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Monday October 7, 2013 - 04:54:03 GMT
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| | Email Asian Market Update: World Bank cuts China GDP projections; US lawmakers still at odds on budget***Observations/Insights*** - Source

- Sentiment remains soured by the uncertainty over the duration of US govt shutdown and the approaching deadline for the budget ceiling. Weekend commentary from House Speaker Boehner and the White House has hardly suggested that either side is willing to budge on its position regarding the ACA being a part of the discussion on spending. Treasury Sec Lew reiterated the House Republicans are "playing with fire", while House Speaker Boehner flat-out stated the US is on the path toward a default. Moreover, Boehner tempered any hints of a rift in his own caucus, reiterating there are still not enough House votes to get a clean CR to the Senate as had been speculated on Friday. Dec SP500 e-minis are down 11 handles or 0.7% in early electronic trade on Sunday due to continued Washington stalemate. - Shanghai Composite remains closed for the final day of golden week holidays. Meanwhile, the World Bank has followed its June 0.6pct cut of China 2013 GDP projections to 7.7% with another reduction of 0.2pts to 7.5%, matching the official govt target. World Bank also cut its Developing East Asia 2013 forecast to 7.1% from 7.8% prior and 2014 to 7.2% from 7.6% prior. - Korean press has speculated the BOK will cut its 2014 GDP target ahead of this week's policy statement; Expectations are for the BOK to remain on hold while lowering its next year's growth target by 0.1-0.2% points to 3.8-3.9%. ***Economic Data*** - (AU) AUSTRALIA SEPT AIG PERFORMANCE OF CONSTRUCTION INDEX: 47.6 V 43.7 PRIOR (40-month high) - (JP) JAPAN SEPT OFFICIAL RESERVE ASSETS: $1.27T V $1.25T PRIOR (rises for 3rd consecutive month) - (TW) TAIWAN SEPT CPI Y/Y: 0.8% V 0.1%E; WPI Y/Y: -2.7% V -2.4%E ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 400B in 5-10yr JGB, 200B in JGB with maturity over 10-yr and 2T in T-bills outright - (KR) South Korea sells 30-yr govt bond at avg yield 3.765% - (KR) South Korea sells 3-yr govt bond at avg yield of 2.850% - AUD and NZD hit session lows against the greenback following the downward target adjustment for China and Dev Asia by the World Bank; AUD/USD is down about 30pips from the highs around $0.9420 while NZD/USD is also off by 30pips below $0.83 handle. Fiscal uncertainty in the US also continued to weigh on USD/JPY - sending the pair within 10pips of its multi-week lows to about 97.05. EUR/USD and GBP/USD are marginally firmer around 1.3560 and 1.6035 due to USD weakness. ***Speakers/Political/In the Papers*** - (CN) World Bank cuts China 2013 GDP target to 7.5% from 7.7% prior - (TW) China President Xi: China and Taiwan should boost peaceful development of relations - Chinese press - (KR) Bank of Korea (BOK) may lower 2014 GDP outlook - Korean press - (JP) Japan PM Abe cautions there may be delays to Japan labor reforms - FT interview - (JP) Japan PM Abe cabinet support rate unchanged at 67% in Oct according to Yomiuri polls; falls 1% to 56% in Oct according to Asahi polls. - (JP) Japan GPIF public pension fund considers focus to growth stocks - Japanese press - (US) Moody's: US may continue payments after debt cap reached; Continued debt payments would leave creditworthiness intact - (US) JPMorgan: US govt shutdown to reduce Q4 GDP by about 0.12% per week for as long as it persists; Risk for the start of QE taper now toward early 2014 - (EG) Over 30 people killed in Egypt during clashes between security forces and supporters of the ousted Islamist president Morsi - press ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -1.1%, S&P/ASX -1.1%, Kospi -0.2%, Shanghai Composite closed, Hang Seng -0.8%, Dec S&P500 -0.6% at 1,673, Dec gold +0.2% at $1,312, Nov crude oil -0.5% at $103.36/brl US markets: - BBRY: Google, Cisco, SAP, Intel and others considering bids for all or part of Blackberry; still unclear which if any will make bids that would offer alternative to the Fairfax tentative offer of $9/shr - press - EBAY: To offer free two-day shipping to customers who use PayPal to purchase merchandise from select enterprise clients - WMT: Looking to expand business in Chinese cities where is not already a large player, possibly via acquisitions - press - GE: Exec: Expects to see 10-15% annual growth from its emerging markets infrastructure business over the next 5-10 years - financial press citing comments from APEC Notable movers by sector: - Consumer discretionary: Japan Airlines Corp 9201.JP +2.8% (Airbus orders) - Industrials: Austin Engineering Ltd ANG.AU +2.6% (acquisition); Toshiba Plant Systems & Services Corp 1983.JP +7.6% (analyst action) - Technology: HTC Corp 2498.TW -4.4% (sees challenging Q4); Hanergy Solar Group Ltd 566.HK +4.9% (provides tech updates) - Healthcare: Acrux Ltd ACR.AU +0.8% (receives European approval for AXIRON); CSL Ltd CSL.AU -% (agrees to US antitrust settlement) - Materials: BHP Billiton BHP.AU -1.2%, Rio Tinto RIO.AU -1.2%, Woodside Petroleum WPL.AU -1.3%, Oil Search OSH.AU -1.1% (Australia petrol firms down as oil slips) - Source


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