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Wednesday January 15, 2014 - 05:34:45 GMT
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TradeTheNews.com Asian Market Update: World Bank raises global growth forecast on strength in developed economies; China new loans hit 1-year lows - Source TradeTheNews.com

(CN) CHINA DEC AGGREGATE FINANCING (CNY): 1.23T V 1.15TE - (CN) CHINA Q4 FOREIGN RESERVES: $3.82T V $3.66T PRIOR QUARTER - (CN) CHINA DEC M2 MONEY SUPPLY Y/Y: 13.6% (16-month low) V 13.9%E; M1 MONEY SUPPLY Y/Y: 9.3% V 9.0%E >- (CN) CHINA DEC NEW YUAN LOANS (CNY) Y/Y: 482.5B (1-year low) V 570BE; 2013 New Yuan Loans (CNY) Y/Y: 8.89T v 8.20T prior - (AU) AUSTRALIA DEC NEW MOTOR VEHICLE SALES M/M: +1.7% V +2.1% PRIOR; Y/Y: +0.1% V -0.2% PRIOR - (JP) JAPAN DEC M2 MONEY STOCK Y/Y: 4.2% V 4.3%E; M3 Y/Y: 3.4% V 3.4%E - (KR) SOUTH KOREA DEC UNEMPLOYMENT RATE: 3.0% V 2.9%E - (NZ) NEW ZEALAND DEC FOOD PRICES M/M: -0.1% V -0.2% PRIOR (3rd consecutive decline) ***Observations/Insights*** - GM resumes dividend payments for the first time in over 5 years; Initiates a 3% annual payout. - US Senate fails to reach minimum number votes needed to advance the bill containing the extension to unemploment insurance (UI) in a cloture vote; Prospects for legislation said to be grim. - Nikkei recovers, rising over 1.5% in morning session after a 3% slide overnight amid renewed JPY selling vs the resurgent greenback. - World Bank raises its 2014 GDP projections to 3.2% from 3.0% prior forecast on the strength of recovery in developed economies; Eurozone and Japan upgraded 0.2pts to 1.1% and 1.4% respectively and US GDP forecast maintained at 2.8%; Concurrently, World Bank cuts China GDP target to 7.7% from 8.0% and cuts Brazil by 1.6pts to 2.4%, while the overall eveloping nations 2014 GDP forecast is reduced to 5.3% from 5.6% prior. - China releases more December economic data - New loans misses estimates to hit a 1-year low and M2 money supply falls to 16-month lows. Speaking after the release, PBoC official reiterated the central bank will maintain "prudent monetary policy stance" in 2014 and will neither tighten nor loosen policy in the near term. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 548.2B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.665% v 1.704% prior; Bid to cover: 3.34x v 4.15x prior - (AU) Australia MoF (AOFM) sells A$800M in 5.75% 2021 Bonds; avg yield 3.8919%, bid to cover 3.86x - (CN) China MOF sells 7-yr bonds; avg yield 4.44% - GLD: SPDR Gold Trust ETF daily holdings fall 3.5 tonnes to 789.6 tonnes (lowest since Jan 2009) - (US) API PETROLEUM INVENTORIES: CRUDE: -4.1M (3rd consecutive draw) v -1Me; GASOLINE: +5.4M v +2.5Me; DISTILLATE: -1.7M v +1Me - USD is back in favor after a 2-day detour following a soft NFP print on Friday. USD/JPY extended its US session gains, rising about 30pips toward 104.40 level. AUD and NZD are also decoupled from their traditional role of a "risk-on" currency, falling against the greenback in spite of the recovery in the equity markets - AUD/USD and NZD/USD are both down over 50pips from the highs below $0.8920 and $0.8340 respectively. USD also advanced to fresh multi-year highs against the CAD, rising above C$1.0970, while EUR/USD fell some 50pips below $1.3630. ***Speakers/Political/In the Papers*** - (CN) China Central Bank (PBOC) official Sheng: Will not tighten or loosen monetary policy; reiterates will maintain prudent monetary policy stance in 2014 - financial press - (CN) PBoC dep gov Wu Xiaoling: China should cancel loan-to-deposit ratio limit for banks - Chinese press - (CN) Credit Agricole senior economist