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Tuesday October 7, 2014 - 04:31:20 GMT
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TradeTheNews.com Asian Market Update: RBA maintains policy stance and view of AUD; Hong Kong PMI contracts for 2nd month - Source TradeTheNews.com

- (AU) RESERVE BANK OF AUSTRALIA (RBA) LEAVES CASH RATE TARGET UNCHANGED AT 2.50%; AS EXPECTED (13TH STRAIGHT PAUSE) - (AU) AUSTRALIA SEPT AIG PERFORMANCE OF CONSTRUCTION INDEX: 59.1 (9-year high, 3rd consecutive rise) V 55.0 PRIOR - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 112.6 (first decline in 3 weeks) v 113.7 prior - (HK) HONG KONG SEPT HSBC PMI: 49.8 (2nd consecutive contraction) V 49.6 PRIOR - (JP) JAPAN SEPT OFFICIAL RESERVE ASSETS: $1.26T (1-year low) V $1.28T PRIOR - (NZ) NEW ZEALAND Q3 NZIER BUSINESS OPINION SURVEY: 19 (2-yr low) V 32 PRIOR ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 flat, S&P/ASX -1.0%, Kospi flat, Shanghai Composite closed, Hang Seng +0.1%, Dec S&P500 flat at 1,955***Commodities/Fixed Income***- Dec gold -0.2% at $1,204/oz, Nov crude oil -0.1% at $90.20/brl, Dec copper +0.1% at $3.04/lb- SLV: iShares Silver Trust ETF daily holdings fall to 10,857 tonnes from 10,884 tonnes prior ***Market Focal Points/Key Themes/FX***- Reserve Bank of Australia was on hold at 2.5% for the 13th straight meeting as widely expected, reiterating "monetary policy is appropriately configured" and "inflation is consistent with the 2-3% target". The accompanying statement was nearly a carbon copy with a marginal update on exchange rate, noting AUD remains high by historical standards (previously said "above most estimates of fundamental value). RBA also acknowledged a "volatile" labor data after AUG employment change put in a 36-year high. AUD/USD briefly fell about 20pips above 0.8730 post-RBA before erasing all of those losses.- Rio Tinto was up over 3% on overnight speculation of a potential bid from Glencore down the line despite formally stating that no talks are taking place. Rio added combination would not be in the best interest of shareholders. Samsung Electronics put out its prelim Q3 results below the median estimates but better than some of the worst analyst expectations, supporting shares. Samsung noted earnings are affected by smartphone competition, mobile margins are declining, and that uncertainty could persist into Q4.- BOJ policy statement is delayed by Gov Kuroda's speech at Japan's parliament. Kuroda noted export growth is lacking momentum despite softer JPY and sales tax rise impact has been prolonged, reiterating he is prepared to ease further if the economy undershoots forecasts. An earlier press report indicated the majority of the policy board is now in favor of doing away with the 2-yr inflation target timeframe given the slower rise in CPI in the past few months. USD/JPY rose about 50pips from session lows to test 109.20 - Hong Kong PMI contracted for the 2nd consecutive month, though it rose marginally from last month's levels. HSBC economist said "the impact of the cyclical slowdown is being felt through deteriorating labour market conditions, (and) new orders will likely have to pick up more significantly in the coming months before the downward trend in employment reverses." Separately, Hong Kong student leader said the Occupy Central will respond if talks with the govt fail, adding they are not very optimistic about the outcome of negotiations for any constitutional reform.- North and South Korea patrol boats exchanged gunfire in the western sea after the former reportedly entered the waters of the South. This follows weekend reports that the two sides have agreed to hold high level talks this year. North Korea's patrol boat was quick to leave the scene, and no casualties were reported.- Fed's George (non-voter, hawk) reiterated her hawkish stance, forecasting wage growth accompanying stability in the labor market. George also noted most FOMC participants expect rates to start rising in 2015, and that it was generally better to have tighter policy in the event of another recession.***Equities***US markets: - TCS: Reports Q2 $0.11 v $0.11e, R$193M v $200Me; - Guides FY14 $0.41-0.46 (ex items) v $0.50e, Rev $800-810M v $823Me; -13.2% afterhours- EZPW: Q4 Guidance to be cut below prior range (prior Q4 $0.37-0.39 (cont ops) v $0.36e); -11.6% afterhours- Z: Reports Sept monthly unique users 82.8M v 86.3M m/m (4-month low and 2nd straight decline); -1.7% afterhours - SWK: Guides FY14 EPS lower to $5.30-5.50 v $5.54e (prior $5.50-5.60) - filing; -0.8% afterhours- REGN: FDA approves EYLEA (aflibercept) Injection for expanded indication in Macular Edema Following Retinal Vein Occlusion (RVO); +1.9% afterhours Notable movers by sector:- Materials: Glencore Xstrata 805.HK +3.8%, Aluminum Corporation of China 2600.HK +2.2%, Rio Tinto +3.4% (reports of possible joint bid for Rio; rumors later dispelled); Newcrest Mining NCM.AU -0.3% (Q1 gold production)-Technology: MediaTek 2454.TW -2.3% (Sept results); TDK Corp 6762.JP +1.0% (to increase hard-desk capacity); Fujifilm 4901.JP +5.6% (positive use of drug in Ebola case); Samsung Electronics 005930.KR +1.2% (prelim Q3 results)- Energy: China Longyuan Power Group 916.HK +0.7%, Huaneng Renewable Corp 958.HK +3.0% (China to support wind power development)- Utilities: Tepco 9501.JP +1.4%, Chubu Electric 9502.JP +1.5% (thermal power partnership) - Source TradeTheNews.com

 

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Amazing Trader EVENT RISK Calendar:


Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
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Fri 24 Nov
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09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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  • POTENTIAL PRICE RISK: HIGH Tue -- 23:30 GMT US- Yellen Speech. Early evening. Looking for anything on policy


  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
  • POTENTIAL PRICE RISK: Medium Wed -- 15:00 GMT US- final University of Michigan Survey
  • POTENTIAL PRICE RISK: Medium Wed -- 15:30 GMT US- EIA Crude
  • POTENTIAL PRICE RISK: HIGH Wed -- 19:00 GMT US- FOMC Policy Minutes. Key policy release


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