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Tuesday October 1, 2013 - 05:50:31 GMT
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| | Email Asian Market Update: US lawmakers fail to bridge the divide as the clock strikes midnight on the shutdown; Q3 Tankan tops estimates as Abe decides to raise sales tax to 8% - Source Tr

- US Congress remained in gridlock after 11th hour votes failed to provide a resolution between the Republican-controlled House legislation to include Obamacare implementation delays and Democrat-controlled Senate refusing to pass anything but a clean CR. Pres Obama spoke after market close, warning lawmakers the shutdown would have a serious economic effect. Dec S&P futures still up about 4 handles at 1,678 despite the stalemate. - China September official manufacturing PMI disappoints expectations but still reaches 17-month highs; Stats Bureau says China companies are growing in confidence for the market in the future. Shanghai is closed for a week of holidays. - Japan PM Abe decides to proceed with consumption tax increase from 5% to 8% as outlined; Cabinet official noting LDP will announce the 5T fiscal stimulus, shy of 6T speculated in the press overnight, leading to some profit-taking in USD/JPY and Nikkei225 gains. - Australia retail sales better than expected and housing prices reach record highs; Keeps RBA on the sidelines with a rate hold and another neutral policy statement. RBA also adds it saw improvement in indicators of household and business sentiment recently; AUD outperforms across the board following the decision. ***Economic Data*** - (CN) CHINA SEPT MANUFACTURING PMI: 51.1 V 51.6E (17-month high) >- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH RATE TARGET UNCHANGED AT 2.50%; AS EXPECTED - (AU) AUSTRALIA AUG RETAIL SALES M/M: 0.4% V 0.3%E (6-month high) - (AU) AUSTRALIA SEPT RPDATA/RISMARK HOUSE PRICES M/M: 1.6% V 0.5% PRIOR; Y/Y: +5.5% to median $500K (record high) - (AU) AUSTRALIA SEPT AIG PERFORMANCE OF MANUFACTURING INDEX: 51.7 V 46.4 PRIOR (first expansion in 20 months) - (NZ) New Zealand Sept new residential listings +3% m/m v +9% m/m in Aug - - (JP) JAPAN Q3 TANKAN LARGE MANUFACTURING INDEX: 12 V 7E (highest since Q4 of 2007); LARGE ALL INDUSTRIAL CAPEX: 5.1% V 5.5% PRIOR; LARGE MANUFACTURING OUTLOOK: 11 V 10E; Non-Manufacturing Index: 14 v 14e (highest since Q4 of 2007) - (JP) JAPAN AUG OVERALL HOUSEHOLD SPENDING Y/Y: -1.6% V +0.2%E (matches 19-month low) - (JP) JAPAN AUG JOB-TO-APPLICANT RATIO: 0.95 V 0.95E (5-year high); JOBLESS RATE: 4.1% v 3.8% PRIOR (matches 6-month high) - (KR) SOUTH KOREA SEPT HSBC/MARKIT MANUFACTURING PMI: 49.7 V 47.5 PRIOR - (KR) SOUTH KOREA SEPT TRADE BALANCE: $3.71B V $4.55BE; Exports y/y: -1.5% v 2.5%e; Imports y/y: -3.6% v -1.7%e - (KR) SOUTH KOREA SEPT CPI M/M: 0.2% V 0.5%E; Y/Y: 0.8% V 1.2%E (14-year low); CPI CORE Y/Y: 1.6% V 1.3% PRIOR - (TW) TAIWAN SEPT HSBC/MARKIT MANUFACTURING PMI: 52.0 V 50.0 PRIOR (1st expansion in 4 months) ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.18T in 0.8% (0.8% prior) 10-yr notes; Avg yield: 0.682% v 0.765% prior; Bid to cover: 3.74x v 3.50x prior - AUD/USD spikes over 50pips above $0.9380 following an upbeat RBA policy statement where it maintained a neutral bias and also removed passage speculating regarding further AUD weakness. - USD/JPY volatile in a 50pip range; US govt shutdown-related USD weakness overshadows PM Abe announcement of sales tax hike increase that saw a burst of yen selling; USD/JPY falls below 98.10 late in the day after cabinet official said stimulus package would be 5T, shy of 6T speculated in the press overnight - US budget related USD weakness sends USD to lows against EUR, GBP, CHF - EUR/USD up about 40pips to 1.3550, GBP/USD at 9-month higs above 1.62, USD/CHF approaching 2013-lows near CHF0.9020. ***Speakers/Political/In the Papers*** - (CN) China Sept new residential avg price in 100 cities CNY10.6K/sqm, +1.07% m/m (16th consecutive rise) - financial press - (JP) BOJ Gov Kuroda: Q3 Tankan data showing improved sentiment - (JP) Japan Coast Guard report four China vessels sighted in waters near the disputed Senkaku Islands - financial press - (AU) Macquarie economist: Latest Australia retail sales data is "onsistent with fairly sluggish activity overall" - (KR) According to South Korea's Financial Supervisory Service (FSS), loan delinquency ratio for Korea's 18 local banks in Aug rose 0.07pts to 1.13%; 2nd consecutive increase - Korean press - (KR) Bank of Korea (BOK): Local banks' average lending rates on new household loans in Aug fell by 0.05pts to 4.55% - Korean press - (KR) South Korea Finance Ministry official Choi: US govt shutdown would have short-lived impact on world economy ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.2%, S&P/ASX +0.2%, Kospi +0.4%, Shanghai Composite closed, Hang Seng closed, Dec S&P500 +0.2% at 1,677, Dec gold +0.2% at $1,329, Nov crude oil -0.3% at $102.01/brl US markets: - UIHC: Files mixed securities shelf for up to $75M (53% of market cap); -1.5% afterhours - PAYX: Reports Q1 $0.44 v $0.43e, R$607.9M v $607Me; -0.7% afterhours - JNJ: KKR and Blackstone bid for J&J Diagnostics unit that could be valued as high as $5B - financial press; +0.4% afterhours - HCI: To join S&P Smallcap600 Index; +3.8% afterhours Notable movers by sector (**Note: China, Hong Kong market closed): - Consumer discretionary: United Arrows Ltd 7606.JP +1.9% (analyst actions); Unicharm 8113.JP % (may report better than expected profit) - Industrials: Honda Motor Co Ltd 7267.JP +1.7% (to develop self-driving vehicles); Hyundai Motor Co 005380.KR +2.0% (improved brand rankings); Boart Longyear BLY.AU +3.5% (denies equity raise; plans operational improvements, cost cutting); Fuji Heavy Industrials Ltd 7270.JP +2.3%, Kyocera 6971.JP +2.1%, Konami 9766.JP +3.1%(Japan exports mainly higher on BoJ Tankan data) - Materials: Nippon Steel & Sumitomo Metal Corp 5401.JP +2.1% (may add facilities in North America, Indonesia, India) - Technology: Compal Electronics 2324.TW +5.1% (to be acquired by Compal Comm); Samsung Electronics 005930.KR +1.0% (sees well-rounded fx position) - Energy: Showa Shell 5002.JP -1.9% (analyst actions) - Source


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