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Friday October 11, 2013 - 04:09:28 GMT
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| | Email Asian Market Update: Equities jump on expectation of impending budget agreement even as Republican lawmakers leave White House without deal in hand***Observations/Insights*** -

Key indices are markedly higher in Asia, tracking outsized gains in the US markets where Dow Industrials and S&P500 saw their 2nd best rallies of the year with over 2% rally. Expectations for an imminent resolution between the White House and the House Republicans featuring a short-term 6-week extension to budget limits goosed sentiment in the US, however electronic trading session has been more volatile - SP500 futures initially fell over 10 handles after reports that all 18 House Republican leaders left the White House with no deal and refused to speak to the press. Subsequent reports from both sides suggesting some progress was made and that talks were constructive helped to calm the markets. While formally there is still no resolution, House Budget Committee Chairman Ryan said Pres Obama did not reject the proposal as had been initially reported - he just didn't agree to it. Separately, Republican chairman of the House Rules Committee Pete Session said a deal is still expected by Friday. White House confirmed talks about the details of the deal are expected into the night. Dec SP500 futures reversed the initial losses, rising about 2 handles to 1,687. - Economic data was fairly light for the session - most notably Japan saw another increase in corporate goods price index (CGPI) and weekly Fed balance sheet data did NOT produce a drop in treasury buying by foreign central banks despite the political gridlock in Washington. China September figures on trade and possibly lending are expected over the weekend. ***Economic Data*** - (KR) SOUTH KOREA SEPT EXPORT PRICE INDEX M/M: -2.4% V -0.7% PRIOR; Y/Y: -4.6% V -2.2% PRIOR; IMPORT PRICE INDEX M/M: -2.3% V +0.6% PRIOR; Y/Y: -8.1% V -5.3% PRIOR - (JP) JAPAN SEPT MONEY STOCK M2 Y/Y: 3.8% V 3.8%E (3-month high); M3 Y/Y: 3.1% V 3.0%E - (JP) JAPAN SEPT DOMESTIC CGPI M/M: 0.3% V 0.2%E; Y/Y: 2.3% V 2.3%E (6th consecutive increase) - (NZ) NEW ZEALAND SEPT FOOD PRICES M/M: 0.0% V -0.5% PRIOR - (NZ) NEW ZEALAND SEPT NON-RESIDENT BOND HOLDINGS: 67.0% V 68.3% PRIOR - (NZ) New Zealand Sept ANZ Truckometer Heavy m/m: -0.9% v -1.5% prior - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.25%, AS EXPECTED ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to purchase 400B in 5-10yr JGB, 200B in JGB with maturity more than 10-yr and 2T in T-bills - (AU) Australia MoF (AOFM) sells A$800M in 4.75% 2016 Bonds; avg yield: 2.9456%; bid-to-cover: 4.28x - (US) Weekly Fed Balance Sheet Assets Week ending Oct 9th: $3.715T (record high) v $3.704T prior; M1 y/y change: 9.1% v 9.3% w/w; M2 y/y change: 6.6% v 6.8% w/w >- GLD: SPDR Gold Trust ETF daily holdings fall by 1.8 tonnes to 896.4 tonnes (lowest since Feb 2009) - Short JPY remains the most obvious trade for dissipating risk premium. USD/JPY was up over 50pips from the lows above 98.50, EUR/JPY was up 100pips above 133.40, and AUD/JPY up 100pips as well above 93.40. AUD/USD and NZD/USD also rose in sympathy with risk-on flows, both picking up above 50pips from the lows above 0.9480 and 0.8310. ***Speakers/Political/In the Papers*** - (CN) PBoC's official Yi: Confirms China 2013 GDP growth rate will exceed the official 7.5% target; China closely watching US govt shutdown; In the 'foreseeable future', China will grow at 7% - Chinese press - (CN) According to Deovolente Realty Co, Shanghai pre-owned home sales for Sept rose 25% m/m at 26.8K units - Shanghai Daily - (CN) According to China Bank of Communications (BoCom) and Nielsen study, China Wealth Index rose to 2013 high in Sept to 131 from 120 in July - Shanghai Daily - (JP) Japan Ministry of Economy, Trade and Industry (METI) announces bidding results for water treatment facility: Toshiba, Hitachi to construct water treatment facility for Fukushima - financial press - (JP) Japan Econ Min Amari: US default on debt may happen if current problems persist; calls for early resolution to US debt issue ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.3%, S&P/ASX +1.5%, Kospi +1.2%, Shanghai Composite +0.8%, Hang Seng +1.2%, Dec S&P500 +0.1% at 1,687, Dec gold -0.4% at $1,292, Nov crude oil -0.3% at $102.74/brl US markets: - GPS: Reports Sept SSS -3.0% v +2.0%e; -5.1% afterhours >- POT: Lowers Q3 EPS guidance to $0.41 v $0.47e (prior $0.45-0.60 in July); -2.0% afterhours - MU: Reports Q4 $0.20 (adj) v $0.23e, R$2.84B v $2.79Be; -1.7% afterhours - NEM: Reports prelim Q3 attributable gold production at 1.28M oz v 1.17M oz q/q, copper production at 34M lbs v 34M q/q; +0.5% afterhours - CHMT: Enters agreement to Sell Consumer Products Business to KIK Custom Products for $315M in cash; +0.6% after hours - SWY: Reports Q3 $0.10 (adj, cont ops) v $0.16e, R$8.62B v $8.48Be; +5.6% afterhours Notable movers by sector: - Consumer discretionary: SAIC Motor Co Ltd 600104.CN +1.7% (Sept results) - Consumer staples: JiuGui Liquor Co Ltd 000799.CN -2.7% (Q3 guidance) - Industrials: Geely Automobile Holdings Ltd 175.HK -3.5% (Sept results); Great Wall Motor 2333.HK +3.6% (Sept results); Anhui Ankai Automobile Co Ltd 000868.CN -6.3% (Q3 guidance); Guilin Guanglu Measuring Instrument Co Ltd 002175.CN +10.0% (acquires smart TV business); Leighton Holdings LEI.AU +2.6% (denies allegation from media); GS Engineering & Construction Corp 006360.KR +2.1% (contract); 7203.JP +1.1% (California jury finds TM not liable in acceleration case); Toshiba Corp 6502.JP +1.9%, Hitachi Ltd 6501.JP +0.3% (Award nuclear facility contract by Japan govt) - Materials: Rio Tinto Ltd RIO.AU +2.0% (analyst action) - Technology: PCI-Suntek Technology Co Ltd 600728.CN +10.0% (plans private bank) - Energy: Xinjiang International Industry Co Ltd 000159.CN +10.1% (provides Q3 guidance) - Financials: Agile Property Holdings 3383.HK +0.6% (reports Sept results); ANZ Bank ANZ.AU +2.3% (plans to set up branch in Shanghai FTA); Westpac Banking Corp WBC.AU +2.2% (acquires Lloyd's Australia business); Commonwealth Property Office Fund CPA.AU +2.8%, Dexus Property DXS.AU +0.7% (property deal) - Healthcare: CSPC Pharmaceutical Group Ltd 1093.HK -3.5% (sale from major shareholder) - Source


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