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Thursday October 3, 2013 - 05:04:58 GMT
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| | Email Asian Market Update: White House meeting with Congressional leaders yields no solutions and only underscores vast differences; EUR/USD hits 8-month highs as Letta dodges no-confidence

Pres Obama expresses willingness to negotiate after passing a clean CR and ending govt shutdown, but still not willing to sign a piecemeal funding of agencies; Affirms commitment to Affordable Care Act (Obamacare). - Subsequent meeting with Congressional leaders in the White House crystallizes divide as both sides reiterate unrelenting conviction behind their positions; Speaker Boehner calls for Senate to appoint negotiators, Reid accuses Boehner of being uncooperative, while House Minority leader Pelosi demands that the debt ceiling is taken off the table. - SP500 futures fall nearly 7 handles to 1,674 following exasperated post-White House meeting comments from Congress leaders. - NZD outperforms after hawkish comments from RBNZ Gov Wheeler warning the bank would be less tolerant of further property sector inflation. - China non-manufacturing PMI jumps to 6-month highs; Services new orders component rises to expansion territory of 52.8 v 49.9 in prior month; HSBC raises China GDP forecast to 7.7% after ADB cut overnight. - TEPCO confirms another radioactive leak. ***Economic Data*** - (CN) CHINA SEPT NON-MANUFACTURING PMI: 55.4 V 53.9 PRIOR (above 50 for 19 consecutive months; 6-month high) - (JP) Japan investors bought 672.1B in foreign bonds last week (3rd consecutive week of net buys) vs bought net 174.8B in prior week; Foreign Investors bought 341.4B (4th consecutive week of net buys) in Japan stocks v bought net 181.3B in prior week - (AU) AUSTRALIA SEPT AIG PERFORMANCE OF SERVICES INDEX: 47.1 V 39.0 PRIOR (6-month high) ***Fixed Income/Commodities/Currencies*** - (JP) BOJ to buy 400B in CP outright for exercise on Oct 8th - GLD: SPDR Gold Trust ETF daily holdings fall by 4.2 tonnes to 901.8 tonnes (lowest since Feb 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 10,625 from 10,629 - USD weakens across the major pairs with exception of JPY - EUR/USD rises 40pips above $1.3620 (8-month highs), AUD/USD briefly testing $0.94, USD/CHF briefly testing below CHF0.90 again; USD/JPY finds support at 97.20 to rise above 97.70 and break 2-days of losses. ***Speakers/Political/In the Papers*** - (NZ) Reserve Bank of New Zealand (RBNZ) Gov Wheeler: Hopeful home price inflation will moderate; cash rate could rise assuming home price inflation does not abate - (NZ) New Zealand real estate agency Barfoot & Thompson: Auckland Sept House Sales -7.9% m/m - financial press - (AU) Australia's Port Hedland Sept iron ore exports to China 23M tonnes, +3.2% m/m, +52% y/y - financial press - (CN) HSBC raises China 2013 GDP target to 7.7% from 7.4% prior - (KR) Korea Chamber of Commerce and Industry (KCCI): Q4 business confidence sentiment index fell to 101 from 105 in Q3 - Korean press - (JP) Japan PM Abe cabinet approval rating rises to 63.3% from 61.8% following sales tax announcement - Kyodo News - (US) Pres Obama: "Prepared to negotiate anything"; Ready to negotiate once the clean continuing resolution (stopgap spending bill) is passed in the House and the govt reopens - CNBC taped interview - (US) House Speaker Boehner: Time for the Senate to appoint negotiators; President Obama reiterated he will not negotiate on shutdown, debt ceiling - comments after White House meeting - (US) White House: President Obama stressed to congressional leaders there will be no negotiations on ending govt shutdown, extending debt limit - (IT) ITALY PM LETTA SURVIVES CONFIDENCE VOTE IN SENATE; Wins 235 of 305 votes cast (as expected); Subsequently also survives confidence vote in Parliament - (IT) Moody's: Italy's political instability is credit negative ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.1%, S&P/ASX +0.8%, Kospi closed, Shanghai Composite closed, Hang Seng +0.9%, Dec S&P500 -0.1% at 1,681, Dec gold -0.6% at $1,312, Nov crude oil -0.4% at $103.69/brl US markets: - PVH: Sale of G.H. Bass & Co unit; raises Q3 EPS guidance to $2.25 v $2.23e ($2.20 prior); +2.1% afterhours - UTX: Sikorsky unit to furlough approx 2k employees on govt shutdown; furloughs could exceed 5k if shutdown continues into Nov; -0.4% afterhours Notable movers by sector: - Consumer discretionary: Yamada Denki 9831.JP -3.5% (analyst action) - Industrials: Sumitomo Forestry Co 1911.JP -1.0% (analyst action); Hitachi Ltd 6501.JP +1.0%, Toshiba Corp 6502.JP +1.2% (submits proposal to develop water treatment system for Fukushima); Daikin Industries 6367.JP +5.0% (raises guidance); Mazda Motor Corp 7261.JP -0.2% (Sept China sales); Matrix Composites & Engineering MCE.AU -1.5% (analyst action), Leighton Holdings LEI.AU -9.5% (corruption allegations) - Materials: Ramelius Resources RMS.AU +3.3% (quarterly gold production); Paladin Energy Limited PDN.AU -5.7% (electrical incident at Langer Heinrich) - Technology: Seiko Epson Corp 6724.JP +5.3% (analyst action) - Energy: Tohoku Electric 9506.JP +1.8% (to lower coal import prices 10%) - Financials: Tony Co 7867.JP +5.8% (analyst action); Shinsei Bank Ltd 8303.JP +4.4% (considers listing 100B healthcare REIT); Evergrande Real Estate Group 3333.HK +2.5% (proposes dividend) - Utilities: TEPCO 9501.JP -2.8% (reports of new Fukushima water leak) - Source


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