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Monday September 30, 2013 - 05:38:23 GMT
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TradeTheNews.com Asian Market Update: Shanghai enters holiday week on a positive note after launch of free trade zone; US braces for looming govt shutdown***Observations/Insights*** - Source TradeThe

- Political standoff in Washington enters its decisive 24 hours; House of Reps approve Republican measure to delay implementation of Obamacare by one year; Legislation - already not expected to get through the White House - assures stalemate with the Senate, bringing the govt to the brink of its first shutdown in 17 years; US equity futures, USD sharply lower as investors brace for market impact. - Italy also in political crisis after Berlusconi's PDL party ministers resign from coalition govt in protest of continued tax reform; PM Letta to seek a confidence vote in Parliament on Wednesday in hopes that some of the PDL lawmakers break from party ranks and support the coalition. - Japan industrial production, retail sales disappoint ahead of the crucial PM Abe decision on consumption tax increase later this week; Govt still awaiting quarterly Tankan data from the BOJ tomorrow. - Australia inflation data still soft while RBA warns banks not to raise dividends too quickly; RBA decision tomorrow may see the bank reintroduce an easing bias to knock down AUD. - Shanghai Composite notably outperforms after launching Free Trade Zone going into the holiday week; HSBC Final manufacturing PMI disappoints, tempering expectation for a steady H2 recovery. ***Economic Data*** - (CN) CHINA SEPT FINAL HSBC/MARKIT MANUFACTURING PMI: 50.2 V 51.2E - (CN) China Aug Leading Index M/M: 99.9 v 99.9 prior - (JP) JAPAN AUG PRELIM INDUSTRIAL PRODUCTION M/M: -0.7% V -0.3%E (1st decline in two months); Y/Y: -0.2% V +0.5%E - (JP) JAPAN SEPT MARKIT/JMMA MANUFACTURING PMI: 52.5 V 52.2 PRIOR (highest reading since Feb 2011) - (JP) JAPAN AUG RETAIL TRADE Y/Y: 1.1% V 1.0%E; RETAIL SALES M/M: 0.9% v 1.0%E; LARGE RETAILERS SALES: -0.1% V 1.2%E - (AU) AUSTRALIA SEPT TD SECURITIES INFLATION M/M: 0.2% V 0.1% PRIOR; Y/Y: 2.1% V 2.1% PRIOR (matches a 5-month low) - (AU) AUSTRALIA AUG PRIVATE SECTOR CREDIT M/M: 0.3% V 0.4%E; Y/Y: 3.4% V 3.5%E - (KR) SOUTH KOREA AUG INDUSTRIAL PRODUCTION M/M: 1.8% V 0.5%E; Y/Y: 3.3% V 2.1%E - (KR) SOUTH KOREA AUG CYCLICAL LEADING INDEX CHANGE Y/Y: 0.3 V 0.3 PRIOR - (KR) SOUTH KOREA OCT BUSINESS SURVEY MANUFACTURING: 82 V 77 PRIOR; BUSINESS SURVEY NON-MANUFACTURING: 72 V 70 PRIOR - (NZ) NEW ZEALAND AUG BUILDING PERMITS M/M: 1.4% V 2.5%E (first rise in 3 months) - (NZ) NEW ZEALAND Q3 WESTPAC EMPLOYMENT CONFIDENCE INDEX: 102.8 V 104.2 PRIOR - (NZ) NEW ZEALAND AUG MONEY SUPPLY M3 Y/Y: 6.5% V 5.2% PRIOR - (NZ) NEW ZEALAND SEPT ANZ BUSINESS CONFIDENCE: 54.1 V 48.1 PRIOR (highest reading since Mar 1999); ANZ ACTIVITY OUTLOOK: 45.3 V 43.3 PRIOR - (SG) SINGAPORE AUG MONEY SUPPLY M1 Y/Y: 15.7% V 14.7% PRIOR; M2: 7.1% V 7.4% PRIOR - (SG) SINGAPORE AUG BANK LOANS AND ADVANCES: 15.4% V 17.6% PRIOR - (SG) SINGAPORE AUG CREDIT CARD BAD DEBTS: 19.2M V 21.3M PRIOR; CREDIT CARD BILLINGS: 3.42B V 3.54B PRIOR - (UK) UK SEPT HOMETRACK HOUSING SURVEY M/M: 0.5% V 0.4% PRIOR; Y/Y: 2.4% V 1.8% PRIOR ***Fixed Income/Commodities/Currencies*** - (CN) China MOF to sell CNY21.6B in 3-yr and CNY22.1B in 5-yr local govt debt - press - GLD: SPDR Gold Trust ETF daily holdings fall by 3.6 tonnes to 906.0 tonnes (lowest since Feb 2009) - update as of 9/27 - (JP) BOJ offers to buy 300B in 1-3 yr JGB, 350B in 3-5 yr JGB and 200B in JGB with over 10-yr maturity - EUR/USD fell about 40pips at the open below 1.3480 amid Italian political standoff; USD/JPY down about 50pips below 97.70 on anticipated flight into safehaven US treasuries