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Tuesday December 10, 2013 - 05:48:43 GMT
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| | Email Asian Market Update: PBoC defers liquidity injection for the second time just as China policymakers begin Central Economic Work Conference to iron out 2014 forecast - Source TradeTheN

- Asian equity markets trading mixed and largely sideways as investors await the bulk of monthly economic data out of China. After the release of higher than expected trade surplus and a slightly softer inflation, industrial production, retail sales, and fixed asset investment figures are on tap. Of separate note in China, fixed income markets are not reacting to PBoC deferring an open market operation for the 2nd consecutive session, with Shibor rates falling to multi-week lows. China has also started its Central Economic Work Conference today, which is widely expected to unveil 2014 economic projections from the State Council. - Economic data from Japan reveled further signs of a slowdown from sugar high of Abenomics. Following overnight release of a softer Q3 final GDP, the Ministry of Finance posted its quarterly projects for Q4 declining from impressive Q3 levels, just as Nov money supply continues to expand. Fin Min Aso would not commit on whether FY14 bond issuance needed to be expanded, even though the govt previously hinted they would prefer not to expand its debt load. - Australian treasurer conceded the economy is locked in to a subtrend pace growth. NAB business conditions decline eased, with bank economists citing improved political environment and accommodative monetary policy, while also warning it was unclear if that improvement can be sustained. ***Economic Data*** - (JP) JAPAN Q4 BSI LARGE ALL INDUSTRY Q/Q: 8.3 V 12.0 PRIOR; BSI LARGE MANUFACTURING: 9.7 V 15.2 PRIOR (first q/q decline in 4 quarters) - (JP) JAPAN OCT TERTIARY INDUSTRY INDEX M/M: -0.7% V 0.1%E (9-month low) - (JP) JAPAN NOV M2 MONEY STOCK Y/Y: 4.3% V 4.2%E (multi-year high); M3 Y/Y: 3.4% V 3.5%E - (AU) AUSTRALIA OCT HOME LOANS M/M: 1.0% V 1.0%E; INVESTMENT LENDING: 8.2% V 6.5% PRIOR; OWNER-OCCUPIED LOAN VALUE: 1.7% V 6.2% PRIOR - (AU) AUSTRALIA NOV NAB BUSINESS CONDITIONS: -3 V -4 PRIOR; NAB BUSINESS CONFIDENCE: 5 V 6 PRIOR (3-month low) - (NZ) NEW ZEALAND NOV RETAIL CARD SPENDING M/M: 0.6% V 0.3%E; TOTAL CARD SPENDING M/M: 0.2% V 1.1% PRIOR - (NZ) NEW ZEALAND NOV TRUCKOMETER HEAVY M/M: -1.5% V +0.5% PRIOR - (PH) PHILIPPINES OCT EXPORTS Y/Y: 14.0% V 8.3%E; TOTAL MONTHLY EXPORTS: $5.0B V $5.0B PRIOR - (PH) PHILIPPINES OCT UNEMPLOYMENT RATE: 6.5% V 7.3% PRIOR - (KR) South Korea Nov Dept Store Sales y/y: +5.9% v -1.7% prior; Discount Store Sales y/y: +0.8% v -6.4% prior - (UK) UK NOV RICS HOUSE PRICE BALANCE: 58% V 60%E (highest reading since Jun 2002) ***Fixed Income/Commodities/Currencies*** - (CN) PBoC won't conduct open market operations (OMO) in today's session (2nd consecutive session of halted operations) - (AU) Australia MoF (AOFM) sells A$100M in 2030 index Bonds; avg yield: 2.0690%; bid-to-cover: 4.92x - (CN) Daily Shibor fixings: O/N: 3.5580% v 3.6200 % prior (6th consecutive decline, lowest since Oct 21st); 1-week: 4.4440% v 4.4850 % prior (5th consecutive decline, lowest since Nov 13th) - JGB: (JP) Japan MoF sells 545.5B in 1.7% (1.8% prior) 30-yr notes; Avg yield: 1.704% v 1.616% prior; Bid to cover: 4.15x v 4.40x prior - USD/CNY: (CN) PBoC sets yuan mid point at 6.1114 v 6.1130 prior setting (record high setting for Yuan) - USD/JPY traded in a 20pip range, consolidating two consecutive sessions of strong gains, even though the pair did briefly test a 6-month high near 103.40. EUR/JPY cross extended its gains above 142 handle, a 