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Monday December 2, 2013 - 06:33:17 GMT
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| | Email Asian Market Update: IPO resumption weighs on China equities despite better than expected PMI - Source

Shanghai Composite traded off by as much as 2% in the morning session and Hong Kong's Hang Seng was flat after a stronger open, as equity dilution concerns overshadow better than expected manufacturing data. China's offcial PMI released over the weekend matched an 18-month high, topping expectations of a slight decline from last month's strong figures, with Output, Inventories, and Employment components all hitting multi-month high levels. HSBC final PMI was also better than expected and HSBC chief economist noted faster new business gains. However, weekend reports that CSRC may streamline IPO process by next January is dampening sentiment with particularly onerous impact on the small and midcaps - in the morning session, 187 stocks in Shanghai (6.5% of all names on the board) traded limit down. - Protests raged in Thailand and Ukraine over the weekend as demonstrators in both countries demand that the current leadership steps down. Thailand reported 5 fatalities, with the opposition leaders calling for PM Shinawatra to step down within 2 days. Protests in Ukraine are escalating despite the leadership vowing to engage in a more active dialogue with the West, with dozens of police and marchers injured in Sunday skirmishes. - US Black Friday report cards are coming in mixed - ShopperTrack saw sales on Thanksgiving+Black Friday up just 2.3% y/y, and National Retail Federation (NRF) saw weekend spending falling to $57.4B v $59.1B y/y. - Economic data from Australia was mixed/positive, as manufacturing fell into contraction, building approvals fell but less than expected, and TD inflation improved but remained well within the RBA target range. RBA is widely expected to stand pat at 2.50% in its decision tomorrow. - BOJ gov Kuroda reiterated that additional easing was still possible if economic risks materialise, just as the approval rating for the Abe cabinet fell below 50%. Separately, reports emerged of a rift between US and Japan commercial airline officials, whereby US is seemingly more agreeable to notifying China defense officials about aircraft flight plans. ***Economic Data*** - (CN) CHINA NOV MANUFACTURING PMI: 51.4 V 51.1E (matches 19-month high) >- (CN) CHINA NOV HSBC/MARKIT MANUFACTURING PMI: 50.8 V 50.5E - (JP) JAPAN OCT LOANS & DISCOUNTS CORP Y/Y: 2.0% V 2.0% PRIOR - (JP) JAPAN Q3 CAPITAL SPENDING Y/Y: 1.5% (1-year high) V 3.2%E; CAPITAL SPENDING EX-SOFTWARE: 2.3% V 4.5%E - (AU) AUSTRALIA NOV TD SECURITIES INFLATION M/M: 0.2% V 0.1% PRIOR; Y/Y: 2.4% V 2.1% PRIOR (4-month high) - (AU) AUSTRALIA Q3 COMPANY OPERATING PROFIT Q/Q: 3.9% (2-year high) V 1.0%E; INVENTORIES Q/Q: -0.5% V 0.0%E - (AU) AUSTRALIA OCT BUILDING APPROVALS M/M: -1.8% V -5.0%E; Y/Y: 23.1% V 17.0%E - (AU) AUSTRALIA NOV RPDATA/RISMARK HOUSE PRICE INDEX: 0.1% V 1.3% PRIOR; median price in capital cities A$525K (record high) - (AU) AUSTRALIA NOV AIG PERFORMANCE OF MANUFACTURING INDEX (PMI): 47.7 V 53.2 PRIOR - (NZ) NEW ZEALAND Q3 TERMS OF TRADE INDEX Q/Q: 7.5% V 2.9%E (multi-year high) - (KR) SOUTH KOREA NOV TRADE BALANCE: $4.8B V $4.0BE - (KR) SOUTH KOREA NOV CPI M/M: -0.1% V -0.1%E; Y/Y: 0.9% (3-month high) V 1.0%E; CPI CORE Y/Y: 1.8% V 1.6% PRIO - (KR) SOUTH KOREA NOV HSBC/MARKIT MANUFACTURING PMI: 50.4 V 50.2 PRIOR (highest reading since May) - (ID) INDONESIA NOV HSBC/MARKIT MANUFACTURING PMI: 50.3 V 50.9 PRIOR - (VN) VIETNAM NOV HSBC/MARKIT MANUFACTURING PMI: 50.3 V 51.5 PRIOR - (TW) TAIWAN NOV HSBC/MARKIT MANUFACTURING PMI: 53.4 V 53.0 PRIOR (3rd consecutive expansion) - (UK) UK NOV HOMETRACK HOUSING SURVEY M/M: 0.5% V 0.5% PRIOR; Y/Y: 3.8% V 3.1% PRIOR ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 250B in 1-3yr JGBs, 300B in 3-5yr JGBs, and 400B in 5-10yr JGBs - (KR) South Korea sells 3-year govt Bonds; avg yield 3.039% - USD is under slight pressure across the majors as markets position for a slew of critical data across the globe this week, including tomorrow's RBA decision, Thursday's ECB policy decision, and non-farm payrolls report on Friday. USD/JPY traded up toward 102.60 in the morning session but retreated toward 102.20 