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Monday October 6, 2014 - 05:12:57 GMT
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| | Email Asian Market Update: World Bank cuts China GDP target; Rousseff to face Neves in runoff; Occupy Central regroups - Source

(AU) AUSTRALIA SEPT ANZ JOB ADS M/M: 0.9% (4th consecutive increase) V 1.6% PRIOR - (AU) AUSTRALIA SEPT TD SECURITIES INFLATION M/M: 0.1% V 0.0% PRIOR; Y/Y: 2.2% V 2.4% PRIOR - (NZ) NEW ZEALAND SEPT QV HOUSE PRICES Y/Y: 6.4% V 6.9% PRIOR (smallest increase since Feb 2013) - (NZ) NEW ZEALAND Q2 WESTPAC EMPLOYMENT CONFIDENCE INDEX: 111.5 V 109.9 PRIOR (MULTI-YEAR HIGH) - (KR) SOUTH KOREA Q3 FOREIGN DIRECT INVESTMENT (FDI) Y/Y: 37.9% V 14.5% PRIOR - (KR) South Korea Aug Foreign Reserves: $364.4B v $367.5B prior (2nd m/m decline) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +1.5%, S&P/ASX -0.4%, Kospi -0.1%, Shanghai Composite closed, Hang Seng +0.1%, Dec S&P500 +1.1% at 1,959***Commodities/Fixed Income***- Dec gold flat at $1,189/oz, Nov crude oil flat at $89.75/brl, Dec copper +0.3% at $3.01/lb- (KR) South Korea sells 5-yr govt Bonds; avg yield 2.26%; bid-to-cover: 4.129x ***Market Focal Points/Key Themes/FX***- In a surprise outcome, the pro-business Brazil candidate Neves stormed ahead of environmentalist Silva and will challenge incumbent Rousseff in a runoff on Oct 26th. In today's first round, Rousseff received just over 40% of the vote, followed by Neves at 35% and Silva at about 20%. Most recent polls have suggested that Rousseff is still a favorite to win in the next round. - World Bank lowered its China GDP target to 7.4% from 7.6% prior and 2015 GDP to to 7.2% from 7.5% prior. WB also cut its outlook for emerging East Asia 2015 GDP to 6.9% from 7.1% prior, but added "the pace of growth in the region, excluding China, will pick up next year, as the gradual recovery in high-income economies boosts demand for exports from the region." WB economist said "East Asia Pacific will continue to have the potential to grow at a higher rate and faster than other developing regions- if policy makers implement an ambitious domestic reform agenda."- Hong Kong chief exec Leung reiterated the administration will "take all necessary actions to restore social order". Subsequent report indicated protester ranks around the financial hub of Mong Kok have thinned to regroup near the primary protest site across the harbor, however Occupy Central leaders maintain the resistance must continue as they layed the groundwork for talks with govt officials.- In Japan, the approach of Typhoon Phanfone has resulted in temporary production suspension among the main automakers. Thousands of travelers are also stranded with hundreds of flights cancelled by JAL and ANA. Separately, Japanese press speculated the govt may delay the release of GPIF portfolio allocation plans to Nov or later from initially planned October move. Econ Min Amari also noted he is concerned about the strength of recovery in Japan, adding PM Abe is "completely neutral" on whether to raise the national sales tax. BOJ is set to announce a policy decision in tomorrow's session and may lay the groundwork to a downgrade of CPI/GDP forecasts for late-October review.- RBA will also unveil its latest decision on policy, with some speculating new language endorsing further AUD weakness to help promote rebalancing of the economy. ANZ job ads rose for the 4th straight month, as ANZ chief economist said "leading indicators of labour demand such as business conditions, profitability and capacity utilisation point to further trend improvement."- In Europe, a financial press report stated the EU is preparing to reject France 2015 budget, which may place it in 'serious noncompliance' with the new EU rules. Separately in Germany, local press speculated IMF may cut German 2014 GDP forecast to 1.5% from 1.9%, while Bundesbank's Weidmann panned ECB buying loans of "weaker quality" potentially resulting in "credit risks assumed by private banks being passed on to the central bank and thus the taxpayer, without adequate compensation."***Equities***US markets:- HPQ: Said to be planning to break into two entities, splitting PC and printer operations from hardware - financial press- CFN: Becton Dickinson said to acquire company for $12.2B or $58/shr (about 25% premium) in cash and stock; BD affirms FY15 EPS guidanceNotable movers by sector:- Customer discretionary: Tian Ge Interactive Holdings 1980.HK +3.5% (to offer healthcare information services in Hong Kong); Aeon Delight 9787.JP +6.1% (H1 results); Bic Camera 3048.JP +3.0% (raises FY14 guidance)- Industrials: Austal ASB.AU +2.0% (awarded contract); Hyundai Motor 005380.KR +3.1% (China sales) - Source


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