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Tuesday October 8, 2013 - 05:04:57 GMT
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| | Email Asian Market Update: Shanghai Composite returns from week-long holiday with a rally; Australia data further supports bottom in rates - Source

- No hints of a thaw in the icy standoff between Republican lawmakers and the White House; Pres Obama reiterates he is eager to sit down with Republicans to discuss healthcare and other issues after the debt ceiling has been raised and challenges Boehner to hold a vote to prove there aren't enough votes for a clean CR; Separately, financial press speculates the house speaker may be less resolute about attaching spending to budget ceiling "in private". - Fed Watcher Hilsenrath said the decision not to taper followed a tense 6-month negotiation period, with a minority wing of the Fed pressing Chairman Bernanke to articulate exit strategy. - Australia's Sept ANZ Jobs and NAB business sentiment seeing multi-month highs, supporting AUD and further suggesting the RBA will retain its neutral policy stance/bias; ANZ economist stating data is consistent with the view that much of the rise in unemployment rate has already occurred; Australian official jobs figures expected later this week; NAB points to changing political landscape and the new liberal (center-right) govt benefiting business confidence. - Shanghai Composite returns from golden week holidays; After falling over 0.5% at the open, the index is up 0.5% in the afternoon session; Local press reports noting strong demand in housing and discretionary spending during the holiday period. State Info Center forecasting low inflation (2.7% CPI) and 7.6% 2013 GDP - just above the official target. ***Economic Data*** - (CN) CHINA SEPT HSBC/MARKIT SERVICES PMI: 52.4 V 52.8 PRIOR - (JP) JAPAN AUG CURRENT ACCOUNT BALANCE: 161.5B V 520.0BE; ADJ CURRENT ACCOUNT: 351.8B V 634.1BE; TRADE BALANCE BOP BASIS: -885.9B V -880.0BE - (JP) Japan Sept 1-20th Trade Balance: -994.0B, +90.7% y/y - (JP) Japan investors bought net 785.5B in Foreign Bonds in Sept; Foreign Investors bought net 812.9B in Japan stocks in Sept - (AU) AUSTRALIA SEPT ANZ JOB ADVERTISEMENTS M/M: +0.2 V -2.0% PRIOR (1st increase in 7 months) >- (AU) AUSTRALIA SEPT NAB BUSINESS CONDITIONS: -4 V -6 PRIOR; NAB BUSINESS CONFIDENCE: 12 V 6 PRIOR (highest since Feb 2011) - (NZ) NEW ZEALAND Q3 NZIER BUSINESS OPINION SURVEY: 38 V 32 PRIOR (multi-year high) - (NZ) New Zealand Sept Card Spending Value y/y rose 5.3% v +7.6% in Aug - Paymark - (PH) Philippines Aug Budget Balance (PHP): +21.9B v -53B prior - (UK) UK SEPT RICS HOUSE PRICE BALANCE: 54% V 45%E (multi-year high) - (UK) UK SEPT BRC SALES LFL: 0.7% V 2.0%E ***Fixed Income/Commodities/Currencies*** - (CN) PBoc to inject CNY65B in 7-day reverse repo >- (CN) PBoC sets yuan mid point at 6.1415 v 6.1220 prior close (record high setting for Yuan) - JGB: Japan Ministry of Finance (MOF) sells 299.9B CPI-linked 10-yr JGB auction, bid-to-cover ratio 3.74; First sale of linked bonds since 2008. - Yen weakened late in the day as USD/JPY pushed above the 97 handle and EUR/JPY breached 131.50, up some 40 pips from the lows. Overall USD strength seen in other dollar majors - EUR/USD and GBP/USD down about 0.2% below 1.3560 and 1.6070 respectively. AUD is outperforming after strong economic data, rising above 0.9430. ***Speakers/Political/In the Papers*** - (CN) Shanghai Commission of Commerce: sales in city's department stores, supermarkets and specialty shops