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Friday November 21, 2014 - 08:45:04 GMT
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| | Email Asian Market Update: JPY recovers ground as Fin Min Aso objects to high-speed decline - Source

(NZ) NEW ZEALAND OCT CREDIT CARD SPENDING M/M: 1.3% V 0.2% PRIOR; Y/Y: 6.7% V 4.5% PRIOR***Index Snapshot (as of 02:30 GMT)***- Nikkei225 -0.8%, S&P/ASX -0.2%, Kospi +0.3%, Shanghai Composite +0.6%, Hang Seng +0.2%, Dec S&P500 flat at 2,052***Commodities/Fixed Income***- Dec gold +0.1% at $1,192, Jan crude oil 1.4% at $75.62/brl, Dec copper +0.2% $3.02/lb- GLD: IMF: Russia raises gold holdings by 18.9t to 1.17Kt in Oct - financial press- (US) Weekly Fed Balance Sheet Total Assets for week ending Nov 19th: $4.49T v $4.49T prior; Reserve Bank Credit: $4.45T v $4.45T prior; M1: -$44.8B v +$52.8B prior; M2: +$63.5B v -$65.7B prior- (AU) Australia MoF (AOFM) sells A$600M in 3.25% 2018 Bonds; avg yield: 2.65%; bid-to-cover: 6.13x- USD/CNY: (CN) PBoC sets yuan mid point at 6.1387 v 6.1417 prior setting (strongest Yuan setting since Nov 9th) - USD/CNY: (CN) Hong Kong SFC official: sees Yuan to be international currency in 5-10 years - financial press- (JP) BOJ offers to buy 400B in 5-10yr JGB, 240B in 10-25yr JGB and 160B in JGB with maturity over 25-yr ***Market Focal Points/Key Themes/FX***- After flirting with the 119 handle overnight, USD/JPY has succumbed to profit-taking going into the weekend, and the latest comments Japan Finance Minister have chased a few more yen bears out of the crowded trade. Fin Min Aso said the Yen decline has been too fast, and the abrupt weakness or strength were unwelcome. Comments sent USD/JPY down by another 50pips below 117.40 before afternoon session recovery toward 117.80. Separately, Japan PM Abe formally announced he is dissolving the lower house of parliament as widely anticipated and taking the LDP coalition into snap elections next month just when his personal cabinet approval ratings fall below 40%.- US President Obama delivered a sweeping executive order on immigration reform, unveiling plans for 5M undocumented residents to stay in the country. While the directive does not provide a pathway to citizenship, Obama not only appealed to American history of embracing immigrants and deflected criticism related to eligibility for social programs, but also potentially solidified the standing of the Democratic candidate with the Latino constituency going into the 2016 elections.- Fed's Williams spoke in South Korea, saying he sees encouraging signs that weakness in labor participation is diminishing. Williams added that the environment of low global growth with low real interest rate around the world is inherently risky. Fed's Bullard urged FOMC to hold a press conference after every FOMC meeting, so that policy action can be taken more freely. Bullard also reiterated expectation for US growth at 3% through 2015, and offered optimism that US would achieve long-run jobless rate very soon. ***Equities***US markets: - SPLK: Reports Q3 $0.02 v $0.01e, R$116M v $107Me; +6.3% afterhours- ROST: Reports Q3 $0.93 v $0.87e, R$2.6B v $2.55Be; +5.3% afterhours- SCTY: Confirms new solar installation projects with Walmart; +4.5% afterhours- ADSK: Reports Q3 $0.25 v $0.22e, R$618M v $603Me; +3.6% afterhours- INTU: Reports Q1 -$0.10 v -$0.21e, R$672M v $622Me; +3.6% afterhours- YUM: Approves $1B in share buybacks (3% of market cap); +0.6% afterhours- MRVL: Reports Q3 $0.29 v $0.29e, R$930M v $976Me; -0.2% afterhours- GPS: Reports Q3 $0.80 v $0.79e, R$3.97B v $4.01Be; -3.7% afterhours- GME: Reports Q3 $0.57 v $0.62e, R$2.09B v $2.21Be; -10.7% afterhoursNotable movers by sector:- Consumer Discretionary: Sinotex Investment & Development 600061.CN +10.0% (momentum on acquisition of Essence Securities); Kathmandu Holdings KMD.AU -4.5% (YTD results); Billabong BBG.AU +5.8% (trading update from AGM)- Materials: Panoramic Resources PAN.AU -9.9% (FY15 guidance); Sandfire Resources SFR.AU -3.6% (Posco to sell stake)- Industrials: China Railway Construction Corp 601186.CN +3.1% (awarded orders); Hitachi Chemical 4217.JP +2.0% (analyst action) Related ( UPDTE ) - Source


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