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Friday January 10, 2014 - 06:49:33 GMT
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| | Email Asian Market Update: China trade surplus, exports miss; Alcoa begins the earnings season - Source

- (CN) CHINA DEC TRADE BALANCE: $25.6B V $32.2BE >- (AU) AUSTRALIA NOV HIA NEW HOME SALES M/M: +7.5% V -3.8% PRIOR (fastest pace since Jan 2010) - (JP) JAPAN NOV PRELIM LEADING INDEX CI: 110.8 V 110.8E; COINCIDENT INDEX: 110.5 V 110.6E (highest since July 2008) - (JP) JAPAN DEC OFFICIAL RESERVE ASSETS: $1.27T V $1.28T PRIOR (2nd consecutive decline) - (JP) Japan Nov Conference Board Leading Economic Index: 101.1; m/m: +0.3% v +0.5% prior - (JP) Japan investors bought net 448.2B in foreign bonds last week vs sold net 680.6B in prior week; Foreign Investors bought net 68.2B in Japan stocks v bought net 838.3B in prior week - (PH) PHILIPPINES NOV EXPORTS Y/Y: 18.9% V 11.5%E; TOTAL MONTHLY EXPORTS: $4.3B V $5.0B PRIOR - (PE) PERU CENTRAL BANK LEAVES REFERENCE RATE UNCHANGED AT 4.00%, AS EXPECTED - (UK) UK DEC BRC SALES LFL Y/Y: 0.4% V 0.8%E (lowest since April) - (US) Weekly Fed Balance Sheet Total Assets Week ending Jan 8th: $4.03T v $4.02T prior; Reserve Bank Credit: $3.986T v $3.980T prior; M1: -$1.8B v +$5.4B prior; M2: -$10.2B v +$23.5B prior ***Observations/Insights*** - China's trade surplus for December came in at $25.6B much less than the $32.2B surplus expected. Growth in exports slowed down from the prior month at 4.3% missing expectations with imports surging to 8.3% ahead of the 5.0% expected, pointing to a slowing momentum in the world's second largest economy. The Hong Kong Hang Seng moved modestly higher following the data while the Shanghai Composite and AUD/USD remained steady. - The Nikkei225, as well as most of Asia, was trading lower tracking the relatively flat session out of the US with Alcoa trading lower by 4.4% in the aftermarket after it missed its fourth quarter estimates to start off the earnings season. Overall, investors were mainly cautious ahead of the US nonfarm payrolls report out of later today. ***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy 110B in JGB with maturity less than 1-yr and 200B in JGB with maturity over 10-yr - (CN) China levy coal resource tax based on price; Aims to increase coal transportation capacity by rail to 3B tons in 2020 - Chinese press ***Speakers/Political/In the Papers*** - (CN) China Customs: China is shifting to domestic demand-driven growth; Reliance on foreign trade is declining >- (CN) China austerity has made an unexpected impact on its inflation - FT - (CN) China vice Premier calls for new energy vehicle development - China Daily - (CN) China Dec power generation 448.5B kwh, +7.7% y/y - Chinese press - (CN) China Zhejiang Province reports 1 new case of H7N9 bird flu - Chinese press - (CN) China to focus rail construction in central and western regions - Chinese press - (CN) China Association of Automobile Manufacturers (CAAM) official: China estimated to have sold over 17.0K hybrid and electric vehicles in 2013, growth rate possibly reaching 40% - Chinese press - (JP) Japan Econ Min Amari: Bank of Japan (BOJ) is steadily conducting its policy; policy not aimed at currency rates >- (JP) Japan Automobile union to demand wage increase; Japanese Trade