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Monday October 28, 2013 - 08:59:47 GMT
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| | Email Asian Market Update: Growth in China industrial profits slows as investors anticipate renewed PBoC injections - Source

**Observations/Insights*** - China industrial profits growth slowed on an annual basis from Aug levels but picked up slightly on YTD terms. NBS attributing diverging prints to the slowdown in manufacturing prices as well as slowing growth of investment returns. - China Construction Bank - the first among the Big 4 to report Q3 results - is up modestly following earnings that were somewhat in line with expectations even as the ROE and net profit margins fell modestly from corresponding period last year. - Japan defense forces said to have scrambled its jets on 3 separate occasions over the weekend after fly-by conducted by China aircraft around the Senkaku islands over the weekend; Earlier today, local press reported 4 China ships have appeared around the disputed Senkaku islands. - China's 7-day repo rate was down about 20bps in early session, but Shibor rates are set a touch firmer; Markets await whether the central bank breaks several consecutive sessions of absence from liquidity injections into the money markets at its regularly scheduled operation tomorrow. ***Economic Data*** - (CN) CHINA SEPT INDUSTRIAL PROFITS Y/Y: 18.4% V 24.2% PRIOR; YTD: 13.5% V 12.8% PRIOR - (KR) SOUTH KOREA SEPT DISCOUNT STORE SALES Y/Y: -5.3% V -2.6% PRIOR; DEPARTMENT STORE SALES Y/Y: 2.8% V 6.6% PRIOR - (KR) SOUTH KOREA OCT CONSUMER CONFIDENCE: 106 V 102 PRIOR (17-month high) - (TH) Thailand Sept Manufacturing Production Index: -2.9% v 1.7%e; Capacity Utilization: % v 63.4% prior - (UK) UK OCT HOMETRACK HOUSING SURVEY M/M: 0.5% V 0.5% PRIOR; Y/Y: 3.1% V 2.4% PRIOR ***Fixed Income/Commodities/Currencies*** - (JP) BOJ to buy 400B in CP outright on Oct 31st; To buy 110B in JGBs maturing within 1 year - (KR) South Korea sells 20-yr govt bond at avg yield of 3.620% - GLD: SPDR Gold Trust ETF daily holdings fall 4.5 tonnes to 872.0 tonnes - update as of Oct 25th - Risk-on majors remaining bid in early Asian trade, with AUD/USD and NZD/USD up about 0.3% above $0.96 and $0.83 handles respectively. Yen-selling also reflects some of the recent risk appetite in the global markets, as USD/JPY saw a 30pip gap higher at the open above 97.70. Yen selling is particularly favored on the crosses, where AUD/JPY rose 50pips above 93.80 and NZD/JPY hit a high above the 81 level. CNY is also bid higher in OTC markets, as USD/CNY is testing CNY6.08 level. ***Speakers/Political/In the Papers*** - (CN) China Iron and Steel Association (CISA): China avg daily crude steel production 2.107M tonnes in mid Oct, -1% from last ten days >- (CN) Former PBoC adviser/director of National Economic Research Institute Fan Gang: Chinese economy has already "soft-landed"; Will continue on rapid growth for 20-30 years; GDP will stabilize at 7.5-8.0% level in the following years - Chinese press - (CN) China Stats official: sees China 2013 GDP 7.5% v 7.5% official target - People's Daily - (CN) China local govt debt over CNY14T - Caijing - (CN) China Housing Department: real estate industry has entered into direct financing era - financial press - (JP) Japan air forces respond to China aircraft flying over Okinawa island chain for 3rd straight day; According to Japan Defence Ministry the Japan Air Self-Defense Force (SDF) fighter aircraft were scrambled on Sunday responding to four China military aircraft flying over international waters (near Okinawa) - (JP) Japan Chief Cabinet Sec Suga: would respond to any airspace or vessel incursion - (JP) Japan govt plans to raise contribution ceiling for pension plans by 20-30% - Japanese press - (AU) GE Exec: Australia still needs a a carbon price; May miss out on green investments until there is clarity on climate measures - SMH - (AU) S&P/ASX extending gains above 5,400; fresh 5 1/2 -year high - (KR) Samsung Economic Research Institute (SERI): Sees South Korea 2014 GDP forecast at 3.1% vs 3.9% govt target - Korean press - (KR) South Korea may strengthen measures against rising KRW - Yonhap - (KR) South Korea chief economic advisor to Pres Park: To wait in entering talks regarding TPP - FT - (IR) Iran foreign policy committee official: Denies press speculation Iran has halted enrichment of uranium to 20% purity - (EU) US Pres Obama said to have been informed of NSA spying on German Chancellor Merkel as early as 2010 - German press - (DE) German Fin Min Schaeuble: Affirms his CDU party is unlikely to meet SPD's demands for higher taxes on the wealthy - German press - (FR) France said to have backtracked on recent bill to increase tax on savings - French press - (ES) Spain Treasury Min Montoro: To completely overhaul the income tax model in 2015; To lower tax contributions - financial press - (IT) Italy Fin Min Saccomanni: To unveil the details of a debt-cutting privatisation plan that is likely to include stakes in state-owned companies - Italian media ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.1%, S&P/ASX +1.1%, Kospi +0.3%, Shanghai Composite -0.3%, Hang Seng +0.4%, Dec S&P500 +0.3% at 1,760, Dec gold -0.2% at $1,350, Nov crude oil -0.2% at $97.70/brl Notable movers by sector: - Consumer discretionary: Wuliangye Yibin Co 000858.CN -7.2% (Q3 results); Navitas Ltd NVT.AU -9.4% (provides FY14 guidance); KT Skylife Co Ltd 053210.KR +4.3% (Q3 results) - Industrials: Zoomlion Heavy Industry Science and Technology Co Ltd 000157.CN +7.2% (Chinese journalist apologizes over previous false speculation); Hyundai Merchant 011200.KR -4.0% (seeks to sell assets); James Hardie Industries JHX.AU +1.3% (provides operating update); Suzuki Motor 7269.JP +1.1% (Sept results); Mazda Motor 7261.JP +0.2% (Sept output results); Mitsubishi Motors 7211.JP +3.3% (share raising plans); ANA Holdings 9202.JP +1.4% (speculation regarding H1 results) - Materials: Kingsgate KCN.AU -4.4% (provides quarterly production results); Tokuyama 4043.JP flat (raises H1 guidance) - Financials: Chong Hing Bank Ltd 1111.HK -6.8% (Yuexiu acquires 75% stake); Ping An Insurance 601318.CN +0.7% 2318.HK +2.2% (Q3 results); China Construction Bank 601939.CN +0.2% 939.HK +0.7% (Q3 results); Mizuho Financial Group 8411.JP +1.5% (panel finds no wrongdoing) - Technology: Sharp 6753.JP +1.4% (sale of logistic centers) - Energy: Xinjiang Goldwind Science & Technology Co Ltd 002202.CN +3.9% 2208.HK +7.2% (Q3 results); China Oilfield Services Ltd 601808.CN +4.9% 2883.HK +7.7% (Q3 results) - Telecom: NTT DoCoMo Inc 9437.JP +1.1% (news of acquisition) - Utilities: TEPCO 9501.JP -1.4% (smart meter installation plans) - Source


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