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Wednesday October 22, 2014 - 04:54:45 GMT
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| | Email Asian Market Update: Risk-on restored as global investors leave the safety of US treasuries; Australia annual CPI slows to 1-year lows - Source

- (AU) AUSTRALIA Q3 CONSUMER PRICES (CPI) Q/Q: 0.5% (matches 5-quarter low) V 0.4%E; Y/Y: 2.3% (1-year low) V 2.3%E; TRIMMED MEAN Q/Q: 0.4% V 0.5%E ; Y/Y: 2.5% (1-year low) V 2.7%E - (AU) AUSTRALIA SEPT SKILLED VACANCIES M/M: 0.5% V 0.7% PRIOR (5th consecutive increase) - (AU) AUSTRALIA AUG CONFERENCE BOARD LEADING INDEX M/M: -0.2% V +0.6% PRIOR (1st decline in 4 months) - (AU) AUSTRALIA SEPT WESTPAC LEADING INDEX M/M: -0.1% V -0.1% PRIOR (3rd consecutive decline) - (JP) JAPAN SEPT MERCHANDISE TRADE BALANCE: -958.3B V -780.0BE; ADJ TRADE BALANCE: -1.07T (widest deficit in 3 months) V -918.5BE ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +1.7%, S&P/ASX +0.9%, Kospi +0.8%, Shanghai Composite +0.2%, Hang Seng +0.6%, Dec S&P500 -0.1% at 1,938***Commodities/Fixed Income***- Dec gold -0.2% at $1,249, Dec crude oil +0.2% at $82.67/brl, Dec copper -0.3% at $3.02/lb- (JP) BOJ offers to buy 300B in 1-3yr JGB, 200B in 3-5yr JGB, 100B in 10-25 yr JGB and 30B in JGB with maturity over 25-yr - (US) API PETROLEUM INVENTORIES: CRUDE: +1.2M (3rd consecutive build) v +3Me, GASOLINE: -0.5M v -1.5Me, DISTILLATE: -0.8M v -1.5Me ***Market Focal Points/Key Themes/FX***- The yields on the US 10-yr note is back above 2.20% - a 1-week high - as diminishing concerns over Ebola/Hong Kong/Europe have eased investors worries. Nikkei225 is leading the rally on the heels of further modest selling in JPY, with USD/JPY retesting the 107 handle. Other USD majors are less volatile, as EUR/USD and GBP/USD remain supported above $1.27 and $1.61 respectively. Cable trading faces event risk in European hours with the release of MPC policy meeting minutes.- Australia Q3 CPI data were generally in line on the headline basis and slightly lower as gauged by RBA trimmed mean (core). Y/Y both measures hit 1-year lows, briefly helping send AUD/USD down about 20pips toward $0.8750. Fruit price inflation of nearly 15% was particularly notable, in part offset by falls in electricity (-5.1%) and automotive fuel (-2.5%). Also out of Australia, Westpac leading index fell sequentially for the 3rd month, and local economist said the figure "continues to indicate that we can expect growth in the Australian economy to stay below trend in the final quarter of 2014 and into the first half of 2015." Note that economists with Goldman Sachs have held on to the view that RBA will be forced to cut rates again.- Japan merchandise trade deficit was much wider than expected mainly due to higher than anticipated rise in imports (6.2% v 2.7%e). Export growth of 6.9% was just above 6.5% consensus, as shipments to China and Europe were up by 8.8% and 4.4% respectively. Govt panel discussion saw economic advisor Honda recommend that another sales tax hike is postponed until 2017 vs late 2015 initially planned. Separately, a govt official noted some further stimulus measures will still be considered regardless of the decision on the next round consumption tax.- China Vice Premier Zhang noted the country continues to attract foreign investment, and that YTD economic growth is still in reasonable range after yesterday's release of slightly better than expected GDP number. Zhang added consumer prices are stable despite the 1.6% CPI - a 4-year low - announced last week. In Hong Kong, the student protest leader said marches will continue and that it was uncertain if more meetings with the govt will take place. Overnight, Chief Secretary Carrie Lam reiterated 2017 chief election will be based on National People's Congress (NPC) ruling following meeting with student leaders.***Equities***US markets: - IRBT: Reports Q3 $0.48 v $0.33e, R$143.5M v $135Me; +14.4% afterhours- RPRX: Results From Long-Term Study of Androxal Exhibit Positive Safety Profile; +11.0% afterhours- SIX: Reports Q3 $1.56 (ex items) v $1.51e, R$542M v $535Me, raises dividend; +10.0% afterhours- ETFC: Reports Q3 $0.29 v $0.22e, R$440M v $424Me; +6.1% afterhours- BRCM: Reports Q3 $0.91 v $0.83e, R$2.26B v $2.17Be; +6.1% afterhours- SMCI: Reports Q1 $0.46 v $0.39e, R$443.3M v $418Me; +5.4% afterhours- YHOO: Reports Q3 $0.52 v $0.31e, R$1.15B v $1.05Be; +3.7% afterhours- RHI: Reports Q3 $0.63 v $0.59e, R$1.22B v $1.20Be; +1.3% afterhours- ISRG: Reports Q3 $3.92 v $3.71e, R$550.1M v $516Me; +0.3% afterhours- DFS: Reports Q3 $1.37 v $1.34e, R$2.19B v $1.83Be; -0.4% afterhours- TSLA: Daimler restructures cooperation with Tesla; Daimler to sell 4% stake in Tesla; -0.4% afterhours- BHP: Reports Q1 Iron ore production 57.1M tons v 56.5Me; affirms FY14 production guidance across all operations, businesses; -0.5% afterhours- VMW: Reports Q3 $0.87 v $0.83e, R$1.52B v $1.50Be; Guides Q4 R$1.67-1.71B v $1.70Be, op margin 33-34%; Affirms FY14 midpoint Rev guidance - conf call; -1.9% afterhours- CREE: Reports Q1 $0.24 v $0.34e, R$427.7M v $435Me; -11.0% afterhours- HIMX: Google chooses not to exercise its option to make an additional investment into Himax's subsidiary, Himax Display Inc. ("HDI"); -12.8% afterhours - GFIG: BGC Group said to take $5.25/shr bid directly to shareholders; may launch tender offer as soon as Wed - financial pressNotable movers by sector:- Financials: New World China 917.HK +1.4% (Q1 contracted sales results)- Materials: Mitsui Mining & Smelting 5706.JP -2.2% (press speculation on H1 results); BHP Billiton BHP.AU +1.5% (Q1 production results); Whitehaven Coal WHC.AU +4.0% (CEO comments on coal demand in Asia)- Industrials: Sumitomo Chemical 4005.JP +3.2% (raises H1 guidance); CSR Corp 1766.HK +2.4% (awarded orders); Nissan Motor 7201.JP +1.2% (partnership with Hertz); Nok Corp 7240.JP +4.7% (raises FY14/15 guidance)- Technology: FujiFilm Holdings Corp 4901.JP +3.4% (press speculation on H1 results)- Healthcare: Mitsubishi Tanabe Pharma 4508.JP +1.5% (affirms FY14/15 guidance); Astellas Pharma 4503.JP +2.1% (FDA drug designation)- Utilities: Huaneng Power 902.HK +1.2% (Q3 results); TEPCO 9501.JP +2.7% (receives funds from Nuclear Compensation) - Source


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