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Wednesday October 2, 2013 - 05:31:56 GMT
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| | Email Asian Market Update: ADB cuts China GDP forecasts; Australia posts 2nd month of trade deficit; No progress in US Congress - Source

Asian equity markets tracking rebound in US indices with the exception of the Nikkei225, where investors were largely disappointed by the absence of announcement of corporate tax cut accompanying overnight confirmation of sales tax hike as well as smaller than speculated fiscal stimulus. - US lawmakers remain at odds over the budget as govt shutdown survives its first 24 hours without much market impact. - ADB cuts China and India GDP forecasts; Also less upbeat about developing Asia projections, citing risks from the end of QE in the US. - Economic data out of Australia disappoints despite the upbeat RBA statement overnight; Terms of trade showing 2nd month of deficit, with modest growth in exports overshadowed by strong rise in imports; Dwelling approvals fall over 4% on the month after recent data printed record highs in Australian median home prices. - Hang Seng returns from holiday with a 1% rally. ***Economic Data*** - (AU) AUSTRALIA AUG TRADE BALANCE (A$): -815M V -400ME (2nd consecutive deficit) >- (AU) AUSTRALIA AUG BUILDING APPROVALS M/M: -4.7% V -0.5%E; Y/Y: 7.7% V 12.8%E - (NZ) NEW ZEALAND SEPT ANZ COMMODITY PRICE M/M: 0.9% V 0.7% PRIOR (5-month high) - (JP) JAPAN AUG LOANS & DISCOUNTS CORP: 2.4% V 2.2% PRIOR - (JP) JAPAN SEPT MONETARY BASE Y/Y: 46.1% V 42.0% PRIOR (multi-year high) - (US) API PETROLEUM INVENTORIES: CRUDE: +4.55M (first build in 5 weeks) v +2Me; GASOLINE: +3.26M v -0.5e; DISTILLATE: -1.57M v -0.5Me - USD/JPY down about 30pips below 97.80 as investors continue to express disappointment in the latest announcement of no corporate tax cut. NZD/JPY below 80.20 - 3-week lows on added NZD weakness. - NZD hits 2-week lows vs USD and AUD in the wake of a neutral RBA statement. NZD/USD briefly falls below 0.82. - AUD/USD also pares some of its overnight gains, falling about 40pips to 0.9360 after disappointing Australia building approvals and retail sales. ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 300B in 1-3yr JGB, 350B in 3-5 yr JGB and 400B in 5-10 yr JGB - (JP) Japan 10-year govt Bond yields decline to 0.645%; Lowest levels since early May - financial press - (AU) Australia MoF (AOFM) sells A$800M in 5.5% 2023 Bonds; avg yield: 3.9018%; bid-to-cover: 2.52x ***Speakers/Political/In the Papers*** - (NZ) RBNZ assistant gov McDermott: Rates should be stimulatory for some time yet; New Zealand neutral rates appear to have fallen; Neutral 90-day rate is around 4.5% v 5.5-6.5% in previous cycles. - (AU) Australia Bureau of Resources and Energy Economics (BREE): raises FY13/14 resources and energy exports estimate at A$203.8B v A$197B prior, v A$177B in FY12/13 - financial press - (JP) According to a Nikkei survey, only about 23.5% of business chiefs expected to raise employee wages in FY14/15 and over 60% are "uncertain" about pay hikes at this time - Nikkei News - (GR) Greece PM Samaras: The economy is turning around - press conf - (US) US Treasury Sec Lew sends message to House speaker Boehner; urges congress to immediately extend borrowing authority - financial press ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.7%, S&P/ASX +0.2%, Kospi +0.2%, Shanghai Composite closed, Hang Seng +1.0%, Dec S&P500 -0.1% at 1,687, Dec gold +0.5% at $1,292, Nov crude oil -0.5% at $101.57/brl US markets: - GPN: Reports Q1 $1.00 v $0.94e, R$629.7M v $624Me; to buyback $100M in common stock (2.6% of market cap); +6.8% afterhours - ICPT: Files to sell $115M in shares for holders (approx 7.8% of market cap); -3.5% afterhours - DCTH: Receives FDA orphan drug designation for melphalan; +26.5% afterhours - KRFT: Raises quarterly dividend by 5% to $0.525/shr; -1.0% afterhours Notable movers by sector: - Consumer discretionary: Oriental Land Co Ltd 4661.JP +0.4% (H1 Tokyo Disney visitors); Toray Industries 3402.JP -2.8% (weak earnings expectations); Ryohin Keikaku Co 7453.JP -2.5% (H1 results); Nintendo Co Ltd 7974.JP -1.6% (to end Wii production) - Industrials: Minebea 6479.JP +2.5% (analyst action); Hutchison Whampoa Ltd 13.HK +3.2% (may seek $10B in Watson spinoff); Hyundai Motor Co 005380.KR -2.8% (weak US Sept sales); Toyota Motor Corp 7203.JP -0.3% (Nikkei reports FY14/15 domestic production may be lowered); ANA Holdings 9202.JP +0.5%, Japan Airlines 9201.JP -2.5% (Japan govt awarded ANA 11 of 16 landing slots at Haneda airport, JAL receives 5) - Materials: China Resources Enterprise 291.HK +1.6% (JV with Tesco); Anhui Conch Cement Co Ltd 914.HK +1.8% (analyst action); China Resources Cement Holdings Ltd 1313.HK +2.3% (analyst action) - Technology: Haier Electronics Group 1169.HK +1.9% (KKR acquires 10% stake); Itochu Techno Solutions 4739.JP -2.6% (analyst action); Samsung Electronics 005930.KR +2.4% (positive outlook on Q3 mobile unit) - Financials: Sony Financial 8729.JP -1.3% (analyst action); SPG Land Holdings Ltd 337.HK +1.6% (purchases project in City of Hangzhou) - Utilities: TEPCO 9501.JP -0.5% (discover high radiation levels at Fukushima); - Energy: Linc Energy LNC.AU -9.1% (seeks to delist from Australia Exchange, list on Singapore Exchange) - Source


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