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Thursday September 12, 2013 - 05:11:35 GMT
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| | Email Asian Market Update: RBNZ on hold but tips a rise in rates in H1; Soft Australia employment extinguishes AUD rally - Source

Reserve Bank of New Zealand on hold but issues its most hawkish policy statement yet; Solidifies expectations of the start of tightening campaign in H1 of 2014 and also raises its 90-day bill interest rate projections by about 50bps relative to prior statement, sending NZD/USD to 3-week highs. - Bank of Korea also on hold at 2.50% in another unanimous decision; Upbeat statement foreshadowing revision in economic outlook next month and acknowledges domestic economy on recovery path; Still concerned over global risks and spillover from the start of the US QE taper. - Australia jobs figures disappoint with a 2nd consecutive double-digit drop in employment change; participation rate decline to multi-year low particularly telling of a peak in the resources sector. - Japan squashes press speculation that PM Abe has made up his mind on raising sales tax and would offer a fiscal stimulus to numb the impact. - China banks reportedly ordered to stop offering mortgages in top cities. ***Economic Data*** - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED); fourth straight pause >- (NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED) - (AU) AUSTRALIA AUG EMPLOYMENT CHANGE: -10.8K V +10.0KE; UNEMPLOYMENT RATE: 5.8% V 5.8%E; Participation Rate: 65.0% v 65.2%e (lowest since Jan 2007) - (AU) AUSTRALIA SEPT CONSUMER INFLATION EXPECTATION: 1.5% V 2.3% PRIOR (multi-year low; Below RBA's 2-3% target range for the first time in 9 months) - (AU) AUSTRALIA JUL CREDIT CARD BALANCES: A$49.2B V A$49.9B PRIOR; CREDIT CARD PURCHASES: A$23.0B V A$20.3B PRIOR - (JP) JAPAN JUL MACHINE ORDERS M/M: 0.0% V 2.4%E; Y/Y: 6.5% V 7.7%E - (JP) JAPAN AUG TOKYO AVERAGE OFFICE VACANCIES: 8.2 V 8.3 PRIOR - (JP) Japan investors sold net 66.5B (4th consecutive week of net sales) in Foreign Bonds last week vs sold net 530.9B prior week; Foreign Investors bought net 185.4B in Japan stocks last week vs sold net 175.0B in prior week ***Fixed Income/Commodities/Currencies*** - USD/CNY: (CN) PBoC sets yuan mid point at 6.1575 v 6.1185 prior close (record high setting for yuan) - (CN) PBoC to inject CNY10B in 14-day reserve repos; Drains CNY1.1B this week (2nd consecutive drain) v drained CNY37B last week - (JP) Japan's MoF sells 2.47T in 0.3% 5-yr notes; Avg yield: 0.263% v 0.285% prior; Bid to cover: 3.30x vs 5.51x prior - NZD/USD rises about 70pips to 3-week high $0.8150 following a hawkish RBNZ policy statement. - AUD crashes about 100pips from the highs toward $0.9250 following disappointing employment data; AUD/JPY down about 120 pips around 92 handle; AUD/NZD jolted lower on combined AUD weakness and NZD strength, falling to 3-week low 1.1380 - down 170 pips. ***Speakers/Political/In the Papers*** - (JP) Japan PM Abe to raise sales tax in April 2014, as scheduled; Abe is also to announce a 5T stimulus measures in conjunction with the sales tax increase - Yomiuri press - (JP) Japan Chief Cabinet Sec Suga: Not true PM Abe has made a decision on sales tax increase; size of economic package yet to be decided - financial press - (JP) Japan plans to increase tax breaks for small and medium enterprises (SME) - Sankei News - (CN) Some China banks have temporarily halted issuing mortgage loans - Chinese press - (CN) China should expand property tax trial in short term - Chinese press - (CN) BofA/ML raises China 2013 GDP target to 7.7% from 7.6% prior; Reiterates 2014 GDP 7.6%; To be on alert for China's tight liquidity situation to return in late Sept - (CN) China state researcher: China's key risk is govt debt; Could amount to up to 50% of GDP v 38% in 2011 - Chinese press - (NZ) ASB Bank forecasts New Zealand Q2 GDP to contract 0.2% - financial press - (SY) Russia President Putin said military strike would unleash new wave of terrorism - NYTimes op/ed - (SA) Saudi Arabia Oil Minister Naimi: Market fundamentals are good; oil market is well balanced - OPEC Gen Sec El-Badri: OPEC watching oil market "very carefully" ***Equities*** Markets Snapshot (as of 03:00 GMT): - Nikkei225 -0.3%, S&P/ASX +0.3%, Kospi +0.4%, Shanghai Composite +0.1%, Hang Seng +0.3%, Sept S&P500 flat at 1,688, Dec gold -0.6% at $1,356, Oct crude oil flat at $107.56/brl US markets: - MW: Reports Q2 $1.01 adj v $1.15e, R$647.3M v $675Me; -14.2% afterhours - VRA: Reports Q2 $0.37 v $0.33e, R$125M v $125Me; lowers FY14 guidance; -8.6% afterhours - RCL: Increases dividend by 100% to $0.25; flat afterhours - QCOM: $5.0B Stock Repurchase Program; +1.1% afterhours Notable movers by sector: - Industrials: Mitsubishi Motors 7211.JP -7.3% (200B share offering), Kia Motors Corporation 000270.KR -1.3% (prelim wage agreement with union) - Technology: Sharp Corp 6753.JP -6.0% (press reports on possible share sale), Denso Corp 6902.JP -1.3% (investment plans) - Financials: China Vanke Co Ltd 000002.CN -1.5%, Poly Real Estate Group Co Ltd 600048.CN -1.5% (on China reports that some China banks temporarily halted issuance of mortgage loans) - Consumer discretionary: Myer Holdings Ltd MYR.AU -2.8% (weak FY13 results) - Energy: Inpex Corp 1605.JP +2.3% (Kashagan Oil Field production update); Showa Shell 5002.JP +0.7%, Petroleum Exploration 1662.JP +0.9% (Japan energy sector higher on oil prices) - Materials: Posco 005490.KR -2.4% (2.5M, KRW807B share sale) - Utilities: TEPCO 9501.JP -0.6% (high radiation sample at Fukushima turbine facility) - Source


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