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New Zealand Has NZ$2.0 Billion Current Account Deficit

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New Zealand posted a seasonally adjusted current account deficit of NZ$2.0 billion in the second quarter of 2014, Statistics New Zealand said on Wednesday. That followed the downwardly revised NZ$0.6 billion shortfall (originally a surplus of NZ$1.407 billion). "The value of goods exports fell over a range of commodities, with dairy the most significant contributor this quarter," international statistics manager Jason Attewell said. Exports of goods fell NZ$1.1 billion. For the year ended June 2014, the current account deficit was NZ$5.8 billion (2.5 percent of GDP); it was 2.7 percent of GDP for the year ended March 2014, or NZ$6.0 billion. The latest deficit is $2.1 billion smaller than that for the year ended June 2013, which was 3.7 percent of GDP. New Zealand's net international liability position, which measures the value of our overseas assets less our overseas liabilities, was NZ$149.7 billion (65.3 percent of GDP) at 30 June 2014. The net liability position is now $1.4 billion smaller than at 31 March 2014 due to valuation changes, the statistics bureau said. "This is the smallest net liability position as a percentage of GDP in almost 13 years," Attewell said. New Zealand's external debt position increased $2.0 billion, to $142.3 billion (62.1 percent of GDP) in Q2.

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New Zealand GDP Gains 0.7% In Q2

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New Zealand's gross domestic product added 0.7 percent on quarter in the second quarter of 2014, Statistics New Zealand said on Thursday. That was in line with forecasts, although it slowed from the 1.0 percent gain in the first quarter. Business services (up 4.2 percent) were the main driver of the growth. On a yearly basis, GDP climbed 3.5 percent - missing expectations for 3.9 percent and down from 3.8 percent in Q1.

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Usd/cnh Closes in Ny at 6.1455 After Trading 6.1454-6.1527 Offshore

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Only light USD/CNH activity reported tracking USD/AXJ complex
Early Ldn/early NY was a continuation of post FOMC - USD eased late NY Still no official confirmation that PBOC will inject CNY500bln into top 5 banks

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New Zealand Consumer Confidence Slows In Q3

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Consumer confidence in New Zealand took a bit of a hit in the third quarter of 2014, the latest survey from Westpac Bank revealed on Monday, with an index score of 116.7. That's down from 121.2 in the second quarter, although it remains comfortably above the line of 100 that separates optimism from pessimism. The Reserve Bank of New Zealand's decision to hike its benchmark Official Cash Rate is seen as the catalyst for lagging confidence, the survey suggested. Among the individual components of the survey, the index for present conditions fell from 116.8 to 113.0, while the outlook dipped from 124.1 to 119.3.


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Nzd Continues Move down Through Figure Sits Circa 0.8103/05

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Paused ahead of 0.8099 o/n low but scant signs of any bounce
Rabobank survey shows NZ farmers confidence at two-year lows
0.8078 17 September cycle low support, 0.8052 4 February low next likely safe till HSBC flash

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Japan Corporate Service Prices Add 3.5% In August

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Corporate service prices in Japan were up 3.5 percent on year in August, the Bank of Japan said on Thursday. That was below forecasts for a gain of 3.7 percent following the downwardly revised 3.4 percent increase in July (originally 3.7 percent). On a monthly basis, prices eased 0.2 percent following the flat reading in July. Among the individual components of the survey, prices were up for transportation and real estate, and down for advertising and rental.

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Usd/idr to Test Bi's Resolve at 12060 Recent High

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Ext rally in NDFs, bullish USD underpins
Month end local corp demand to add to support for pair
IDR NDFs traded 12115-12225 range overnight, closed 12190-12220 in NY


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South Korea Industrial Output Tumbles In August

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Industrial production in South Korea was down 3.8 percent on month in August, Statistics Korea said on Tuesday. That was well shy of forecasts for an increase of 0.4 percent following the upwardly revised 1.5 percent gain in July (originally 1.1 percent). On a yearly basis, industrial production fell 2.8 percent - also missing expectations for a gain of 2.5 percent following the upwardly revised 3.9 percent jump in the previous month (originally 3.4 percent). The index of all industry production was down 0.6 percent on month and up 0.6 percent on year.

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Gold drops to nine month low on strengthening dollar

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Futures for gold fell to their lowest value since January with outlook over higher borrowing rates in the US spurring the dollar upward and decreasing demand for an inflation hedge.

Bullish wagers made on gold by money managers have declined for six consecutive weeks, making the longest losing streak in over years based on government data. Holdings in bullion backed exchange traded products around the world shrunk to the smallest in five years with the metal close to erasing all its gains for 2014.

Futures for gold with a delivery date in December fell by 0.6% to arrive at a price per ounce of $1,211.60 early afternoon in New York’s Comex. It earlier touched its lowest since January 2nd at $1,204.30. The precious metal has declined by 8.4% so far this quarter, its first losing three month period for the year. Gold underwent a rally during the first half of the year due to geopolitical tensions rising up around the world, particularly in Ukraine and the Middle East.

Adrian Day Asset Management president Adrian Day says that, “It’s really been the dollar that probed gold lower since the beginning of July.” The US dollar rose to its highest four years today against a basket of 10 currencies to put it on track to record its largest gain in a quarter. The Federal Reserve increased its outlook for interest rates on September 17, suggesting that its commitment to stabilize inflation.

Commodities research head Jeffrey Currie from Goldman Sachs Group Inc. claims that gold will continue to fall until it reached $1,050 per ounce by the end of the year.

Futures of silver with a delivery date in December fell by 2.9% for a price per ounce of $17.057 after hitting its lowest since March 2010 of $16.85. It has dropped by 19% this quarter.

