Economic Data
(JP) BANK OF JAPAN (BOJ) RELEASES OCT 30TH MONETARY POLICY MINUTES: To continue with powerful monetary easing
(SG) SINGAPORE OCT INDUSTRIAL PRODUCTION M/M: 3.3% V 5.4%E; Y/Y: -2.1% V -0.7%E
(KR) SOUTH KOREA NOV CONSUMER CONFIDENCE: 99 V 98 PRIOR
(TH) THAILAND OCT CUSTOMS TRADE BALANCE: -$2.5B V +$0.1BE
(HU) HUNGARY NOV GKI BUSINESS CONFIDENCE: -12.4 V -14.6 PRIOR; CONSUMER CONFIDENCE: -50.7 V -53.0 PRIOR; ECONOMIC SENTIMENT: -22.4 V -24.6 PRIOR
Markets Snapshot (as of 05:00 GMT)
Nikkei225 +0.7%
S&P/ASX +0.2
Kospi flat
Shanghai Composite flat
Hang Seng flat
Dec S&P500 -0.3% at 1,401
Dec gold flat at $1,751/oz
Jan Crude Oil -0.4% at $87.92/brl
Notes/Observations
EUR/USD pair is shrugging some positive developments regarding Greece and Spain, falling about 20pips to $1.2950. A report in German press indicating eurozone fin mins are discussing a possible "haircut" for Greece in 2015 that may reduce Greece debt to GDP to 70% in 2020 vs 120% target. Report noting the timing of the easing terms would serve as a potential incentive for Greece to undertake reforms required in its second aid package, which runs out in 2014.
In Catalonia, the leader of the autonomy movement Artur Mas lost over 10 parliament seats to the more pro-independence left-wing parties in the regional elections, which was actually seen as defusing concerns over a push toward a referendum to secession. Mas's CIU party favored more self-governance but did not call for an outright break from Spain. Following the elections, Mas said he would seek a coalition with one of the minority parties.
Bank of Japan released its Oct 30th meeting minutes when it announced asset purchase program increase of ¥11T. Japanese yen fell across the board after the minutes showed a split in the board, with two members voting against the comments on economic outlook because they were not convinced Japan could achieve the bank's inflation target without more measures.
Board member Sato called for BoJ to maintain easing until 1% target CPI has been maintained. EUR/JPY extended its gains above ¥107 handle, hitting fresh 7-month highs, while USD/JPY rose as high as ¥82.60. Later in the day, BOJ Gov Shirakawa said Japan domestic economy is weakening, reiterating commitment to continue easing until inflation goal in sight.
Currencies/Fixed Income/Commodities
(AU) Australia Newcastle weekly coal exports for week ended Nov 26th: -33.4% w/w
(AU) Moody's changes rating for Australia's Queensland to Negative from Stable
(CN) Moody's: Ratings for China companies appear to be stabilizing in the current quarter
Speakers/Political/In the Papers
(CN) China Renmin University: Forecasts China Q4 GDP at 8.4% vs 7.4% in Q3; 2012 GDP at 8%, 2013 GDP at 9.3% - Chinese press
(CN) Morgan Stanley: China economy is recovering; Sees 2013 GDP at 8.2% and 2014 GDP at 8.0% - China Daily
(CN) India Foreign Minister: "Not prepared to accept" maps featured in China's new passports that include large areas of disputed territory - Weekend FT
(IN) India Fin Min Chidambaram: Govt is optimistic it can reduce budget shortfall for FY12/13 to 5.3% from 5.8% in prior year
(JP) BOJ Gov Shirakawa: Reiterates view that Japan domestic economy is weakening; to continue easing until inflation goal in sight
(JP) Japan PM Noda: Reiterates the call by LDP to undertake much more aggressive monetary easing to beat deflation is "dangerous" - financial press
(JP) Japan's LDP leader Abe: If LDP wins, the govt would seek to upgrade Japan's Self-Defense Forces (SDF) to a national military - Nikkei News
(JP) Japan PM Noda and LDP opposition leader Abe may hold a one-on-one public debate this Thursday ahead of the Dec 16th elections - Nikkei News
(AU) Australia govt projected surplus may be in doubt - AFR
(KR) South Korea state-run think tank Korea Development Institute (KDI): BOK need to further ease monetary policy to reduce upward pressure on KRW and support the economy; Cuts 2012 and 2013 GDP targets - financial press
(IT) According to exit polls, Democratic Party leader Pier Luigi Bersani is ahead of key rival Matteo Renzi in the Democratic Party primaries, but short of outiright majority at 44% - US press
EGPT: Share prices on Egypt Exchange fell over 9% on Sunday amid rising political tensions
(EG) Egypt PM Morsi: New sweeping power are meant to be temporary; Open to dialogue with judges
(US) According to ShopperTrak, Black Friday retail sales in the US fell 1.8% y/y to $11.2B - financial press
Asia Equities
Hyundai Motor 005380.KR: Company officials said to have increased their 2012 sales targets for China to 850K vehicles from 790K prior forecast - Korean press
Samsung Electronics 005930.KR: Apple said to be seeking to add infringement claims over 6 additional products, including Galaxy Note 2, to its current patent lawsuit - financial press
9984.JP: KDDI, SoftBank to begin selling Apple iPad mini on Friday, Nov 30th - Yomiuri News
Nissan Motor NSANY: Resumed all promotional activities in China to normal following escalation in tensions related to Senkaku islands - Nikkei News
Sharp 6753.JP: Exec: Open to making concessions in negotiations of a captial alliance with Hon Hai Presicion - Nikkei News
9503.JP: Kansai Electric and Kyushu Electric to apply for household rate hikes of 12% and 8.5% respectively - Nikkei News
QAN.AU: Exec: Airline has signed a number of new major corporate accounts over past few months; Well positioned for domestic growth - The Australian
BEN.AU: Agrees to acquire Southern Finance Group's financial planning business with assets estimated at A$290M - The Australian