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Thursday December 12, 2013 - 06:10:37 GMT
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| | Email Asian Market Update: RBNZ shifts to a tightening bias; Facebook shares spike upon joining S&P500 - Source

Asian equities continued to lose ground amid speculation that the Fed could begin to scale back its stimulus measures sooner than later. Despite the declines in the US markets, the S&P announced that Facebook was set to replace Teradyne in the S&P 500 index at the close of trading on Dec 20th. Shares of Facebook closed at $49.38 -1.7%, but rose to a high of 52 +5.3% in after-hours trading on the news. - The NZD strengthened on hawkish tones out of the RBNZ after it left the official cash rate at 2.50% (as expected). The central bank said that it would increase the cash rate as needed to maintain average inflation near 2% target midpoint. It had previously stated that a rate hike will likely to be needed next year. - The Australian jobless rate increased to a three-month high of 5.8% for November despite a rise in job numbers with the participation rate steady at 64.8%, the lowest level since October 2006. AUD was briefly higher following a November employment change reading of 21.0k beating expectations, but it quickly reversed gains on risk-aversion and expectations of Fed tapering. - South Korean market fell after the Bank of Korea left its 7-day repo rate steady at 2.50%, as widely expected. Increased volatility in the yen continued to pose considerable risk to the domestic economy. ***Economic Data*** - (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50%, AS EXPECTED >- (AU) AUSTRALIA NOV EMPLOYMENT CHANGE: +21.0K V +10.0KE (7-month high); UNEMPLOYMENT RATE: 5.8% V 5.8%E - (AU) AUSTRALIA DEC CONSUMER INFLATION EXPECTATION: 2.1% V 1.9% PRIOR (4-month high) - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 2.50% (AS EXPECTED); (7th straight pause) - (JP) JAPAN NOV TOKYO AVERAGE OFFICE VACANCIES: 7.5 V 7.6 PRIOR - (AU) AUSTRALIA OCT CREDIT CARD BALANCES (A$): 48.9B V 48.8B PRIOR; CREDIT CARD PURCHASES: 23.0B V 22.0B PRIOR - (NZ) NEW ZEALAND NOV FOOD PRICES M/M: -0.2% V -1.0% PRIOR - (NZ) NEW ZEALAND REINZ NOV HOUSE PRICE INDEX: 3,885 V 3,839 PRIOR; M/M: 1.2% V 1.6% PRIOR; HOUSE SALES Y/Y: -6.6% V +2.1% PRIOR - (JP) Japan investors bought net 413.2B in foreign bonds last week vs bought net 65.5B in prior week (9th straight week of net purchases); Foreign Investors bought net 113.8B in Japan stocks v bought net 368.7B in prior week ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan's MoF sells 2.50T in 0.2% (0.2% prior) 5-yr notes; Avg yield: 0.197% v 0.193% prior; Bid to cover: 4.43x v 5.03x prior - (CN) China National Petroleum Corporation (CNPC) researcher: China natural gas price may rise 77% by 2015; Sees China oil demand to rise 2.5%/yr in 2013-2020 - Chinese press - (CN) China Qinhuangdao coal price rises to CNY605-615/t (9th consecutive rise; highest since mid-June) - (CN) China Iron and Steel Association (CISA) plans to introduce daily price index for imported iron ore in early 2014 - Chinese press - GLD: SPDR Gold Trust ETF daily holdings fall 2.1 tonnes to 833.6 tonnes (lowest since Jan 2009) - SLV: iShares Silver Trust ETF daily holdings fall to 10,208 tonnes (lowest since July 15) from 10,304 tonnes ***Speakers/Political/In the Papers*** - (JP) Japan Pension Fund (GPIF) panel head Ito: Govt should decide on independence of GPIF - (JP) Japan PM Abe cabinet set to approve 5.5T extra budget for stimulus measures - Japanese press - (JP) Japan to increase total defense spending to 24.4T over the next 5-yr mid-term Defense Program - Kyodo News - (JP) Japan megabanks to allow overseas credit card users to access cash at ATMs - Japanese press - (CN) China to sell second tranche CNY15B of negotiable certificates of deposits (NCD) for 5 banks on Friday Dec 13th, 2014 - financial press - (CN) PBoC won't conduct open market operations (OMO) in today's session (3rd consecutive session of halted operations); Drains CNY37B this week v drained CNY47B prior (2nd week of net drain) - (CN) China Finance Ministry announces import, export duty adjustments, effective Jan 1st; Over 760 imported goods to be affected - (NZ) RBNZ Gov Wheeler: Rate must rise by 225bps over the next 2 1/4 year; RBNZ serious about containing inflation - press conf - (NZ) RBNZ Gov Wheeler: RBNZ concerned about house prices; Auckland house price gain is unhealthy - address at Finance and Expenditure Committee - (AU) New South Wales (NSW) announces deficit wider than prior forecast - (ID) Fitch: Indonesia residential property faces near-term headwinds - (VN) Moody's: Firmer macroeconomic stability supports Vietnam sovereign rating - (TH) Moody's: Thailand political crisis is credit Negative - (UK) British Chambers of Commerce (BCC): Raises 2013 GDP forecast to 1.4% from 1.3% prior forecast, Raises 2014 GDP to 2.7% from 2.2% prior forecast - (EU) ECB may put in place stricter regulations on sovereign bonds - FT citing ECB's Praet - (EU) EU negotiators said to have reached provisional agreement to impose possible losses on shareholders, bondholders, savers on failing banks form Jan 2016 - financial press - (IT) Italy Govt of PM Letta wins confidence vote in the Senate; as expected - (US) House panel has cleared bipartisan budget deal for full house vote this week; vote may occur Thursday - financial press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -1.4%, S&P/ASX -1.3%, Kospi -0.7%, Shanghai Composite -0.1%, Hang Seng -0.5%, Dec S&P500 -0.2% at 1,777, Feb gold -0.2% at $1,255, Jan crude oil -0.1% at $97.36/brl US markets: - HLT: Prices 117M share IPO at $20/shr (as expected) - PRTA: Prothena Enter Into Worldwide Collaboration with Roche to Co-Develop and Co-Promote Antibodies for Treatment of Parkinson's Disease; +7.7% afterhours - FB: *TO BE ADDED TO S&P500 AND S&P100; effective after the close of trading on Friday, December 20; +4.0% afterhours - MW: Reports Q3 $0.90 v $0.87e, R$649M v $627Me; +1.4% afterhours - AET: Reaffirms FY13 $5.80-5.90 v $5.87e, R$47B v $47.1Be; Guides initial FY14 at least $6.25 v $6.21e, R$53B v $54.9Be - filing; -0.5% afterhours - IAG: Suspends dividend payout (prior was 6.5% yield) to preserve balance sheet; -3.4% afterhours - VRA: Reports Q3 $0.37 v $0.34e, R$130.1M v $129Me; guides lower; -7.7% afterhours - SUNE: Guides Q4 semiconductor materials Rev $209-234M v $234-264M prior; -11.3% afterhours - ATHN: Guides initial FY14 $0.98-$1.10 v $1.37e, R$725-755M v $765Me; Affirms FY13 $1.05-1.15 v $1.03e, R$580-615M v $592Me (prior "at or near the low end" $1.05-1.15); -15.8% afterhours Notable movers by sector: - Consumer discretionary: Sunvim Group 002083.CN +2.2% (receives govt subsidy); Huayi Brothers 300027.CN +4.9%, Zhejiang Huace Film 300133.CN +9.6%, China Television Media 600088.CN +3.6% (China annual movie box office reaches CNY20B); Shanghai Lansheng 600826.CN +10.0% (approves for SOE restructure) - Industrials: Kanamoto Co Ltd 9678.JP +2.3% (FY12/13 results); Doosan Heavy 034020.KR -4.6% (to sell treasury shares); Chengdu Road & Bridge Engineering 002628.CN +0.9% (awarded contract); Jiangsu WELLE Environmental 300190.CN +1.7% (awarded contract) - Materials: Nitto Denko Corp 6988.JP -18.3% (FY13/14 guidance) - Financials: Cinda Asset Management 1359.HK +29.9% (IPO) - Technology: Pegatron Corp 4938.TW -1.1% (working safety concerned) - Energy: Kingdream 000852.CN +3.1%, Shandong Molong Petroleum Machinery 002490.CN +4.3% (China Qinhai province finds shale gas) - Utilities: Envestra Ltd ENV.AU +1.0% (FY14 guidance) - Source


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