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Thursday January 30, 2014 - 05:17:02 GMT
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| | Email Asian Market Update: RBNZ holds OCR, sending NZD lower; China HSBC final manufacturing PMI deteriorates further - Source

(CN) CHINA JAN FINAL HSBC/MARKIT MANUFACTURING PMI: 49.5 V 49.6E (1st contraction in 6 months) >- (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50%, AS EXPECTED - (NZ) NEW ZEALAND DEC BUILDING PERMITS M/M: +7.6% (fifth consecutive increase) V -5.0%E - (NZ) NEW ZEALAND DEC NET MIGRATION: 2,820 V 2,770 PRIOR - (AU) AUSTRALIA Q4 EXPORT PRICE INDEX Q/Q: -0.5% V -0.2%E; IMPORT PRICE INDEX Q/Q: -0.6% (largest decline in 5 quarters) V +2.0%E - (AU) AUSTRALIA DEC HIA NEW HOME SALES M/M: -0.4% V +7.5% PRIOR; 2013 sales: +14.3%, first year of growth in 5 years - (JP) JAPAN DEC RETAIL TRADE M/M: 0.8% V 0.3%E; Y/Y: 2.6% V 3.9%E; LARGE RETAILERS' SALES: 0.1% V 0.7%E - (JP) Japan investors sold net 357.0B in foreign bonds last week (3rd consecutive week of net sales) vs sold net 226.0B in prior week; Foreign Investors sold net 154.6B in Japan stocks v bought net 71.2B in prior week - (JP) JAPAN DEC LOANS & DISCOUNTS CORP Y/Y: 2.2% V 2.6% PRIOR - (PH) PHILIPPINES Q4 GDP Q/Q: 1.5% V 0.8%E; Y/Y: 6.5% V 6.0%E; GDP ANNUAL Y/Y: 7.2% V 6.6%E, V 6.0-7.0% GOVT TARGET ***Observations/Insights*** - Facebook the most notable mover in US extended session, rising over 10% on earnings above $60/shr - a new record high. - Lenovo announced a high-profile deal to acquire Google's Motorola Mobility for $2.9B. Lenovo is down over 8%, while Google rose about 2% in the aftermarket. - RBNZ held rates on hold as expected by majority of analysts. However, with swaps markets at an even-split in expectation of a hike today, NZD was sharply lower on the decision. RBNZ did acknowledge "considerable momentum" for the economy and forecasted growth to be in line with 3.5% GDP in Sept quarter. At the same time, it added that the current high level of FX rate is "unsustainable" in the long run, weighing further on the kiwi dollar. - China final manufacturing PMI print from HSBC declined to 49.5 from 49.6 flash figure, confirming the first contraction in the manufacturing space in 6 months. Even more notable, HSBC report said China's employment sector saw the "quickest rate of job shedding since March 2009." Hong Kong's Hang Seng and Shanghai Composite saw modest losses in the final trading session before the start of the Lunar New Year holiday break. - Nikkei225 hit 11-week lows below 14,900, dragged down by firmer yen. ***Fixed Income/Commodities/Currencies*** - JGB: (JP) Japan MoF sells 2.66T in 0.1% 2-yr notes, Avg Yield: 0.083% v 0.086% prior; bid to cover: 7.17x v 6.53x prior - (CN) PBoC won't conduct open market operations (OMO) in today's session, as expected (1st halt in 4 sessions); Injects CNY75B this week v injected CNY375B in prior week - (CN) Daily Shibor fixings; O/N: 4.4350% v 4.8000% prior (2nd consecutive decline); 1-week: 4.9830% v 5.1080% prior - (CN) China Qinhuangdao coal price falls to CNY580-590/t (4th consecutive decline) - GLD: SPDR Gold Trust ETF daily holdings rise 2.1 tonnes to 792.6 tonnes (first rise since Jan 18th) - Risk-off sentiment stemming from the losses on Wall St, as well as a less hawkish than expected RBNZ statement and soft China PMI, are weighing on AUD and NZD currencies. NZD/USD hit 4-week lows of $0.8170, falling nearly 100pips in the aftermath of the RBNZ overnight cash rate decision. AUD/USD saw its lows right after the China Manufacturing PMI