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Thursday November 13, 2014 - 06:00:48 GMT
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| | Email Asian Market Update: AUD slides on RBA intervention chatter; BOK on hold with an eye on weak Yen - Source

(KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE AT 2.00% (AS EXPECTED) - (JP) JAPAN OCT CGPI (PPI) M/M: -0.8% V -0.4%E; Y/Y: 2.9% (7-month low) V 3.3%E - (JP) JAPAN SEPT MACHINE ORDERS M/M: 2.9% (4-month low) V -1.0%E; Y/Y: 7.3% V -0.3%E - (JP) JAPAN SEPT FINAL INDUSTRIAL PRODUCTION M/M: 2.9% V 2.7% PRELIM; Y/Y: 0.8% V 0.6% PRELIM - (AU) AUSTRALIA NOV CONSUMER INFLATION EXPECTATION: 4.1% (6-month high) V 3.4% PRIOR - (NZ) NEW ZEALAND NOV ANZ CONSUMER CONFIDENCE INDEX: 121.8 (14-month low) V 123.4 PRIOR - (NZ) New Zealand REINZ Oct House Price Index: 3,989 v 3,934 prior; M/M: +1.4% v +0.2% prior; House Sales Y/Y: -2.4% v -10.2% prior - (UK) UK OCT RICS HOUSE PRICE BALANCE: 20% V 25%E (17-month low) ***Index Snapshot (as of 02:30 GMT)***- Nikkei225 +0.3%, S&P/ASX -0.4%, Kospi -0.3%, Shanghai Composite -0.4%, Hang Seng -0.2%, Dec S&P500 flat at 2,036***Commodities/Fixed Income***- Dec gold +0.1% at $1,160, Dec crude oil -0.2% at $77.00/brl, Dec copper flat $3.02- GLD: SPDR Gold Trust ETF daily holdings fall 1.8 tonnes to 722.7 tonnes; Lowest level since Sept 2008 - (US) API PETROLEUM INVENTORIES: CRUDE: -1.5M (2nd consecutive draw) v +0.5Me, GASOLINE: +1.1M v +0.5Me, DISTILLATE: -1.3M v -1.5Me - (CN) PBoC to drain CNY20B in 14-day repos (30th consecutive drain); Net zero position this week (5th week of neutral position) - JGB: (JP) Japan's MoF sells 2.49T in 0.2% (0.1% prior) 5-yr notes; Avg yield: 0.160% v 0.134% prior; Bid to cover: 3.70x v 4.54x prior - (JP) Japan investors bought net 1.12T in foreign bonds v bought 806.6B in prior week; Foreign investors bought net 1.06T in Japan stocks v bought 904.7B in prior week ***Market Focal Points/Key Themes/FX***- Aussie dollar fell some 55pips toward $0.8670, when RBA assistant Gov Kent injected a threat of currency intervention into his remarks. Kent reiterated the most recent RBA position that AUD exchange rate is still too high relative to fundamentals, and that despite of signs of improvement, labor market is subdued. Other comments were similarly dovish, noting non-mining investment recovery may not be as strong as those in the past, and that mining investment would fall further in the coming year, all leading up to the threat that "RBA has not ruled out intervention" as a policy option. Note that the dovish remarks were also in spite of consumer inflation expectations hitting a 6-month high of 4.1% - well above the RBA target range.- Japanese Yen briefly weakened once again after another dose of speculation over the fate of the 2nd round of the sales tax. USD/JPY jumped about 30pips above 115.80 on Jiji report citing a ruling LDP party official, stating PM Abe appears to have made a decision to call snap elections, informing his party base to be prepared for December polls. Japan cabinet has now been forced to deny such rumors twice in the scope of the past week. Separately, BOJ's Amamiya said the central bank's easing is an open-ended policy position targeting 2% inflation, and that the central bank is not concerned with the risk of hyper-inflation.- As widely expected, BOK left rates on hold at 2.00% in a unanimous decision. Policy statement was largely neutral, noting exports continue favorable trend, economy would improve gradually, and negative output gap would narrow. Echoing some of the Korean govt officials, BOK acknowledged external threat of a weak Japanese yen potentially hurting domestic exporters, noting it was closely watching major countries' monetary policy along with the risks of the end of US easing and slowdown in the eurozone. USD/KRW hit session highs on those remarks, once again approaching KRW1,100 level.***Equities***US markets: - FUEL: Reports Q3 -$0.18 v -$0.30e, R$102.1M v $97.7Me; +16.8% afterhours- CYBR: Reports Q3 $0.20 v $0.01e, R$28.0M v $20.9Me; +15.6% afterhours- IMOS: Reports Q3 $0.62 v $0.18 y/y, R$190.7M v $178M y/y; +4.4% afterhours- TWTR: CFO: Raises long-term profit margin to 40-45% from 35-40% previous forecast - Analyst Day comments; +1.5% afterhours- CSCO: Reports Q1 $0.54 v $0.53e, R$12.25B v $12.2Be; CFO to step down, effective Jan 1; -1.6% afterhours- NTES: Reports Q3 $1.44 v $1.48e, R$507.8M v $446Me; -2.1% afterhours- NTAP: Reports Q2 $0.70 v $0.69e, R$1.54B v $1.55Be; -3.1% afterhours- WLT: Files $2.5B mixed securities shelf - filing (10x market cap); -3.6% afterhours- JCP: Reports Q3 -$0.77 v -$0.83e, R$2.76B v $2.82Be; -5.3% afterhours- DWA: Hasbro said to be in talks to acquire the company - US pressNotable movers by sector:- Materials: Perseus Mining PRU.AU +2.8% (Q1 results); Sims Metal Management SGM.AU +1.9% (H1 guidance); Fortescue Metals FMG.AU +1.5% (CEO comments; analyst action); Toyo Tire & Rubber 5105.JP +8.1% (9-month results)- Industrials: Takata Corp 7312.JP +5.9% (took steps on air bag issue)- Technology: Tencent Holdings 700.HK -1.3% (Q3 results); Chinasoft International 354.HK -1.1% (9-month results)- Utilities: J-Power 9513.JP +4.1% (analyst action) - Source


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