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Wednesday September 25, 2013 - 07:15:17 GMT
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| | Email Asian Market Update: New Zealand posts highest trade deficit for August on record; RBA stability review reiterates risks of excessive liquidity - Source

- New Zealand August terms of trade collapses, marking the biggest deficit on record for August and also the worst month since September of 2008; Much of the damage attributed to the dairy exports drop amid Fonterra botulism scare - overall exports rose just 0.6% y/y; Imports rose unexpectedly (+9.7%) due to a one-off arrival of a drilling platform. - Reserve Bank of Australia semi-annual financial stability review indicated the banking system is in strong shape but also tried to temper expectations for accelerating asset price gains. Specifically, RBA reiterated the sentiment expressed in its recent policy meeting minutes, suggesting there are signs of households taking on increasing risk and also warning sustained low interest rates could lead to excessive speculation. ***Economic Data*** - (NZ) NEW ZEALAND AUG TRADE BALANCE (NZ$): -1.2B V -700ME (2nd consecutive deficit; largest deficit since Sept 2008) >- (AU) AUSTRALIA RBA RELEASES SEMI-ANNUAL FINANCIAL STABILITY REVIEW REPORT: Banking system is in strong shape; Some signs households are taking on more risk in their investment decisions - (AU) AUSTRALIA AUG DEWR SKILLED VACANCIES M/M: 0.3% V 0.5% PRIOR - (JP) JAPAN AUG CORPORATE SERVICE PRICE INDEX: 0.6% V 0.5%E (matches 5-year high) - (PH) PHILIPPINES JUL TRADE BALANCE: -$649M V -$370M PRIOR ***Fixed Income/Commodities/Currencies*** - (CN) Daily Shibor fixings: O/N: 3.3470% v 3.6144% prior (1-week low); 1-week: 3.9160% v 4.4400% prior; first decline in a week - JGB: (JP) Japan 30-yr govt Bond yields decline to 1.69% (lowest yield since early May) - (AU) Australia MoF (AOFM) sells 4.75% A$800M in 2016 Bonds; avg yield: 2.7614%; bid-to-cover: 4.02x - (US) API PETROLEUM INVENTORIES: CRUDE: -54K v -1Me (4th consecutive draw); GASOLINE: +341K v 0e; DISTILLATE: +485K v -0.5Me - SLV: iShares Silver Trust ETF daily holdings rise to 10,629 (highest since 10,630 tons on Apr 4th) tons from 10,602 tons - NZD under outsized pressure for the 2nd consecutive session after disappointing trade data; NZD/USD falls to 1-week low below $0.8230, down about 50pips from the highs, while AUD/NZD continued to rise with a 60pip advance toward NZ$1.14. AUD was also stronger against the greenback after the release of RBA stability report, as markets interpreted the warning over risks from low interest rates as indication the RBA is solidly on hold and will not chance flooding the system with liquidity via more policy easing. In other USD majors, EUR/USD and USD/JPY traded in 20pip ranges around $1.3470 and 98.70. ***Speakers/Political/In the Papers*** - (CN) China Sept new loans may be CNY650-700B v CNY711.3B in Aug - Chinese press >- (CN) China Banking Regulatory Commission (CBRC) Vice Chairman Yan Qingmin: China should strengthen capital and liquidity management to ensure banking industry stability- Chinese press - (CN) China Ministry of Commerce (MOFCOM) spokesperson Shen Danyang: China trade shows good trend - Chinese press - (CN) China State Economist Fan: Sees China 2013 GDP growth at 7.7%; Sees Q3 GDP at 7.8% and Q4 GDP at 7.6% - Chinese press - (CN) Former Goldman economist O'Neill: Slightly surprised by CNY strength, China's model of inexpensive exports may be finished - (JP) Japan govt has decided to broaden the scope of tax breaks designed to encourage capital spending by small and midsize businesses - Nikkei News - (JP) Japan PM Abe: Japan economy is definitely on path of solid growth - Canadian press - (KR) South Korea Ministry of Knowledge Economy: Aug industrial electricity sales rose 2.0% y/y to 21.8B kwh - Korean press - (KR) Bank of Korea (BOK) gov Kim: closely monitoring financial markets - (KR) Bank of Korea (BOK): South Korea bankruptcies in Aug fell to 85 from 101 in July - Korean press ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.4%, S&P/ASX +0.9%, Kospi +0.5%, Shanghai Composite +0.3%, Hang Seng +0.3%, Dec S&P500 flat at 1,692, Dec gold +0.7% at $1,325, Nov crude oil +0.2% at $103.28/brl US markets: - CPRT: Reports Q4 $0.32 v $0.40e, R$263.7M v $268Me; -11.1% afterhours - CCK: Guides Q3 lower to $1.05-1.10 v $1.21e ($1.15-1.25 prior guidance); -4.5% afterhours - ASNA: Reports Q4 $0.34 (adj) v $0.21e, R$1.19B v $1.16Be; +16.5% afterhours Notable movers by sector: - Consumer discretionary: Fonterra FCG.NZ +0.6% (higher FY13 profits), David Jones Ltd DJS.AU +6.3% (FY13 results) - Industrials: Nufarm Ltd NUF.AU -0.4% (FY13 results), Minebea 6479.JP +2.1% (expected H1 profits), IHI Corp 7013.JP -1.0% (investment plans); Kia Motors Corporation 000270.KR -1.5%, Hyundai Motor Co 005380.KR -0.4% (South Korea auto firms announce domestic recall) - Materials: BHP Billiton Ltd BHP.AU +0.8% (annual report), Gindalbie Metals Ltd GBG.AU +3.6% (Karara funding agreement) - Financials: Hong Kong Parkview Group 207.HK -6.0% (COFCO acquisition); ANZ Ltd ANZ.AU +0.7% (pulls out of the bid for Lloyds Australia) - Utilities: TEPCO 9501.JP +5.2% (to restart water treatment) - Energy: Nisshinbo Holdings Inc 3105.JP -1.7% (may report record op profits), Santos Ltd STO.AU +1.4% (affirms FY13 production) - Source


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