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Thursday January 2, 2014 - 06:12:44 GMT
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| | Email Asian Market Update: China PMIs slip but remain in expansion; Hyundai Motors shares slump on soft 2014 outlook - Source

- China official manufacturing PMI hits 4-month low, below consensus; HSBC final PMI is inline with consensus, marks 3-month low; Economists attribute overall declines to tight liquidity in December, but also note contraction in export orders (53.9 v 54.5 prior) indicative of softer external demand. - China State Information Center economist forecasting 2014 GDP at 7.5%, M2 +13%, industrial production at 9.3%, exports +9%, imports +7.5%. - North Korea's Kim Jong-Un hints he is prepared to improve relations with South Korea but also warns of "nuclear disaster" in event of war. - Australia House price index up nearly 10% for 2013 - highest rate of growth in 4 years. - South Korea's staples Samsung Electronics and Hyundai Motors sharply lower; Samsung down on after local press speculated Q4 op profits may miss forecasts, Hyundai down after forecasting 2014 vehicle sales up just 3.9% from 2013 - slowest growth in 10 years. ***Economic Data*** - (CN) CHINA DEC MANUFACTURING PMI: 51.0 V 51.2E (lowest in 4 months) >- (CN) CHINA DEC HSBC/MARKIT MANUFACTURING PMI: 50.5 V 50.5E (3-month low) - (AU) AUSTRALIA DEC AIG PERFORMANCE OF MANUFACTURING INDEX (PMI): 47.6 V 47.7 PRIOR (2nd month of contraction) - (AU) AUSTRALIA DEC RPDATA/RISMARK HOUSE PRICE INDEX: 1.4% V 0.1% PRIOR - (SG) SINGAPORE Q4 ADVANCED GDP Q/Q: -2.7% V -1.3%E; Y/Y: 4.4% V 4.8%E - (KR) SOUTH KOREA DEC TRADE BALANCE: $3.68 V $3.6BE; 2013 trade surplus $44.2B - record high - (KR) SOUTH KOREA DEC HSBC/MARKIT MANUFACTURING PMI: 50.8 V 50.4 PRIOR - (TW) TAIWAN DEC HSBC/MARKIT MANUFACTURING PMI: 55.2 V 53.4 PRIOR (4TH CONSECUTIVE EXPANSION) - (ID) INDONESIA DEC HSBC/MARKIT MANUFACTURING PMI: 50.9 V 50.3 PRIOR - (ID) INDONESIA DEC CPI M/M: 0.6% V 0.5%E; Y/Y: 8.4% V 8.3%E; CPI CORE Y/Y: 5.0% V 4.8%E - (VN) VIETNAM DEC HSBC/MARKIT MANUFACTURING PMI: 51.8 V 50.3 PRIOR - (SL) SRI LANKA CUTS REVERSE REPO RATE BY 50BPS TO 8.00% FROM 8.50%; LEAVES REPURCHASE RATE UNCHANGED AT 6.50% (EXPECTED) ***Fixed Income/Commodities/Currencies*** - (CN) PBoC won't conduct open market operations (OMO) in today's session; Drains CNY29B this week v injected CNY29B prior (first net drain in 3 weeks) - NZD/USD: (NZ) Westpac chief economist Stephens: NZD/USD likely to remain in mid $0.80s to low $0.90s range for most of 2014; Expects RBNZ to raise rates 5 times this year vs prior forecast of 4 times - NZ press - AUD and NZD gapped down at the open after the disappointing China official PMI data, falling below $0.8890 and $0.8190, before paring some of those losses. With Tokyo still closed, USD/JPY pair was little changed, trading sideways around 105.30. EUR/USD was at session lows late in the day, down over 30pips from the highs below $1.3750. Sterling outperformed amid press reports UK GDP may top prior estimates from the UK Treasury, rising over 40pips above $1.6590. ***Speakers/Political/In the Papers*** - (CN) China State Information Center: 2014 GDP may be 7.5%; 2014 PPI may decline 0.5% - Chinese press >- (CN) China to introduce draft policy on imported coal quality - financial press - (CN) According to a survey by China