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Tuesday December 9, 2014 - 06:02:10 GMT
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| | Email Asian Market Update: AUD falls to fresh multi-year lows as business confidence slumps - Source

- (AU) AUSTRALIA NOV NAB BUSINESS CONFIDENCE: 1 V 5 PRIOR (16-month low); NAB BUSINESS CONDITIONS: 5 V 13 PRIOR - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 110.4 v 113.9 prior (4-month low) - (JP) JAPAN NOV M2 MONEY SUPPLY M2 Y/Y: 3.6% V 3.2%E (8-month high); M3 Y/Y: 2.9% V 2.6%E - (NZ) NEW ZEALAND NOV TOTAL CARD SPENDING M/M: -0.3% V +1.5% PRIOR; RETAIL SPENDING M/M: -0.1% (first decline in 4 months) V +0.2%E - (NZ) New Zealand Nov ANZ Truckometer Heavy m/m: -2.9% v 0.8% prior - (UK) UK NOV BRC SALES LFL Y/Y: 0.9% V 0.6%E (3-month high); Total sales +2.2% ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.3%, S&P/ASX -1.4%, Kospi -0.4%, Shanghai Composite +1.2%, Hang Seng -0.8%, Dec S&P500 -0.2% at 2,056***Commodities/Fixed Income***- Feb gold +0.5% at $1,200, Jan crude oil -1.0% at $62.40/brl, Mar copper -0.3% at $2.88/lb- GLD: SPDR Gold Trust ETF daily holdings fall 1.8 tonnes to 719.1 tonnes - (AU) Australia MoF (AOFM) sells A$200M in 2015 treasury-indexed bonds; Average yield of 0.5528%, bid-to-cover: 5.05x - JGB: (JP) Japan MoF sells 643B in 1.5% (1.7% prior) 30-yr notes; Avg yield: 1.456%v 1.633% prior; Bid to cover: 3.12x v 2.59x prior - (CN) PBoC won't conduct open market operations (OMO) in today's session (4th consecutive halt) - USD/CNY: (CN) PBoC sets yuan mid point 6.1231 v 6.1282 prior setting (strongest Yuan setting since Mar 6th) ***Market Focal Points/Key Themes/FX***- Regional indices in Asia are tracking more cautious sentiment in US hours with the exception of Shanghai Composite, where the bullish momentum remains solidly intact. Traders have shrugged reports that China would halt accepting new corporate and local govt bond buybacks with less than "AA" rating as well as speculation the CSRC could speed up IPO approval amid the powerful equity market rally, with anticipation of more easing sustaining interest. China Real Estate Index System (CREIS) has also warned the property market may not sustain a recovery despite the recent interest rate cut, while analysts with BoCom noted the fall in imports from the trade data overnight shows the economy is under pressure.- AUD/USD fell another 80pips to $0.8220 - the lowest level in over 4 years - in the wake of more disappointing data from Australia. November business confidence from NAB fell to a 16-month low amid "softer commodities outlook and prospect of more severe deterioration in labour market". NAB also joined Goldman, DB, and Westpac in expectation of 2 RBA rate cuts in 2015, with a 30% possibility of a 3rd cut. Furthermore, NAB cuts its FY14/15 GDP target to 2.5% from 2.9%. ANZ's weekly consumer confidence index also fell to a 4-month low, and ANZ chief economist noted that a rate cut from the RBA could help build confidence.- Yen pairs are under pressure across the board - USD/JPY is down over 90pips around 120.10, AUD/JPY down 130pips below 99.00, and NZD/JPY down 70pips below 91.70 - as traders questioned the efficacy of Abenomics through broad expansion of money supply. Reversal in risk-on trades also deterred fresh selling of the funding JPY currency. Japan cabinet officials remain in damage control after the disappointing Q3 final GDP report overnight - Econ Min Amari said CapEx is still resilient despite another contraction, while Fin Min Aso reiterated he does not believe Japan is in recession.***Equities***US markets: - BLUE: Announces Data Demonstrating First Four Patients with -Thalassemia Major Treated with LentiGlobinare Transfusion-Free; +43.2% afterhours- VZ: Expects Q4 pressure in wireless segment EBITDA from promotional activity; Sees Strong Wireless Customer Growth and 4G Device Adoption; -0.9% afterhours- CBST: Hospira permitted to launch generic version of Cubist's Cubicin drug in 2016 - financial press citing US Court findings; -1.2% afterhours- PBY: Reports Q3 -$0.03 (includes items) v $0.11e, R$517.6M v $514Me; -2.2% afterhours- HRB: Reports Q2 -$0.45 v -$0.42e, R$135M v $145Me; -5.6% afterhoursNotable movers by sector:- Materials: Itochu Corp 8001.JP -2.6% (provides guidance)- Energy: Santos Ltd STO.AU -7.0% (downgraded by S&P); Sundance Energy Australia SEA.AU -12.5%, Oil Search OSH.AU -3.7% (WTI crude lower today); Xinyi Solar 968.HK +2.3% (FY14 guidance)- Industrials: Henan Pinggao Electric 600312.CN +5.9% (awarded major contract); Xinyi Glass Holding 868.HK -3.3% (FY14 guidance); Transpacific Industries Group TPI.AU -3.3% (update on financial impact from heavy vehicle incident)- Technology: Hangzhou Hikvision Digital Technology 002415.CN +4.1% (to issue shares in Hong Kong)- Utilities: Sichuan Chuantou Energy 600674.CN +4.1%, SDIC Power Holdings 600886.CN +6.2% (Sichuan Province hydropower installed capacity target) - Source


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