scope for further easing" at its August decision. ***Economic Data*** - (AU) RBA LEAVES CASH RATE TARGET UNCHANGED AT 2.50%; AS EXPECTED >- (AU) AUSTRALIA Q2 CURRENT ACCOUNT BALANCE (A$): -9.4B V -8.5BE; NET EXPORTS OF GDP: 0.0% V 0.1%E - (AU) AUSTRALIA JUL RETAIL SALES M/M: 0.1% V 0.4%E - (CN) CHINA AUG NON-MANUFACTURING PMI: 53.9 V 54.1 PRIOR (18th consecutive month of expansion) - (NZ) NEW ZEALAND AUG ANZ COMMODITY PRICE M/M: 0.7% V 0.6% PRIOR (4-month high) - (JP) JAPAN JUL LABOR CASH EARNINGS Y/Y: 0.4% V 0.6% PRIOR - (JP) JAPAN AUG MONETARY BASE Y/Y: 42.0% V 38.0% PRIOR (multi-year high) - (VN) VIETNAM AUG HSBC MARKIT MANUFACTURING PMI: 49.4 V 48.5 PRIOR - (UK) UK AUG BRC SALES LFL Y/Y: 1.8% V 2.4%E ***Fixed Income/Commodities/Currencies*** - (JP) Japan MoF sells 2.17T in 0.8% (0.8% prior) 10-yr notes; Avg yield: 0.765% v 0.800% prior; Bid to cover: 3.50x v 3.51x prior - (JP) BOJ to buy 400B in CP outright on Sept 6th - (CN) PBoC to inject CNY10B through 7-day reverse repos - USD/CNY: (CN) PBoC sets yuan mid point at 6.1718 v 6.1196 prior close ( weakest Yuan setting since Aug 13th) - Volatility in the Australian dollar and Japanese Yen pairs was in focus among the G10 majors. AUD/USD pushed above $0.90 in the early session, sold down to $0.8970 after softer than expected retail sales, but then rallied over 60pips above $0.9040 following the RBA statement reaffirming a neutral policy stance. JPY was softer across the board, with USD/JPY extending its overnight gains above 99.60, a 1-month high. AUD/JPY cross is up 80pips from the lows above 89.80 on combined AUD strength / JPY weakness. NZD/USD tracked AUD strength with a 30pip rise to $0.7830 level. Rupee started the session lower - USD/INR opening up 0.6% at 66.40. ***Speakers/Political/In the Papers*** - (CN) China National Development and Reform Commission (NDRC) Director Xu: to expand individual housing property tax pilot in H2 - (CN) Soufun analyst: Shanghai land sales expected to top CNY127.2B total for 2012 by the end of September - Shanghai Daily - (CN) China Index Academy: Average price of new residential properties across 100 major cities in Aug rose 0.92% m/m to CNY10.4K/sqm v 0.87% rise in July - Shanghai Daily - (CN) China August CPI could be 2.6% y/y v 2.7% y/y in July - Chinese press >- (CN) China Aug new loans seen at approx CNY780B v CNY699.9B m/m; Big four banks loans could be CNY250B v CNY210B m/m- Chinese press - (JP) Japan Trade Minister Motegi: Govt to spend 47B on Fukushima leak. - (JP) Japan Fin Min Aso: JPY decline is a side effect of govt policies, primary aim is to end deflation; May submit extra budget to next ordinary Diet session. - (JP) According to updated forecasts from Japan's 10 private-sector research organizations, Q2 GDP revision seen at 3.8% on average vs 2.6% prelim, boosting the case for proceeding with sales tax hike - Nikkei News - (JP) BOJ to consider upgrading its economic assessment at the upcoming policy meeting this week - Nikkei News - (JP) Japan Center for Economic Research (JCER): Japan's Real July GDP estimated at -0.4% m/m; 2nd consecutive monthly contraction - Nikkei News - (AU) Australia shadow Fin Min Robb: Coalition is in healthy condition; Australia needs lower costs for businesses - financial press - (IN) India upper house of parliament approves $20B legislation to distribute subsidized wheat and rice to 800M people; Subsidy may result in India missing fiscal goals - NY Times ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +2.4%, S&P/ASX +0.3%, Kospi +0.6%, Shanghai Composite +0.6%, Hang Seng +1.0%, Sept S&P500 +1.0% at 1,647, Dec gold -0.2% at $1,393, Oct crude oil -0.9% at $106.64/brl US markets: - VZ: VERIZON FORMALLY REACHES AGREEMENT TO ACQUIRE VODAFONE'S 45% INTEREST IN VERIZON WIRELESS FOR $130B; Authorizes 2.9% dividend increase to $0.53/shr (implied yield 4.5%) >- MSFT: Microsoft to acquire Nokia Devices & Services unit and license certain Nokia patents for 5.44B in cash - CBS, Time Warner Cable reach content carriage agreement; programming to resume by 18:00ET today - CDNS: ARM acquires Advanced Display Technology from Cadence; Terms not disclosed Notable movers by sector: - Industrials: Mazda Motor Corp 7261.JP +3.8% (China Aug sales), Toyota Motor Corp 7203.JP +3.2% (China Aug sales), Nissan Motor Co Ltd 7201.JP +3.1%, Honda Motor Co. Ltd 7267.JP +2.1%, Japan auto producers higher on weaker yen; Virgin Australia VAH.AU +0.6% (received regulatory approval on routes), BYD Company Limited 002594.CN +3.4% - Utilities: TEPCO 9501.JP +5.1% (Japan confirms financial support), Kansai Electric Power 9503.JP +7.6% (regulators determine Oi facility not on active fault line) - Materials: Rio Tinto Ltd RIO.AU +2.7%, Fortescue Metals Group Ltd FMG.AU +3.8%, Australia miners gain on higher iron prices; Chongqing Iron & Steel Co. Ltd 601005.CN -0.7% (sees loss in H2) - Technology: Nintendo Co. Ltd 7974.JP +4.7% (may be added to Nikkei225), Taiwan Semiconductor Manufacturing Co 2330.TW +0.5% (raises 2013 capex, production), MediaTek 2454.TW +1.4% (raises Q3 rev guidance) - Consumer discretionary: Pigeon Corp 7956.JP +7.8% (H1 profits, raises FY guidance), Qantas Airways Ltd QAN.AU +0.7% (July traffic figures), Chow Tai Fook Jewellery Group Ltd 1929.HK +0.2% (expects continued growth in H2) - Telecom: KDDI Corp 9433.JP +3.7% (network upgrades) - 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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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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