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Friday September 13, 2013 - 04:56:09 GMT
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TradeTheNews.com Asian Market Update: Equities retreat as investors begin to take profits ahead of the expected announcement of Sep-taper***Observations/Insights*** - Source TradeTheNews.com

Twitter tweets it has submitted an S-1 in preparation of an IPO. - Bullish sentiment recedes on profit taking as investors take to the sidelines going into next week's critical FOMC meeting; WSJ poll of economists see over 65% forecasting the Fed will announce the start of a taper - Japan cabinet office tracks BOJ with a raise of economic assessment for September, noting the economy is headed toward a gradual recovery. - Japan govt officials continue to respond to press speculation of a sales tax hike accompanied by a fiscal stimulus and/or corporate tax cut. - NDRC denies a property bubble in the wake of reports of mortgage lending moratorium. ***Economic Data*** - (NZ) NEW ZEALAND AUG BUSINESS NZ MANUFACTURING PMI: 57.5 V 59.5 PRIOR - (NZ) NEW ZEALAND AUG FOOD PRICES M/M: -0.5% V +0.5% PRIOR (1st decline in 5 months) - (NZ) NEW ZEALAND SEPT ANZ CONSUMER CONFIDENCE: -3.4% V +2.7% PRIOR; ANZ CONSUMER CONFIDENCE INDEX: 118.8 V 123.0 PRIOR - (NZ) NEW ZEALAND AUG NON-RESIDENT BOND HOLDINGS: 68.3% V 67.9% PRIOR - (SG) SINGAPORE Q2 FINAL UNEMPLOYMENT RATE: 2.1% V 2.1% PRELIM - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED - (CL) CHILE CENTRAL BANK LEAVES OVERNIGHT RATE TARGET UNCHANGED AT 5.00%; AS EXPECTED ***Fixed Income/Commodities/Currencies*** - (CN) China MoF sells 30-yr bonds at 4.76% - press - (JP) BOJ offers to buy 250B in 1-3 yr JGBs, 350B in 3-5 yr JGBs and 200B in JGB with maturity over 10 yrs from the market - (AU) Australia MoF (AOFM) sells 4.75% A$800M in 2016 Bonds; avg yield: 2.9085%; bid-to-cover: 4.38x - (US) Weekly Fed Balance Sheet Assets Week ending Sept 11th: $3.619T (record high) v $3.610T prior; M1 y/y change: 10.5% v 10.5% w/w; M2 y/y change: 6.9% v 6.9% w/w - USD modestly firmer across the board, bid by continued Septaper expectations - EUR/USD falls over 20pips below 1.3280, AUD/USD down over 30pips below 0.9240, NZD/USD down over 30pips below 0.8110, USD/JPY up 40pips above 99.80. Key US economic data expected in early Friday session with the release of Retail Sales and U of Mich consumer sentiment. ***Speakers/Political/In the Papers*** - (CN) China Tier 1 cities experience over 40 months of consecutive increases in housing rent - Chinese press - (CN) China National Development and Reform Commission (NDRC) official Li: China is not experiencing property bubble nationwide >- (CN) Shanghai pilot free trade zone to officially open on Sept 29th, allowing for free yuan convertibility under the capital account and liberal rates/foreign exchange - Shanghai Daily - (JP) Japan Govt is evaluating lowering the corporate tax rate in FY14 as part of the spending package designed to ease the impact of raising consumption taxes - Japan press - (JP) Japan ruling LDP party tax panel chief Noda: cutting corporate tax rate is not on agenda this fall - (JP) Japan Econ Min Amari: Japan PM has not yet decided on consumption tax increase; Abe can decide to raise sales tax if steps to offer immediate boost and sustained growth to economy can be taken. - (JP) Japan Fin Min Aso: To consider stimulus without issuance of new govt bonds - financial press - (KR) South Korea Fin Min Hyun: Still possible to achieve 4% growth rate target in 2014; Expects 2013 tax rev to be KRW 7-8T short of target. - (ID) Goldman Sachs sees Indonesia Central Bank (BI) to raise interest rate by another 50bps over the next two meetings - financial press - (US) Survey finds 66% of economists expect Fed to begin to taper its asset purchase program at next week's policy meeting - financial press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.3%, S&P/ASX -0.4%, Kospi -0.4%, Shanghai Composite -0.8%, Hang Seng -0.6%, Sept S&P500 flat at 1,679, Dec gold -0.3% at $1,327, Oct crude oil flat at $108.54/brl US markets: - TWET: Twitter tweets that it has "confidentially submitted an S-1 to the SEC for a planned IPO"; Goldman said to be the lead underwriter for the Twitter IPO - NXPI: Selling shareholders commence 25M share secondary offering of Common Stock; -1.6% afterhours - HAIN: Announces sale of 3.59M shares of common stock by Carl Icahn, liquidating his remaining 7.5% stake; -1.4% afterhours Notable movers by sector: - Industrials: ANA Holdings Inc 9202.JP -0.9% (Asia expansion plans); China Southern Airlines Co 600029.CN +1.3%, China Eastern Airlines 600115.CN +5.9% (Goldman Sachs analyst comments Shanghai free-trade zone is a boost for China airlines) - Technology: Hynix Semiconductor 000660.KR +0.5% (China operations to be restored in Oct), Samsung Electronics 005930.KR -0.4% ($500M investment plans), Lenovo Group Ltd 992.HK -1.1% (smartphone expansion plans), Sharp Corp 6753.JP -4.7%, Everlight Electronics Co 2393.TW -2.3% (patent suit lost), United Microelectronics Corp 2303.TW -0.8% (lowered Q4 rev guidance) - Financials: China Merchants Bank Co Ltd 600036.CN -1.5% (rejects speculation of mortgage loan halt), Fosun International 656.HK -2.4% (to invest in Caruso Spa) - Materials: Newcrest Mining Ltd NCM.AU -1.6%, Oz Minerals OZL.AU -1.6%; Australia precious metal miners lower on decline in gold price. - 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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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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