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Tuesday September 3, 2013 - 06:51:25 GMT
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| | Email 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

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


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