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Tuesday November 11, 2014 - 06:15:05 GMT
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Asian Market Update: Shanghai Composite tops 2,500 for a 3-year high - Source

**Economic Data***- (AU) AUSTRALIA OCT NAB BUSINESS CONFIDENCE: 4 V 5 PRIOR; CONDITIONS: 13 (6-year high) V 1 PRIOR - (AU) AUSTRALIA Q3 HOUSE PRICE INDEX Q/Q: 1.5% V 1.5%E; Y/Y: 9.1% V 8.8%E - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 114.8 v 114.6 prior - (NZ) NEW ZEALAND OCT TOTAL CARD SPENDING M/M: +1.5% V 0.0% PRIOR; RETAIL SPENDING M/M: 1.0% V 0.5%E - (JP) JAPAN SEPT BOP CURRENT ACCOUNT BALANCE: 963B V 538BE; BOP ADJUSTED CURRENT ACCOUNT 414B (15-month high) V 37BE; TRADE BALANCE BOP BASIS: -715B V - 783BE - (JP) JAPAN OCT CONSUMER CONFIDENCE: 38.9 V 39.9 PRIOR (3rd straight monthly decline) - (JP) JAPAN OCT BANK LENDING INCL TRUSTS: 2.4% (5-year high) V 2.3% PRIOR; BANK LENDING EX-TRUSTS: 2.5% V 2.3%E ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +0.8%, S&P/ASX -0.3%, Kospi +0.3%, Shanghai Composite +1.4%, Hang Seng +0.5%, Dec S&P500 flat at 2,034***Commodities/Fixed Income***- Dec gold -0.5% at $1,154, Dec crude oil -0.2% at $77.24/brl- GLD: SPDR Gold Trust ETF daily holdings fall 1.8 tonnes to 725.4 tonnes; Lowest level since Sept 2008 - JGB: (JP) Japan MoF sells 553B in 1.7% (1.7% prior) 30-yr notes; Avg yield: 1.483% v 1.633% prior; Bid to cover: 3.02x v 2.59x prior - (AU) Australia MoF (AOFM) sells A$150M in 2035 indexed Bonds; avg yield: 1.4194%; bid-to-cover: 4.44x - (CN) PBoC to drain CNY20B in 14-day repos (29th consecutive drain) ***Market Focal Points/Key Themes/FX***- Shanghai Composite hit fresh 3-year highs above 2,500, as positive momentum from Hong Kong trading link and strong retail activity during Singles Day offers further tail wind to the mainland index. APEC summit proceedings in Beijing also remain cordial - US and China reach understanding to expand scope of ITA covered goods, and even contentious leaders of US and Russia were reported to have exchanged pleasantries. China Pres Xi also continued to play host, calling on APEC nations to work closer together to handle global challenges.- Economic data was particularly heavy out of Australia, with the most notable report out of NAB showing Conditions index rising to a 6 year high. Of note, the conditions component of the report dipped below Confidence for the first time since 2012, "suggesting firms remain uncertain over near-term demand in their industry."- Out of Hong Kong, chief sec Lam reiterated the govt will not negotiate with students, urging Occupy Central leadership to end the standoff. Lam added Hong Kong police is preparing to enforce the court injunction on the protest.- Fed's Rosengren spoke after the US market close, reiterating his preference for the FOMC to remain patient with tightening until inflation gets closer to 2%. Note that Boston's Rosengren is one of the more dovish Fed presidents and not a voting member on the FOMC. - FX trading is generally quiet though USD/JPY is pushing toward its 7-year highs in the afternoon session, rising about 60pips from the lows above 115.20. AUD/USD got a brief lift on strong NAB data, but erased those gains as USD remains supported by rising US yields.***Equities***US markets: - RAX: Reports Q3 $0.18 v $0.16e, R$460M v $459Me; authorized $500M shares buyback program (9.3% of shares outstanding); +3.9% afterhours- BIDU: Xiaomi said to invest $300M in Baidu's video streaming unit iQiyi - Chinese press; flat afterhours- JBHT: Guides 2014 revenue +10% y/y (implies $6.14B v $6.19Be), 2015 revenue +9-12% y/y; flat afterhours- LOCK: Discloses prior financial statements can no longer be relied upon - filing; -5.4% afterhours- CZR: Reports Q3 -$6.29 (unclear if comparable) v -$1.68e, R$2.21B v $2.26Be, Names Eric Hession CFO, effective Jan 1; -7.3% afterhoursNotable movers by sector:- Financials: Bank of China 601988.CN +10.1%, Shanghai Pudong Development Bank 600000.CN +4.3%, ICBC 601398.CN +4.4% (momentum from Shanghai-Hong Kong trading link)- Materials: Regis Resources RRL.AU -4.7% (analyst action)- Industrials: Incitec Pivot Ltd +5.0% (prelim FY14 results); Bridgestone Corp 5108.JP -2.2% (9-month results); Hyundai Motor 005380.KR +7.0% (to buy back treasury shares)- Telecom: China Unicom 762.HK -2.6% (Telefonica to sell shares) - Source


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