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Friday January 24, 2014 - 06:53:45 GMT
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| | Email Asian Market Update: Regional indices sell off, while Shanghai Composite remains supported by the latest PBoC injection; AUD plummets on RBA's Ridout comments***Economic Data***

(US) NORTH AMERICA DEC SEMI BOOK/BILL RATIO: 1.02 V 1.11 PRIOR (3rd straight month above parity) - (NZ) NEW ZEALAND DEC CREDIT CARD SPENDING M/M: -1.2% V +3.5% PRIOR; Y/Y: 4.7% V 6.9% PRIOR - (SG) SINGAPORE DEC INDUSTRIAL PRODUCTION M/M: 5.2% V 0.5%E; Y/Y: 6.2% V -1.4%E - (PH) PHILIPPINES NOV TRADE BALANCE: -$944M V -$700ME - (VN) Vietnam Jan Consumer Price Index (CPI) M/M: 0.7% v 0.5% prior; Y/Y: 6.8% v 6.1%e - (VN) Vietnam Jan Trade Balance: -$100M v +$548M prior ***Observations/Insights*** - Starbucks, eBay, Microsoft, Altera, KLAc, and Juniper all rally in extended session after earnings/guidance, but S&P futures remain under pressure as Thursday selloff reverberates in Asia. - Shanghai Composite is the only regional index to trade higher, with 7-day repo rate falling over 100bps in the wake of China liquidity injection this week; Nikkei225 leads the decliners with a 2.3% selloff in afternoon session, tracking firmer JPY. - Samsung Electronics trading up about 0.5% after reporting final Q4 results and forecasting solid demand in DRAM/NAND memory, better supply/demand conditions in LCD segment, and rising sales in TVs ahead of the world cup. Notably, Samsung also sees tighter competition in handsets and tablets, along with seasonality, leading to sequential declines in the mobile segment. - RBA's Ridout comments torpedo the Aussie below the $0.87 handle; 3 1/2 year AUD/USD lows. ***Fixed Income/Commodities/Currencies*** - (US) Weekly Fed Balance Sheet Total Assets Week ending Jan 22nd: $4.10T v $4.07T prior; Reserve Bank Credit: $4.05T v $4.03T prior; M1 y/y change: 8.4% v 8.6% w/w; M2 y/y change: 5.8% v 5.9% w/w - (AU) Australia MoF (AOFM) sells A$800M in 4.75% 2027 Bonds; avg yield: 4.3331%; bid-to-cover: 2.12x - (JP) BOJ offers to buy 250B in 1-3yr JGB, 250B in 3-5yr JGB and 200B in JGB with maturity over 10-yr as well as 2.5T in T-bills outright - USD/CNY: China 7-day repo rate opens at 4.0% v 5.4% previous close (sharpest slide in a month) - USD/CNY: (CN) PBoC sets yuan mid point at 6.1035 v 6.1107 prior setting (strongest Yuan setting since Jan 14th) - Regional currencies traded in narrow ranges during the morning session, but volatility picked up across the board in the afternoon as RBA Board member Ridout called for AUD/USD to fall as low as $0.80 to achieve a "fair deal" for the economy. AUD/USD fell over 50pips on the comments below the $0.87 handle - a fresh 3.5-year low - while NZD/USD was down over 30pip on the comments and nearly 50pips on the day below $0.8260. AUD/JPY and NZD/JPY hit 4-month and 1-month lows below 89.90 and 85.30 respectively. The key dollar majors USD/JPY and EUR/USD were rangebound - Yen was in a 40pip range around 103.40 and EUR backed away from the $1.37 handle below $1.3680. ***Speakers/Political/In the Papers*** - (AU) Reserve Bank of Australia (RBA) board member Ridout: AUD has not fallen enough; AUD at $0.80 is fair deal for the economy - financial press interview - (CN) China vice Commerce Minister Fang: sees 2014 China retail sales +13.0% y/y v +13.1% y/y in 2013 - (CN) China National Development and Reform Commission (NDRC) to maintain basic stability of general price level in 2014 - Chinese press - (CN) China State