• Asian stock market, economy and companies update (September 15, 2015)

    Index Snapshot (as of 02:30 GMT)
    - Nikkei225 +1.3%, S&P/ASX -1.3%, Kospi +0.2%, Shanghai Composite -2.3%, Hang Seng -0.3%, Dec S&P500 +0.2% at 1,947

    Commodities/Fixed Income
    - Dec gold -0.1% at $1,106/oz, Oct crude oil +0.7% at $44.32/brl, Dec copper +0.6% at $2.42/lb
    - (CN) China may announce price cuts for gas in non-residential uses - Chinese press
    - SLV: iShares Silver Trust ETF daily holdings fall to 9,981 tonnes from 10,017 tonnes
    - (CN) PBoC to inject CNY50B in 7-day reverse repos (23rd consecutive injection, smallest injection in 1 month); Offer yield at 2.35%, unchanged from prior

    Market Focal Points/FX
    - The quiet before the Thursday FOMC storm on display in US hours is hardly echoed in Asia. After a near 3% drop yesterday, Shanghai Composite has entered midday break down another 2.5%, Nikkei225 has pared its earlier gains tracking JPY strength after the BOJ statement, and S&P/ASX fell to a 1-week low below 5,050 after a more dovish than anticipated RBA meeting minutes.

    - Bank of Japan maintained its annual monetary expansion target at 80T as widely expected, but also cut its assessment on both Exports (as speculated) and Industrial Production to "more or less flat due to effects of slowdown in emerging economies". Overall assessment on economy was also altered slightly to reflect the exports and output shifts, while inflation expectations were maintained around 0% for the time being. LDP ruling party critic Yamamoto reiterated his preference for a more aggressive policy response shortly after the announcement, even as the BOJ dissenter Kiuchi maintained his call for a taper in annual expansion to 45T. USD/JPY fell in the wake of the BOJ statement by some 40pips to a low of 119.90. On Japan's corporate front, Toshiba was down sharply after reporting Q1 results after market close overnight, although those declines were later tempered.

    - Australia's incoming PM Turnbull was formally sworn into office, while the prior leader Abbott departed with a pledge to make the leadership transition smooth. Moody's and Fitch both noted Australia's sovereign ratings will not be impacted, although the former noted the country's economic and fiscal challenges are rising, as political transition comes at a difficult time. RBA also released the minutes of its September policy meeting that featured a more dovish than anticipated tilt. Specifically, RBA said it saw a rising downside risk to global growth outlook, with headwinds coming from anticipated Fed rate hike and China capital outflows. RBA added growth would remain below average, though it was optimistic of improvement in non-mining business. RBA also reduced its concern over housing inflation, noting there was evidence that APRA measures "slowed the growth in lending for investment housing." AUD/USD fell over 20pips to session lows below 0.7125 after the RBA minutes.

    - In China, the PBoC reduced its open market operations to CNY50B from CN150B prior - the smallest injection in just over a month. China Banking Association (CBA) official said financial risks are manageable and overall asset quality is stable, also acknowledging the rise in non-performing loans as inevitable as a result of aggressive credit expansion since the GFC. After the Sunday announcement of power output component of industrial production, China's National Energy Administration (NEA) also put out its data for power consumption in August, rising 1.9%. Recall July month marked the first decline in power consumption - one of Premier Li's preferred economic indicators - since March.

    Equities
    US equities / ADRs:
    - AA: Enters collaboration with Ford for next gen alloys; +0.4% afterhours
    - MRTX: Offering $80M in stock (10% of market cap); -3.0% afterhours

    Notable movers by sector:
    - Consumer discretionary: Air China 601111.CN % -4.1% (bans low price tickets for travel websites); Wynn Macau 1128.HK -2.7% (comment on junket operation); Seven West Media SWM.AU +7.2% (share buyback)
    - Financials: New China Life 601336.CN -3.5% (Aug result); China Pacific Insurance Group 601601.CN -2.7% (Aug result); Cathay Financial 2882.TW +0.8% (Ant Financial's investment)
    - Technology: Toshiba 6502.JP -1.6% (Q1 result)
    - Materials: Alumina AWC.AU -2.2% (curtailment of capacity); Tokyo Steel Mfg 5423.JP -5.0% (cuts Oct product prices)
    - Energy: Woodside Petroleum WPL.AU -0.4% (speculation that may consider improve bid for Oil Search)
    - Healthcare: Askul Corp 2678.JP +3.5% (Q1 result)


    Economic Data
    - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: MAINTAINS ITS MONETARY BASE EXPANSION AT ANNUAL PACE OF 80T (AS EXPECTED); CUTS ASSESSMENT ON EXPORTS AND OUTPUT
    - (CN) China Aug fiscal revenue CNY967B, +6.2% y/y, fiscal spending CNY1.28T, +25.9% y/y
    - (AU) AUSTRALIA AUG NEW MOTOR VEHICLE SALES M/M: -1.6% V -1.6% PRIOR; Y/Y: 2.1% V 3.4% PRIOR
    - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 105.3 v 106.7 prior; 14-month low

    Contributed by Trade The News
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