data, trading as low as $0.8710, down 40pips from the highs. AUD/NZD cross is higher on relative NZD weakness, rising to a 1-week high of NZD1.0680. In-line FOMC statement and $10B taper decision gave traders little to latch on to for the most liquid USD majors - USD/JPY traded in a 20pip range above 102.10 in the morning session while EUR/USD is down just 15pips from pre-FOMC levels around $1.3650. ***Speakers/Political/In the Papers*** - (CN) Credit Suisse cuts China Q1 GDP target to 7.3% from 7.7% prior - (CN) China PBoC may control M2 growth approx 13% for 2014 - Chinese press - (CN) China local govt to increase state-owned asset securitization amid pressure from unsustainable land financing - Chinese press - (CN) China property companies may be facing financing challenges - Chinese press - (JP) Japan 2014 new vehicle sales expected at 4.85M units -9.8% y/y (1st time below 5M in 3 years) - financial press citing industry body JAMA - (JP) Japan New Komeito party leader Yamaguchi: Excessive yen strength corrected; country is moving away from deflation - address to parliament - (JP) Japan Econ Min Amari: Fall in global equity market indicates difficulty to smoothly end QE in US - (KR) Korea National Oil Corporation (KNOC): 2013 oil consumption fell 0.1% y/y to 826.8M barrels equivalent; First decline in 5 years - Korean press - (KR) South Korea Financial Services Commission (FSC): Fed's decision on tapering is helpful to ease global market uncertainties - (US) Survey finds all 17 US primary dealers expect Fed to cut QE program by additional $10B at Mar meeting - financial press ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -2.5%, S&P/ASX -0.8%, Kospi closed, Shanghai Composite -0.5%, Hang Seng -0.5%, Mar S&P500 +0.2% at 1,774, Apr gold -0.1% at $1,261, Mar crude oil +0.2% at $97.54/brl US markets: - FLEX: Reports Q3 $0.26 adj v $0.23e, R$7.18B v $6.69Be; +12.3% afterhours - FB: Reports Q4 $0.31 v $0.27e, R$2.59B v $2.36Be; +12.1% afterhours - PRXL: Reports Q2 $0.49 v $0.49e, R$574.2M v $475Me; +3.3% afterhours - QCOM: Reports Q1 $1.26 v $1.20e, R$6.62B v $6.71Be; +3.1% afterhours - QLGC: Reports Q3 $0.29 v $0.24e, R$119.4M v $118Me; +2.3% afterhours - GOOG: Lenovo confirms to acquire Motorola Mobility assets for $2.91B; +2.2% afterhours - LVS: Reports Q4 $0.72 v $0.85e, R$3.66B v $3.72Be; Raises quarterly dividend by 43% to $0.50/shr from $0.35/shr; -2.0% afterhours - SYMC: Reports Q3 $0.51 v $0.43e, R$1.71B v $1.65Be; -2.1% afterhours - CTXS: Reports Q4 $1.04 v $0.98e, R$802.4M v $808Me; -5.0% afterhours - ELY: Reports Q4 -$0.34 v -$0.32e, R$127.2M v $123Me; -6.0% afterhours Notable movers by sector: - Consumer discretionary: Billabong BBG.AU -3.6% (CEO comments) - Financials: Sumitomo Mitsui Financial Group 8316.JP -5.4% (9M results); Shinsei Bank 8303.JP -7.2% (9M results) - Materials: Luoyang Glass 1108.HK -2.3% (FY13 guidance); Fortescue Metals Group FMG.AU -2.1% (Q2 production results) - Energy: Beach Energy Ltd BPT.AU -2.4% (FY14 production guidance) - Technology: Lenovo Group 992.HK -8.8% (acquires Motorola unit); Canon 7751.JP -1.7% (FY13 results); Nintendo 7974.JP -3.4% (9M results; repurchase plan) - Industrials: Hitachi Metals 5486.JP +5.0% (9M results); Zhangjiagang Furui Special Equipment 300228.CN -6.4% (FY13 results); Toyota Motor 7203.JP -2.2% (speculation on FY13/14 results); Misumi 9962.JP -6.8% (9M results) - Healthcare: Taisho Pharmaceutical 4581.JP +2.5% (9M results) - Utilities: Chugoku Electric Power 9504,JP -4.3% (FY13/14 guidance) - Source


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