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Wednesday September 24, 2014 - 04:57:54 GMT
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| | Email Asian Market Update: New Zealand trade deficit smaller than feared, even as Fonterra cuts payout forecast again - Source

- (NZ) NEW ZEALAND AUG TRADE BALANCE (NZ$): -472M (2nd consecutive trade deficit) V -1.1BE - (AU) AUSTRALIA AUG SKILLED VACANCIES M/M: 1.1% V 1.4% PRIOR (4th consecutive increase) - (AU) AUSTRALIA JUL CONFERENCE BOARD LEADING INDEX M/M: 0.5% (3rd consecutive increase) V 0.2% PRIOR - (JP) JAPAN SEPT PRELIM MARKIT/JMMA MANUFACTURING PMI: 51.7 V 52.2 PRIOR (4th consecutive month of expansion) - (VN) Vietnam Sept Consumer Price Index (CPI) Y/Y: 3.6% v 4.3% prior ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.3%, S&P/ASX -0.7%, Kospi flat, Shanghai Composite +0.2%, Hang Seng +0.1%, Dec S&P500 +0.1% at 1,974***Commodities/Fixed Income/Currencies***- Dec gold flat at $1,222, Nov crude oil flat at $91.56/brl, Dec copper +0.3% at $3.03/lb- (US) API PETROLEUM INVENTORIES: CRUDE: -6.5M (largest draw since May 20th) v +0.5Me, GASOLINE: +0.09M v -0.5Me, DISTILLATE: +3.0M v +0.5Me - GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 773.5 tonnes; Lowest level since Dec 2008, 3rd consecutive decline- SLV: iShares Silver Trust ETF daily holdings rise to 10,663 tonnes from 10,589 tonnes prior (highest since Apr 2013) - update - (JP) BOJ offers to buy 300B in 1-3yr JGB, 200B in 3-5yr JGB, 400B in 5-10yr JGB - (AU) Australia MoF (AOFM) sells A$600M in 4.75% 2027 bonds; Avg yield: 3.7698%; Bid-to-cover: 3.93x - USD/BRL: (BR) Brazil Central Bank increasing currency intervention; To offer up to 15K swap contracts vs 6K prior - financial press - USD/CNY: (CN) PBoC sets yuan mid point at 6.1462 v 6.1470 prior setting (2nd consecutive firmer Yuan setting) ***Market Focal Points/Key Themes***- New Zealand dodged expectations for a 1-year high trade deficit above NZ$1B. Terms of trade still marked their 2nd consecutive monthly shortfall, but the figure was nowhere as bad as feared, with exports reaching NZ$3.5B v NZ$3.2Be and imports missing at NZ$4.0B v NZ$4.5Be. The beat offered a welcome relief to the Kiwi dollar, which hit a 1-year low near $0.8040 after dairy co-op Fonterra cut its FY14/15 payout to NZ$5.30/kg from NZ$6.00/kg. Fonterra also reported FY14 Net NZ$179M v NZ$736M y/y on Rev NZ$22.3B v NZ$18.6B y/y, and raised its FY15 dividend forecast to NZ$0.25-0.35/shr from NZ$0.20-0.25 prior forecast. Recall Fonterra has also cut its payout forecast due to oversupply as recently as late July. Following the trade figures, NZD/USD reversed that post Fonterra-drop to as high as $0.8085.- Japan PM Abe noted he would prefer some caution related to the impact of recent Yen weakness on local economies. Markets briefly interpreted that as an expression of discomfort related to the side-effects of weak-JPY policy pursued by the BOJ, sending USD/JPY down about 30pips below 108.50. Also of note in Japan, prelim Sept Markit PMI showed its 4th month of expansion, with output increasing at faster rate and Output Prices reversing direction to the upside.- China markets remain supported by chatter of policymakers' easing of housing curbs. Early-session reports noted cities of Qingdao, Fuzhou, Suzhou, Hangzhou, and Nanjing had reportedly eased their criteria for "first mortgage" home purchase classification to buyers with no mortgage outstanding and with no house registered under their names. Wuhan was also listed as a city stimulating housing demand by fully removing home purchasing curbs effective Sept 24th. Separately, Goldman Sachs cut its China 2015 GDP forecast to 7.1% from 7.6% prior, forecasting policymakers would lower their 2015 target to 7.0% from 7.5% in 2014. CPI projections were also downgraded for 2014 and 2015 to 2.2% and 2.5% respectively.- Australia Bureau of Resources (BREE) lowered its iron ore price projections to $94/ton for both 2014 and 2015 vs $105/ton and $97/ton respective forecasts made in June. BREE also noted export earnings growth would slow to an annual 7% from the 12% expected this year. BREE saw continued growth in volumes helping offset lower commodity prices, and also mentioned the positive impact of lower AUD. RBA released its semi-annual Financial Stability Review, hinting it would consider macro-prudential measures to curb growing property prices in the current low-rate environment. RBA said it was in talks with regulators over additional house lending clamps, warning lending is becoming unbalanced and could pose a risk to the financial system.***Equities***US markets: - BBBY: Reports Q2 $1.17 v $1.14e, R$2.95B v $2.90Be; Guides Q3 Rev +2.8-3.7% y/y v +4%e (implies R$2.95-2.98B v $2.98Be); SSS +2-3% - conf call; +7.8% afterhours- ZSPH: Announces positive top-line results from HARMONIZE (ZS004); +5.1% afterhours- VZ: Said to hire TAP Advisors for sale/lease of up to 12K towers; May raise $6B based on previous AT&T sale - financial press; flat afterhours- AIR: Reports Q1 $0.36 v $0.41e, R$469M v $496Me; Cuts FY14 guidance; -3.5% afterhours- ATOS: Provides Regulatory and Commercial Update on Its ForeCYTE Breast Aspirator and Its FullCYTE Breast Aspirator; -52.8% afterhours- ECTE: Trading halted; Suspends operations to conserve liquidity; -69.8% afterhours Notable movers by sector:- Consumer Discretionary: Daiei 8263.JP +16.5%, Aeon 8267.JP -2.4% (press speculation on Aeon's restructuring); Starbucks Coffee Japan 2712.JP +4.5% (Starbucks to purchase remaining stake)- Financials: China Vanke 2202.HK +1.6% (shareholder raises stake)- Materials: Nuplex Industries NPX.NZ +6.0% (confirms plan to sell assets)- Industrials: Amada 6113.JP +3.4% (press speculation on H1 results); Obayashi Corp 1802.JP +2.1% (project plans) - Source


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