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Wednesday October 30, 2013 - 05:02:38 GMT
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| | Email Asian Market Update: Japan govt raises assessment for industrial output; NZD falls on reports Moody's considered a sovereign rating cut - Source

Baidu and Buffalo Wild Wings hit fresh 52-week highs in extended session after strong Q3 results, while high-flyers Yelp and LinkedIn lag. - Japan industrial production returns to growth in September after stumbling in August; Govt raises its assessment on output for the first time in 7 months, noting production is "picking up"; BOJ on tap for policy statement tomorrow. - China money market rates remain elevated, though the rise has paused ahead of tomorrow's PBoC decision on open market operations. - Australia new home sales were up sharply, giving RBA more ammunition to stay vigilant on housing inflation. - NZD falls after reports citing Moody's analyst suggesting the rating agency was close to joining Fitch and S&P in lowering New Zealand rating to AA from AAA. ***Economic Data*** - (JP) JAPAN SEPT PRELIM INDUSTRIAL PRODUCTION M/M: 1.5% V 1.8%E (1st rise in 2 months); Y/Y: 5.4% V 5.5%E; Japan raises assessment of industrial production (1st upgrade in 7 months) - (JP) JAPAN SEPT VEHICLE PRODUCTION Y/Y: 13.0% V -7.6% PRIOR - (KR) SOUTH KOREA SEPT INDUSTRIAL PRODUCTION M/M: -2.1% V -0.4%E; Y/Y: -3.6% V +1.9%E - (KR) SOUTH KOREA SEPT CYCLICAL LEADING INDEX CHANGE Y/Y: -0.2% V 0.3% PRIOR - (KR) SOUTH KOREA NOV BUSINESS SURVEY MANUFACTURING: 83 V 82 PRIOR; BUSINESS SURVEY NON-MANUFACTURING: 70 V 72 PRIOR - (AU) Australia Sept HIA New Home Sales m/m: 6.4% v 3.4% prior (17-month high) - (US) API PETROLEUM INVENTORIES: CRUDE: +5.9M (5th consecutive build) v +2Me ***Fixed Income/Commodities/Currencies*** - (CN) China 7-day repo rate rises by over 55bps to near 5.6% (highest since late June), 1-day repo rate up about 60bps - (CN) PBoC sets yuan mid point at 6.1412 v 6.0902 prior close (weakest setting since Oct 17) - (JP) BOJ offers to buy 250B in 1-3yr JGB, 350B in 3-5yr JGB and 400B in 5-10yr JGB - USD majors are largely contained to narrow ranges in Asia with multiple central bank policy statements expected in tomorrow's session. USD saw some short-covering ahead of the Fed earlier, with EUR/USD in 20pip range around $1.3740, USD/JPY just above the 98.10, and AUD/USD in 30-pip range below $0.9480. BOJ is widely expected to maintain its policy stance, but more attention will be paid to its accompanying projections for GDP and inflation as part of its semi-annual outlook report. RBNZ is also expected to remain on hold, though NZIER shadow board has pointed out that its preferred alternative for a rate hike has risen since last month's decision. Separately, NZD/USD briefly fell about 40pips below $0.8220 after a report surfaced that Moody's considered a sovereign rate cut at its Sept decision. ***Speakers/Political/In the Papers*** - (CN) China may announce property tax reform at plenary meeting in Nov - Chinese press - (CN) China State Council adviser Xia Bin: China should promote yuan convertibility in more areas - Chinese press - (CN) China Development Bank (CDB) researcher: China Q4 GDP may fall to 7.7% from 7.8% in Q3 - Chinese press - (JP) BOJ likely to raise FY14/15 GDP forecasts - Japanese press - (JP) BOJ may refocus on the first arrow of Abenomics or further monetary policy easing to sustain economic recovery - Nikkei News op/ed - (JP) Correlation between the Nikkei Stock Average and the yen is around 1-year lows; Expectation for easy monetary policy in the US is dulling USD advance against JPY - Nikkei News - (NZ) New Zealand Institute of Economic Research (NZIER) Shadow