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Thursday September 19, 2013 - 07:16:16 GMT
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| | Email Asian Market Update: Fed Taper delay sparks broad gains in equities and metals, sinks US dollar - Source

FOMC/Bernanke push back on market expectations for the start of taper; See risks to economy further diminish but want more evidence of recovery; Dow Industrials and S&P500 close at record highs, Gold Spikes up $50 above $1.360, USD hits multi-month lows. - Central bankers and analysts revisit the notion of "currency wars"; BOJ board member and ANZ analyst hint the Fed move may require fresh rounds of easing from BOJ and RBA - the other 2 G10 banks recently engaged in aggressive easing campaigns. - New Zealand Q2 GDP tops expectations; lifting NZD to multi-month highs against the greenback and AUD. - Japan merchandise trade remains in deficit, albeit smaller than expected; Longest streak of monthly deficits since the late 1970's; Exports to US, China, Europe all up double digits y/y. - Jim Chanos remains bearish Australia / China, reiterating view of excessive respective build-up in resources and credit. ***Economic Data*** - (AU) AUSTRALIA AUG RBA FX TRANSACTIONS (A$): 482M V 436M PRIOR - (NZ) NEW ZEALAND Q2 GDP Q/Q: 0.2% V 0.2%E; Y/Y: 2.5% V 2.3%E - (JP) JAPAN AUG MERCHANDISE TRADE BALANCE: -960B V -1.1TE; ADJUSTED MERCHANDISE TRADE BALANCE: -791B V -820BE - (HK) Hong Kong Monetary Authority (HKMA) keeps base rate unchanged at 0.5% ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10yr JGB and 200B in JGB with maturity over 10yrs from the market - USD/INR: INR currency (Rupee) up by nearly 3% in early trade around INR61.70 against the USD. - US dollar was down sharply in the immediate aftermath of the Fed decision to delay the taper, as EUR/USD rose over 150pips to 1.3540 (7-month high), USD/JPY rell 120pips below 97.80, and AUD/USD up 160pips above 0.9520. EUR and AUD largely consolidating gains, while USD/JPY reversed over half of its losses to 98.40, helped by risk-on sentiment in Tokyo equities. NZD is the outperformer, adding to its post-FOMC gains to reach $0.84 after strong GDP data - up nearly 200pips from the pre-FOMC lows. ***Speakers/Political/In the Papers*** - (AU) ANZ head of global market research: Latest Fed move may force RBA to ease further - financial press - (NZ) New Zealand Fin Min English: NZ maintains steady growth - (JP) BOJ's Kiuchi: Sees signs of declining effects of reversal of strong JPY on stocks, economy; also sees bigger downside risks to economy than upside; Chance BOJ forced to ease more under US Fed current policy - (JP) Japan PM Abe instructed Fin Min Aso to include two-stage cut in corporate tax rates if consumption tax increase proceeds in Apr 2014 as initially planned - Nikkei News - (JP) Japan govt considers lowering corporate tax rate; considers terminating special quake reconstruction tax on companies earlier than scheduled - financial press - (JP) Japan Coast Guard sighted two China vessels entering near the disputed island territories - financial press - (CN) Kynikos Associates' Jim Chanos: China's problem is in excessive credit, not economic growth - CNBC - (CN) World Bank president Jim Yong Kim: China govt's fiscal income should not rely on land sales - Chinese press - (SY) Syria's Assad: To destroy chemical weapons to comply with UN treaty; Confirms Syria has chemical weapons; Not placing conditions on destroying chemical weapons - financial press - (US) White House said to be calling Senate Democrats regarding Fed Chairman nomination, suggesting Pres Obama's decision may be close; aides said to be inquiring regarding Senate support for Yellen. ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 +1.3%, S&P/ASX +1.0%, Kospi closed, Shanghai Composite closed, Hang Seng +1.7%, Dec S&P500 +0.1% at 1,720, Dec gold +4.1% at $1,361, Oct crude oil +0.4% at $108.53/brl US markets: - ORCL: Reports Q1 $0.59 v $0.56e, R$8.37B v $8.47Be; guides Q2 Non-GAAP EPS $0.65-0.70 v $0.69e (constant currency, ex $0.01 FX headwind), non-GAAP Rev +1-4% y/y (constant currency, ex 2% FX headwind) v +3.4%e (implies $9.2-9.5B v $9.42Be); -3.0% in extended session after guidance - MCD: RAISES QUARTERLY DIVIDEND BY 5% TO $0.81/SHR FROM $0.77/SHR; -0.3% afterhours - MCBI: East West to acquire all outstanding shares for purchase price of approx $273M; 4% accretive to East West FY14 earnings; +24.4% afterhours - TSPT: Retrophin proposes acquisition of Transcept for $4.00/shr; +9.2% afterhours Notable movers by sector: - Consumer discretionary: OrotonGroup ORL.AU -5.6% (FY13 profits up 10%), Billabong BBG.AU +6.7% (refi deal, appoints new CEO), - Industrials: NRW Holdings Ltd NWH.AU +4.1% (awarded A$620M contract), Toyota Motor Corp 7203.JP +0.8% (to expand production), Daikin Industries 6367.JP +1.1% (raises FY13/14 guidance) - Materials: Jiangxi Copper Company Ltd 358.HK +4.5% (copper prices), Shin-Etsu Chemical Co Ltd 4063.JP +1.5% (to raise PVC prices); BHP Billiton Ltd BHP.AU +1.9%, Rio Tinto Ltd RIO.AU +3.1%, Newcrest Mining Ltd NCM.AU +7.6%, Sumitomo Metal Mining Co Ltd 5713.JP +7.6% (miners posted large gains as gold and copper prices rise following the Fed's no-taper decision) - Telecom: Nippon Telegraph & Telephone Corp 9432.JP +1.8% (investment plans) - Energy: Origin Energy ORG.AU +1.3% (gas deal with Esso, BHP) - Healthcare: Astellas Pharma Inc 4503.JP -0.6% (lowers FY14/15 profit target) - Financials: Bank of East Asia 23.HK -1.6% (expansion plans in Shanghai free trade zone) - Technology: Konami 9766.JP +9.2% (potential casino deal with Caesars) - Source


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