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Monday September 16, 2013 - 06:58:46 GMT
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| | Email Asian Market Update: Stocks rally, dollar sinks after Summers steps aside in the race for Fed chairman nomination - Source

- Presumed front-runner Larry Summers bows out of the race to succeed Fed Chairman Bernanke citing high likelihood of an "acrimonious" confirmation process; Congressional opposition to Summers nomination has gradually been building for some time, becoming increasingly evident late last week when several senators spoke against the former Treasury Secretary; Tim Geithner has also reiterated his reluctance to be considered for the post, making the arch-dove Janet Yellen the de-facto front-runner. Emerging markets and US equity futures are sharply higher on expectation of an extremely gradual exit from the easy Fed policies under the presumed Yellen leadership, while USD sinks across the board. - Energy prices are sharply lower despite the weaker dollar as the geopolitical Syria premium continues to fizzle out of the inflated oil markets. Over the weekend, US and Russia announced an agreement on outline of Syria chemical weapons plan, giving Assad regime one week to disclose a comprehensive listing of chemical stockpiles and allowing international inspectors until mid-2014 to complete the destruction of the weapons. - With one week to go to the national elections, German chancellor Merkel's coalition won the state elections in Bavaria, but also witnessed increasing support for the anti-euro party to 4%. If AfD party manages to reach 5%, it will secure membership in Parliament, potentially leaving Merkel without a center-right majority and forcing her to scramble for a "grand coalition" with center-left SPD party. - PBoC Gov Zhou calls for reform of financial services industry in rural China as well as improvement in lending to SMEs forced to rely on shadow banking for funding. ***Economic Data*** - (NZ) NEW ZEALAND AUG PERFORMANCE SERVICES INDEX: 53.2 V 58.2 PRIOR - (NZ) NEW ZEALAND Q3 WESTPAC CONSUMER CONFIDENCE: 115.4 V 116.6 PRIOR - (NZ) NEW ZEALAND REINZ AUG HOUSE PRICE INDEX: 3,746 V 3,669 PRIOR, +2.1% M/M; HOUSE SALES Y/Y: +8.5% V -14.7% PRIOR - (UK) UK SEPT RIGHTMOVE HOUSE PRICES M/M: -1.5% V -1.8% PRIOR (2nd consecutive decline); Y/Y: 4.5% V 5.5% PRIOR ***Fixed Income/Commodities/Currencies*** - USD/CNY: (CN) PBoC sets yuan mid point at 6.1554 v 6.1188 prior close (record high setting for Yuan) >- (CN) Daily Shibor fixings: 1-week: 3.4690% v 3.5700% prior (1-week low) - (KR) South Korea sells KRW1.81T in 10-yr govt Bonds; avg yield: 3.495% >- GLD: SPDR Gold Trust ETF daily holdings fall by 6.0 tonnes to 911.1 tonnes (lowest level since Aug 8th) - update as of Sept 13th - SLV: iShares Silver Trust ETF daily holdings fall to 10,498 tonnes from 10,563 tonnes (lowest level since Aug 14th) - update as of Sept 13th - FX markets are unequivocally dollar bearish following the Summers announcement. AUD/USD is up nearly 100pips around 0.9340, NZD/USD up over 50pips above 0.8180, USD/JPY falls about 80pips below 98.50 at the lows, while EUR/USD is up some 70pips at 1.3370. ***Speakers/Political/In the Papers*** - (JP) Moody's: Japan upward revision of GDP indicating Abenomics gaining traction, which is credit positive - (JP) Japan Coast Guard sighted four China vessels near disputed Senkaku Islands - Kyodo News - (JP) Japan PM Abe cabinet approval rating in Sept rose to 61.8% from 57.7% in Aug - Kyodo News - (CN) China State Council to strengthen urban infrastructure construction - press >- (CN) Shanghai car license plate prices fall for the 6th consecutive month in the latest auction to CNY73.5K; Lowest level this year - Shanghai Daily - (CN) PBoC Gov Zhou: China economic operations are stable - financial press - (CN) World Bank president Jim Yong Kim: China will reach its 2013 GDP target of 7.5% (update) - (HK) Hong Kong property market cools down as weekend new home sales -70% w/w - Hong Kong press - (EU) ECB's Praet: ECB has room to maneuver on policy in response to Fed-triggered volatility - financial press >- (DE) Chancellor Merkel's coalition (CDU-CSU) support seen down 1pt to 39%; Total for left-leaning opposition is at 45% - financial press - (DE) Chancellor Merkel's ally, the CSU party, was victorious in Germany's 2nd most populated state of Bavaria's state elections with 49% of the vote (vs. 43.4% in 2008) - German press citing initial exit polls - (US) Former Treasury Sec Geithner reaffirms that he will not be considered for Fed Chairman position - financial press - (US) JPMorgan expects this week's Fed announcement to include a $15B tapering in asset purchases, including $10B Treasuries and $5B in MBS ***Equities*** Markets Snapshot (as of 03:30 GMT): - S&P/ASX +0.6%, Kospi +0.6%, Shanghai Composite -0.2%, Hang Seng +1.2%, Sept S&P500 +1.1% at 1,700, Dec gold +1.7% at $1,331, Oct crude oil -0.8% at $107.32/brl Notable movers by sector (**NOTE: Tokyo markets closed for holiday): - Industrials: Toyota Motor Corp 7203.JP (labor federation considers unified front to request pay raise) - Technology: Sony Corp 6758.JP, NTT DoCoMo Inc 9437.JP (Sony ends sale arrangement with NTT) - Financials: Westfield Group WDC.AU +0.2% (to sell US malls for $1.6B) - Materials: Lynas Corp LYC.AU +8.6% (FY13 results), Discovery Metals DML.AU -7.7% (continued potential transaction talks) - Consumer discretionary: Japan Airlines Corp 9201.JP, ANA Holdings Inc 9202.JP (Japan air carriers may see reduced landing fees on Olympics, domestic flights cancelled due to typhoon); Suning Appliance Co Ltd 002024.CN +4.9% (receives private bank registration approval) - Utilities: Kansai Electric Power 9503.JP (all Japan nuclear facilities offline), Chubu Electric Power Co Inc 9502.JP (to request increase in household rates) - Energy China Petrochemical Sinopec 386.HK +2.3% (China govt plans to invest in oil, gas exploration) Related (UPDTE ) - Source


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