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Wednesday October 29, 2014 - 05:05:57 GMT
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| | Email Asian Market Update: Japan industrial output recovers; Facebook follows Twitter with steep post-earnings drop - Source

***Economic Data***- (JP) JAPAN SEPT PRELIMINARY INDUSTRIAL PRODUCTION M/M: 2.7% V 2.2%E (8-month high); Y/Y: +0.6% V -0.1%E - (NZ) NEW ZEALAND OCT ANZ ACTIVITY OUTLOOK: 37.8 V 37.0 PRIOR; ANZ BUSINESS CONFIDENCE: 26.5 (first increase in 8 months) V 13.4 PRIOR - (KR) SOUTH KOREA SEPT CURRENT ACCOUNT BALANCE: $7.6B V $7.2B PRIOR (31st month of surplus) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +1.4%, S&P/ASX flat, Kospi +1.1%, Shanghai Composite +0.4%, Hang Seng +0.9%, Dec S&P500 -0.2% at 1,975***Commodities/Fixed Income***- Dec gold flat at $1,229, Dec crude oil +0.3% at $81.69/brl- GLD: SPDR Gold Trust ETF daily holdings fall 1.8 tonnes to 743.6 tonnes; Lowest level since Oct 2008 - (US) API PETROLEUM INVENTORIES: CRUDE: +3.2M (4th consecutive build) v +3Me, GASOLINE: -3.7M v -1Me, DISTILLATE: -3.0M v -1.5Me - (JP) BOJ offers to buy 350B in 1-3yr JGB, 300B in 3-5yr JGB, 400B in 5-10yr JGB - (AU) Australia MoF (AOFM) sells A$600M in 2029 Bonds; Avg yield: 3.6260%; Bid-to-cover: 4.85x - (CN) China MoF sells 5-yr govt bonds at average yield of 3.53%- USD/CNY: (CN) PBoC sets yuan mid point at 6.1405 v 6.1421 prior setting (strongest since Oct 15th) ***Market Focal Points/Key Themes/FX***- Much like Twitter, Facebook beat consensus expectations but saw its shares sink afterhours with a near 10% loss. On the conference call, FB disclosed that Q4 sales would rise +40-47% y/y (implies $3.63-3.81B v $3.74Be), while expenses would rise 50-70%. Investors are skeptical that rich acquisitions such as WhatsApp, financials for which showed little revenue and rising costs, are less prudent if organic growth is to slow.- Japan Cabinet Office raises its assessment of Industrial Production for the first time after Sept sequential growth rose at the highest rate since January. METI noted production is "see-sawing", also forecasting a marginal 0.1% decline in October followed by a 1% increase in November. Recall earlier this month, the BOJ cut its assessment for Industrial production to "showing some weakness, due in part to inventory adjustment". Separately in Japan, S&P warned the plan to raise its sales tax next year may not be positive for the nation's credit rating if it snuffs out any chance of economic recovery. This could potentially disarm the argument that global investors' trust would be hurt if consumption tax is not lifted again as expressed by Fin Min Aso last week.- World Bank warned that China growth slowdown could be structural rather than cyclical, but that there is room for stimulus if growth slows sharply. World Bank estimated reform to increase growth by as much as 3.5% over a five year period. - South Korea Pres Park said the economy remains in crisis even though growth is picking up. A local press reported also noted Q3 credit card spending growth at its highest rate in nearly 2 years at 6.3%.***Equities***US markets: - X: Reports Q3 $2.16 adj v $1.17e, R$4.59B v $4.54Be; +10.4% afterhours- TQNT: Reports Q3 $0.28 v $0.24e, R$272M v $261Me; +4.7% afterhours- SWI: Reports Q3 $0.50 v $0.44e, R$112.9M v $111Me; +3.5% afterhours- DLR: Reports FFO Q3 $1.22 v $1.21e, R$412.2M v $407Me; +3.3% afterhours- WES: Reports Q3 $0.60 v $0.56e, R$326.5M v $347Me; to acquire Nuevo Midstream for $1.5B; +1.7% afterhours- AFL: Reports Q3 $1.51 v $1.43e, R$5.74B v $5.72Be; increases dividend, approves increased buyback targets; +1.2% afterhours- WYNN: Reports Q3 $1.95 (adj) v $1.82e, R$1.37B v $1.36Be; +0.9% afterhours- MAR: Reports Q3 $0.65 v $0.62e, R$3.46B v $3.45Be; +0.4% afterhours- MCK: Reports Q2 $2.79 v $2.74e, R$44.8B v $42.9Be, Technology solutions rev -6% y/y; -0.7% afterhours- EA: Reports Q2 $0.73 v $0.53e, R$1.22B v $1.16Be; -1.2% afterhours- WDC: Reports Q1 $2.10 v $2.04e, R$3.94B v $3.88Be, Guides Q2 $2.00-2.10 v $2.22e, R$3.75-3.85B v $3.91Be - conf call; -1.3% afterhours- OI: Reports Q3 $0.75 adj v $0.73e, R$1.75B v $1.77Be, lowers FY14 adj EPS $2.62-2.72 v $2.70e (prior $2.85-3.05); -1.8% afterhours- PNRA: Reports Q3 $1.46 v $1.42e, R$620M v $621Me, sales growth was offset by higher costs; -2.6% afterhours- GILD: Reports Q3 $1.84 v $1.80e, R$6.04B v $5.88Be, Q3 Sovaldi sales $2.8B v $3.48B q/q; -4.3% afterhours- FB: Reports Q3 $0.43 v $0.40e, R$3.20B v $3.11Be; Guides Q4 Revenue +40-47% y/y (implies $3.63-3.81B v $3.74Be) - conf call; -8.2% afterhours- ORB: The Antares (unmanned) rocket explodes on launch from VA - financial press; -15.5% afterhours Notable movers by sector:- Consumer Discretionary: Shimano 7309.JP +4.9% (9M results; raises FY14 guidance); Nichirei Corp 2871.JP +3.6% (H1 results; raises FY14/15 guidance); Guangzhou Automobile 2238.HK -3.3% (Q3 results)- Financials: Nomura Holdings 8604.JP +4.4% (H1 results); Ping An Insurance 2318.HK +2.3% (Q3 results)- Materials: Sirius Resources SIR.AU +5.5% (quarterly update); Maanshan Iron & Steel 323.HK +4.2% (Q3 results)- Industrials: Samsung Heavy 010140.KR +7.3% (share repurchase); Okuma Corp 6103.JP -2.5% (H1 results); Minebea 6479.JP +2.5% (raises FY14/15 guidance); Hitachi Construction Machinery 6305.JP +2.6% (H1 results); Honda Motor 7267.JP +0.4% (H1 results); Gem-Year Industrial 601002.CN +10.0%, China Railway Group 601390.CN +8.4% (CSR, CNR merger)- Technology: Omron Corp 6645.JP +7.6% (H1 results)- Utilities: Osaki Electric 6644.JP +3.4% (raises FY14/15 guidance) - Source


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