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Monday September 29, 2014 - 08:02:11 GMT
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| | Email Asian Market Update: Hong Kong protests weigh on the Hang Seng; China industrial profits contract - Source

- (CN) CHINA AUG INDUSTRIAL PROFITS Y/Y: -0.6% V +13.5% PRIOR; First decline in 2 years - (KR) SOUTH KOREA AUG CURRENT ACCOUNT BALANCE: $7.3B V $7.8B PRIOR ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +0.5%, S&P/ASX -0.5%, Kospi +0.2%, Shanghai Composite +0.1%, Hang Seng -2.3%, Dec S&P500 -0.2% at 1,971***Commodities/Fixed Income/Currencies***- Dec gold +0.3% at $1,219/oz, Nov crude oil -0.6% at $92.94/brl, Dec copper -0.7% at $3.02/lb- SLV: iShares Silver Trust ETF daily holdings rise to 10,762 tonnes from 10,738 tonnes prior (multi-year high) - GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 772.3 tonnes; Lowest level since Dec 2008 - (NZ) RBNZ sold NZ$521M in Aug (biggest net sale since Jul 2007); Implies intervention by central bank - (JP) BOJ offers to buy 300B in 1-3yr JGB, 200B in 3-5yr JGB, 400B in 5-10yr JGB - USD/CNY: (CN) PBoC sets yuan mid point at 6.1539 v 6.1508 prior setting (weakest yuan setting since Sept 4th) ***Market Focal Points/Key Themes***- Protests and violent clashes with police by the Hong Kong Occupy Central movement demanding free elections is the main theme in pre-holiday Asian trading. Thousands of marchers turned up to demand universal suffrage, prompting police forces to unleash multiple rounds of tear gas and reportedly threaten to fire rubber bullets. Hang Seng traded down by about 2.5% at its worst levels, but has since come off the lows on news that protester ranks have thinned and talks are taking place. Spokesperson for China's Hong Kong and Macau Affairs Office said Beijing opposes all kinds of illegal behavior in Hong Kong that undermines social stability, but that appears to be the extent of Beijing involvement thus far.- China industrial profits went negative for the first time in 2 years, as National Bureau of Stats pointed to a slowdown in industrial production, weak demand and falling prices. NBS added that YTD profits slowed in industries including steel, chemicals and electronics. Despite the contraction, Shanghai Composite is modestly higher, presumably on expectation of more "targeted" policy medicine from the PBoC.- NZD/USD is in freefall, down as much as 150pips and approaching $0.77 handle. RBNZ posted its monthly operation metrics for August, revealing net sales (intervention) to the tune of NZ$521M - the biggest net sale since 2007. AUD/USD is also down sharply by about 60pips or 0.7% at an 8-month low near $0.87. USD/JPY is up slightly but still just shy of its 6-year high above 109.50. Note that the latest CFTC positioning data saw USD net longs hit multi-year highs. - US Pres Obama appeared on CBS 60 Minutes, primarily explaining the growing US involvement in the war against ISIS. Obama said he wants to differentiate between the "current counter-terrorism operations against ISIS vs prior wars in Iraq and Afghanistan", but also acknowledged that US intelligence underestimated developments in Syria and allowed jihadist movement to thrive. Separately, House Speaker Boehner said "at some point, somebody's boots will have to be on the ground" in Iraq or Syria to battle ISIS. Fed's Fisher reiterated his hawkish dissent in an interview with Fox Business, expressing concern that the Fed may be behind the curve given the apparent rise in wage prices.***Equities***Market Snapshot (as of 03:30 GMT):US markets: - AMBI: To be acquired by Daiichi Sankyo at $15/shr in cash; total deal valued at $410M- AAPL: Under investigation by EU related to illegal tax deals in Ireland - FT- DWA: Softbank in talks to buy the company for about $32/shr or as much as $3.4B - Hollywood ReporterNotable movers by sector:- Consumer discretionary: Treasury Wine Estates TWE.AU -13.1% (ceases takeover talks); Prada 1913.HK -2.1% (CEOs under investigations); Aeon 8267.JP -1.5% (press reports on H1 results)- Technology: Beijing Shiji Information Technology 002153.CN +10.0% (Alibaba to acquire stake)- Telecom: Softbank 9984.JP -0.9% (in talks to acquire DreamWorks)- Healthcare: Daiichi Sankyo Co 4568.JP -1.0% (to acquire Ambit Biosciences)- Materials: Lynas LYC.AU -23.5% (FY14 results; discounted share issuance); Alara Resources AUQ.AU +5.6% (FY14 results) - Source


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