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TradeTheNews.com Asian Market Update: Shanghai Comp extends decline on fresh property sector worries; Nikkei225 returns with modest losses - Source TradeTheNews.com
Fed's Fisher highly critical of the no-taper decision and Yellen's accommodative bias. - Red Hat down sharply in extended session as billings continue to slow and FY14 Rev guidance is cut. - PBoC ramping up money market injections amid rising shibor rates. >- China banks raising deposit rates to generate liquidity; Mortgage rates also on the upswing as price gains in the property sector continue to accelerate. - JPY bid higher for the 3rd consecutive session, weighing on the Nikkei. ***Economic Data*** - (VN) Vietnam Sept Consumer Price Index (CPI) Y/Y: 6.3% v 6.7%e - (CO) Colombia July Trade Balance: -$221M v +$119Me; Imports CIF: $5.1B v $4.3B prior ***Fixed Income/Commodities/Currencies*** - (CN) Daily Shibor fixings: 1-week: 4.4400% v 4.2320% prior (4th consecutive rise, highest since July 31st) >- (CN) China PBoC injects CNY88B in 6-day reverse repos (largest one-day injection since Feb) - (JP) BOJ offers to buy ¥110B in JGB with maturity less than 1-yr, ¥400B in 5-10yr JGB and ¥1.5T T-bills - GLD: SPDR Gold Trust ETF daily holdings fall by 0.6 tonnes to 909.6 tonnes (lowest level since Aug 8th) - NZD is the biggest loser among the dollar majors, falling over 0.6% or over 50pips below $0.8320; AUD/NZD also rising for the 2nd consecutvie session above NZ$1.13, bouncing off the multi-month lows around NZ$1.12. AUD/USD down about 30pips at its session lows, briefly falling below $0.94. - EUR/USD, GBP/USD and USD/JPY in narrow 15-20pip ranges around 1.3490, 1.6030, and 98.80 respectively. ***Speakers/Political/In the Papers*** - (CN) Former PBoC adviser / director of National Economic Research Institute Fan Gang: Expects China 2013 GDP at 7.5% and 2014 GDP at 8.0% - Korean press - (CN) Five banks have raised mortgage rates in City of Shenzhen - Chinese press - (CN) Major banks in China have submitted applications for branches in Shanghai free trade zone - Chinese press >- (CN) Major banks in China have recently raised their term deposit rates - Chinese press - (CN) Shanghai residential sales during the three-day Mid-Autumn Festival last week reached 93.3K sqm; 2nd highest 3-day volume since 2008 - Shanghai Daily - (CN) China Ministry of Industry and Information Technology (MIIT): Most of China's small and medium-sized enterprises (SMEs) have seen profit growth slowing in 2013 - Shanghai Daily - (KR) South Korea govt interest payments to reach all time highs this year around KRW20.3T - Korean press citing Finance Ministry data - (KR) South Korea Finance Ministry official Choi convened meeting with exporters today regarding the recent rise in KRW - financial press - (KR) North Korea may have increased nuclear production capacity - financial press - (JP) BoJ Dep Gov Iwata expressed confidence of meeting 2% inflation target - Japanese press - (JP) According to a Nikkei survey, 93.8% of corporate managers in Japan see the economy growing (vs 90.5% in June survey), and 41.1% expect it to be stronger going forward - Nikkei News - (NZ) New Zealand Debt Management Office: Planning to raise NZ$2B in bond sales in Q4 ***Equities*** Markets Snapshot (as of 03:30 GMT): - Nikkei225 -0.7%, S&P/ASX -0.6%, Kospi -0.7%, Shanghai Composite -1.2%, Hang Seng -1.1%, Dec S&P500 -0.2% at 1,690, Dec gold flat at $1,327, Nov crude oil -0.2% at $103.40/brl US markets: - RHT: Reports Q2 $0.35 v $0.33e, R$374M v $372Me; guides Q3 $0.34-0.35 v $0.34e, R$381-384M v $392Me; -8.1% afterhours - CBST: To enter S&P Midcap 400 index, replacing SFD; +0.6% afterhours - F.IT: Chrysler files for $100M IPO - GWAY: To be acquired by Vitera Healthcare Solutions at $20.35/shr; +17.9% afterhours - FB: Facebook and Twitter service may be permitted in the Shanghai Free Trade Zone - US financial press Notable movers by sector: - Consumer discretionary: Kathmandu Holdings Ltd KMD.AU +11.4% (FY13 results) - Industrials: Orica Ltd ORI.AU -0.9% (production update); Toyota 7203.JP -0.8%, Honda 7267.JP -1.3%, Nissan 7201.JP -0.6% (Japan autos down on firmer yen) - Materials: Alacer Gold Corp AQG.AU -1.6% (to sell Australia gold business) - Financials: Poly Real Estate Group Co Ltd 600048.CN -3.8%, China Vanke Co Ltd 000002.CN -1.3%, Gemdale Corp 600383.CN -3.3%, China Merchants Property Dev Co Ltd 000024.CN -3.4% (China to start second round of property tax training in Oct) - Technology: Toshiba Corporation 6502.JP -0.9% (acquires Sigma Power Janex), United Microelectronics Corp 2303.TW +4.4% (Media Tek increase 28nm order); Murata 6981.JP +1.4%, LG Display 034220.KR +1.7%, Hon Hai 2317.TW +0.5% (Apple suppliers trade higher on reports of much higher than expected iPhones sales) - Utilities: TEPCO 9501.JP +0.8% (received ¥74B from govt) Related (UPDTE ) - Source TradeTheNews.com
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