as US govt shutdown draws closer; AUD/USD hits session low 0.9280 after disappointing China PMI data - down as much as 40pips from Friday close. ***Speakers/Political/In the Papers*** - (JP) Japan Econ Min Amari: Hard to implement planned hike to 10% in Oct 2015 if initial 8% hike in April causes downturn - Japanese press - (JP) According to a survey, Japan public is said to be evenly split in support of the planned sales tax hike in Apr 2014 - Nikkei News - (JP) Japan Chief Cabinet Sec Suga: doesn't see major effect on Japan economy from US budget issue - (JP) Japan govt expects no electric power shortages this winter - Kyodo News - (CN) Shanghai Free Trade Zone launches official website and unveils more rules - financial press >- (CN) 8 Chinese banks, 2 foreign banks, and 1 financial leasing firm are approved to set up branch in Shanghai Free Trade Zone; China Pacific Insurance is approved for FTA business - Chinese press - (CN) China Ministry of Finance to offer 50% refund in VAT as part of tax breaks to manufacturers of solar products - Xinhua - (CN) China Banking Regulatory Commission (CBRC) revised approval rules for foreign banks - financial press - (CN) China Ministry of Industry and Information Technology (MIIT) denies on CNY30B investment to support milk companies - Chinese press - (CN) China approves $47.5B QFII v $46.4B m/m, $88.3B QDII v $87.6B m/m and CNY134.3B RQFII v CNY127.8B m/m as of Sept 27th - Chinese press - (US) Moody's: US govt shutdown wouldn't affect debt service; US will probably increase debt limit and avoid a govt shutdown. - (IR) Iran Dep Foreign Min Araqchi: Iran is willing to discuss limits in the level to which it enriches uranium but will never suspend the process altogether - financial press ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -1.7%, S&P/ASX -1.2%, Kospi -0.6%, Shanghai Composite +0.4%, Hang Seng -1.3%, Dec S&P500 -0.7% at 1,674, Dec gold +0.1% at $1,340, Nov crude oil -1.2% at $101.58/brl US markets: - AMGN: Phase III data comparing Vectibix (Panitumumab) to Erbitux (Cetuximab) met primary endpoint - SI: To cut 15K jobs worldwide per cost-cutting program - BA: 787 Dreamliner operated by Poland's LOT Airline makes unexpected landing in Iceland due to faulty air identification system Notable movers by sector: - Consumer discretionary: Kikkoman Corp 2801.JP -2.9% (cut to neutral from overweight) - Industrials: Hanjin Shipping Co Ltd 117930.KR -8.1% (may post unexpected op loss); Chiyoda Corp 6366.JP +3.3% (to build production base for hydrogen used in autos) - Materials: Lynas Corp LYC.AU -3.7% (provides weak production update); OZ Minerals OZL.AU +3.1% (denied earlier speculation of Glencore takeover) - Technology: Rakuten Inc 4755.JP +1.3% (to release website in Singapore); BestTV New Media Co Ltd 600637.CN +9.5% (JV with Microsoft approved in Shanghai FTA); Asahi Glass Co 5201.JP -1.0% (cut European production); DataDot Technology Ltd DDT.AU -15.4% (announces share placement); Beijing Ultrapower Software Co Ltd 300002.CN +8.5% (to invest in online gaming firm partnered with Tencent) - Energy: Power Assets Holdings 6.HK +3.2% (announces spin off of assets) - Financials: K Wah International Holdings Ltd 173.HK flat (Plans residential construction near Shanghai FTA); Hong Yuan Securities Co Ltd 000562.CN -7.9% (investigation of execs); Mizuho Financial Group Inc 8411.JP -3.2% (to review loan approval process); Bohai Leasing Co Ltd 000415.CN +10.0% (acquires marine container business) - Utilities: TEPCO 9501.JP +1.5% (may report profit in current year; expects improved finances) - 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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15:30 US- EIA Crude
19:00 US- FOMC Minutes
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