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Thursday November 27, 2014 - 06:20:59 GMT
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TradeTheNews.com Asian Market Update: China industrial profits slump; AUD rallies as Australia Q3 CAPEX improves - Source TradeTheNews.com

(CN) CHINA OCT INDUSTRIAL PROFITS Y/Y: -2.1% V +0.4% PRIOR (biggest decline since Aug 2012) - (AU) AUSTRALIA Q3 PRIVATE CAPITAL EXPENDITURE (CAPEX) Q/Q: +0.2% V -1.9%E; First increase in 3 quarters - (AU) AUSTRALIA OCT HIA NEW HOME SALES M/M: 3.0% V 0.0% PRIOR - (NZ) NEW ZEALAND OCT TRADE BALANCE (NZD): -0.9B V -0.6BE (4th consecutive month of deficit; largest monthly trade deficit for October in six years) - (KR) SOUTH KOREA OCT CURRENT ACCOUNT BALANCE: $9.0B V $7.4B PRIOR (32nd month of surplus) - (PH) PHILIPPINES Q3 GDP Q/Q: 0.4% V 1.5%E (lowest since Q1 2009); Y/Y: 5.3% V 6.5%E ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.4%, S&P/ASX +0.1%, Kospi +0.2%, Shanghai Composite +0.4%, Hang Seng -0.4%, Dec S&P500 flat at 2,072***Commodities/Fixed Income***- Dec gold -0.3% at $1,193, Jan crude oil -1.3% at $72.73/brl, Dec copper +0.3% at $2.97/lb- GLD: SPDR Gold Trust ETF daily holdings fall 2.1 tonnes to 718.8 tonnes; Lowest level since Sept 2008 - (CN) PBoC won't conduct open market operations (OMO) in today's session (1st halt after 33 consecutive drains); Injects net CNY35B this week v injected CNY10B prior (2nd week of injection; Biggest injection in 3 months) - (JP) BOJ offers to buy 400B in 5-10yr JGB, 240B in 10-25yr JGB and 160B in JGB with maturity over 25-yr - (NZ) RBNZ sold net NZ$1M in Oct v net NZ$30M in Sept ***Market Focal Points/Key Themes/FX***- Asian equity markets are mixed and volatility subdued going into the US Thanksgiving holiday on Thursday. The most active trade remains in the energy space, as Jan WTI crude oil contract hit fresh 4-year lows below $73/brl ahead of the upcoming OPEC meeting.- Shanghai Composite is among the leading indices, supported by strength in financials and brokers in the wake of approval to provide online brokerage services. PBoC also continued to supply cosmetic doses of liquidity following Friday's rate cut, with this week's net injection as the biggest in 3 months. Speaking at Caijing conference, PBoC Dep Gov Hu remarked the central bank's FX intervention has been greatly reduced and also reiterating intention to build a deposit insurance system in China. Furthermore, just as more press reports speculated a reduction in China's official GDP rate, Hu said 7.4% GDP growth for China is reasonable. In economic data, China industrial profits slumped, further justifying a more proactive PBoC policy stance.- AUD/USD is among the most active dollar majors, spiking some 70pips toward $0.86 after a much stronger than expected Australia capital expenditure figures. Q3 CAPEX marked its first quarterly growth in 3 years, and the revision for FY14/15 forecast was also to upside - A$153B vs A$145B prior estimate. An economist with ANZ said the figures suggest firms are planning investment growth of just over 5% in current year, implying recovery in the non-mining sectors of the economy. NZD/USD was also up about 40pips above $0.79, helped in part by a sharp decline in net sales of the currency by the central bank in Oct vs Sept levels. Earlier, Kiwi trade balance logged its largest monthly trade deficit for October in six years, exports of dairy slip 24% while the overall shipments to China were down 40%.- USD/JPY hit a 1-week low below 117.30, tracking a rally in US Treasuries, while also weighing on the Nikkei225 index. Separately, a Nikkei report speculated FY14/15 tax revenues would be at 51.5T - about 1.5T above prior forecasts. Adjusted for sales tax boost, the govt receipts were estimated at 47T, in line with the prior year***Equities***US markets: - GSK: Early results in Glaxo's Ebola vaccine trial show no serious side effects and positive immune response - NEJM; +0.2% afterhoursNotable movers by sector:- Consumer Discretionary: SEEK Ltd SEK.AU +2.6% (affirms FY15 guidance); Vocation Ltd VET.AU -15.9% (chairman resigns); Magnum Entertainment Group Holdings 2080.HK -2.1% (H1 results); Luk Fook Holdings 590.HK +8.4% (H1 results)- Consumer staples: Woolworths Limited WOW.AU +2.4% (affirms FY16 guidance); Yakult Honsha 2267.JP -5.5% (Danone considers sale of stake)- Financials: Bank of Queensland BOQ.AU +1.6% (mixed comments from AGM) - Source TradeTheNews.com

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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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
Thu 23 Nov
US/JP- Holiday
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
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


John M. Bland, MBA
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