Economic Data
- (CN) CHINA SEPT ACTUAL FOREIGN DIRECT INVESTMENT (FDI) Y/Y: -6.8% V -3.5%E; YTD: -3.8% V -3.4% PRIOR (10th straight decline; largest decline since Nov 2009)
- (PH) PHILIPPINES SEPT BALANCE OF PAYMENTS: $751M V $582M PRIOR
- (NZ) NEW ZEALAND SEPT CREDIT CARD SPENDING M/M: 0.9% V 0.1% PRIOR; Y/Y: 1.5% V 1.9% PRIOR
- (NZ) NEW ZEALAND SEPT NET MIGRATION: +90 V -270 PRIOR
- (CO) COLOMBIA AUG INDUSTRIAL PRODUCTION: -1.9% v 1.1%E; Retail Sales Y/Y: 1.2% v 1.7%e
- Nikkei225 -0.1%
- S&P/ASX flat
- Kospi -0.9%
- Shanghai Composite -0.1%
- Hang Seng +0.1%
- Dec S&P500 flat at 1,451
- Dec gold -0.4% at 1,737/oz
- Nov Crude Oil -0.1% at $92.00/brl
Asian equity markets are more restrained after several sessions of strong gains as traders look to take profits going into the weekend. Korea's Kospi is the notable underperfomer as US tech sector continues to struggle. After disappointing Intel and IBM reports earlier this week, Marvell guided lower, AMD missed on top and bottom lines, and Google earnings slipped on both style and substance, sending the Nasdaq down over 1% in US hours.
China completed reporting of its monthly economic datapoints with a worse than expected foreign direct investment. on YTD basis, -3.8% marked its 10th consecutive and also its biggest decline since November of 2009. In Chinese press, China Academy of Social Sciences (CASS) analyst called for any fiscal stimulus to be limited in size, and the Housing Ministry researcher continued to warn over speculation in the property sector. This latest set of comments echoed NBS sentiment overnight that saw more focus on inflation than justified by continued growth slowdown.
Out of Brussels, the EU Summit saw some notable commentary related to Greece and Spain. Fin Mins were pleased with the progress of the former as they prepare to review the Troika report. On the latter, while Spain was not the focus of the gathering, France Pres Hollande called for any potential bailout to avoid stringent conditionality.
Fixed Income/Currencies/Commodities
- SLV: iShares Silver Trust ETF daily holdings rise to 9,888tons from 9,861 tons (first rise since Oct 1st)
- (US) Weekly Fed Balance Sheet Assets Week ending Oct 17th: $2.829T v $2.793T prior; M1: +$42.8B v +$1.4B prior; M2: -$12.5B v +$74B prior
- (EU) Spain PM Rajoy: Bailout request was not discussed at EU summit - financial press
- (EU) Germany Chancellor Merkel: Bank supervision will be phased in during 2013; Not operational on Jan 1st
- (EU) France Pres Hollande: EU Summit has confirmed June decision on bank union; Conditionality to Spain aid request should not be imposed - financial press
- (EU) EU's Juncker: Decision on recapitalization of Spanish banks to come in the next few weeks - financial press
- (UK) BoE Miles: Slower growth is expected when compared to previous recoveries - financial press
- (SG) Singapore Fin Min Shanmugaratnam: Expects several years of sub-par global economic growth
- (CN) China Ministy of Commerce (MOFCOM): China to evaluate WTO steel report
- (AU) The Australia Treasury will not adjust economic guidance for mid-year economic and fiscal outlook - The Australian
- 6701.JP: Raises forecast for H1 Op profit to ¥47.0B from ¥1.0B prior, Rev to ¥1.45T from ¥1.40T prior; maintains FY guidance (earlier: May report H1 op profit around ¥40B, 6x y/y and well above prior forecast of ¥1B - Nikkei News)
- NSANY: China Ministry of Commerce to initiate new exporter review on anti-dumping and anti-subsidy measures imposed on vehicles made by N America unit - China Daily
- NSANY: Plans to fully cover damage to Nissan vehicles sustained during recent anti-Japan riots in China - Nikkei News
- GNC.AU: Archer Daniels has acquired a 10% stake; Wishes to engage in talks with the company
- NAB.AU: Sees Q4 Net profit around A$1.4B v A$1.4B q/q
- STO.AU: VP: Australia is about 4-5 years away from significant shale gas output - financial press
- CMG: Reports Q3 $2.27 v $2.30e, R$700M v $703Me; -10.4% afterhours
- MRVL: Lowers Q3 Rev guidance to $765-785M v $813Me (guided $800-850M prior); -9.2% afterhours
- ETFC: Reports Q3 -$0.10 v $0.08e, R$490M v $442Me; -4.7% afterhours
- AMD: Reports Q3 -$0.20 v -$0.15e, R$1.27B v $1.28Be; -3.3% afterhours
- MSFT: Reports Q1 adj $0.65 v $0.57e, R$16.01B v $16.5Be; -1.5% afterhours
- FLEX: Reports Q2 $0.26 adj v $0.23e, R$6.18B v $6.17Be; -1.5% afterhours
- COF: Reports Q3 $2.01 v $1.74e, R$5.78B v $5.54Be; +3.4% afterhours
- SNDK: Reports Q3 $0.48 v $0.33e, R$1.27B v $1.22Be; +3.6% afterhours