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Wednesday November 13, 2013 - 06:18:19 GMT
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| | Email Asian Market Update: China equities disappointed by little detail from Party plenum; Australia wage growth slows further - Source

China equity markets are leading regional indices lower as investors react to a rather vague communique from the third plenary session of the 18th Central Committee released overnight. In essence, Party leadership painted in broad strokes, with the most notable update being the transition toward a more "decisive" market role in allocating resources from a "basic" role and also giving little hint on what it would do to deepen fiscal/tax reform and improve macroeconomic control. Separately, China securities regulator announced a slight increase in NPL in the banking sector during Q3. - Australia quarterly Wage growth figures were the most notable economic datapoint in the session, falling to a multi-year pace of growth on sequential basis. Analysts noted the slow growth allows RBA a bit more room to cut interest rates again if it wanted to, but any easing would likely not take place before 2014. - RBNZ financial stability report reiterated the kiwi dollar is elevated but affirmed its commitment to start raising rates in early 2014. RBNZ also noted it was still to early to determine the impact of LVR caps on the housing industry, with recent reports suggesting the measure may not be very effective in dealing with housing inflation as a factor of tight supply. - Yum was up slightly in extended session after Oct same store sales in China fell by a lower than expected margin. Shares are up over 10% in just over 3 weeks. ***Economic Data*** - (JP) JAPAN OCT DOMESTIC CGPI: M/M: -0.1% V -0.2%E; Y/Y: 2.5% V 2.5%E (2-year high) - (JP) JAPAN SEPT MACHINE ORDERS: M/M: -2.1% V -1.8%E (first decline in 3 months); Y/Y: 11.4% V 12.5%E - (JP) JAPAN SEPT LOANS & DISCOUNTS CORP 2.0% V 2.4% PRIOR - (AU) AUSTRALIA Q3 WAGE COST INDEX Q/Q: 0.5% V 0.7%E (multi-year low); Y/Y: 2.7% V 2.9%E >- (AU) AUSTRALIA NOV WESTPAC CONSUMER CONFIDENCE INDEX: 110.3 V 108.3 PRIOR; M/M: +1.9% V -2.1% - (NZ) NEW ZEALAND OCT FOOD PRICES M/M: -1.0% V 0.0% PRIOR (7-month low) - (KR) SOUTH KOREA OCT BANK LENDING TO HOUSEHOLD (KRW): 474.4T V 472T PRIOR - (KR) SOUTH KOREA SEPT MONEY SUPPLY L M/M: 0.4% V 0.8% PRIOR; M2 M/M: 0.8% V -0.1% PRIOR - (KR) SOUTH KOREA OCT UNEMPLOYMENT RATE: 3.0% V 3.0%E ***Fixed Income/Commodities/Currencies*** - (CN) China MOF auctions 7-yr bonds, Avg yield 4.4515% v 4.1219% in early Sept - USD/CNY: (CN) PBoC sets yuan mid point at 6.1342 v 6.1360 prior setting (highest Yuan setting since Oct 27th) - (JP) BOJ offers to buy 400B in 5-10yr JGB and 200B in JGB with maturity over 10-yr - (AU) Australia MoF (AOFM) sells A$800M in 2023 Notes; avg yield: 4.1965%; bid-to-cover: 4.73x - (NZ) RBNZ gov Wheeler: China slowdown poses one of biggest risks for New Zealand - addressing parliament - GLD: SPDR Gold Trust ETF daily value at $35.7B, lowest level since Oct 2009 - US dollar trading slightly softer in the major pairs following a set of dovish comments from Fed's Lockhart and Kocherlakota late in teh US session, paring some of the recent gains in the wake of the strong employment report. USD/JPY fell about 30pips from late US session highs below 99.50, EUR/USD rose back to the technically-pivotal former support turned resistance 1.3450 level, while cable remains capped below 1.59 handle ahead of the UK employment and BOE inflation report. AUD/USD bounce back above 0.93 after initial decline following tepid Q3 wage growth data, and NZD/USD fell to near 2-month lows below 0.8170 after the RBNZ semiannual financial stability report early in the day. ***Speakers/Political/In the Papers*** - (CN) China Banking Regulatory Commission (CBRC): China banks end of Q3 loan-to-deposit ratio 65.63% v 65.17% q/q, Non-performing loan (NPL) ratio 0.97% v 0.96% q/q - Chinese press >- (CN) China International Capital Corp (CICC) economist Peng: reiterates improvement of land transfer and tax systems could drive housing prices to reasonable levels - Comment on Plenum Communique - (CN) Former World Bank economist Lin: China 2014 GDP can probably grow by 7.5-8.0% - financial press - (CN) Goldman Sachs: China plenum is insufficient to drive domestic stocks higher - financial press - (CN) China fuel price change window may start on Nov 14th; Analysts estimate gasoline and diesel may be cut by approx CNY100/ton (3rd consecutive cut) - financial press - (CN) China Coal Transportation and Sale Society (CCTS): China Oct coal imports 24.37Mt, -5.3% m/m, +14.2% y/y - Chinese press - (KR) South Korea Fin Min Hyun: South Korea to closely monitor financial markets - Yonhap - (KR) According to Korea's Financial Supervisory Service (FSS), capital adequacy ratio of South Korean banks in Q3 rose 0.38pts to 14.25% - Korean press - (KR) Korea Chamber of Commerce and Industry (KCCI): South Korea's retail market expected to grow 3% in 2014, reaching KRW276T - Korean press - (KR) South Korea state-run think tank Korea Development Institute (KDI): FX intervention is not necessary to keep current account surplus - Korean press - (JP) BOJ's Miyao: Japan economy is recovering moderately; Somewhat cautious of downside risk to overall economy. - (AU) Barclays economist: Slower wage growth in Australia should reassure RBA that inflation outlook is mild - SMH ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.4%, S&P/ASX -1.3%, Kospi -1.4%, Shanghai Composite -0.8%, Hang Seng -1.3%, Dec S&P500 -0.4% at 1,758, Dec gold -0.1% at $1,270, Dec crude oil +0.1% at $93.14/brl US markets: - SBUX: Concludes packaged coffee dispute with Kraft; Kraft is entitled to $2.23B in damages plus $527M in interest and attorneys fees [*Note: KRFT has agreement to direct the funds to its parent MDLZ]; -1.4% afterhours >- YUM: Reports Oct China SSS -5% v -5.2%e; +0.7% afterhours - TSLA: CEO: I think TSLA stock looks like a pretty good deal now, may have been a bit too high before it came down - CNBC interview; +2.3% afterhours - MDLZ: Comments on $2.7B arbitration award to Kraft in SBUX dispute; MDLZ to use proceeds to add to share buyback program; +3.0% afterhours - SINA: Reports Q3 $0.42 v $0.33e, R$184.6M v $181Me; +4.1% afterhours - PBPB: Reports Q3 $0.15 v $0.09e, R$78M v $77.8Me; +14.0% afterhours - RLD: Reports Q2 -$0.09 v -$0.18e, R$43.9M v $42.6Me; +19.9% afterhours Notable movers by sector: - Consumer discretionary: Uni-President China Holdings Ltd 220.HK +1.4% (9M results); Wynn Macau Ltd 1128.HK -1.6% (Q3 results) - Consumer staples: Warrnambool Cheese & Butter WCB.AU +5.4% (receives revised offer) - Industrials: Fuji Heavy Industries 7270.JP +0.9% (raises FY13/14 profit guidance); Kawasaki Heavy Industrials 7012.JP -1.2% (expansion plans); CSR Ltd CSR.AU +9.1% (H1 results); Leighton Holdings LEI.AU -3.0% (Q3 results); Jiangsu WELLE Environmental Co Ltd 300190.CN +1.4% (awarded contract); Shenzhen Inovance Technology Co Ltd 300124.CN -5.2% (controlling shareholders to sell stake) - Technology: Sony 6758.JP +3.2% (TV-tablet offer); Kingsoft Corp Ltd 3888.HK +1.1% (Q3 results); Tencent Holdings Ltd 700.HK -2.5% (Chairman comments on Company's valuation ahead of earnings) - Energy: Linc Energy LNC.AU -5.7% (values unit for de-merge) - Source


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