Real Estate Index System (CREIS), Dec home prices in the 100 largest cities rose 0.7% m/m and 11.5% y/y - financial press - (CN) China Foreign Ministry spokeswoman Hua: Both China and South Korea are indignant about Japan PM Abe's visit to Yasukuni shrine - (CN) PBoC Dep Gov Yi Gang: China to promote trade and investment conveniences - Qiushi - (CN) Industrial Bank Chief Economist Lu Zhengwei: China's economy to continue to "adjust" in 2014; Monetary policy in 2014 to be "generally the same" as 2013 - (CN) China state economist: 2014 consumption growth may reach 13-14%; total investment growth may reach 20% - Chinese press - (HK) Thousands of protesters marched in Hong Kong on New Years Day, demanding more say over how HK leaders are chosen - Chinese press - (JP) Japan PM Abe's New Year address indicating he may look to revise the constitutional limits on military use by 2020 - financial press - (JP) Japan Automakers Association Chariman Toyoda: Looking at 2014 as the turning point for recovery in Japan's economy - Nikkei - (JP) Japan Health Ministry: 2013 saw a record decline in Japan's population of 244K - financial press - (AU) Ports in Australia's Pilbara region resume normal loading operations; Only minor damage said to be sustained by Port Hedland from cyclone Christine earlier this week - press - (KR) Kookmin Bank: South Korea Dec housing price +0.4% y/y (2nd consecutive rise), +0.2% m/m (4th consecutive rise) - financial press - (KR) North Korea's Kim Jong-Un: Prepared to create atmosphere to improve relations with South Korea; Also warns Korean peninsula would be engulfed in massive "nuclear disaster" if war breaks out - (UK) According to a poll from economists, UK 2014 economy's growth rate seen close to 3% v 2.4% forecasted by UK treasury last month - FT ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 closes, S&P/ASX +0.5%, Kospi -1.8%, Shanghai Composite -0.4%, Hang Seng -0.3%, Mar S&P500 +0.3% at 1,846, Feb gold +1.6% at $1,222, Feb crude oil +0.3% at $98.67/brl US markets: - AMGN: Romosozumab Phase 2 Data Published In New England Journal Of Medicine Show Significant Increases In Bone Mineral Density At Both Spine And Hip Notable movers by sector: - Consumer discretionary: Anhui Saunaking 300247.CN +10.0%, Zhejiang Double Arrow Rubber Co Ltd 002381.CN +6.0%, Shanghai Sanmao Enterprise Group Co Ltd 600689.CN +1.1% (China issues statement on pension services) - Industrials: Hyundai Motor 005380.KR -4.7%, Kia Motor 000270.KR -5.9% (2014 sales targets); CSR Corp 1766.HK +0.6% (awarded orders) - Financials: Lander Real Estate 000558.CN +9.9% (acquisition); Insurance Australia IAG.AU +0.4% (announces shares purchase plan) - Materials: Yunnan Lincang Xinyuan Germanium Industrial 002428.CN +4.5% (awarded contract) - Healthcare: Beijing Tiantan Biological Products 600161.CN -4.9% (company's vaccine could cause death) - Energy: Woodside Petroleum WPL.AU -0.8% (Shell may sell stake) - Technology: Ourpalm 300315.CN +4.9% (tax rate adjusted); Shenzhen Changfang Light Emitting Diode Lighting 300301.CN +10.0%, Guangzhou Hongli Opto-Electronic 300219.CN +7.7%, Everlight Electronic 2393.TW +6.1%, Epistar Corp 2448.TW +4.0% (US federal bans incandescent light bulbs, as expected) - Utility: CT Environmental Group 1363.HK +10.6% (receives approval for project) - Source


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