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Tuesday September 10, 2013 - 06:46:06 GMT
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| | Email Asian Market Update: Equities extend gains on lingering impact of China exports strength; Traders await more mainland August data - Source

- Syria premium coming off the oil markets as Pres Obama remains undecided on the military action; To meet with Republican Senators on Tuesday and then deliver a prime-time address; US Senate postpones Wednesday vote on Syria, further clouding White House inclination for action. - Asia equities bid higher, helped by positive China-related sentiment after strong exports component in the latest trade data; NDRC warns further exports growth might be capped by stronger Yuan, just as PBoC sets its midpoint at its best level in 2 months. - AUD/USD at 6 week highs after strong NAB confidence; EM currencies extend sharp gains, while USD index falls for 3rd consecutive session. - China industrial production, retail sales, fixed asset investment, new lending, and money supply figures for August still on tap. ***Economic Data*** - (AU) AUSTRALIA AUG NAB BUSINESS CONDITIONS: -6 V -7 PRIOR; NAB BUSINESS CONFIDENCE: +6 V -3 PRIOR (first rise in 4 months; 27-month high) - (NZ) NEW ZEALAND AUG TOTAL CARD SPENDING M/M: 0.4% V 0.2% PRIOR; RETAIL CARD SPENDING M/M: 0.8% V 0.6%E - (NZ) NEW ZEALAND AUG ANZ TRUCKOMETER HEAVY: -1.5% V +10.0% PRIOR - (JP) JAPAN JUL TERTIARY INDUSTRY INDEX M/M: -0.4% V -0.5%E - (JP) JAPAN AUG MONEY STOCK M2 Y/Y: 3.7% V 3.8%E; M3 Y/Y: 3.0% V 3.0%E - (PH) PHILIPPINES JUL UNEMPLOYMENT RATE: 7.3% V 7.5% PRIOR - (PH) PHILIPPINES JUL EXPORTS Y/Y: +2.3% V -1.0%E; TOTAL MONTHLY EXPORTS: $4.8B V $4.5B PRIOR - (UK) UK AUG RICS HOUSE PRICE BALANCE: 40% V 39%E (highest reading since Nov 2006) ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 547.7B in 1.8% (1.9% prior) 30-yr notes; Avg yield: 1.803% v 1.791% prior; Bid to cover: 3.87x v 4.14x prior - (AU) Australia MoF (AOFM) sells 1.25% A$200M in 2022 indexed Bonds; avg yield: 1.5989%; bid-to-cover: 3.72x - (CN) PBoC to inject CNY10B in 7-day reserve repos - (AU) Australia Bureau of Agricultural and Resource (ABARES): Lowers FY13/14 wheat production forecast to 24.5M tons vs 25.4M prior estimate in June - GLD: SPDR Gold Trust ETF daily holdings fall by 2.1 tonnes to 917.1 tonnes (lowest level since 913.5 on Aug 22nd) - USD/CNY: (CN) PBoC sets yuan mid point at 6.1612 v 6.1210 prior close (strongest Yuan setting since July 10th) - USD/INR: INR currency (Rupee) sharply higher in early trade around INR64.30 - AUD hits 6-week highs above $0.9260 against USD and 92.30 vs yen; NZD/USD next-best peforming pair among the majors with a 40pip advance above $0.8040. Other EM currencies also remaining bid amid resurgence of risk appetite in high-beta space at the expense of the USD dollar - MXN up about 1% in the past 12hrs below 13.10, INR is at 2-week highs, while USD/KRW approaches its 4-month old support at 1,080. ***Speakers/Political/In the Papers*** - (CN) China National Development and Reform Commission (NDRC) state information center researcher Yan: estimates 2013 China imports +7.3% y/y, exports +9% y/y; Yuan appreciation risks restricting export growth - Chinese press >- (CN) BlackRock head of Asian fundamental equities Swan: China has genuine pickup in demand; China economic data is surprisingly positive. - (CN) China Ministry of Finance affiliated researcher Zhao: China govt debt may reach CNY15-18T vs CNY11.3t as of 2010-end - press - (CN) China banks unlikely to implement preferred share trial program within this year - Chinese press - (CN) China Ministry of Commerce (MOFCOM) counselor Zhou: China 2013 outbound investment may grow more than 15% y/y - China Daily - (JP) Japan Cabinet office expected to raise Sept economic assessment after pausing in August - Japanese press - (JP) Seven Chinese vessels seen near disputed Senkaku islands - financial press - (KR) South Korea Finance Minstry releases monthly economic report: Labor strikes at car makers limit the economic recovery - (KR) South Korea Aug Dept store sales: +7% y/y - Korean press citing preliminary data (update) - (SY) US Senate Majority Leader Reid (D-NV): backs off plans to schedule a Senate vote on Wed regarding military action against Syria; vote still likely later this week >- (SY) US President Obama: Has not yet made a decision on military action on Syria if Congress opposes a strike; to evaluate following the vote - NBC interview ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +1.0%, S&P/ASX +0.5%, Kospi +0.2%, Shanghai Composite +0.2%, Hang Seng +0.6%, Sept S&P500 flat at 1,670, Dec gold -0.6% at $1,379, Oct crude oil -1.0% at $108.40/brl US markets: - URBN: Thus far during Q3 'comparable Retail segment net sales are mid single-digit positive'; -7.8% afterhours >- PBY: Reports Q2 $0.10 v $0.19e, R$527.6M v $539Me; -7.1% afterhours - PVH: Reports Q2 $1.39 v $1.37e, R$1.96B v $1.88Be; -4.4% afterhours - MODN: Lowers guidance; Guides Q1 R$20-21M v $26.5Me; FY14 R$70-80M v $118Me; -29.3% afterhours - NBIX: Phase IIb Results of VMAT2 Inhibitor NBI-98854 for Treatment of Tardive Dyskinesia did not meet primary endpoint; -29.0% afterhours - CASY: Reports Q1 $1.43 v $1.24e, R$2.11B v $2.12Be Notable movers by sector: - Industrials: Elders ELD.AU +10.5% (FY13 guidance; extended loan facilities), Daikin Industries 6367.JP +1.3% (improved production plans), Komatsu Ltd 6301.JP +6.3% (press speculation for strong FY13/14 parts business), Hyundai Motor Co 005380.KR flat (prelim worker, wage agreement); Kajima Corp 1812.JP +10.4%, Taisei Corp 1801.JP +14.0%, on continued positive sentiment from Tokyo Olympic announcement - Technology: KT Corp 030200.KR -1.4%, SK Telecom 017670.KR -2.1%, LG Uplus Corp 032640.KR -1.6%, Inotera Memories Inc 3474.TW -1.7% (Aug results) - Financials: HSBC Holdings plc 5.HK -0.3% (indicated interest in Shanghai free trade zone) - Consumer discretionary: Isetan Mitsukoshi 3099.JP +1.4% (FY13 op profits likely to rise 30%), Nexon Co Ltd 3659.JP -1.1% (entered strategic partnership) - Utilities: TEPCO 9501.JP -2.7% (discovery of new leak) - Source


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