Administration of Foreign Exchange (SAFE): China banks bought net of $31.1B of total forex in Dec; China faces pressure from capital inflow - financial press - (CN) China Foreign Minister Wang Yi: Japan PM Abe's remarks in Davos on Yasukuni shrine visit is unacceptable - financial press - (JP) Current account deficit in Japan may persist, as weak JPY may be less effective in boosting exports amid soft external demand - Nikkei - (JP) Japan Fin Min Aso: Deflationary conditions have nearly ended in Japan; Must consider overall perspective for corporate tax cut - (JP) Japan Econ Min Amari: Sees recovery in Japan to continue in FY14 - (KR) Bank of Korea (BOK) Gov Kim: 3.8% GDP target for 2014 is a "reasonably good" estimate; Further decrease in yen could hurt South Korean exporters - financial press - (SG) Singapore FY13 private home sales 14.9K units v 22.2K y/y, private home prices +1.1% y/y v 2.8% y/y in 2012; Q4 home prices saw first q/q decline since Q1 of 2012 - financial press - (NZ) New Zealand Fin Min English: Remain on track for a surplus in 2014/2015 despite challenges ***Equities*** Market Snapshot (as of 04:30 GMT): - Nikkei225 -1.9%, S&P/ASX -0.2%, Kospi -0.8%, Shanghai Composite +0.9%, Hang Seng -0.7%, Mar S&P500 +0.2% at 1,826, Apr gold -0.2% at $1,260, Mar crude oil +0.2% at $97.55/brl US markets: - FTNT: To be added to S&P400 following the close of Jan 28th; +3.9% afterhours - JNPR: Reports Q4 $0.43 v $0.37e, R$1.27B v $1.22Be; Jana Partners, one of the largest shareholders in Juniper, also said to recommend new board members, cost cuts, capital returns; +3.6% afterhours - MSFT: Reports Q2 $0.78 v $0.67e, R$24.5B v $23.5Be; CFO: no comment on the search for a new CEO and will not provide an update on the conf call today; Exec: Sees FY capex at $6B vs $6.5 prior; sees Q3 D&C Hardware $1.9-2.0B - conf call; +3.5% afterhours - ALTR: Reports Q4 $0.31 v $0.30e, R$454.4M v $442Me; +3.3% afterhours - ENDP: Announce Positive Top-Line Results with BioDelivery Sciences from the Phase III Clinical Trial of BEMA Buprenorphine; +2.5% afterhours - SBUX: Reports Q1 $0.71 v $0.69e, R$4.24B v $4.30Be; CEO: Sees opportunity for more drive-thru stores in the US - conf call; +1.1% afterhours - KLAC: Reports Q2 $0.85 (adj) v $0.79e, R$705M v $712Me; Guides Q3 $1.00-1.20 v $1.06e, R$790-850M v $803Me - conf call; +0.7% afterhours - SHOR: Reports Q2 $0.05 v $0.04e, R$84.5M v $83.2Me; -1.5% afterhours - ISRG: Reports Q4 $4.28 v $3.79e, R$576M v $551Me; ISRG: Will not provide FY14 revenue guidance at this time; expect to sell fewer systems this year than the 546 sold last year - conf call; -4.6% afterhours Notable movers by sector: - Consumer Discretionary: FAW Car 000800.CN +1.2% (FY13 results); Jiangling Motors 000550.CN +0.7% (prelim FY13 results); Great Wall Motor 2333.HK -0.1% (prelim FY13 results) - Financials: Haitong Securities 6837.HK +0.2% (prelim FY13 result) - Technology: Samsung Electronics 005930.KR +0.5% (final Q4 results); Wangsu Science & Technology 300017.CN +10.0% (FY13 guidance; proposes special dividend); Acer Inc 2353.TW +1.1% (launches smartphone) - Energy: Sinopec Yizheng Chemical Fibre 1033.HK -3.8% (FY13 guidance); Sinopec Shanghai Petrochemical 338.HK +4.2% (FY13 guidance) - Industrials: Kia Motors 000270.KR -1.7% (Q4 report); Hyundai Motor 005380.KR -3.0% (Q4 results); Gem-Year Industrial 601002.CN +2.1% (FY13 guidance); Nippon Shokubai 4114.JP -1.3% (9M results) - Utilities: Yaskawa Electric 6506.JP -6.5% (9M results) - Source


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