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Monday September 9, 2013 - 07:20:02 GMT
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| | Email Asian Market Update: Japan gets Olympics, Australia elects new prime minister, China rallies on strong exports - Source

- As expected, Australia elects Coalition leader Tony Abbott as its new PM; Miners and airlines among the expected beneficiaries, as the conservative government moves to undo the mining and the carbon taxes hurting those respective industries. - S&P and Moody's both affirm Australia's AAA rating with stable outlook. - Tokyo secures the 2020 Olympics despite speculation that Madrid had emerged as a front-runner late last week because of Japan's nuclear contamination concerns. - Japan Q2 Final GDP vastly improved from the preliminary levels but still shy of estimates; Corporate CAPEX and public investment among the most improved components, while private consumption growth remains tepid. - Shanghai Composite up 3%, hitting 3-month highs above 2,200 after impressive recovery in exports component of China's August trade data as well as gains in banking sector; CPI also remaining sufficiently benign to keep accommodative policy intact. ***Economic Data*** - (CN) CHINA AUG TRADE BALANCE: $28.6B V $20.4BE (7-month high) >- (CN) CHINA AUG CONSUMER PRICE INDEX (CPI) M/M: 0.1% V 0.1% PRIOR; Y/Y: 2.6% V 2.6%E (3-month low) - (CN) CHINA AUG PRODUCER PRICE INDEX (PPI) Y/Y: -1.6% V -1.7%E - (JP) JAPAN Q2 FINAL GDP Q/Q: 0.9% V 1.0%E; NOMINAL GDP Q/Q: 0.9% V 1.0%E; GDP ANNUALIZED Q/Q: 3.8% V 3.9% PRELIM; GDP DEFLATOR Y/Y: -0.5% V -0.3% - (JP) Japan investors bought net 11.3B in Foreign Bonds in Aug; Foreign Investors sold net 193.3B in Japan stocks in Aug (net seller for the 1st time in 11 months) - (JP) JAPAN JUL CURRENT ACCOUNT BALANCE: 577.3B V 507.7BE; ADJ CURRENT ACCOUNT: 333.7B V 313.9BE; TRADE BALANCE BOP BASIS: -943.3B V -862.4BE - (JP) JAPAN AUG BANK LENDING EX-TRUSTS Y/Y: 2.3% V 2.3% PRIOR; BANK LENDING INCL TRUSTS: 2.0% V 2.0% PRIOR - (AU) AUSTRALIA AUG ANZ JOB ADVERTISEMENTS M/M: -2.0% V -1.1% PRIOR (6th month of decline) - (AU) AUSTRALIA JUL HOME LOANS M/M: 2.4% V 2.0%E; INVESTMENT LENDING: +2.9% V -0.1% PRIOR; OWNER-OCCUPIED LOAN VALUE: 0.0% V 2.4% PRIOR - (NZ) NEW ZEALAND AUG QV HOUSE PRICES Y/Y: 8.5% V 8.1% PRIOR - (NZ) NEW ZEALAND Q2 MANUFACTURING ACTIVITY VOLUME Q/Q: -3.4% V -0.6% PRIOR; MANUFACTURING ACTIVITY Q/Q: -2.0% (4-year low) V +0.2% PRIOR ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 250B in 1-3yr JGB, 350B in 3-5yr JGB, 400B in 5-10yr JGB and 2.0T in T-bills outright from market - USD/CNY: (CN) PBoC sets yuan mid point at 6.1642 v 6.1205 prior close (strongest Yuan setting since 6.1631 on July 11th) - (KR) South Korea sells KRW1.87T in 5-yr bonds, avg yield 3.295% - Yen pairs are particularly volatile in early trade as investors digest economic stimulus of preparation for the 2020 Olympics and the release of final Q2 GDP data that was expected to determine the outcome for the consumption tax hike. USD/JPY rose some 90pips and briefly tested the 100 handle in the opening hours before selling down to 99.50 after the release of the GDP that showed no improvement on the initial print for consumption growth despite the impressive upward revision in CAPEX. EUR/JPY and AUD/JPY highs seen at 131.80 and 92.00 respectively. - AUD and NZD are trading mixed against the greenback. AUD/USD seeing some modest bid after strong China trade data, particularly the 7.2% rise in exports - above 6% consensus and also marking the 2nd consecutive increase. NZD/USD underperforming despite the strong rise in Shanghai stocks after disappointing Q2 manufacturing activity. ***Speakers/Political/In the Papers*** - (CN) China banking sector rises 5.1% today due to the rumor of preferred shares issuance - (CN) According to Deovolente Realty Co, Shanghai pre-owned home sales