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Wednesday December 11, 2013 - 05:50:41 GMT
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| | Email Asian Market Update: Asia equities decline as US announces budget deal - Source

***Observations/Insights*** - Asia markets were broadly lower in cautious trading as US equities fell overnight on renewed concerns on the possibilities of a reduction in US stimulus. Investors are weighing whether or not the Fed will begin scaling back its easing program after US budget negotiators announced a provisional two-year budget deal. All eyes will also be on the US November retail sales data. - New Zealand's dairy giant Fonterra cut its FY14 earnings and dividend forecast due to high milk prices, dragging down the NZD. Analysts were expecting Fonterra to hike payouts because of higher dairy prices - The S&P/ASX extending its decline for the fifth consecutive day as OZ Minerals fell by more than 30% on weak 2014 production guidance. Early during the session, Australia's consumer confidence indicated a sharp drop for December. The Westpac survey fell from 110.3 to 105.0, the biggest decline since July 2013. ***Economic Data*** - (AU) AUSTRALIA DEC WESTPAC CONSUMER CONFIDENCE INDEX M/M: 105.0 V 110.3 PRIOR; M/M: -4.8%V +1.9% PRIOR (largest decline in 7 months) - (JP) JAPAN OCT MACHINE ORDERS M/M: 0.6% V 0.7%E; Y/Y: 17.8% V 15.0%E - (JP) Japan Oct Conference Board Leading Economic Index: 100.6; m/m: +0.2% v +1.3% prior - (KR) SOUTH KOREA NOV EXPORT PRICE INDEX M/M: -0.8% V -1.9% PRIOR; Y/Y: -2.5% V -4.5% PRIOR; IMPORT PRICE INDEX M/M: -0.5% V -2.4% PRIOR; Y/Y: -4.9% V -7.3% PRIOR - (KR) SOUTH KOREA NOV BANK LENDING TO HOUSEHOLD (KRW): KRW477.5T V KRW474.4T PRIOR - (KR) SOUTH KOREA OCT MONEY SUPPLY L: 0.7% V 0.4% PRIOR; M2 M/M: 0.4% V 0.8% PRIOR - (KR) SOUTH KOREA NOV UNEMPLOYMENT RATE: 2.9% V 3.0%E - (US) API PETROLEUM INVENTORIES: CRUDE: -7.5M (2nd consecutive draw) v -2.5Me; GASOLINE: +6.3M v +2Me; DISTILLATE: +1.2M v +1Me ***Fixed Income/Commodities/Currencies*** - (CN) PBoC sets yuan mid point at 6.1100 v 6.1114 prior setting (record high setting for Yuan, 4th consecutive high setting) - (JP) BOJ offers to buy 110B in JGB with maturity below 1-yr and 200B in JGB with maturity over 10-yr - (AU) Australia MoF (AOFM) sells A$800M in 2025 bonds; avg yield 4.4572%, bid to cover 2.47x ***Speakers/Political/In the Papers*** - (CN) Credit Suisse: China housing supply to surge in 2014, demand uncertain - financial press - (CN) Asian Development Bank (ADB): Raises China 2013 target to 7.7% from 7.6% prior; Raises 2014 GDP target to 7.5% from 7.4% prior - (CN) Barclays: China likely to keep its GDP target of 7.5% and CPI cap of 3.5% unchanged for 2014 - financial press - (CN) China National Development and Reform Commission (NDRC): continue to implement coal-electricity price linkage - Chinese press - (CN) China Ministry of Commerce (MOFCOM) issues statement on elimination of China domestic regional trade protection and industrial monopolies - (CN) China studying amendment on Securities Act and Futures Act; to release the revised securities law as soon as H2 2014 - Chinese press - (CN) China should terminate proactive fiscal policy - Chinese press - (JP) Japan govt earmarked 100B for temporary storage facilities for nuclear-tainted soil - Japanese press - (JP) TPP trade negotiations to resume in Jan - financial press - (JP) Japan minicar tax increase to apply to new autos - Japanese press - (JP) According to Japan Business Federation (Keidanren) survey of large companies, winter bonuses will rise by an average of 5.8% - first increase in 5 years - Nikkei - FCG.NZ: Maintaining its forecast Farmgate Milk Price for the 2013/14 season at NZ$8.30 per kgMS. - (NZ) RBNZ: New Zealand home-loan approvals decline accelerates - financial press - (US) SENATOR MURRAY (D-WA) AND REP RYAN (R-WI) ANNOUNCE BUDGET DEAL - PRESS CONFERENCE - (US) S&P lower US 2014 GDP forecast to 2.6% from 3.1% prior, citing sequester impact - (US) PIMCO's Gross: Treasury bond holdings fell to 37% in Nov v 38% in Oct - financial press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -1.1%, S&P/ASX -0.7%, Kospi -0.7%, Shanghai Composite -1.1%, Hang Seng -1.2%, Dec S&P500 flat at 1,804, Feb gold -0.4% at $1,256, Jan crude oil % at $98.46/brl US markets: - SNI: Discovery said to be considering a bid for Scripps - financial press; +13.0% afterhours - SWHC: Reports Q2 $0.28 v $0.21e, R$139.3M v $137Me; +5.9% afterhours - MA: Board of Directors Announces Capital Actions: 10-1 stock split, 83% dividend increase and $3.5B share buyback program (4% of shares outstanding); +4.8% afterhours - CBI: Awarded two contracts for design & retooling $5B LNG liquefaction terminal in Texas; +1.8% afterhours - LH: Guides initial FY14 EPS $6.50 v $7.55e, Rev growth of approx 2% y/y; -6.7% afterhours - AVNR: Phase II PRIME Study did not meet the primary efficacy endpoint; -12.6% afterhours Notable movers by sector: - Consumer discretionary: Seven Group Holdings SVW.AU +9.0% (announces shares buyback); Weifu High-Technology Group Co Ltd 000581.CN +3.6% (China issues statement on air pollution control) - Industrials: Kia Motors 000270.KR +0.5%, Hyundai Motors 005380.KR flat (production guidance); Shenzhen Jiawei Photovoltaic Lighting Co Ltd 300317.CN +4.7% (awarded contract); Ningbo Cixing Co Ltd 300307.CN +1.2% (enters JV on robots); Xiandai Investment Co Ltd 000900.CN +6.0%, Hunan Corun New Energy Co Ltd 600478.CN +1.8% (applies for private banking); Zhejiang Southeast Space Frame Co Ltd 002135.CN +2.2% (awarded contract) - Materials: Zijin Mining 2899.HK flat (share repurchase); OZ Minerals OZL.AU -11.8% (provides outlook); Yancoal Australia YAL.AU +3.8% (Australia Treasurer comments); BHP Billiton Ltd BHP.AU -1.9% (Exec comments) - Technology: Tsinghua Unisplendour Co Ltd 000938.CN +3.5% (launches cloud computer) - Financials: China Everbright International Ltd 257.HK +4.4% (to invest in environmental protection); Guangdong Highsun Group Co Ltd 000861.CN +5.4% (enters strategic alliance with China Unicom) - Utilities: TEPCO 9501.JP -1.3% (to announce official shutdown of two Fukushima facilities decision) - Source


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