Board again shows a narrow margin in favor of RBNZ to keep rates unchanged tomorrow; Next best option again seen as a hike - NZ press - (NZ) Concerns circulating that New Zealand could lose its AAA sovereign rating at Moody's - dealers - (KR) Bank of Korea (BOK): Local banks' average lending rates on new household loans in Sept fell by 0.01pts to 4.54%; 2nd consecutive decline - Korean press - (KR) According to South Korea's Financial Supervisory Service (FSS), loan delinquency ratio for Korea's 18 local banks in Sept fell 0.13pts to 1.00%; 1st decline in 3 months - Korean press - (IN) India Central Bank (RBI) Gov Rajan: Indian GDP can reach 10% - Nikkei News interview ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +1.2%, S&P/ASX +0.4%, Kospi flat, Shanghai Composite +0.4%, Hang Seng +0.7%, Dec S&P500 flat at 1,767, Dec gold -0.2% at $1,343, Nov crude oil -0.5% at $97.67/brl US markets: - WU: Reports Q3 $0.39 v $0.35e, R$1.41B v $1.41Be; -14.0% afterhours >- YELP: Reports Q3 -$0.04 v -$0.01e, R$61.2M v $59.5Me; -10.4% afterhours - WBMD: Reports Q3 $0.10 (ex items) v $0.09e, R$130.9M v $129Me; -5.0% afterhours - LNKD: Reports Q3 $0.39 v $0.31e, R$393M v $384Me; -3.3% afterhours - CZR: Reports Q3 -$6.03 v -$1.25e, R$2.18B v $2.25Be; -2.1% afterhours - FLEX: Reports Q2 $0.22 v $0.20e, R$6.41B v $6.27Be; -1.8% afterhours - AFL: Reports Q3 $1.47 adj v $1.47e, R$5.89B v $5.89Be; Raises quarterly dividend; -1.6% afterhours - GNW: Reports Q3 $0.24 v $0.26e, R$2.32B v $2.41Be; -1.5% afterhours - RYL: Reports Q3 $0.95 v $0.96e, R$576.4M v $596Me; -1.3% afterhours - AUY: Reports Q3 $0.09 adj v $0.07e, R$456.7M v $469Me; -0.4% afterhours - EIX: Reports Q3 $1.42 v $1.21e, R$3.96B v $3.43Be; -0.3% afterhours - CBI: Reports Q3 $1.12(adj) v $1.11e, R$2.99B v $2.92Be; +1.0% afterhours - GILD: Reports Q3 $0.52 v $0.48e, R$2.78B v $2.74Be; guides FY13 product sales higher; +1.0% afterhours - TTWO: Reports Q2 $2.49 v $1.65e, R$1.27B v $918Me; +2.1% afterhours - EA: Reports Q2 $0.33 v $0.12e, R$1.04B v $976Me; +3.8% afterhours - BIDU: Reports Q3 $1.48 v $1.43e, R$1.45B v $1.34Be; +5.7% afterhours >- BWLD: Reports Q3 $0.95 v $0.86e, R$315.8M v $312Me; +11.2% afterhours Notable movers by sector: - Consumer discretionary: China Shipping Container 2866.HK -3.0% (Q3 results); Esprit Holdings 330.HK +6.1% (Q3 results; appoints CPO); Japan Tobacco Inc 2914.JP +3.4% (reports of plant closure, job cuts); Shiseido 4911.JP +1.3% (JV plans) - Consumer Staples: Daio Paper Corp 3380.JP +0.5% (press speculation on H1 results) - Industrials: CSR Corp 1766.HK +1.3% (Q3 results); Air China 601111.CN +2.1% (Q3 results); GWA Group Ltd GWA.AU +0.7% (FY13 guidance); CNR Co Ltd 601299.CN +3.5% (Q3 results) - Materials: Medusa Mining Ltd MML.AU -3.8% (Q1 production results); Metallurgical Corporation of China Ltd 601618.CN +3.4% (Q3 results) - Financials: China Vanke Co Ltd 000002.CN +0.7% (Q3 results); China CITIC Bank 998.HK +3.6% (Q3 results); Mitsubishi UFJ Financial Group 8306.JP +1.8% (press speculation on H1 results); Sumitomo Mitsui Financial Group 8316.JP +1.5% (press speculation on H1 results) - Energy: Datang International Power Generation 991.HK +3.5% (Q3 results); PetroChina 601857.CN +1.8% (Q3 results) - Technology: Pegatron Corp 4938.TW +2.0% (possible Apple order); Disco Corp 6146.JP +2.1% (analyst action); Secom 9735.JP +2.0% (press speculation on H1 results) - Utilities: SDIC Power Holdings Co Ltd 600886.CN +8.0% (Q3 results); Datang Huayin Electric Power Co Ltd 600744.CN +4.2% (Q3 results); TEPCO 9501.JP -0.9% (speculation surround spinoff of cleaning operations) - Telecom: Softbank Corp 9984.JP +2.0% (press speculation on H1 results) - Source


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