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Wednesday November 26, 2014 - 04:47:26 GMT
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| | Email Asian Market Update: Shanghai hits new 3-year highs; Crude Oil slumps ahead of OPEC - Source

- (AU) AUSTRALIA Q3 CONSTRUCTION WORK DONE Q/Q: -2.2% V -1.9%E; biggest decline in 11 quarters - (CN) China NOV Westpac Consumer Confidence index: 111.0 v 110.9 prior - (KR) SOUTH KOREA NOV CONSUMER CONFIDENCE: 103 V 105 PRIOR (14-month low) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.1%, S&P/ASX +0.8%, Kospi +0.2%, Shanghai Composite +0.8%, Hang Seng +0.2%, Dec S&P500 +0.1% at 2,070***Commodities/Fixed Income***- Dec gold +0.1% at $1,199, Jan crude oil -0.3% at $73.88/brl, Dec copper +0.3% at $3.01/lb- (US) API PETROLEUM INVENTORIES: CRUDE: +2.8M (2nd consecutive build) v 0e, GASOLINE: +0.04M v +1Me, DISTILLATE: -1.3M v -1Me - (US) CME raises Crude Oil margins by 4.1% - (AU) Australia MoF (AOFM) sells A$700M in 2.75% bonds due 2024; Avg yield: 3.1397%; Bid-to-cover: 2.96x - JGB: (JP) Japan MoF sells 399.6B in 1.7% 40-yr bonds, bid to cover: 3.18x v 2.54x prior - (CN) China Ministry of Finance (MoF) sells 5-yr bonds at 3.4069% yield - USD/CNY: (CN) PBoC sets yuan mid point at 6.1354 v 6.1390 prior setting (strongest Yuan setting since March) ***Market Focal Points/Key Themes/FX***- Asian indices were bid up in the wake of new highs on Wall St, as investors cheered both the much better than expected US Prelim GDP and renewed easier bias of the PBoC. Shanghai Composite is at the forefront of the rally, rising to fresh 3-year highs near 2,600. Hong Kong is up a more moderate 0.2%, with markets watching for any repercussions of the overnight decision by local police to clear out Occupy Central protests. November Westpac/MNI consumer confidence reading for China nudged higher, and resident economist noted the survey is "consistent with our view that domestic demand bottomed out in the September quarter."- Ahead of today's OPEC meeting, Jan WTI energy prices remain under heavy pressure and near multi-year lows below $74/brl. Selloff in the US session followed comments from Rosneft CEO, noting Saudi Arabia, Russia, Mexico, and Venezuela energy ministers merely agreed to monitor prices and would not cut production. There's is little evidence of a drain in supply in the short-term data, as the build in API weekly inventories was again above consensus.- In Japan, the more dovish BOJ board member Shirai reiterated she would prefer that the time span to reach the 2% inflation target was extended so as not to hurt consumers. Shirai also noted domestic economy does continue a moderate recovery, expecting consumption and CAPEX to improve further. USD/JPY traded in a narrow 30pip range around 117.80, even as JPMorgan lifted its target on the pair to 120 v 117 prior by Q1 of 2015. Former MoF official Sakakibara (Mr. Yen) disagreed, noting the decline in JPY is likely near its end.***Equities***US markets: - ADI: Reports Q4 $0.69 v $0.68e, R$814M v $801Me; +2.0% afterhours- HTZ: Investor Icahn raises stake to 10.8% from 8.7% - 13D/A filing; +1.7% afterhours- HLF: CEO said to have exercised 750K shares in options set to expire in Dec - tweet from CNBC's Wapner; +0.9% afterhours- HPQ: Reports Q4 $1.06 v $1.05e, R$28.4B v $28.8Be; -0.6% afterhours- CTRP: Reports Q3 $0.36 (adj) v $0.22e, R$347M v $337Me; -6.8% afterhoursNotable movers by sector:- Consumer Discretionary: Mantra Group MTR.AU -4.7% (affirms FY15 guidance); Skymark Airlines 9204.JP +4.0% (Japan authority to consider ANA-Skymark alliance)- Financials: Huatai Securities 601688.CN +10.0% (to list in Hong Kong); Shanghai Pudong Development Bank 600000.CN +0.7% (acquires Shanghai Trust)- Energy: Karoon Gas Australia KAR.AU +8.2% (provides drilling update)- Industrials: Gem-year Industrial 601002.CN +3.9% (awarded order); China Railway Construction Group 601186.CN +1.1%, China Railway Group 601390.CN +1.2% (China approves additional railway projects); Honda Motor 7267.JP -2.9% (acknowledges failure to report accidents) - Source


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