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Thursday September 5, 2013 - 07:12:05 GMT
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| | Email Asian Market Update: BOJ raises economic asessment on higher fixed investment and corporate profits; Australia trade falls into deficit - Source

***Observations/Insights*** - US equity markets end trading day on the highs, undeterred by the upbeat Fed Beige Book noting moderate growth in most districts. - BOJ affirms annual monetary base increase of 60-70T; Raises economic assessment following last month's pause to "economy recovering moderately." Also upgrades assessment for business investment (starting to pick up) and adds that it sees improvement in employment and income situation, while also acknowledging accelerating pace of inflation. >- Australia posts its first trade deficit in 5 months but analysts point to rising imports and a decline in the volatile gold exports as the silver lining of the July report. Exports to China fall 1.6%, but iron ore exports rise 5.5% m/m. - FOMC alternate Kocherlakota calls for more easing; Does not see conditions as satisfactory for removing stimulus. - India currency open up 1.5%, and Sensex spike up by over 2.5% after announcement of new measures by the new RBI governor Rajan. ***Economic Data*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF 60-70T; RAISES ECONOMIC ASSESSMENT IN SEPTEMBER (first rise in 2 months) - (JP) Japan investors sold net 530.9B in Foreign Bonds last week vs sold net 318.5B prior week (3rd consecutive week of net sales); Foreign Investors sold net 175.0B in Japan stocks last week vs sold net 89.5B in prior week - (AU) AUSTRALIA JUL TRADE BALANCE (A$): -765M V +100ME (1st deficit in 5 months); Imports m/m: +4.0% v -2% prior; Exports m/m: 0.0% v -1% prior - (NZ) New Zealand Aug Total Car Registration: 15.5k v 16.4k m/m, New Car Registration at 6.8k v 6.8k m/m - (KR) SOUTH KOREA Q2 FINAL GDP Q/Q: 1.1% V 1.1% PRELIM; Y/Y: 2.3% V 2.3% PRELIM - (TH) THAILAND AUG CONSUMER CONFIDENCE INDEX: 79.3 V 80.3 PRIOR - (PH) PHILIPPINES AUG CPI M/M: 0.2% V 0.5%E; Y/Y: 2.1% V 2.4%E; CORE Y/Y: 1.9% V 2.2%E - (TW) TAIWAN AUG CPI Y/Y: -0.8% V -0.3%E; WPI Y/Y: -2.9% V -2.5%E ***Fixed Income/Commodities/Currencies*** - JGB: 10-yr JGB yield rises to 0.78%; 1-month high - (CN) PBoC to inject CNY10B through 14-day reverse repos today; Drains net CNY37B this week( first time in 3 months) v injected CNY41.5B last week - (US) API PETROLEUM INVENTORIES: CRUDE: -4.2M v -0.5Me (biggest draw since July 9th); GASOLINE: -387K v -0.5Me - (US) National Hurricane Center (NHC): Tropical depression #7 becomes Tropical Storm Gabrielle - (CN) PBoC sets yuan mid point at 6.1696 v 6.1201 prior close (strongest Yuan setting since Aug 28th) - USD/INR: INR currency (Rupee) sharply higher in early trade around INR66.10 - Volatility in FX majors contained ahead of the ECB and BOE decisions as well as ADP jobs and ISM Services data from US. EUR/USD down about 15pips from opening level around $1.3190, USD/JPY little changed after BOJ statement around 99.70, AUD/USD down 20pips after trade data to $0.9155 before paring those losses, NZD/USD in 30pip range around $0.79. ***Speakers/Political/In the Papers*** - (JP) JPMorgan Japan chief FX strategist: JPY may weaken if BOJ Gov Kuroda hints of further easing in the event of economic disruption from higher sales tax - Nikkei News - (JP) Japan Business Federation (Keidanren) officials said to have held talks ahead of the annual wage negotiations with labor leaders about base pay hikes - Nikkei News - (JP) Japan ruling LDP party's tax panel to start deliberations on lowering corporate tax rates in October; New rates may be implemented in FY14/15 - Nikkei News - (CN) PBoC's Research Head Ji Zhihong: China rebound not only the result of policy aid, but also "internal dynamics" - press - (CN) PBoC official Sheng: It is the appropriate time to open Yuan-denominated capital account - (AU) Moody's: Australia mortgage arrears have improved in June - (KR) Bank of Korea (BOK) Dir-Gen Jung: South Korea economy is accelerating on exports - (PH) Philippine Central Bank Gov Tetangco: Has policy room to mitigate potential impact from geopolitical concerns - press - (IN) Incoming India Central Bank (RBI) Gov Rajan statement: Economy faces challenges; To set up panel to strengthen monetary policy; To allow foreign banks to set up branches without seeking approval. - (US) Fed's Kocherlakota (dovish, FOMC alternate): FOMC forecast implies Fed is failing to provide sufficient stimulus to the economy; Need to provide more stimulus, not less ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +0.1%, S&P/ASX -0.4%, Kospi +1.0%, Shanghai Composite -0.1%, Hang Seng +1.3%, Sept S&P500 flat at 1,654, Dec gold +0.2% at $1,393, Oct crude oil +0.2% at $107.47/brl US markets: - LNKD: Said to have agreed to sell 5.4M Shares (4.8% of shares outstanding) in equity offering; -2.6% afterhours - HES: Raises quarterly dividend by 150% to $0.25/shr from $0.10/shr; +0.1% afterhours - GEF: Reports Q3 $0.84 (adj) v $0.89e, R$1.13B v $1.16Be; -4.9% afterhours Notable movers by sector: - Industrials: Honda Motor Co Ltd 7267.JP +2.2% (Aug US sales +26% y/y), Nissan Motor Co Ltd 7201.JP +0.9% (Aug sales +22% y/y, England facility approval), Toyota Motor Corp 7203.JP +0.3% (Aug US sales +22% y/y), Japan auto manufacturers up on strong US sales - Technology: Toshiba Corporation 6502.JP +1.2% (European expansion plans), Hynix Semiconductor 000660.KR -2.1% (fire closes China factory; no major damage reported), TPK Holding Co Ltd 3673.TW +3.4% (Aug results), Samsung Electronics 005930.KR +2.0% (launch of smartwatch device), High Tech Computer Corp 2498.TW -3.3% (Huawei rules out HTC acquisition) - Telecom: China Mobile 941.HK -0.6% (rumors of new iPhone launch / Apple event on Sept 10th) - Consumer discretionary: Asiana Airlines 020560.KR -1.2% (to reduce Japan flights) - Energy: PetroChina Co Ltd 601857.CN -0.3% (received US class action suit) - Energy: Neo Solar Power Corp 3576.TW +2.5% (Aug rev at 30-month highs) - Consumer staples: Kweichow Moutai Co Ltd 600519.CN -0.7% (purchased 406k shares on weak earnings)-


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