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Thursday November 28, 2013 - 06:48:37 GMT
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TradeTheNews.com Asian Market Update: China Industrial Profits growth slows; Australia Q3 CAPEX much higher than expected and FY13/14 forecast upgraded***Observations/Insights*** - Source TradeTheNews

- Brazil continued to tighten policy, as Selic target rate hit 10% following today's 50bp hike. Central bank said the decision was unanimous. Notably, it also removed its prior reference forecasting runaway inflation taking to a downward path. - China YTD industrial profits growth was slightly higher, but October growth slowed. NBS survey from 41 industries saw 35 posting y/y YTD profit growth, 5 saw their profits fall, while the oil refining, coking and nuclear fuel processing sector recovered from recent losses. - Japan retail sales data were mixed, with Oct m/m trade falling for the first time in 3 months while y/y rose above expectations. USD/JPY sold off slightly on the news, with markets expecting a more definitive surge in consumer activity ahead of the Apr rise in consumption tax. - Australia Q3 capital expenditures were much better than expected. Q3 rose 3.6% q/q, while the latest estimate for FY13/14 was ratcheted higher to A$166.8B vs A$159.2B prior forecast. Even though that figure is down 2% on y/y basis, AUD was up sharply on the data. ***Economic Data*** - (CN) CHINA OCT INDUSTRIAL PROFITS Y/Y: 15.1% V 18.4% PRIOR; YTD: 13.7% V 13.5% PRIOR >- (AU) AUSTRALIA Q3 PRIVATE CAPITAL EXPENDITURE Q/Q: +3.6% V -1.2%E - (AU) AUSTRALIA OCT HIA NEW HOME SALES M/M: -3.8% V +6.4% PRIOR (first decline in 3 months) - (JP) JAPAN OCT RETAIL SALES M/M: -1.0% V -0.8%E (1st decline in 3 months); Y/Y: 2.3% V 2.1%E; LARGE RETAILERS' SALES Y/Y: -0.4% V -0.1%E (biggest decline in 3 months) - (JP) Japan investors bought net 1.41T in foreign bonds last week vs bought net 349.9B in prior week (7th straight week of net purchases) - (NZ) NEW ZEALAND NOV ANZ BUSINESS CONFIDENCE: 60.5 V 53.2 PRIOR (multi-year high); ANZ ACTIVITY OUTLOOK: 47.1 V 47.1 PRIOR - (KR) SOUTH KOREA SEPT CURRENT ACCOUNT BALANCE: $9.51B (record high) V $6.57B PRIOR; GOODS BALANCE: $7.03B V $5.70B PRIOR - (TH) THAILAND OCT MANUFATURING PRODUCTION Y/Y: -4.0% V -2.9%E - (PH) PHILIPPINES Q3 GDP Q/Q: 1.1% V 1.3%E; Y/Y: 7.0% V 7.1%E - (BR) BRAZIL CENTRAL BANK (COPOM) RAISES SELIC TARGET RATE BY 50BPS TO 10.00%, AS EXPECTED ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.67T in 0.1% 2-yr notes, Avg Yield: 0.086% v 0.094% prior; bid to cover: 6.53x v 7.96x prior - (CN) PBoC to inject CNY19B in 14-day reverse repos; Injects CNY17B this week (2nd consecutive net injection) v injected CNY59B prior - GLD: SPDR Gold Trust ETF daily holdings fall 5.7 tonnes to 843.2 tonnes (lowest since Jan 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 10,309 tonnes (lowest level since 10,284 on Jul 23rd) from 10,330 tonnes - update as of 11/26 - USD/JPY hit session lows below the 102 handle in the opening hour of trade in Tokyo, down just over 20pips from the highs, following mixed retail trade data from Japan. AUD outperformed across the board, rising over 60pips against the greenback above 0.9130 and also coming off its 4-year lows against the Kiwi to test NZ$1.12. Cable is up about 50pips in later afternoon trade above $1.6320 ahead of the BOE financial stability report. ***Speakers/Political/In the Papers*** - (CN) China Iron and Steel Association (CISA): China mid Nov avg crude steel production 2.13M tonnes , -0.57% from early Nov - (CN) China International Capital Corp (CICC) raises China 2014 GDP target to 7.6% v 7.4% prior (3rd raise since Sep 2nd) - (CN) China