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Tuesday November 5, 2013 - 05:59:03 GMT
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| | Email Asian Market Update: AUD falls as RBA escalates its discomfort with high exchange rate; China, India services PMIs recover further - Source

RBA leaves rates on hold as widely expected; Accompanying statement notably more cautious than last month, calling AUD exchange rate levels "uncomfortably high" and ramping up the need for weaker currency to balance growth. RBA also underscores uncertainty related to its outlook for improvement in private sector (ex-mining) demand, as well as adding that public sector investment will be weak. AUD falls moderately on the statement. - PBoC out with a 3rd consecutive modest liquidity injection of CNY8B; Separately, China HSBC services PMI now in expansion for nearly 2 years. HSBC economist points to "broad-based improvement into 4Q, as greater volumes of new business translated into the second consecutive expansion of employment. - Philippine and Taiwan inflation softer than expected. - Fed dove Rosengren reiterates that US economy still challenged, unemployment remains high, and inflation still low; Hints that delaying the start of taper to the spring of 2014 would still have little impact on balance sheet relative to the Dec start. ***Economic Data*** - (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH RATE TARGET UNCHANGED AT 2.50%; AS EXPECTED - (AU) AUSTRALIA OCT AIG PERFORMANCE OF SERVICES INDEX: 47.9 V 47.1 PRIOR (7-month high) - (CN) CHINA OCT HSBC/MARKIT SERVICES PMI: 52.6 V 52.4 PRIOR (21st month of expansion) - (IN) INDIA OCT HSBC/MARKIT SERVICES PMI: 47.1 V 44.6 PRIOR; 4th straight contraction - (HK) HONG KONG OCT HSBC/MARKIT PMI: 50.1 V 50.0 PRIOR (highest reading in 7-months) - (PH) PHILIPPINES OCT CPI M/M: 0.1% V 0.4%E; Y/Y: 2.9% v 3.2%E; CPI CORE Y/Y: 2.5% V 2.4%E - (JP) JAPAN OCT MONETARY BASE Y/Y: 45.8% V 46.1% PRIOR (first sequential decline in 9 months) - (TW) TAIWAN OCT CPI Y/Y: 0.6% V 1.1%E; WPI Y/Y: -1.6% V -1.5%E - (KR) SOUTH KOREA OCT FOREIGN RESERVES: $343.2B V $336.9B PRIOR - (UK) UK OCT BRC SHOP PRICES INDEX Y/Y: 0.8% V 1.0%E ***Fixed Income/Commodities/Currencies*** - (CN) PBoC to inject CNY8B in 7-day reverse repos - (JP) BOJ offers to buy 250B in 1-3yr JGB, 350B in 3-5yr JGB and 200B in JGB with maturity more than 10-yr - (TW) Taiwan sells NT$25B in 9-month bills; avg yield 0.445% - SLV: iShares Silver Trust ETF daily holdings fall to 10,497 tonnes (first fall since Oct 22nd) from 10,502 tonnes - (CN) China 2013 gold production may hit record high - Chinese press - AUD traded lower in the wake of the RBA policy statement that singled out currency strength as a threat to rebalancing economy away from mining-dominated growth. AUD/USD fell about 40pips to 0.9465 session low, AUD/JPY was down over 30pips below 93.20, and AUD/NZD fell over 40pips from the highs below 1.1450. EUR/USD traded in a 20pip range around $1.35, while USD/JPY fell some 40pips to a low of 98.25 from the highs. ***Speakers/Political/In the Papers*** - (CN) Beijing may tighten high-priced real estate sales - financial press - (CN) China Premier Li Keqiang: an increase of 1% in GDP creates 1.5M jobs - financial press - (CN) China 54 cities Oct property market transaction volume 277K units, +5.5% m/m (2nd highest point in 2013) - financial press - (CN) China to raise 2014 solar installation target to 12GW v 10GW prior - financial press - (CN) China may conduct carbon emissions trial expansion - Chinese press - (JP) Japan Fin Min Aso: want to respect fiscal council members request for spending cut - (JP) Japan Econ Min Amari: Cabinet agreed on special economic zone bill - (AU) HSBC chief Australia economist Bloxham: Australian labor market to remain loose in Oct before improving in the coming months - SMH - (AU) Australia 's Minister for Industry Macfarlane: Expects to complete free trade agreement with China in H1 of 2014 following 9 years of negotiations - China Daily - (KR) NYU Economist Roubini said to have expressed concern regarding South Korea's aging demographics and growing public debt during his meeting with Fin Min Hyun - Korean press - (PH) Philippines Central Bank Dep Gov Guinigundo: Philippine inflation to remain within target - (US) Fed's Rosengren (dove, FOMC voter): Monetary policy should be data dependent; US economy still challenged, unemployment remains high, and inflation still low; May reduce asset purchases if there is enough evidence of sustainable recovery. ***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.2%, S&P/ASX +0.9%, Kospi -0.4%, Shanghai Composite -0.4%, Hang Seng -0.6%, Dec S&P500 -0.1% at 1,761, Dec gold flat at $1,315, Dec crude oil +0.1% at $94.72/brl US earnings: - MDR: Reports Q3 -$0.27 (inc charges) v -$0.04e, R$686.9M v $751Me - filing; -8.6% afterhours - CF: Reports Q3 $4.07 v $3.84e, R$1.10B v $1.15Be; -2.8% afterhours - APC: Reports Q3 $1.13 v $1.18e, R$3.85B v $3.75Be; -1.9% afterhours - THC: Reports Q3 $0.45 v $0.46e, R2.41B v $2.40Be; -1.6% afterhours - TRGP: Reports Q3 $0.39 v $0.36e, R$1.56B v $1.59Be; -1.0% afterhours - UNM: Reports Q3 $0.85 v $0.82e, R$2.54B v $2.58Be; -0.2% afterhours - WFT: Reports Q3 $0.23 v $0.21e, R$3.82B v $4.10Be; +0.2% afterhours - ED: Reports Q3 $1.58 v $1.41e, R$3.48B v $3.49Be; +0.3% afterhours - RKT: Reports Q4 $2.66 adj v $2.48e, R$2.49B v $2.58Be; +1.4% afterhours - MRO: Reports Q3 $0.87 v $0.78e, R$3.91B v $4.02Be; +1.7% afterhours - ORIG: Reports Q3 $0.30 ex items v $0.18e, R$328.5M v $301Me; +8.1% afterhours Notable movers by sector: - Consumer discretionary: Asahi Group Holdings 2502.JP +2.6% (9M results); Genting Singapore Plc GENS.SG +1.3% (Q3 results) - Industrials: Minebea 6479.JP +18.0% (analyst action); CITIC Pacific Ltd 267.HK -1.3% (analyst action); Nissan Motor Co Ltd 7201.JP -10.0% (H1 results); Mitsui Chemical Inc 4183.JP -4.6% (H1 results); Mitsubishi Motors 7211.JP -4.0% (Oct results) - Materials: Ube Industries Ltd 4208.JP -5.8% (H1 results) - Financials: China Vanke Co Ltd 000002.CN -1.0% (Oct results) - Technology: Wintek Corp 2384.TW +0.5% (Oct results); Canon Inc 7751.JP -0.2%, Ricoh Co Ltd 7752.JP flat (warns on possible data leak) - Energy: Nisshinbo Holdings Inc 3105.JP -1.3% (facility plans in Brazil); Origin Energy ORG.AU +2.1% (project update) - Utilities: TEPCO 9501.JP -3.0% (considers reorganization) - Source


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