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Friday September 5, 2014 - 05:48:18 GMT
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| | Email Asian Market Update: USD/JPY hits 6-year highs while PM Abe approval recovers following reshuffle - Source

(AU) AUSTRALIA AUG AIG PERFORMANCE OF CONSTRUCTION INDEX: 55.0 (3rd consecutive expansion, 9-month high) V 52.6 PRIOR - (JP) JAPAN AUG OFFICIAL RESERVE ASSETS: $1.28T V $1.28T PRIOR- (TW) TAIWAN AUG CPI Y/Y: 2.1% V 1.8%E; WPI Y/Y: 0.1% V 0.7%E - (PH) PHILIPPINES AUG CPI M/M: 0.3% V 0.5%E; Y/Y: 4.9% V 5.0%E; CORE CPI Y/Y: 3.4% V 3.2%E***Index Snapshot (as of 03:30 GMT)***- Nikkei225 +0.2%, S&P/ASX -0.5%, Kospi -0.5%, Shanghai Composite +0.1%, Hang Seng -0.4%, Sept S&P500 -0.2% at 1,994***Commodities/Fixed Income/Currencies***- Dec gold -0.2% at $1,264, Oct crude oil flat at 94.42/brl, Dec copper +0.4% at $3.15/lb- GLD: SPDR Gold Trust ETF daily holdings falls 4.8 tonnes to 785.7 tonnes; Lowest level since June 29th and biggest decline in 20 weeks - (US) Weekly Fed Balance Sheet Total Assets for week ending Sept 3rd: $4.42T v $4.41T prior; Reserve Bank Credit: $4.37T v $4.37T prior; M1: +$6.9B (first rise in 3 weeks) v -$31.5B prior; M2: +$14.5B v +$31.7B prior; M1 y/y change: 11.4% v 11.4% w/w; M2 y/y change: 6.6% v 6.7% w/w- (AU) Australia MoF (AOFM) sells A$1.5B in 2019 bonds; avg yield: 3.0350%; bid-to-cover: 2.63x - USD/CNY: (CN) PBoC sets yuan mid point at 6.1707 v 6.1666 prior setting (weakest Yuan setting since Jun 4th) ***Market Focal Points/Key Themes***- The demise of the traditional anti-dollar (euro) in the FX space after the ECB easing earlier on Thursday carried the bullish greenback momentum into the Asian session. USD/JPY has made a decisive breach of the final critical resistance above 105.45 - making a fresh 6-year high and helping Nikkei225 to modest gains. NZD/USD fell to 6-month lows of 0.8270, even as AUD/USD remains in its tight 15-pip range just above $0.9330.- Pair of Fed officials from opposite sides of the spectrum reflected on US economy ahead of tomorrow's critical non-farm payrolls report. From the hawkish camp, Dallas Fed's Fisher pointed to accelerating prices for core services and evidence of a heating in US economy. Minnesota's dovish voter Kocherlakota said inflation will likely remain below 2% until 2018, and that a good deal of the employment recovery has been among part-time workers.- Japan govt reshuffle that increased the number of women in cabinet posts has boosted PM Abe's approval ratings considerably. Nikkei and Yomiuri polls saw low double-digit increases in Abe cabinet ratings to 60% and 64% respectively. Also out of Japan, Econ Min Amari noted the recent yen weakness has more to do with USD strength, while Fin Min Aso announced the govt will draft a stimulus backup plan as it monitors economy and in preparation for Dec decision regarding the next consumption tax hike.- Situation in China property sector remains tenuous, and is also increasingly worrisome for trading partners overseas. Shanghai Existing House Index Office announced Aug sales index fell 0.7% to 2,919 - 3rd consecutive month of decline and 2nd consecutive acceleration in the downturn. Local economist said the index is evidence that the market has been undergoing a deeper correction with larger price cuts being offered in more areas around the city - about 80% of homeowners who sold their houses agreed to provide discounts as large as 10%. Australian Bureau of Agricultural and Resource Economics (ABARE) head Grafton declared that China economy and its property bubble are beginning to unravel and may hit Australia hard. Grafton added RBA is between a rock and a hard place as it deals with falling prices for coal and iron ore, a slump in business investment, an overpriced housing market and high AUD.***Equities***US markets: - LOCO: Reports Q2 $0.21 v $0.17e, R$86.9M v $86.4Me; +4.6% afterhours- OMED: FDA Removes Partial Clinical Hold on OncoMed's Ipafricept; +4.1% afterhours- TSLA: Confirms plan to build $5B advanced battery gigafactory in Nevada - financial press; +0.2% afterhours- BEBE: Reports Q4 -$0.18 v -$0.20e, R$103.6M v $106Me; -2.8% afterhours- ZUMZ: Reports Q2 $0.26 v $0.23e, R$176.7M v $177Me, guides Q3 $0.47-0.50 v $0.53e; -3.4% afterhours- FNSR: Reports Q1 $0.32 v $0.32e, R$327.6M v $327Me, guides Q2 $0.23-0.27 v $0.35e, R$305-320M v $335Me; -4.2% afterhours- KORS: Launches Secondary Public Offering of 11.6M shares (5.6% of shares outstanding); -4.3% afterhours- GPS: Reports Aug SSS -2% v +1.8%e; -5.6% afterhours- ZQK: Reports Q3 -$0.20 v $0.03e, R$396M v $440Me; -9.9% afterhours Notable movers by sector:- Consumer Discretionary: Sekisui House 1928.JP +2.5% (H1 results); Tokyo Dome Corp 9681.JP +3.1% (FY14/15 guidance)- Financials: CITIC Securities 600030.CN +1.8% (Aug Op results); Haitong Securities 600837.CN +2.4% (Aug Op results)- Energy: China Sinyes Solar Technologies 750.HK +4.7%, Sungrow Power 300274.CN +1.9% (China encourages distributed photovoltaics)- Industrials: CNR 601299.CN +2.5% (resumes trading after speculation of restructure); Elders ELD.AU -4.4% (to sell stake in asset)- Technology: MediaTek 2454.TW +0.4% (Aug Op results); TPK Holding 3673.TW +1.9% (Aug Op results); Siliconware Precision Industries 2325.TW -1.7% (Aug Op results) - Source


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