Central Finance and Economy Leading Team Official Yang: China urbanization pace has been too fast and unhealthy - (CN) China Ministry of National Defense (MOD) spokesperson Yang: China sets up air defense zone to deal with possible air threats and to ensure air safety - comments from MOD Q&A session - (CN) China fuel price change window may start on Nov 29th; Analysts estimate to raise by approx CNY120-150/ton (first rise after three consecutive cuts) - financial press - (CN) China State Council issues policy to curb disorderly coal growth- Chinese press - (JP) Japan Chief Cabinet Sec Suga: Japan defense ministers agreed to respond resolutely, calmly to China's moves to change status quo; Want to have a unified response with US officials - (JP) Japan PM Abe adviser Taniguchi: China air zone is against international norms - financial press interview - (NZ) New Zealand RBNZ Publishes Assessment on low-deposit lending: Data indicated a drop in high LVR lending - (KR) Bank of Korea (BOK): Local banks' average lending rates on new household loans in Oct fell by 0.08pts to 4.46%; record low and 3rd consecutive month of decline - Korean press - (KR) According to South Korea's Financial Supervisory Service (FSS), loan delinquency ratio for Korea's 18 local banks in Oct rose 0.07pts to 1.07% - Korean press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.2%, S&P/ASX +0.1%, Kospi +0.8%, Shanghai Composite +1.3%, Hang Seng +0.6%, Dec S&P500 +0.1% at 1,806, Feb gold +0.1% at $1,239, Jan crude oil -0.2% at $92.16/brl US markets: - VZ HPQ: US Health and Human Services Dept (HHS) said to replace Verizon for webhosting services on Healthcare.gov due to ongoing problems with Obamacare online registration; services to be replaced by Hewlett-Packard; -0.1% afterhours Notable movers by sector: - Consumer discretionary: SEEK Ltd SEK.AU +5.7% (provides FY14 guidance); Qantas Airways Ltd QAN.AU +1.7% (possible changes to ownership restrictions); Collins Foods CKF.AU +5.5% (H1 results) - Consumer staples: China Huishan Dairy Holdings Co Ltd 6863.HK -2.8% (H1 results) - Industrials: Suzuki Motor Corp 7269.JP +2.1%, Mitsubishi Motors 7211.JP +0.6%, Nissan Motor 7201.JP +0.8%, Mazda Motor Corp 7261.JP +1.7% (Oct production results); Siasun Robot & Automation Co Ltd 300024.CN +1.0% (awarded order); Huayi Electric Co Ltd 600290.CN +1.7% (awarded order); Aerosun Corp 600501.CN +10.0% (to expand in defense related business) - Materials: Mount Gibson Iron MGX.AU -2.4% (provides FY14 outlook) - Technology: GRG Banking Equipment Co Ltd 002152.CN +5.7% (awarded order); Tradelink Electronic Commerce Ltd 536.HK +1.2% (awarded order); Wisesoft Co Ltd 002253.CN +1.3%, Sichuan Haite High-tech Co Ltd 002023.CN +4.6% (CAAC to loosen private pilot licenses); RENN: Reports Q3 -$0.07 v -$0.09e, R$47.6M v $48.3Me; -10.5% afterhours - Energy: China Shenhua Energy 1088.HK +1.2%, China Coal Energy 1898.HK +0.9%, Yanzhou Coal 1171.HK +1.3%, Shanxi Xishan Coal 000983.CN +2.2% (China to curb disorderly coal growth) - Utilities: Korea Electric Power Corp 015760.KR -2.9% (nuclear reactor halted) Related (UPDTE ) - Source TradeTheNews.com

 

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Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
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13:30 CA- Retail Sales
Fri 24 Nov
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09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


  • POTENTIAL PRICE RISK: HIGH Tue -- 13:30 GMT US- Existing Homes Sales. Top Housing Statistic

  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
  • POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


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