Economic Data
(KS) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED 3.25%; AS EXPECTED
(JP) JAPAN SEPT TERTIARY INDUSTRY INDEX M/M: -0.7% V -0.5%E (3rd consecutive decline; 6-month low)
(JP) JAPAN OCT DOMESTIC CGPI M/M: -0.7% V -0.2%E; Y/Y: 1.7% V 2.2%E (8-month low)
(NZ) NEW ZEALAND OCT REINZ HOUSING PRICE INDEX Y/Y: +28.3% V +21.0% PRIOR
(NZ) NEW ZEALAND OCT FOOD PRICES M/M: -1.3% V -1.0% PRIOR (3rd consecutive decline)
(NZ) NEW ZEALAND OCT ANZ JOB ADVERTISEMENTS M/M: -2.5% V -3.2% PRIOR
(JP) JAPAN SEPT LOANS & DISCOUNTS CORP Y/Y: -0.7% V -1.6% PRIOR
(IN) INDIA SEPT INDUSTRIAL PRODUCTION Y/Y: 1.9% V 3.6%E
(PE) PERU REFERENCE RATE LEFT UNCHANGED AT 4.25%, AS EXPECTED
(KS) South Korea 2011 Household debt to asset ratio 17.5% v 16.7% in 2010
Markets Snapshot (as of 04:45GMT)
Nikkei225 +0.6%
S&P/ASX +1.0%
Kospi +2.5%
Taiwan Taiex +0.9%
Singapore Straits Times Index +0.1%
Shanghai Composite +0.6%
Hang Seng +1.1%
S&P Futures +0.8% at 1,246
Dec Gold +0.4% at $1,767/oz
Dec Crude +0.4% at $98.18
Overview/Top Headlines
Asian markets had a modest recovery and the euro held steady around $1.36, +0.1% after Italy was able to hold its debt auction and Greece announced their new PM. Some risk appetite was seen with Dec copper contract rising 0.7% in the session. Crude also gained slightly in the session, positive flows returned to both spot and forward contracts for gold and Japan Govt bonds yields rose slightly.
Peru Central Bank and the Bank of Korea both kept rates unchanged. BoK made several note worth comments. Dropping the reference to putting more emphasis on securing price stability. BoK Gov Kim: Policy rates remain accommodative; Will move if BoK sees signs of chronic inflation; No talk about a possible rate cut took place today. Global markets will have to stabilize for BOK to adjust policy.
Australia Treasurer Swan said currency unions and pegs are not a replacement for reforms, which are needed to balance global growth, countries should move to market based exchange rates. IMF should only step in to help if Europe takes the needed steps and any aid must come with conditions for reforms.
Japan Fin Min Azumi said he cannot comment on press speculation that Japan secretly intervened for the week following the official intervention; Reiterates monitoring FX markets. Also said there are no plans for 4th extra budget (3rd extra budget passed yesterday).
Speakers/Geopolitical/In the press
(KS) South Korea President Lee to attend Parliament to help push through free trade agreement with the US - Korean press
(CH) China Former CSRC Chair Zhou Zhenqing: China's policy is too tight, not "prudent"
(JP) Japan Senior Vice Fin Min Igarashi: No discussion of Japan's latest intervention at APEC summit; APEC stands ready to help deal with EU crisis
(US) Treasury Sec Geithner: Asian economies must stimulate demand to offset EU weakness; APEC countries have been impacted by the crisis but are doing the best
Equities
LEI.AU: Reports Q1 Net A$137M v A$48M y/y; Rev A$6.2B, +30% y/y
Hynix Semiconductor, 000660.KS: SK Telecom offers KRW3.55T for Hynix - Korean press
Chinese Estates Holdings, 127.HK: Offers 50 apartments at One Wanchai project; Had 2.5K inquiries with 10% from Mainland China - HK Standard
US Equities
NVDA: Reports Q3 $0.35 v $0.26e, R$1.07B v $1.1Be; +4.1% after hours
JWN: Reports Q3 $0.59 v $0.59e, R$2.48B v $2.4Be; -2.5% after hours
DIS: Reports Q4 $0.59 v $0.54e, R$10.43B v $10.4Be; +3.2% after hours