• Asian stock market, economy and companies update (September 25, 2015)

    Index Snapshot (as of 02:30 GMT)
    - Nikkei225 -0.1%, S&P/ASX -0.3%, Kospi -0.7%, Shanghai Composite -0.8%, Hang Seng -0.2%, Dec S&P500 +0.2% at 1,922

    Commodities/Fixed Income
    - Dec gold -0.5% at $1,147/oz, Nov crude oil +0.1% at $44.96/brl, Dec copper +0.3% at $2.31/lb
    - SLV: iShares Silver Trust ETF daily holdings fall to 9,898 tonnes from 9,928 tonnes
    - GLD: SPDR Gold Trust ETF daily holdings rise 3.9 tonnes to 680.3 tonnes; 3rd straight increase
    - (AU) Australia MoF (AOFM) sells A$300M in 4.5% 2033 Bonds; avg yield: 3.1734%; bid-to-cover: 2.39x

    Market Focal Points/FX
    - Asian equity markets are generally lower, tracking continued pressure on US stocks on Thursday, even though S&P futures turned higher in electronic trade. Strong earnings out of NKE and JBL are helping repair some of the damage done by Caterpillar's guidance cut before the open. USD is also notably higher on somewhat more hawkish remarks by Fed Chair Yellen after market close. Yellen bolstered the case for 2015 liftoff that had been weakened by the unexpected dovish hold in the FOMC policy decision last week, suggesting overseas developments would not derail Fed policy path while also attributing soft price pressure to transitory factors. Note that Yellen was also reported to have received some medical attention due to dehydration after that speech, but subsequently recovered enough to avoid a trip to the hospital. EUR/USD was down some 70pips in the wake of her remarks, USD/JPY rose 30pips above 120.30, and AUD/USD fell some 40pips to $0.6980.

    - Offshore Chinese Yuan firmed through CNH6.41 after PBoC's Sheng stated the currency devaluation and recent capital outflows would be over in a short term, also adding that interest rate reform is nearly finished. Separately, chief economist from the central bank called on Beijing to promote green investment and control spending on polluting sectors in Belt and Road initiative, just as China and US were reported to have scheduled a conference to announce new climate change measures that may include the former launching cap and trade carbon market by 2017. Also of note, local press reported China issued more formal guidelines requesting that SOEs (state-owned enterprises) accept mixed ownership. Recall about 2 weeks ago China also unveiled SOE reform measures encouraging state entities to become publically traded.

    - Japan nationwide core CPI registered its first decline since Apr of 2013, prompting a meeting between PM Abe and BOJ Gov Kuroda to discuss economy and monetary policy. Even though the core-core (ex energy) prints were less troublesome, investors will monitor for any hints of the BOJ being urged to do more easing at its late October meeting when it also releases its updates on inflation and growth. Concurrently, Japan cabinet office cut its overall assessment on economy for the first time since Oct of 2014, citing China slowdown and US rate hike risks contributing to "slowness in some areas" of Japan's economy. Fin Min Aso later stated the govt is still not considering additional fiscal measures and that consumer prices will rise moderately when excluding energy slide. Econ Min Amari was of similar opinion, stating there was no need to change the official 2% inflation target or prepare more stimulus at this time.

    US equities / ADRs:
    - BLPH: Announces positive data from interim analysis of Phase 2 Long-Term Extension Study of INOpulse(R) for treatment of pulmonary arterial hypertension; +82.8% afterhours
    - JBL: Reports Q4 $0.53 v $0.45e, R$4.68B v $4.60Be; +9.4% afterhours
    - NKE: Reports Q1 $1.34 v $1.19e, R$8.41B v $8.22Be; +8.3% afterhours
    - MRVL: Restructures Mobile Platform Business; to cut 17% in headcount; to take $100-130M in charges; +5.0% afterhours
    - BBBY: Reports Q2 $1.21 v $1.21e, R$3.00B v $3.03Be; Authorizes $2.5B share repurchase (about 25% of market cap); -0.6% afterhours
    - PIR: Reports Q2 $0.04 v $0.08e, R$430M v $436Me; -6.6% afterhours
    - INAP: Guides Q3 R$77.5-79M v $83.2Me; EBITDA $18-19M; lowers FY outlook; -15.1% afterhours

    Notable movers by sector:
    - Consumer staples: Japan Tobacco Inc 2914.JP +3.0% (speculation to buy Reynolds' asset)
    - Financials: Financial Street Holdings Co 000402.CN -2.3% (acquisition); New World Development 17.HK -0.4% (FY15 result); Huishang Bank 3698.HK +1.5% (share issues); Insurance Australia?IAG.AU -0.9% (speculation of investment in China)
    - Technology: Sharp 6753.JP -7.1% (update on H1 earnings and guidance); Samsung Electronics 005930.KR -1.3% (speculation to cut chip investment); Leshi Internet Info & Tech Co Beijing 300104.CN -7.1% (new smart TVs)
    - Healthcare: Alchemia ACL.AU +94.3% (sells drug IP)

    Economic Data
    - (JP) JAPAN AUG NATIONAL CPI Y/Y: 0.2% V 0.1%E; CPI EX FRESH FOOD Y/Y: -0.1% (first decline since Apr 2013) V -0.1%E
    - (JP) JAPAN SEPT TOKYO CPI Y/Y: -0.1% (first decline since May 2013) V -0.1%E; CPI EX FRESH FOOD Y/Y: -0.2% (largest decline since Apr 2013) V -0.2%E; CPI EX FOOD, ENERGY Y/Y: 0.6% (6-month high) V 0.5%E
    - (KR) SOUTH KOREA SEPT CONSUMER CONFIDENCE: 103 V 102 PRIOR; 3rd straight month of increase, highest level since May

    Contributed by Trade The News
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