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Wednesday September 11, 2013 - 07:06:22 GMT
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| | Email Asian Market Update: Obama to give Syria diplomacy a chance despite branding chemical attack a national security issue - Source

- Markets see-saw during Pres Obama prime-time address on Syria; Risk aversion sparked by deeming the chemical attack a "national security" issue portending the possibility of a unilateral response by the US; Markets recovered rapidly however after Obama orders delay to Congressional vote, allowing US to work with Russia on its proposal for a diplomatic solution through surrender of chemical weapon stockpiles by Assad. - France follows Obama address with a draft to the UN Security Council, giving Syria 15 days to declare its chemical arms program and allow UN inspectors into disclosed sites. - DB, UBS boost their estimates for China GDP after the most recent set of impressive economic data. - Japan govt looking to ride the wave of Abenomics popularity by pursuing nationalist policies in the disputed island chain. - Robust print in Australia consumer confidence from Westpac follows impressive NAB business confidence print overnight. - NZIER shadow board forecasts another RBNZ hold but starting to tilt toward a rate hike. ***Economic Data*** - (AU) AUSTRALIA SEPT WESTPAC CONSUMER CONFIDENCE: 4.7% V 3.5% PRIOR (3-month high); INDEX: 110.6 V 105.7 PRIOR - (JP) JAPAN Q3 BSI LARGE ALL INDUSTRY Q/Q: 12.0 V 5.9 PRIOR; BSI LARGE MANUFACTURING: 15.2 V 5.0 PRIOR (4-yr high) - (JP) Japan July Conference Board Leading Economic Index: 98.0, flat m/m - (JP) JAPAN AUG DOMESTIC CGPI M/M: 0.3% V 0.4%E; Y/Y: 2.4% V 2.4%E (2-year high) - (KR) SOUTH KOREA AUG BANK LENDING TO HOUSEHOLD (KRW): 471.8T (record) V 470.0T PRIOR - (KR) SOUTH KOREA JUL MONEY SUPPLY L M/M: 0.5% V 0.3% PRIOR; M2 M/M: 0.4% V 0.6% PRIOR - (KR) SOUTH KOREA AUG UNEMPLOYMENT RATE: 3.1% V 3.2%E - (KR) SOUTH KOREA AUG EXPORT PRICE INDEX M/M: -0.7% V -0.9% PRIOR; Y/Y: -2.2% V -1.6% PRIOR; IMPORT PRICE INDEX M/M: +0.7% V -0.8% PRIOR; Y/Y: -5.3% V -4.3% PRIOR ***Fixed Income/Commodities/Currencies*** - (AU) Australia MoF (AOFM) sells 5.5% A$800M in 2023 Bonds; avg yield: 4.1828%; bid-to-cover: 1.94x - (JP) BOJ offers to buy 400B in 5-10 yr JGB and 200B in more than 10-yr JGB from market - (US) API PETROLEUM INVENTORIES: CRUDE: -2.93M v -1.5Me (2nd consecutive draw); GASOLINE: +195K v -1Me - (CN) China Ministry of Commerce (MOFCOM): China pork price +0.4% w/w - (RU) Russia to invest $1B in rare earths production by 2018 to become less dependent on China - press - GLD: Goldman Sachs: Start of Fed tapering to be the catalyst for lower gold prices - financial press - SLV: iShares Silver Trust ETF daily holdings rise to 10,563 tonnes from 10,534 tonnes (first rise since Aug 27th) - USD/CNY: (CN) PBoC sets yuan mid point at 6.1601 v 6.1200 prior close (strongest Yuan setting since July 11th) - USD/JPY and yen crosses fluctuating as markets digest the probability of a Syria attack during Obama address, hitting 100.15 lows on mention of national security before rising above 100.50 on confirmation of diplomacy effort with Russia. AUD/USD seeing brief strength after Westpac confidence data above $0.93; tests US session highs around $0.9320 after Obama comments. NZD/USD steady in $0.8040-70 range ahead of tomorrow's RBNZ decision. ***Speakers/Political/In the Papers*** - (CN) Deutsche Bank raises China Q3 GDP target to 7.9% from 7.7% prior; Q4 GDP to 8.0% from 7.8% prior - (CN) UBS raises China 2013 GDP target to 7.6% from 7.5% prior - financial press - (CN) China state researcher: Expects China economy to continue to rebound after Q3 - financial press - (CN) China may issue plan for Shanghai Free Trade Zone this week - Chinese press - (JP) BOJ member Ishida: Expects to see clear CPI for time being; Core CPI very likely to reach 2% over later half of expected period - (JP) Japan considering plans to increase presence in disputed islands - financial press - (KR) South Korea Fin Min Hyun: Govt to lower spending by cutting some of the more "showy" projects; To continue to boost spending in job growth and investment - (KR) North, South Korea to reopen Kaesong industrial zone on Monday Sept 16 - Korean press - (AU) Australia MP Bill Shorten to contest Labor Party leadership - financial press - (NZ) New Zealand Institute of Economic Research (NZIER) Shadow Board again shows a narrow margin in favor of RBNZ to keep rates unchanged tomorrow; Next best option now seen as a hike - NZ press ***Equities*** Markets Snapshot (as of 04:00 GMT): - Nikkei225 +0.8%, S&P/ASX +0.5%, Kospi -0.1%, Shanghai Composite +0.6%, Hang Seng -0.1%, Sept S&P500 -0.1% at 1,681, Dec gold -0.1% at $1,363, Oct crude oil -0.4% at $106.97/brl US markets: - GM: Confirms Canada govt sold shares following market close; -0.3% afterhours - IP: Announces $1.5B Share Repurchase Program (about 7% of market cap); Raises quarterly dividend 16.7% from $0.30/shr to $0.35/shr; +1.2% afterhours - RH: Reports Q2 $0.49 v $0.42e, R$382.1M v $375Me; raises outlook; -4.3% afterhours - SNX: Agrees to acquire IBM's customer care business process outsourcing services business for $505M; +8.8% afterhours Notable movers by sector: - Industrials: Toyo Engineering Corp 6330.JP +2.3% (awarded facilities contract), Orica Ltd ORI.AU +0.8% (land sell) - Technology: Delta Electronics 2308.TW -1.1% (Aug Rev -5% y/y), Wistron 3231.TW -1.9% - Materials: Inner Mongolia Baotou Steel Rare Earth 600111.CN +3.9%, China Minmetals Rare Earth Co Ltd 000831.CN +2.0%, China may stockpile rare-earth metals to stabilize prices - Consumer discretionary: Olympus Corp 7733.JP +2.5% (development upgrade), Qantas Airways Ltd QAN.AU +2.0% (awarded tourism contract) - Utilities: Australian Power and Gas Co APK.AU -1.0% (received ACCC proceedings on sales conduct) - Energy: Inpex Corp 1605.JP -2.9% (sees uncertainty in domestic LNG demand) - Telecom: KDDI Corp 9433.JP +1.8%, NTT DoCoMo Inc 9437.JP -1.8%, Softbank Corp 9984.JP +3.9%, China Unicom Ltd 728.HK -1.9%, China Mobile 941.HK -1.9%; following the release of the iPhones Apple confirmed NTT DoCoMo to get the iPhone, also according to China press sources China Unicom, China Telecom to begin selling new iPhones on Sept 25th. - Source


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