CNY6.86B, +11.8% y/y during National Day holiday - Chinese press - (CN) China State Information Center: China Q4 and 2013 GDP may grow at 7.6%; sees Q4 and 2013 CPI to grow at 3.1% and 2.7%, Q4 and 2013 PPI to decline at 1.6% and 2.0% - Chinese press - (JP) Japan Fin Min Aso: US debt ceiling issue could affect global markets and world economy; decision on Japan sales tax hike to 10% needs to be made by end of 2014 - (JP) Survey finds support for Japan PM Abe cabinet declines to 6.6% to 58.6% - Sankei News - JGB: According to a BOJ study, market liquidity has "mostly recovered" from the liquidity crunch experienced 6 months ago - Nikkei News - (AU) Australia PM Abbott: Had a positive meeting with China Pres Xi at APEC; Confirms to travel to China in H1 of 2014 - Shanghai Daily - (NZ) New Zealand govt said to make a "significant" announcement on housing this week after recent warnings it is serious in reining in property market inflation - NZ press - (KR) South Korea Finance Ministry: The pace of economic recovery is accelerating - monthly economic report - (KR) South Korea Fin Min Hyun: South Korea major economic data showing recovery momentum; will closely monitor economic situation - (US) WSJ Fed watcher Hilsenrath: Fed's decision to continue bond buying followed 6 months of tense negotiations - (US) Fed's Fisher (hawk, non-voter): Favors tapering Fed monthly purchases; US firms face 'fog of uncertainty' on fiscal policy - financial press - (UK) UK British Chambers of Commerce (BCC) releases quarterly survey: polls indicate Q3 GDP 0.9-1.0% - (GR) Nearly one-third of IMF's board members raised major objections to design of record 2010 rescue in Greece - press ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.1%, S&P/ASX -0.5%, Kospi -0.3%, Shanghai Composite +0.3%, Hang Seng +0.3%, Dec S&P500 -0.1% at 1,665, Dec gold +0.1% at $1,326, Nov crude oil flat at $103.01/brl US markets: - CHKE: Board approves 1M share buyback program (11.9% of shares outstanding); +0.6% afterhours - TWGP: Strengthens reserves and announces Goodwill Impairment; reviewing a range of strategic options for the company; -25.8% afterhours - JMBA: Cuts FY13 company-owned SSS 3-4% (4-6% prior); provides initial FY14 forecasts; -8.1% afterhours >- TLM: Icahn discloses 5.97% stake in filing. Icahn tweets: may have conversations with management on strategic alternatives or board seats; +8.9% afterhours Notable movers by sector: - Consumer discretionary: Shanghai Oriental Pearl Group Co Ltd 600832.CN +5.6% (launches unit in Shanghai FTA); Lawson Inc 2651.JP flat (plans to sell OTC drugs) - Industrials: Fujian Longking Co Ltd 600388.CN +4.1%, Beijing SPC Environment Protection Tech 002573.CN +5.4%, Yonker Environmental Protection Co Ltd 300187.CN +3.8%, Beijing SJ Environmental Protection and New Material Co Ltd 300072.CN +6.1% (Beijing experiences fog due to air pollution); Japan Airlines Corp 9201.JP -1.7% (flight cancellations due to typhoon) - Technology: Catcher Tech 2474.TW +1.9% (Sept results; analyst action); HTC 2498.TW +0.4% (possible JV with Lenovo); Qingdao Haier Co Ltd 600690.CN +4.5% (KKR acquires 10% stake) - Healthcare: Sino Biopharmaceutical 1177.HK +1.7% (analyst action) - Telecom: ZTE Corp 763.HK +1.9% (awarded contract); China Unicom Ltd 600050.CN +4.0% (China to push forward TD-LTE) - Utilities: TEPCO 9501.JP +6.2% (high radiation levels at Fukushima facility); Oki Electric Industry Co 6703.JP +8.0% (may report improved H1 results) - Source


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