Kowalczyk: Sees China 2014 GDP at 7.2%; Says China is serious about reigning in excess credit lending and should accept slower growth - China Daily - (CN) China HSBC chief economist Hongbin Qu: Sees 2014 GDP around 7.7%, but may slow to as little as 7.5% - China Daily - (HK) Hong Kong Chief Leung: Govt explores more business opportunities; Working to increase housing supply, aiming to curb property prices - (JP) Japan expects to reach FY15 fiscal target - Japanese press - (JP) Japan Maritime Self-Def Force (MSDF) collides with fishing boat off Hiroshima; some in critical condition - Kyodo News - (KR) South Korea Fin Min Hyun: South Korea to balance export and demand from domestic for growth - (NZ) New Zealand's Ports of Auckland said to have notched their best two months for cargo handling on record - NZ press - (US) Senate fails to reach minimum number votes needed to advance the bill containing the extension to unemploment insurance (UI) ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 +1.8%, S&P/ASX +0.5%, Kospi +0.3%, Shanghai Composite -0.6%, Hang Seng +0.3%, Mar S&P500 flat at 1,832, Feb gold -0.4% at $1,239, Feb crude oil flat at $92.59/brl US markets: - CHTP: FDA Advisory Panel Recommends Approval of Chelsea Therapeutics' NORTHERA(TM) (Droxidopa) for the Treatment of Symptomatic nOH; +147.0% afterhours - DTLK: Guides Q4 higher to $0.33-0.37 v $0.25e, R$174M v $164Me ($0.24-0.30, R$160-170M prior); +31.6% afterhours - ARO: Said to be measuring potential takeover interest as activist investors apply pressure - financial press; +4.8% afterhours - GM: *DECLARES $0.30/SHR QUARTERLY DIVIDEND (resumes dividend payments for the first time in over 5 years); Appoints Dan Ammann as President, Chuck Stevens as CFO; effective Jan 15th; +3.0% afterhours - TSLA: CEO: Tesla will remain independent for as far into the future as I can imagine, Battery charger fix directive is not a recall - CNBC interview; +2.5% afterhours - HTWR: Guides Q4 R$53M v $58.8Me - JP Morgan healthcare conf comments; -8.1% afterhours - XONE: Lowers FY13 Rev guidance to $40-42M v $48.2Me (prior forecast "low end of $48-52M"); -13.9% afterhours Notable movers by sector: - Consumer Discretionary: Elec-Tech International 002005.CN +3.4% (JV agreement); Gree Inc 3632.JP +1.3% (press reports on Q2 results) - Industrials: Nanfang Pump Industry 300145.CN +2.0% (FY13 guidance; proposes special dividends); Canny Elevator 002367.CN +3.9% (FY13 guidance); STX Heavy Industries 071970.KR +3.2% (awarded order); JX Holdings 5020.JP +2.9% (new technology); 7203.JP Toyota +1.1% (shipment expansion plans) - Financials: Sun Innovation Holdings 547.HK -5.4% (profit warning) - Energy: Shanghai Taisheng Wind Power Equipment 300129.CN +5.9% (FY13 guidance); Strike Energy STX.AU +7.9% (gas supply agreement) - Materials: Anhui Conch Cement 914.HK +4.4% (FY13 guidance); Fortescue Metals FMG.AU (redemption of notes); OZ Minerals OZL.AU +13.2% (quarterly production results); Paladin Energy PDN.AU +10.0% (Q2 results) - Technology: Zhejiang Goldcard High-Tech 300349.CN +2.5% (FY13 guidance); Shenzhen Tat Fook Technology 300134.CN +3.7% (FY13 guidance); Tencent Holdings 700.HK +1.5% (rumors to launch financial product) - Healthcare: Tianjin Chase Sun Pharmaceutical 300026.CN +4.0% (FY13 guidance) - Source TradeTheNews.com

 

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15:00 US- Existing Homes Sales
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13:30 US- Weekly Jobless
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15:30 US- EIA Crude
19:00 US- FOMC Minutes
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