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TradeTheNews.com Asian Market Update: Shanghai supported by recovery in New Loans; Nikkei down sharply on safehaven Yen bid - Source TradeTheNews.com
(CN) CHINA SEPT FOREIGN RESERVES: $3.890T V $4.010TE- (CN) CHINA SEPT M2 MONEY SUPPLY Y/Y: 12.9% V 13.0%E; M1 MONEY SUPPLY Y/Y: 4.8% V 5.9%E- (CN) CHINA SEPT NEW YUAN LOANS (CNY): 857.2B (3-month high) V 745.8BE- (CN) CHINA SEPT AGGREGATE FINANCING (CNY): 1.050T V 1.150TE- (CN) CHINA SEPT ACTUAL FOREIGN DIRECT INVESTMENT (FDI) Y/Y: +1.9% V -14.0%E- (NZ) NEW ZEALAND SEPT ANZ JOB ADS M/M: 2.4% V 1.7% PRIOR- (NZ) NEW ZEALAND SEPT BUSINESS MANUFACTURING PMI: 58.1 (14-month high) V 57.0 PRIOR- (AU) AUSTRALIA OCT CONSUMER INFLATION EXPECTATION: 3.4% V 3.5% PRIOR- (AU) AUSTRALIA SEPT RBA FX TRANSACTIONS (A$): 910M V 381M PRIOR***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -2.2%, S&P/ASX -0.6%, Kospi -0.6%, Shanghai Composite +0.1%, Hang Seng -0.8%, Dec S&P500 +0.3% at 1,851, Dec gold -0.4% at $1,239, Nov crude oil -1.3% at $80.76/brl***Market Focal Points/Key Themes/FX***- Asian markets continued to sell off on global concerns. Following a selloff in the Europe and US markets, Japan's Nikkei225 opened the session down almost 2%, briefly touching 14,672.55, the lowest level since late May. The Shanghai Composite, however, traded higher during the session continuing to rally following the release of the Sept lending and money supply data. Sept M2 money supply came in at 12.9%, just shy of the 13.0% expected, while Sept new yuan lending was at the highest level in 3 months at CNY857.2B, beating consensus estimates of CNY745.8B.- The China Ministry of Commerce also released Sept China FDI data attracting $9.0B, which was an increase of 1.9% y/y. The non-financial overseas component or the amount of direct investment made overseas by Chinese investors outside the financial sector, increased 21.6%y/y.- Press sources reported China Sept power consumption was at +2.7% compared to the prior month's reading of -1.5%. Although power consumption recovered from last month, demand continues to remain weak, as 2.7% marks the second lowest reading since Apr 2013. The official power consumption report is expected from China National Energy Administration (NEA) this week.- The US Treasury released its semiannual currency report labelling no major trading partner as a currency manipulator. The report admonished South Korea for its currency interventions between May and July. South Korea officials subsequently said that the fx rate is determined by the market, limiting any intervention to a smoothing operation when there is excessive movement. On China the Treasury said the yuan remains undervalued, adding that China's intervention has slowed.- In his address to the upper house of parliament, BOJ Governor Kuroda said that the weak yen can boost exports, stocks. The rise in import costs from weak yen has somewhat offset by sharp fall in commodity prices. In a response to inquiry regarding a yen drop to 170/dollar, he said he cannot necessarily say a decline would go that far. The governor reiterated that he has not set any deadline for easing by the BOJ, adding that it is too early to discuss exit strategy as inflation was still only halfway to meeting price target.***Commodities/Fixed Income***- (US) API PETROLEUM INVENTORIES: CRUDE: +10.2M (multi-year high build) v +2Me, GASOLINE: -3.1M v -1.5Me, DISTILLATE: -0.16M v -1.5Me- (CN) PBoC to drain CNY20B in 14-day repos (22nd consecutive drain); net position zero this week vs injected CNY26B prior- USD/CNY: (CN) PBoC sets yuan mid-point at 6.1395 v 6.1455 prior setting (strongest Yuan setting since Mar 19th)- (JP) BOJ offers to buy ¥110B in JGB with maturity less than 1-yr, ¥100B in 10-25yr JGB, and ¥30B in JGB with maturity over 25-yr ***Equities***US markets: - MSO: Announces multi-year media partnership with Meredith Corporation; immediately accretive to earnings; financial terms not disclosed; +16.8% afterhours- HCA: Reports prelim Q3 $1.16 v $0.98e, Rev $9.22B v $9.04Be; Raises FY14; +7.2% afterhours- LVS: Reports Q3 $0.84 v $0.84e, R$3.53B v $3.67Be; Adds $2B to buyback plan (4.2% of market cap); +1.8% afterhours- URI: Reports Q2 $2.20 v $2.05e, R$1.54B v $1.50Be; +1.7% afterhours- AXP: Reports Q3 $1.40 v $1.38e, R$8.33B v $8.37Be; -0.2% afterhours- EBAY: Reports Q3 $0.68 v $0.67e, R$4.35B v $4.37Be; -1.2% afterhours- EXTR: Guides Q1 lower to -$0.02 to $0.00 v $0.06e, R$135-136.5M v $152Me (prior $0.06-0.08, R$150-155M); -22.3% afterhours- NFLX: Reports Q3 $0.96 v $0.93e, R$1.41B v $1.41Be; -26.4% afterhours Notable movers by sector:- Consumer Discretionary: Welcia Holdings 3141.JP +3.1% (FY13/14 results)- Financials: Agile Property 3383.HK -1.2% (to issue shares)- Materials: Perseus Mining PRU.AU +7.6% (Q1 production results); Robust Resources ROl.AU +2.6% (shareholder raises stake); Fortescue Metals FMG.AU -5.2% (Q1 production results); Iluka Resources ILU.AU -3.1% (Q3 production results); Perseus Mining PRU.AU +6.3% (Q1 production results); Tianhe Chemicals Group 1619.HK +2.9% (shares repurchase)- Technology: Japan Display Inc 6740.JP -16.0% (cuts H1, FY14/15 guidance); NSFOCUS Information Technology 300369.CN +5.0% (investment in information security companies) - Source TradeTheNews.com
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