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Wednesday January 14, 2015 - 05:05:58 GMT
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| | Email Asian Mid-session Update: World Bank cuts global growth outlook again; Copper plummets over 7% - Source

(JP) JAPAN DEC M2 MONEY SUPPLY Y/Y: 3.6% V 3.6%E; M3 MONEY SUPPLY Y/Y: 2.9% V 3.0%E - (AU) AUSTRALIA SEPT-NOV JOB VACANCIES Q/Q: +2.6% V -0.4% PRIOR - (NZ) NEW ZEALAND DEC TOTAL CARD SPENDING M/M: -0.3% V -0.4% PRIOR; RETAIL SPENDING M/M: -0.1% V +0.1%E - (NZ) NEW ZEALAND DEC QV HOUSE PRICES: 4.9% V 5.1% PRIOR (lowest since Aug 2012) - (KR) SOUTH KOREA DEC UNEMPLOYMENT RATE: 3.5% V 3.4%E - (KR) SOUTH KOREA NOV MONEY SUPPLY L M/M: 1.2% v 0.8% PRIOR; M2 M/M: 1.4% V 0.8% PRIOR - (KR) South Korea Dec Bank Lending to Households (KRW): 519.1T v 513.7T prior; 11th consecutive increase and new record high ***Index Snapshot (as of 03:30 GMT)***- Nikkei225 -1.4%, S&P/ASX -0.7%, Kospi -0.1%, Shanghai Composite +0.4%, Hang Seng +0.2%, Mar S&P500 -0.3% at 2,009***Commodities/Fixed Income***- Feb gold -0.5% at $1,227, Feb crude oil -0.6% at $45.60/brl, Mar Copper -5.0% at $2.49/lb- (US) API PETROLEUM INVENTORIES: CRUDE: +3.9M v +0.5Me, GASOLINE: +1.6M v +2.5Me, DISTILLATE: +0.42M v +1Me - JGB: (JP) Japan MoF sells 643B in 1.5% (1.5% prior) 30-yr notes; Avg yield: 1.123% v 1.456% prior; Bid to cover: 3.57x v 3.12x prior - (AU) Australia MoF (AOFM) sells A$700M in 3.25% 2029 Bonds; avg yield: 2.8567%; bid-to-cover: 2.42x ***Market Focal Points/Key Themes/FX***- Midday reversal to the downside in the US session has translated into a mixed session Asia, where Nikkei225 and Sydney are falling while Shanghai and Composite are holding on to modest gains. Report out of the World Bank estimated 2014 GDP growing by 2.6%, up from 2.5% in 2013 but below 2.8% forecast made in June. WB also lowered 2015 GDP target to 3.0% from 3.4% and 2016 target to 3.3% from 3.5%, adding that risks to slow recovery are tilted to downside, and also warning global trade may weaken further if euro area or Japan slip into recession. On China, WB noted growth is expected to slow below 7% by 2017 from 7.4% in 2014, also cutting 2015 China forecast to 7.1% from 7.5% and 2016 to 7.0% from 7.4%. US GDP for 2015 was raised to 3.2% from 3.0% and 2016 affirmed at 3.0%.- While equity indices were mixed, trading in commodities has been decidedly bearish. Copper prices are particularly volatile, plunging some 7% in electronic trade to $2.42/lb. A research note out of Goldman Sachs also saw risks to copper heavily skewed to downside, anticipating continued demand weakness in China. Australian metal names reflected the selloff, with Fortescue down over 8% and more modest declines in Rio Tinto and BHP of around 3%. AUD is also weighed down by plunging metals - AUD/USD was down nearly 100pips below $0.81, while AUD/JPY hit 2 1/2 month lows below 95.- In other USD majors, USD/JPY has largely tracked the risk-off tone established in the US session, falling by 60pips to 117.30. A Nikkei report speculated the BOJ may revise its FY15/16 CPI target to lower 1% range due to falling oil prices when it meets on Jan 21st and announces updated CPI and GDP targets. EUR/USD traded in a 20pip range just shy of $1.1780 going into the European Court of Justice Final opinion on ECB's OMT program later in the London session.- Hong Kong chief CY Leung delivered his 2015 Policy Address, stressing the need to improve economy to offer youth upward mobility, improve employment, and also consider land development in new territories to address the high property prices.***Equities***US markets: - XON: Enters Exclusive CAR T Pact with Ziopharm with MD Anderson; +7.0% afterhours- GME: Reports holiday season results; SSS -3.1%; reiterates guidance; +6.5% afterhours- FCE.A: To convert to a REIT, continue to pursue strategic plan initiatives; +6.3% afterhours- OCN: Cooperating With California Dept. of Business Oversight; +5.0% afterhours- LLTC: Reports Q2 $0.51 v $0.49e, R$352.6M v $359Me; Raises quarterly dividend 11% to $0.30/shr, implied yield 2.7%; +4.8% afterhours- CSX: Reports Q4 $0.49 v $0.49e, R$3.19B v $3.18Be; +0.6% afterhours- CTAS: Authorizes additional share repurchases up to $500M (5.5% of market cap); +0.6% afterhours- CZR: Asks judge to halt potential bankruptcy of a division, as creditors attempt to force the division into bankruptcy - press; -1.0% afterhours- TSLA: CEO: Sales in China fell significantly in Q4; May step down as CEO after launch of Model 3 - comments at auto show in Detroit; -6.1% afterhours- DWCH: Guides Q1 Net loss $4.5-4.6M, Rev $6.9-7M v $10.1Me; -27.7% afterhoursNotable movers by sector:- Consumer Discretionary: Wuxi Little Swan 000418.CN +3.0% (FY14 guidance); Bic Camera 3048.JP +4.3% (Q1 results); Pal Co 2726.JP +3.3% (9-month results)- Consumer staples: Create SD Holdings 3148.JP +5.0% (H1 results); Cosmos Pharmaceutical 3349.JP +6.4% (H1 results)- Financials: China Galaxy Securities 6881.HK +1.4% (Dec Op result); China Overseas Land 688.HK +4.6% (Dec sales result); Yuexiu Property 123.HK +1.9% (Dec sales result)- Materials: Jiangxi Wannianqing Cement 000789.CN +1.4% (prelim FY14 results); PanAust PAN.AU -9.0% (to cut workforce); Syrah Resources SYR.AU +3.6% (provides update on battery anode); St Barbara SBM.AU +1.8% (Q2 gold production); Northern Star Resources NST.AU +1.9% (quarterly sales result) - Source


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