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TradeTheNews.com Asian Market Update: Equities in relief-rally mode on continued optimism over an impending US budget resolution; RBA meeting minutes maintaining neutral stance - Source TradeTheNews.
- US equity markets reversed initial declines on renewed optimism that the setbacks experienced in both chambers of Congress over the weekend would be temporary. Press reports suggested Sen Majority leader Reid privately offered a deal to the GOP that would raise the debt ceiling for 6 to 9 months and also delay the medical device tax. Later in the day, White House statement that the 15:00ET meeting with Congressional leaders has been postponed so Senate leaders can continue "important progress" was also interpreted constructively. Finally, evening reports from the hill cited "tremendous progress" made in negotiations between Reid and McConnell, but no final funding deal was yet in place. US fixed income markets will reopen tomorrow after Monday holiday. - RBA meeting minutes remaining squarely neutral, reiterating the Board is keeping the possibility of further cuts but any additional easing is not seen as imminent. - Bond outflows in Australia sending 10-yr yield to 1-month high; S&P/ASX outperforms, rising to a 2-week high near 5,270. - China follows aggressive liquidity injections in the final week of Sept with a more modest operation; Note that China Sept lending data released overnight topped expectations with a 3-month high of CNY787.0B. ***Economic Data*** - (CN) CHINA SEPT NEW YUAN LOANS (CNY): 787.0B V 675.0BE (3-month high) >- (CN) CHINA SEPT M2 MONEY SUPPLY Y/Y: 14.2% V 14.2%E; M1 MONEY SUPPLY YY: 8.9% V 9.7%E - (AU) AUSTRALIA SEPT NEW MOTOR VEHICLE SALES M/M: -0.1% V +0.7% PRIOR; Y/Y: -3.5% V +0.2% PRIOR - (SL) Sri Lanka Central Bank cuts Reverse Repo Rate by 50bps to 8.50% (not expected); First rate cut since May ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to inject CNY10B in 7-day reverse repos - (CN) China Gold Association: China Aug gold output seen at 38.0T v 39.3T m/m - GLD: SPDR Gold Trust ETF daily holdings fall by 1.9 tonnes to 889.1 tonnes (lowest since Feb 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 10,445 tonnes (lowest since 10,397 on Aug 13th) from 10,505 tonnes prior - (JP) Japan 10-yr govt bonds yields rise by 1.5bps to 0.67% (2-week high) - (AU) Yield on Australia 10-yr note rises over 7bps above 4.19%, 1-month high; 3-yr bond yield near 3.14, a 7-month high - Investors are hedging the political uncertainty in Washington and the absence of a deal late on Monday with more USD selling, even as US equity futures are still modestly bid. AUD/USD and NZD/USD are up over 50pips respectively - AUD above $0.9530 (4-month high) and NZD above $0.84 (3-week high). USD/JPY is also under pressure, falling about 25pips from late US session highs below ¥98.50. EUR/USD and GBP/USD are up about 0.1% or some 15 pips from opening levels above $1.3560 and $1.5990 respectively. ***Speakers/Political/In the Papers*** - (CN) ANZ economist Zhou: China CPI likely to remain above 3% in Oct and Nov - Shanghai Daily - (CN) China may face greater inflation pressure in 2014 - Chinese press - (CN) German Chamber of Commerce in China: China wages growth may decelerate from 8.9% in 2013 to 8.2% in 2014 - Shanghai Daily - (NZ) New Zealand RBNZ Dep Gov Spencer: Domestic housing market requires supply boost, demand constraint; LVR restrictions may reduce extent of rate increases and reduce exchange rate pressure. - (PH) USGS: Magnitude 7.4 earthquake reported in southern Philippines - (US) White House: 15:00ET meeting with Congressional leaders has been postponed so Senate leaders can continue "important progress" on deal - (US) US Senate leader Reid (D-NV): While tremendous progress has been made with Senate minority leader McConnell towards debt limit resolution and govt funding deal, we are not there yet - financial press - (US) US Treasury Dept to delay the release of the Semi-Annual Currency report due to govt shutdown - (DE) German CDU/CSU party said to have agreed to hold a third round of discussions on forming a coalition with center-left SPD this Thursday; Still planning to hold 2nd round of talks with Greens on Tuesday. - press citing Merkel's party source ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.5%, S&P/ASX +1.0%, Kospi +0.8%, Shanghai Composite -0.3%, Hang Seng +0.6%, Dec S&P500 +0.1% at 1,706, Dec gold -0.3% at $1,272, Nov crude oil -0.2% at $102.22/brl US markets: - CWTR: Lower Q3 guidance; to explore strategic alternatives; -28.6% afterhours - TDC: Guides Q3 EPS $0.69-0.70 v $0.81e, Rev around $665M v $700Me; Lowers 2013 guidance; Increases share repurchase authorization by $300M (3.5% of market cap); -11.6% afterhours - PKG: Reports Q3 $0.91 adj v $0.89e, R$845.4M v $831Me; +1.4% afterhours Notable movers by sector: - Consumer discretionary: Huayi Brothers Media Corp 300027.CN +5.7% (provides Q3 guidance); Cochlear Ltd COH.AU -1.5% (provides FY14 outlook) - Industrials: Daewoo Shipbuilding & Marine 042660.KR +4.1% (awarded order); Fuji Heavy Industries 7270.JP +1.0% (may report1 profit, raise FY guidance) - Materials: Huaneng Renewable Corp 958.HK -1.0% (share placements); Perseus Mining Ltd PRU.AU +1.5% (provides production outlook); Sims Metal Management SGM.AU +1.3% (divests non-core assets); Inner Mongolia Baotou Steel Rare Earth 600111.CN +3.2%, China Minmetals Rare Earth Co Ltd 000831.CN +1.1% (China may start rare-earth stockpiling) - Technology: Mesoblast Ltd MSB.AU -1.6% (analyst action); Hiwin Technologies Corp 2049.TW +3.0% (to invest in China) - Energy: Linc Energy LNC.AU +8.3% (revalues oil fields); Yanzhou Coal Mining Co 1171.HK +2.7% (analyst action) - Financials: Ping An Insurance 2318.HK +1.4% (plans to enter elderly care industry); Zhejiang China Commodities City Group Co Ltd 600415.CN -2.6% (Q3 results) - Telecom: Telstra Corp TLS.AU +1.2% (provides guidance) - Source TradeTheNews.com
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