Union Confederation (Rengo) expected to request a basic pay increase - Kyodo News - (JP) Sadayuki Sakakibara appointed as next Japan Business Federation (Keidanren) chief - financial press - (KR) South Korea vice Fin Min Choo: South Korea to act preemptively for market stability if necessary - (US) Fed's Kocherlakota (dovish, FOMC alternate): Fed could do better by adopting a more accommodative monetary policy stance - (US) Fed's Williams (dove, FOMC non-voter): lays out optimistic view of 2014-2015 growth - IDC: Q4 PC shipments 82.2M units, -5.6% y/y ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -0.3%, S&P/ASX -0.2%, Kospi -0.7%, Shanghai Composite -0.5%, Hang Seng +0.3%, Mar S&P500 +0.1 at 1,834, Feb gold +0.3% at $1,233, Feb crude oil +0.4% at $92.37/brl US markets: - ANF: Guides FY13 higher to $1.55-1.65 v $1.46e ($1.40-1.50 prior); +13.9% afterhours - GPS: Reports Dec SSS 0.0% v +1.6%e; +2.3% afterhours - HELE: Reports Q3 $1.16 v $1.09e, R$380.7M v $381Me; +1.9% afterhours - AMGN: CFO Peacock to Leave Amgen; Company Appoints Michael A. Kelly Acting CFO, effective Jan 10th; flat afterhours - CVX: Issues interim Q4 update: earnings for Q4 are expected to be comparable with Q3 (implies Q4 EPS comparable to $2.57 v $2.88e); -0.5% afterhours - PSMT: Reports Q1 $0.71 v $0.73e, R$605.6M v $611Me; -2.4% afterhours - MTH: Reports prelim Q4 business metrics; home closings +18% y/y; Files to sell 2.2M shares through Citi, DB, JPM and Merrill (6% of shares outstanding); -2.6% afterhours - SNX: Reports Q4 $1.10 v $1.15e, R$3.06B v $2.95Be; -3.2% afterhours - AA: Reports Q4 $0.04 (adj) v $0.06e, R$5.59B v $5.39Be; -4.4% afterhours - SCVL: Guides Q4 $0.03-0.06 v $0.21e, R$203-205M v $218Me; SSS -1%; Guides Jan SSS -4% to flat; -6.7% afterhours - CUDA: Reports Q3 $0.01 v $0.00e, R$59.4M v $57.6Me (only 2 est.); -9.6% afterhours - PRGS: Reports Q4 $0.43 v $0.41e, R$91M v $90.8Me; authorizes $100M share repurchase program (7.5% of market cap); -10.3% afterhours - SHLD: Guides Q4 adj loss $2.01 to $2.98/shr; SSS quarter to date Jan 6th -7.4%; FY EBITDA -$284M to -$414M; -13.1% afterhours - AEGR: Reports prelim 2013 Product Rev $48-49M v $45-50M company guidance; provides 2014 guidance; announces receipt of govt subpoena; -13.2% afterhours - FIVE: Guides Q4 lower $0.44-0.46 v $0.51e ($0.49-0.51 prior), Rev $208-210M v $217Me (prior R$214-217M), SSS -1.5 to -0.5%; -14.0% afterhours Notable movers by sector: - Consumer discretionary: Hangzhou Robam Appliances 002508.CN +3.3% (FY13 guidance); Fast Retailing 9983.JP +2.1% (Q1 results) - Industrials: Great Wall Motor 2333.HK -0.8% (analyst action) - Financials: Fosun International 656.HK +4.7% (acquires stake in Caixa Seguros); CITIC Securities 6030.HK -1.2% (Dec results); Haitong Securities 6837.HK -3.1% (Dec results); GF Securities 000766.CN -1.4% (prelim FY13 results) - Materials: Baoshan Iron & Steel 600019.CN -1.1% (prelim FY13 result); Tangshan Sanyou Chemical Industries 600409.CN +1.8% (FY13 guidance); Jiangxi Wannianqing Cement 000789.CN +2.6% (FY13 guidance); Mitsubishi Materials 5711.JP -1.6% (halts operations after explosion) - Energy: S-Oil Corp 010950.KR +5.3% (Saudi Aramco to acquire stake) - Healthcare: Kunming Pharmaceutical Corp 600422.CN -7.9% (FY13 guidance) - Source


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