later in the day. AUD/USD and NZD/USD are now up for consecutive sessions after a broad sell-off for much of last week, both rising about 70pips from Friday close to $0.9160 and $0.82 respective highs. Sterling also traded sharply firmer amid speculation of a large increase in 2014 UK GDP projections by OBR this week, rising to a 2-year high above $1.64, while EUR/USD was bid slightly higher above the $1.36 handle, up about 20pips from Friday. ***Speakers/Political/In the Papers*** - (CN) China Securities Regulatory Commission (CSRC) issues statement: May streamline approval process for certain IPOs by next January - financial press >- (CN) Shanghai new home sales +1.38% w/w; avg new home prices +3.76% w/w - Uwin - (CN) China Shanghai Environmental Monitoring Center issues highest danger level for air pollution today - Chinese press - (CN) PBoC Dep Gov Yi Gang (also head of FX regulator SAFE): China's $3.7T fx reserve is enough; Yuan currently very close to equilibrium - Chinese press interview - (CN) China National Development and Reform Commission (NDRC) official: China faced with upward price pressure - Chinese press - (CN) ANZ: Maintaining China Q3 GDP target of 7.5-7.6% and 2013 target of 7.6% following latest PMI data - US financial press - (CN) China Nov new residential avg price in 100 cities rose 11.0% y/y (18 consecutive rise) to CNY10.76K/sqm vs 10.7% y/y incrase in Oct - financial press - (JP) Japan BOJ Gov Kuroda: Japan economy is moving smoothly to price target; Will not hesitate to adjust policy if risks emerge >- (JP) Japan PM Abe cabinet approval rating declines 4% to 49% - Asahi News - (JP) Japan Coast Guard sighted two China vessels near the disputed Senkaku Islands - Kyodo News - (JP) JPMorgan: Maintaining a 70% chance the BOJ will announce additional easing in 2014, but odds point to an earlier easing - (JP) Japan PM Abe to hold talks with US VP Biden regarding China air defense zone - (NZ) New Zealand Treasury: Pricing pressures starting to emerge - (KR) US institute finds North Korea resumed missile facility construction - Kyodo News - (KR) South Korea Hyundai Research Institute (HRI) think tank: 10% increase in KRW can result in 3.4% drop in sales of manufactured goods - Korean press - (TH) Five people killed and over 50 injured in overnight clashes between supporters of Thailand PM Shinawatra and protesters - (US) According to ShopperTrak, US retail sales on Thanksgiving+Black Friday are up 2.3% y/y at $12.3B - US financial press - (IS) Iceland govt to write off 24K from every mortgage of every household; Overall costs of the measure over a 4-year period to be about 900M - (GR) Greece Fin Min Stournaras: To proceed with govt plans to raise property taxes on large estates - Greek press - (FR) France Labor Min Sapin: Govt considering reform that would allow local authorities more say on less restrictions over Sunday operation of retail shops - financial press - (UR) Dozens of police and protesters injured amid continued clashes in Kiev, Ukraine on Sunday; Protesters seize the office of the Mayor - (IR) Iran nuclear chief Salehi: Iran will never abandon Arak heavy water reactor - press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.9%, S&P/ASX -0.8%, Kospi -0.6%, Shanghai Composite -1.6%, Hang Seng +0.1%, Dec S&P500 +0.1% at 1,805, Feb gold -0.4% at $1,246, Jan crude oil +0.6% at $93.29/brl Notable movers by sector: - Consumer discretionary: Esprit Holdings 330.HK +1.0% (sees profit as early as next year); Silver Base Group Holdings 886.HK -7.1% (H1 results) Huayi Brothers Media Corp 300027.CN -6.5%, Suning Commerce Group 002024.CN -8.6%, China Spacesat Co 600118.CN -8.4% (China to resume IPOs) - Industrials: Qantas QAN.AU +0.8% (code sharing agreement), China Green Holdings Ltd 904.HK -8.8% (issues profit warning) - Materials: Metcash MTS.AU +5.7% (H1 results); Whitehaven Coal WHC.AU -1.2% (amended debt facility) - Financials: Rykadan Capital 2288.HK -3.4% (H1 results); China Merchants Securities 600999.CN +9.8%, Guoyuan Securities 000728.CN +7.9%, Sealand Securities 000750.CN +5.9%, CITIC Securities 6030.HK +6.4%, Haitong Securities 6837.HK +4.6% (China to resume IPOs); China Growth Enterprise Market (GEM) -7.1%, China Mid-to-small Board Index -4.3% (China to resume IPOs) - Source


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