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Thursday September 26, 2013 - 06:47:02 GMT
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| | Email Asian Market Update: Shanghai Composite at 2-week lows as PBoC dials up the money market injection; Nikkei225 reverses losses on speculation of impending corporate tax cut - Source Tr

Observations/Insights*** - Asian equity markets are generally weaker with the exception of Japan and South Korea as investors are turning increasingly suspicious over the strength of economic recovery in the West. US indices are down for 5 consecutive sessions as consumer spending - the lifeblood of US growth - appears to suggest continued deleverage as evidenced by Wal-mart announcement of inventory-busting order reduction. Other data out of the US on Wednesday was also tepid as new home sales missed estimates while durable goods orders were little changed. Sentiment in the far east is understandably cautious with US final Q3 GDP on tap for Thursday. Shanghai Composite is particularly weak, falling 1.5% to a 2-week low below 2,170 - here, the PBoC is raising red flags with a second aggressive funds injection this week - for the week the PBoC total injection is at the highest level in two months. - Nikkei225 spiked going into its midday break after Kyoto reported the govt will 'urgently consider' cutting corporate tax rate. Strenth in Tokyo stocks was also accompanied by weakness the yen across the board. - Korea's Kospi was also in the green despite opening lower. Korean finance ministry announced it would continue running a fiscal deficit in 2014 as the cost of a more aggressive economic stimulus, increasing its spending by 4.6% to KRW357.7T. South KOrea's 2014 GDP projections were also cut by a decimal to 3.9% ***Economic Data*** - (AU) AUSTRALIA JUNE-AUG JOB VACANCIES Q/Q: +3.1% V -7.3% PRIOR (first rise in a year) - (KR) SOUTH KOREA SEPT DISCOUNT STORE Y/Y: -2.6% V -4.9% PRIOR; DEPT STORE Y/Y: +6.6% V -2.1% PRIOR - (KR) SOUTH KOREA SEPT CONSUMER CONFIDENCE: 102 V 105 PRIOR (5-month low) ***Fixed Income/Commodities/Currencies*** - (CN) China PBoC injects CNY80B in 14-day reverse repos in today's session; Injects CNY155B this week v drained CNY8B last week (largest weekly injection since mid July) - (CN) Daily Shibor fixings: O/N: 3.1120% v 3.3470% prior (3rd consecutive decline; 1-week low) - (JP) BOJ offers to buy 300B in 1-3yr JGBs, 350B in 3-5yr JGBs, and 400B in 5-10yr JGBs - Yen pairs are in focus amid sharp JPY weakness accross the board in the afternoon trade. After falling for 4 consecutive sessions, USD/JPY was up about 80pips from the lows testing above the 99 handle. Likewise, EUR/JPY is up about 100pips from the lows within 10pips of 134, while AUD/JPY and NZD/JPY are up 70 and 80pips respectively. A story in Kyodo indicating an "urgent consideration" of a corporate tax cut, though hardly groundbreaking or definitive, is widely seen as the catalyst for yen weakness, as market players prepare for next week's decision on the sales tax increase. Recent sentiment from cabinet officials continues to point to an expected hike being accompanied by an aggressive stimulus measure on the fiscal front. ***Speakers/Political/In the Papers*** - (JP) Japan Tax panel chief Noda of LDP party: PM Abe to announce economic steps and tax decisions on Oct 1 >- (JP) Japan govt to 'urgently consider' cutting corporate tax rate - Kyodo - (JP) Draft from Japan Council on Economic and Fiscal Policy (CEFP) suggesting a corporate tax cut accompanying a sales tax hike would diminish the risk for economy - Nikkei News - (CN) PBoC Vice Governor Pan: China continues to pursue interest rate reform; Attempting to set-up private banks that would shoulder risks themselves - Chinese press - (CN) China regulators may cancel loan-to-deposit ratio limit in Shanghai free trade zone (FTZ); May ease limit on 75% loan-to-deposit ratio and deposit reserve ratio, as well as allow to carry out lending interest rate marketization - financial press - (CN) Nomura: China may allow some local government finance vehicle debt to default in 2014 - (CN) Bank of China (BOC) forecasts China 2013 GDP target 7.7%, Q3 GDP 7.8% and Q4 7.7% - BOC report - (CN) Beijing People's Congress: Beijing City to cut annual GDP target to 7.5% from 8.0% prior for 2011-2015 period - Chinese press - (CN) China Land and Resources vice minister: China should prevent rising land prices - Chinese press - (KR) South Korea Finance Ministry releases 2014 budget proposal: 2014 budget to increase 4.6% to KRW357.7T; Lowers 2014 GDP target to 3.9% from 4.0% prior forecast - (KR) South Korea President Park Sept cabinet approval rating at 65.3% (record) v 63.8% prior month - Korean press - (SY) Syria's Assad: US attack remains a possibility - financial press - (SY) All 5 permanent UN security council members including Russia, China agree on the core of the UN resolution to remove chemical weapons from Syria - (EU) European Commission Chief Barroso: Sees strong and credible Euro as region exits recession - financial press - (GR) Greece Deputy PM Venizelos: Greece does not need a 3rd bailout; Aims to cover its spending needs without more funds - press - (US) US Fed Dudley (dove, FOMC voter): Fed must be humble regarding exit strategy, and must be able to be agile during stimulus exit ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.4%, S&P/ASX +0.1%, Kospi +0.1%, Shanghai Composite -1.5%, Hang Seng -0.4%, Dec S&P500 +0.2% at 1,688, Dec gold -0.3% at $1,332, Nov crude oil -0.3% at $102.35/brl US markets: - FUL: Reports Q3 $0.74 v $0.68e, R$514.6M v $516Me, raises FY13 guidance; +6.4% afterhours - SNX: Reports Q3 $1.24 (adj) v $0.95e, R$2.73B v $2.71Be; +3.1% afterhours - JBL: Reports Q4 $0.56 v $0.54e, R$4.81B v $4.54Be; Guides initial FY14 $2.36-2.60 v $2.66e; -3.7% afterhours - BBBY: Reports Q2 $1.16 v $1.15e, R$2.82B v $2.82Be; +6.4% afterhours - JCP: May raise $750M-$1B (as much as 45% of market cap) in new equity; -0.6% afterhours Notable movers by sector: - Consumer discretionary: Li & Fung Ltd 494.HK -4.1% (supply order reduction to Walmart), Kintetsu Department Store 8244.JP -1.4% (weak initial H1 flagship sales results), Ansell ANN.AU +1.5% (acquires Korean manufacturer), Fast Retailing Co Ltd 9983.JP +2.8% (may report strong FY13/14 rev) - Materials: LIXIL Group Corp 5938.JP +1.2% (acquisition) - Consumer staple: Daiei Inc 8263.JP -2.2% (lower H1 guidance) - Industrials: BYD Company Ltd 002594.CN +0.2% (China encourages hybrid vehicles) - Technology: Advantest Corp 6857.JP -4.9% (cuts FY13/14 outlook), Acer Inc 2353.TW -3.3% (denies merger plan), Konica Minolta Holdings Inc 4902.JP +1.7% (positive FY13/14 guidance) - Energy: Linc Energy LNC.AU +5.5% (provides drilling update) - Utilities: TEPCO 9501.JP +2.3% (additional safety measures to be installed) - Source


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