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Friday October 18, 2013 - 09:06:01 GMT
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| | Email Asian Market Update: China Q3 growth in line with expectations; Asian markets hold on to gains - Source

- Asian bourses were mainly higher a day after the US averted a debt default and reopened the government. The Nikkei225 was trading weaker on a stronger yen. Many Japan exporters were under selling pressure as the yen strengthened slightly against the USD. - There were no surprises after the release of China economic data, with growth coming in line at 7.8% for the third quarter supported by strong domestic and foreign demand. The GDP data continues to place China on path to achieve the government annual growth forecast of 7.5% though the uncertainty of whether or not the current recovery is sustainable continues to remain. - Asian bourses were little affected after the China economic data as results were within forecasts. Other China official data were within expectations with industrial production up 10.2% from the prior year, and retail data easing slightly to 13.3% on the year missing expectations by 0.2%. ***Economic Data*** - (CN) CHINA Q3 REAL GDP Q/Q: 2.2% V 2.1%E; Y/Y: 7.8% V 7.8%E; YTD Y/Y: 7.7% V 7.7%E - financial press >- (CN) CHINA SEPT INDUSTRIAL PRODUCTION Y/Y: 10.2% V 10.2%E; INDUSTRIAL PRODUCTION YTD Y/Y: 9.6% V 9.6%E - (CN) CHINA SEPT URBAN FIXED ASSETS YTD Y/Y: 20.2% V 20.3% PRIOR - (CN) CHINA SEPT RETAIL SALES Y/Y: 13.3% V 13.5%E; RETAIL SALES YTD Y/Y: 12.9% V 12.9%E - (CN) CHINA Q3 BUSINESS CLIMATE INDEX: 121.5 V 120.6 PRIOR - (JP) Japan investors bought 380.7B in foreign bonds last week vs sold net 2.22T in prior week; Foreign Investors bought 143.6B in Japan stocks v sold net 27.1B in prior week - (KR) South Korea Aug Conference Board Leading Economic Index m/m: +0.3% v 0.0% prior - (PH) Philippines Sept Overall Balance of payment (BOP): +$465M v -$318B prior - (CL) CHILE CENTRAL BANK CUTS OVERNIGHT RATE TARGET 25BPS TO 4.75% (NOT EXPECTED) - (US) Weekly Fed Balance Sheet Assets Week ending Oct 9th: $3.770T v $3.715T prior; M1: -$48.9B v +$29.6B prior; M2: +25.7B v +$50.4B prior - (BE) Belgium Sept YTD Budget Balance: -10.6B v -5.0B prior ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 2T in T-bills - (JP) Japan offers 300B in enhanced liquidity auction - USD/CNY: (CN) PBoC sets yuan mid point at 6.1372 v 6.1431 prior setting (new yuan high since July 2005 revaluation) - (AU) Australia MoF (AOFM) sells A$800M in 5.75% 2022 Bonds; avg yield: 3.9728%; bid-to-cover: 3.59x ***Speakers/Political/In the Papers*** - (JP) Japan PM Abe: Decided on regulatory reform for the special economic zones - (JP) Japan Econ Min Amari: Wants special zone bills can be submitted to Diet soon - (JP) Japan considers broadening scope of TPP tariff removal exceptions - Kyodo News - (CN) China Stats Bureau (NBS): China economy had good momentum in Jan-Sept; Domestic economy is generally stable - (AU) RBA Gov Stevens: US shutdown effect will not likely linger; debt debate in the US risked big hit to the US economy - (KR) Bank of Korea (BOK) official Kim: is studying currency integration with North Korea - (KR) Bank of Korea: domestic economy shows moderate improvement - report to Parliament - (PH) Philippine Central Bank Gov Tetangco: sees market volatility to continue as markets looking for durable solution - (MX) Mexico Lower House said to have approved tax Bill - financial press - NPD: Sept total video game sales $1.08B v $521.0M m/m, +27% y/y - (DE) German Bundesbank's Dombret: EMU fiscal situation improved significantly; euro zone fiscal union is still a long way off - financial press - (IT) Italy PM Letta: reiterates UK must be included in the EU; sees issues with some countries regarding the banking union - financial press ***Equities*** Market Snapshot (as of 03:40 GMT): - Nikkei225 -0.1%, S&P/ASX +0.8%, Kospi +0.1%, Shanghai Composite +0.4%, Hang Seng +0.7%, Dec S&P500 0.1% at 1,729, Dec gold -0.4% at $1,318, Nov crude oil +0.2% at $100.83/brl US markets: - GOOG: Reports Q3 $10.74 v $10.35e, R$11.92B (ex-TAC) v $11.7Be; +8.2% afterhours - CMG: Reports Q3 $2.66 v $2.77e, R$827M v $818Me; raises FY13 SSS guidance to up in mid single-digit; +5.3% afterhours - ISRG: Reports Q3 $3.99 v $3.38e, R$499M v $527Me; Guides FY13 Rev in lower end of prior "flat to +7%" range; -6.1% afterhours - AMD: Reports Q3 $0.06 v $0.02e, R$1.46B v $1.42Be; -6.6% afterhours - WDFC: Reports Q4 $0.53 v $0.45e, R$93.5M v $90.1Me; +4.1% afterhours - COF: Reports Q3 $1.86 v $1.79e, R$5.65B v $5.57Be; +1.8% afterhours - LVS: Reports Q3 $0.82 v $0.75e, R$3.57B v $3.46Be; to raise quarterly dividend 43% to $0.50 from $0.35 in Q1; +0.3% afterhours - HCA: Guides Q3 $0.79 v $0.71e, $8.46B v $8.38Be; +3.5% afterhours - BAC: Said to be considering plans to prohibit overdrafts - financial press; +0.2% afterhours Notable movers by sector: - Consumer discretionary: Olympus Corp 7733.JP +1.3% (speculation on earnings); Xilinmen Furniture Co Ltd 603008.CN +6.9% (Q4 results); Zhejiang Founder Motor Co Ltd 002196.CN -2.8% (Q3 results); Qantas Airways Ltd QAN.AU -1.5% (provides outlook); Sands China Ltd 1928.HK +9.5% (Q3 results); Chow Tai Fook Jewellery Group Ltd 1929.HK +3.1% (reports Q3 results); Hefei Meiling Co Ltd 000521.CN +1.3% (Q3 results) - Consumer staples: Warrnambool Cheese & Butter WCB.AU +6.5% (receives offer from Murray Goulburn) - Industrials: Weichai Power 2338.HK +4.0% (analyst action); Sichuan Haite High-tech Co Ltd 002023.CN +2.5% (Q3 results); Youngor Group Co Ltd 600177.CN +10.0% (internet banking investment plans) - Technology: LG Display 034220.KR +2.1% (Q3 results); Hon Hai Precision Industries 2317.TW +1.0% (increases domestic investment, hiring) - Energy: Santos Ltd STO.AU -1.0% (Q3 production results); Linc Energy LNC.AU +6.6% (provides production update) - Financials: AIA Group Ltd 1299.HK +3.1% (Q3 results) - Healthcare: Harbin Pharm Group Sanjing Pharmaceutical Shareholding Co Ltd 600829.CN -6.1% (Q3 results) - Telecom: SK Telecom 017670.KR +1.7% (begins iPhone5S/5C sales) - Source


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