for Aug rose 12.4% m/m at 21.4K units - Shanghai Daily - (CN) China Passenger Car Association (CPCA): China Aug wholesale vehicle sales rose 13.3% y/y and 10.4% m/m - (CN) China Premier Li Keqiang: China to maintain sustained and healthy growth - FT commentary - (CN) China Customs official Zheng: Exports data indicate improved global demand - press - (JP) Japan Econ Min Amari: Recent GDP data confirms policies are taking effect; GDP, Tokyo Olympic win add to favorable factors in making sales tax hike decision - press - (JP) Japan receiving 2020 Olympic Games said to boost its GDP by about 0.5% in that year - Kyodo - (JP) Japan Defense Ministry reported two China bombers off SW coast of Japan; Japan airspace was not violated - Japanese press - (KR) According to analysts, Bank of Korea (BOK) is widely expected to keep its benchmark 7-day repo rate unchanged at 2.5% for the 4th consecutive month - Korean press - (IN) India Fin Min Chidambaram: To announce a number of new measures in coming weeks to curb non-essential imports in order to strengthen rupee and contain inflation - financial press - (SY) German intelligence reports indicating Syrian military may have carried out a chemical attack without the permission of Pres Assad - German press; Pres Assad also denying he was behind the chemical attack in a CBS interview on "Face the Nation." - (EU) Bundesbank Pres Weidmann, Fin Min Schaeuble and two senior German govt officials said to have reiterated their opposition to further Greek debt writedown - German press - (IT) Italy Econ Min Saccomanni: Confident a political crisis can be avoided despite tensions ahead of the vote to expel Berlusconi from Parliament; Confident economy will stabilize in Q3 - financial press - (UK) UK Fin Min Osborne: UK is turning a corner; many risks remain, still in early stages of recovery - financial press - (UK) BOE's Fisher: BOE may hold off on more QE if the most recent introduction of forward guidance boosts confidence - UK press - (RU) Kremlin-supported acting mayor Sobyanin said to be on track to win Moscow elections for Mayor with 53% of the vote over vocal opposition candidate Navalny - Russian press ***Equities*** Markets Snapshot (as of 03:45 GMT): - Nikkei225 +1.9%, S&P/ASX +0.7%, Kospi +0.8%, Shanghai Composite +3.0%, Hang Seng +0.8%, Sept S&P500 +0.3% at 1,658, Dec gold +0.2% at $1,388, Oct crude oil -0.2% at $110.30/brl US markets: - DELL: Founder Michael Dell set to win shareholder support this week - FT - JEC: Announces Agreement to purchase Sinclair Knight Merz for about A$1.3B in cash - AMZN: Spokesperson: No plans to introduce smartphone this year; any release will not be free - AAPL: Reportedly will not unveil Apple TV on Tues - financial press Notable movers by sector: - Industrials: Kajima Corp 1812.JP %, Mitsui Fudosan Co Ltd 8801.JP, higher following successful 2020 Olympics bid by Tokyo - Technology: Hynix Semiconductor 000660.KR +4.1% (partial resumption of China facility), Tencent Holdings Ltd 700.HK +1.1%, Ltd (possible change in listing plans), Hon Hai Precision Industries 2317.TW -5.9%, Lite-On Technology Corp 2301.TW +2.2% (Aug results), Lextar Electronics 3698.TW -3.0% (Aug results), Macronix Intl Co Ltd 2337.TW +3.3% (Aug rev +19% y/y) - Materials: Doray Minerals Ltd DRM.AU +3.0% (financial, production guidance); BHP Billiton Ltd BHP.AU +1.1%, Newcrest Mining Ltd NCM.AU +3.4%, following Australia Federal election, coalition pledge to remove mining tax MRRT - Financials: Everbright Securities Co Ltd 601788.CN +7.1% (loss est due to trade error), Perpetual Ltd PPT.AU -1.7% (revised deal with Trust Co), Ping An Bank Co Ltd 000001.CN +10.0% (issuing plans) - Consumer discretionary: Fast Retailing Co Ltd 9983.JP +3.8% (increased store opening plans) - Utilities: TEPCO 9501.JP +4.2% (reports of declining radiation levels) - Source


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