5-year high, with USD trading softer on other majors. EUR/USD was up 30pips above 1.3760, AUD/USD is up 40pips from the lows above 0.9110, and NZD/USD continued to test the $0.83 level. ***Speakers/Political/In the Papers*** - (CN) Fitch: sees widening polarization and slowdown for China homebuilders - (CN) China Academy of Social Sciences (CASS): Sees China 2013 GDP at 7.7% v 7.5% official target; Sees 2014 GDP 7.8%, inflation 2.8% - annual Economic Blue Book - (CN) China Academy of Social Sciences (CASS): China to face uncertain demand and much structural adjustment brought by its systemic reform in 2014; Economy to remain generally stable - Shanghai Daily - (CN) ANZ economist: Dec CPI likely to remain at 3%; 2013 CPI estimated at 2.7% v 3.5% official control target - Shanghai Daily - (CN) According to PricewaterhouseCoopers, China 2013 production of light vehicles estimated at 18.5M units, +10.7% y/y - Shanghai Daily - (JP) Japan Fin Min Aso: Cannot determine if FY14 new bond issuance will exceed prior FY13 level - financial press - (JP) Japan Chief Cabinet Sec Suga: Cabinet level forum to be set up on nuclear energy policy - (JP) Japan PM Abe cabinet approval rating declines across multiple polls; NHK survey found Dec cabinet approval declined to 50% from 60% prior month; Kyodo News reported support declined to 47.6% from 57.9% prior - Japanese press - (AU) Australia Treasurer Hockey: Australia economy locked in below trend growth - (NZ) RBNZ dep gov Spencer: New residential construction loans will now be exempt from the loan-to-value (LVR) restrictions introduced in October even though the (LVR) building loans are only about 1% of total residential lending - NZ press - (KR) South Korea President Park: North Korea leadership purge may make ties with the South more unstable - press - (KR) South Korea Fin Min Hyun: Economic recovery shows signs of strengthening; Sees 2014 CPI in 2.0-2.5% range - (KR) According to one survey, analysts unanimously expect Bank of Korea (BOK) to maintain Base Rate at 2.50% on Dec 12th ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.4%, S&P/ASX +0.1%, Kospi -0.5%, Shanghai Composite +0.2%, Hang Seng -0.1%, Dec S&P500 +0.1% at 1,810, Feb gold +0.6% at $1,242, Jan crude oil +0.3% at $97.61/brl US markets: - PVH: Reports Q3 $2.30 v $2.25e, R$2.26B v $2.22Be; CEO: believe the current holiday season will be very competitive and highly promotional; -1.3% afterhours - GM: US Treasury confirms selling last of its GM common stock holdings; recoups $39B of original investment; +0.8% afterhours - CASY: Reports Q3 $1.06 adj v $1.13e, R$2.02B v $2.03Be; -1.2% afterhours - TXN: Narrows Q4 $0.44-0.48 v $0.47e, R$2.92-3.04B v $2.99Be (prior $0.42-0.50, R$2.86-3.10B) - mid-quarter update; -0.3% afterhours Notable movers by sector: - Consumer staples: Orient Group Inc 600881.CN +3.5% (to invest in modern agriculture project) - Industrials: Beiren Printing Machinery 187.HK +2.6% (subsidiary receives injection); Cathay Pacific Airways 293.HK +0.9% (CEO comments); Leo Group Co Ltd 002131.CN +2.4%, Luxi Chemical Group Co Ltd 000830.CN +2.7%, Shandong Kingenta Ecological Engineering Co Ltd 002470.CN +1.8% (China issues plan on high standard farmland) - Financials: Shanghai International Port Group Co Ltd 600018.CN +3.6% (to acquire stake in Bank of Shanghai) - Technology: Qingdao Haier Co Ltd 600690.CN +10.0% (enters agreement with Alibaba) - Energy: Anhui Hengyuan Coal-Electricity Group Co Ltd 600971.CN +0.6% (receives notice on reduced expense); Woodside Petroleum Ltd WPL.AU +0.7% (FY13, FY14 production guidance) - Healthcare: Takeda Pharmaceutical 4502.JP +0.2% (FDA recommendation) - Source


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