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Friday October 3, 2014 - 04:37:48 GMT
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| | Email Asian Market Update: Hang Seng reopens at 4-month lows; China non-manufacturing PMI slides to 8-month lows - Source

(CN) CHINA SEPT NON-MANUFACTURING PMI: 54.0 (8-month low) V 54.4 PRIOR - (JP) JAPAN SEPT MARKIT SERVICES PMI: 52.5 V 49.9 PRIOR (highest reading since Oct 2013) - (AU) AUSTRALIA AUG HIA NEW HOME SALES M/M: +3.3% (6-month high) V -5.7% PRIOR - (AU) AUSTRALIA SEPT AIG PERFORMANCE OF SERVICES INDEX: 45.4 (7th consecutive contraction, 13-month low) V 49.4 PRIOR ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 flat, S&P/ASX +0.1%, Kospi closed, Shanghai Composite closed, Hang Seng -1.3%, Dec S&P500 +0.2% at 1,942***Commodities/Fixed Income***- Dec gold -0.2% at $1,213/oz, Nov crude oil +0.2% at $91.23/brl, Dec copper flat at $3.01/lb- GLD: SPDR Gold Trust ETF daily holdings fall 1.2 tonnes to 767.5 tonnes; Lowest level since Dec 2008 - SLV: iShares Silver Trust ETF daily holdings rise to 10,884 tonnes from 10,888 tonnes prior; multi-year high (first decline since Sept 3rd) - (JP) BOJ offers to buy 400B in 5-10yr JGB, 100B in 10-25yr JGB and 30B in JGB with maturity over 25-yr as well as 3.5T (highest on record) in T-bills - (AU) Australia MoF (AOFM) sells A$500M in 5.25% 2019 Bonds; Avg yield: 2.8706%; Bid-to-cover: 6.02x - (US) Weekly Fed Balance Sheet Total Assets for week ending Oct 1st: $4.45T (first decline in 6 weeks) v $4.46T prior; M1: -$32.1B (largest decline in 6 weeks) v +$36.2B prior; M2: -$10.0B (largest decline in 7 weeks) v +$7.4B prior; M1 y/y change: 10.5% (3-week low) v 12.3% w/w; M2 y/y change: 6.3% (5-month low) v 6.8% w/w***Market Focal Points/Key Themes/FX***- Signs of de-escalation in Hong Kong may have contributed to an upward reversal in US indices on Thursday, but Hang Seng still reopened down by over 1% to hit 4-month lows. Recall chief exec CY Leung refused to step down, sending his deputy Carrie Lam to discuss constitutional reform with Occupy Central leaders. Subsequent reports indicate there is a more hardline faction among the protesters refusing to negotiate, and some renewed clashes with policy outside govt offices still took place. Hong Kong police authorities reiterated their demands for the small group of radical protesters to disband when they attempted to block traffic on Lung Wo Road.- Shanghai Composite remains closed for holiday, however China Stats Bureau still put out its non-manufacturing PMI data. Sept print fell to an 8-month low of 54.0, reversing the first sequential increase in 3 months back in August. New Orders component fell into contraction at 49.5 v 50.0 prior, while price index decelerated further to 47.3 v 48.3 prior.- Japan PM Abe acknowledged that April sales tax increase led to the 7.1% GDP contraction in Q2 as well as the tough start to Q3 from poor weather-related consumption. Econ Min Amari also appeared to backtrack from prior suggestions that the second consumption tax increase would go as planned, noting the cabinet remains neutral on the decision. USD/JPY saw a renewed bid to trade up to 108.90, up about 50pips from the lows.- Fed's Bullard (moderate, non-voter) offered some rather hawkish remarks ahead of Friday's NFP, noting the decline in the jobless rate is far better than expected in Sept 2012. Bullard added October is a "natural time" to drop "considerable time" component to the Fed policy statement.***Equities***US markets: - SLXP: Said to likely terminate deal with Cosmo Pharma; Sale to Actavis more likely - financial press; +4.6% afterhours- OXY: Approves spin-off of California Resources Corporation; increases share repurchase authorization for additional 60M (7.6% of shares outstanding); +0.9% afterhours - K: United Biscuits to meet with Kellogg's CEO regarding possible 2B deal - financial press; -0.4% afterhours- JPM: Confirms data compromised impacts approx 76M households, 7M small businesses; -0.4% afterhours- ADTN: Lowers Q3 guidance; Sees Q3 EPS $0.23-0.24 v $0.27e, Rev $162.0-163.0M v $181Me (prior $176M+)Notable movers by sector:- Financials: China Vanke 2202.HK +3.9%, Shimao Property 813.HK +3.7%(PBoC property policy eased); ICBC 1398.HK -1.0%, HSBC 5.HK-1.8% (continued Hong Kong protests); Seven & I Holdings 3382.JP -0.7% (H1 results)- Customer discretionary: SA SA 178.HK -4.0%, Chow Tai Fook 1929.HK -2.0%; Wynn Macau 1128.HK -1.8%, Sands China 1928.HK -2.1%, Melco Crown Entertainment 6883.HK-1.6% (continued Hong Kong protests); Fast Retailing Co 9983.JP +1.8% (Reports Sept domestic Uniqlo SSS); Skymark Airlines 9204.JP +9.4% (improved penalty agreement with Airbus)- Energy: Buru Energy BRU.AU -1.3% (Aegis Exploration lowers stake to 8.5% from 10.5%); AusTex Oil AOK.AU -2.3% (Aug production data)- Telecom: Softbank Corp 9984.JP (acquires stake in film production company) - Source


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