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Wednesday September 4, 2013 - 06:22:34 GMT
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| | Email Asian Market Update: Better than expected Australia GDP pushes AUD/USD above $0.91; Senate committee approves 90-day Syria action***Observations/Insights*** - Source

- Risk appetite tempered after House Speaker Boehner voiced support for Syria action; US Senate foreign relations committee also issues resolution to approve military action, but no longer than 90 days and without any ground combat >- Australia Q2 GDP slightly better than expected; Growth in consumption component largely unchanged, terms of trade improve; Swaps markets now see odds-on of RBA cash target rate remaining unchanged through the end of 2013. - China president Xi not concerned with swelling local govt debt. - Japan PM Abe to announce decision on consumption tax increase on Oct 2nd, few days after the quarterly Tankan data at the end of September; BOJ prepares a policy statement for tomorrow. ***Economic Data*** - (AU) AUSTRALIA Q2 GDP Q/Q: 0.6% V 0.5%E; Y/Y: 2.6% V 2.4%E - (AU) AUSTRALIA AUG AIG PERFORMANCE OF SERVICES INDEX: 39.0 V 39.4 PRIOR (4 1/2 year low) - (NZ) NEW ZEALAND Q2 VALUE OF ALL BUILDINGS Q/Q: -0.4% V +5.4% PRIOR (1st decline since Q1 2012) - (CN) CHINA AUG HSBC/MARKIT SERVICES PMI: 52.8 V 51.3 PRIOR - (KR) SOUTH KOREA AUG FOREIGN RESERVES: $331.1B V $329.7B PRIOR - (HK) HONG KONG AUG HSBC/MARKIT PMI: 49.7 V 49.7 PRIOR (5th consecutive month of contraction) - (UK) UK AUG BRC SHOP PRICE INDEX Y/Y: -0.5% V -0.5% PRIOR ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10 yr JGB and 200B in more than 10-yr JGB - (AU) Australia MoF (AOFM) sells 4.75% A$800M in 2015 Bonds; avg yield: 2.7138%; bid-to-cover: 3.89x - (CN) China MOF sells 3-year bonds at 3.9175% - press - GLD: SPDR Gold Trust ETF daily holdings fall by 1.8 tonnes to 919.2 tonnes (lowest level since Aug 22nd) - (CN) China Statistics Bureau: China pork price +0.7% in late Aug - AUD/USD is once again the most volatile among the majors, with the Aussie rising to a 2-week high above the $0.91 handle following a slightly higher than expected Australia Q2 GDP print. AUD/NZD also up sharply (over 60 pips) for the 2nd day above NZ$1.1650, breaking out of its 6-month-long downtrend. AUD/JPY at a 1-month high above 90.60. - Elsewhere, dollar majors contained to narrow ranges ahead of tomorrow's ADP payrolls data - EUR/USD in 10pip range around $1.3170, USD/JPY in 20pip range around 99.60. - USD/INR: INR currency (Rupee) opened weaker in early trade around INR68.30 before coming off the lows on suspected intervention. - USD/CNY: (CN) PBoC sets yuan mid point at 6.1729 v 6.1206 prior close (weakest Yuan setting since Aug 5th) ***Speakers/Political/In the Papers*** - (SY) US Senate Foreign Relations committee announces resolution draft on Syria; Action to be limited to 60-days with a possible 30-day extension - press >- (CN) China President Xi: local govt debt and overcapacity are controllable; May sacrifice economic growth to solve long-term economic development issues - Xinhua - (CN) China Fin Min Lou Jiwei: China overall tax ratio is approx 29%, lower than in the developed nations; to expand income tax to more people - CCTV interview - (JP) BOJ said to be considering additional easing if sales tax is raised - Japanese press >- (JP) Japan PM Abe to announce his decision on the proposed sales tax increase on Oct 2 - Japan press - (JP) Japan Chief Cabinet Sec Suga: PM Abe's top priority is to escape deflation; Final factor in deciding on sales tax increase will be the BoJ Tankan. - (JP) Japan PM Abe: To explain at G20 that Japan will pursue both growth and fiscal discipline - (JP) Former Japan Fin Min official Sakakibara ('Mr Yen'): Sees no chance for yen to suddenly weaken to 105-110 - financial press interview - (JP) Magnitude 6.9 earthquake in Japan said to have caused building to shake; No tsunami warning - financial press - (IN) India PM Singh: Took measures to increase growth, stabilize INR ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.8%, S&P/ASX -0.7%, Kospi -0.3%, Shanghai Composite -0.1%, Hang Seng -0.6%, Sept S&P500 flat at 1,638, Dec gold flat at $1,412, Oct crude oil -0.3% at $108.27/brl US markets: - HRB: Reports Q1 -$0.40 (adj) v -$0.35e, R$127.2M v $98.1Me; -3.7% afterhours - FUN: Raises FY13 Rev higher to +3-5%, or $1.10-1.125B v $1.12Be (prior +2-4%, or $1.09-1.115B); Adjusted EBITDA +6-9% (prior +2-5%); +1.0% afterhours - HAIN: Announces sale of 3.65M shares of common stock by Selling Stockholders including Icahn (7.7% of shares outstanding); -2.7% afterhours - GWRE: Reports Q4 $0.25 v $0.14e, R$97M v $93.1Me; -4.2% afterhours Notable movers by sector: - Financials: Samsung Life Insurance Co. Ltd 032830.KR -4.3% (CJ Cheiljedang plans to sell 3M share in Samsung Life) - Industrials: Honda Motor Co. Ltd 7267.JP -0.1% (speculation of dividend raise), Hyundai Mipo 010620.KS +1.8% (KRW113B order) - Utilities: TEPCO 9501.JP -4.0% (new higher radiation reading) - Technology: Canon Inc 7751.JP +4.0% (share repurchase), Inotera Memories Inc 3474.TW +1.5% (positive Q4 forecasts), Xinyi Glass Holding Co Ltd 868.HK -7.4% (share sale) - Consumer discretionary: Fast Retailing Co Ltd 9983.JP -2.4% (Uniqlo Aug SSS), Olympus Corp 7733.JP -5.6% (to be prosecuted in the UK) - Materials: Rio Tinto Ltd RIO.AU +0.5% (to cut costs at Pilbara); Inner Mongolia Baotou 600111.CN +2.5%, China Minmetals 000831.CN +2.8%, China Ministry of Industry and Information Technology (MIIT) establishes black list for illegal activities in rare earth metal industry - Chinese press - Source


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