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

- 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 TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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