Palladium for December also declined by 1.8% to $775.15 per ounce. It has lost 15% during this month. Platinum in January fell by 0.7% to $1,300.50 per ounce as part of its 12% loss this quarter.

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Gold climbs for second straight day behind falling stocks

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Gold crept up from its nine month low for the second consecutive day after stock markets around the world declined due to disappointing manufacturing statistics, pushing up demand for alternative investments.
Spot gold increased to a price per ounce as high as $1,216.77 after improving by 0.2% and was trading mid morning Singapore time at $1,216.62, based on generic pricing from Bloomberg. The precious metal hit its lowest value since January 2nd of $1,204.57 last September 30th which put it within 0.5% of erasing all its gains for the year.
Data from Europe, showed that factory activities grew at their slowest pace in more than a year during September while the sector in the US cooled down as well. In China, output levels from factories were unchanged from August to September. Stocks in Asia declined for the fifth straight day today after the US market fell, pushing down the MSCI All Country World Index to its lowest level in five months.
Analyst Lachlan Shaw from Commonwealth Bank of Australia says that, “Gold rose on safe-haven demand as economic concerns flared up.”
Futures of gold similarly traded up from yesterday’s price per ounce of $1,215.50 to $1,216.90 in New York’s Comex. Holdings under the largest bullion backed exchange traded product, the SPDR Gold Trust, decreased to the fewest since December 2008 at 768.66 metric tons.
Spot silver increased by 0.5% for a price per ounce of $17.2715 to continue yesterday’s 1.2% improvement. Platinum rose to $1,289.69 per ounce to show a climb of 0.5% today after falling to its lowest value since October 2009 yesterday at $1,263.38. Palladium improved by 0.8% for a price per ounce of $784.63.

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UK stocks sink to lowest of the year on ECB uncertainty

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UK stocks stooped to its lowest level so far for the year as investors doubted the asset-purchase program of the European Central Bank’s capacity to stimulate the euro-area economy.
The FTSE 100 shed 1.7% to 6,446.39 at the end of the trading session in London. It is the biggest slump of the gauge since January. The index sank after the ECB meeting where they outlined the details of the asset-purchase program. For the week alone, the index has already lost a total of 3.1% as grocers plummeted. This makes for a total of 1.8% loss for the quarter.
Ashtead Group Plc shed 4.6% to 977 pence. Xaar Plc plunged by 37%.
In the Thursday meeting, ECB President Mario Draghi announced that the ECB will be buying assets for at the very least, 2 years. It will start with covered-bonds purchases for the current month and then for the quarter, it will have asset-backed securities next with as much as 1 trillion euros or $1.3 trillion worth of assets to be possibly added in the ECB’s balance sheet. Draghi focused on the asset-purchase program however left investors hanging on further details such as the program’s size. Across the globe, stocks are on a global selloff as they are hit with a ‘risk-off’ period that had investors turning to safe havens like gold and bonds. US and Asian stocks are down with the former dragged by the ECB meeting and the jobless claim uptick while the latter faced the extension of the pro-democracy protests in Hong Kong to its seventh day.

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Hong Kong stocks rebound on China Mobile, casino shares

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Hong Kong stocks rebounded from the previous trading days slump as casino shares continued its rally while China Mobile Ltd. regained from a drop.

The Hang Seng Index climbed 0.4% to 23,401.26, 11:00 am, Hong Kong time. The gauge shed as much as 0.5% in the intraday trading. Last week, it plummeted by 2.6% after the escalated pro-democracy Hong Kong protests that went through the Chinese Golden Week holiday. It was the biggest drop of the index since March of this year. The H-share index or the Hang Seng China Enterprises Index rose by 0.5% to 10,462.26 as Mainland Chinese markets resume trading tomorrow.

As per the latest reports, several rounds of talks will be held where Hong Kong officials and protest leaders will be discussing the matter of democracy and electoral freedom as a result of a preparatory meet up yesterday. According to reports, the result of the formal meetings, that were hoped to start as early as October 12, will be confirmed and implemented by the government according to their negotiations.

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Kazakhstan dollar bonds attract investors

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Investors snapped up the first dollar bond of Kazakhstan in over a decade with the debt the first of its kind to include provisions put in place following Argentina’s default earlier this year. Kazakhstan, a Central Asian country rich in oil fields, was able to raise $2.5 billion through the sale of 10 and 30 year dollar denominated bonds that had respective yields of 4.073% and 5.116%. The offering ended up being significantly oversubscribed with the country’s second biggest bank’s brokerage unit, Halyk Finance, saying that its order books went over $11 billion. The bonds included a binding clause that investors would follow all super majority decisions made by 75% of the holders, a section endorsed by international financial organizations after Argentina was plunged into a debt crisis due to a default. The country joins other former Soviet Union members who have tapped into international debt markets over the past year including Azerbaijan and Armenia who both did so for the first time in their history. Kazakhstan made the offering despite concerns over falling oil prices. Further declines in the energy market and lingering economic struggles in Russia could put at risk the government’s target for a 5% growth rate this year, officials admitted.

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South Korean Financial Markets closed on Thursday

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South Korean financial markets are closed on Thursday for a public holiday. Markets will resume trade at normal hours on Friday, Oct. 10.

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Japan Tertiary Industry Index Eases 0.1% In August

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An index measuring tertiary industry activity was down a seasonally adjusted 0.1 percent on month in August, the Ministry of Economy, Trade and Industry said on Friday - standing at 97.8. That missed forecasts for an increase of 0.1 percent following the flat reading in July. The industries that were down included scientific research, retail trade, utilities and accommodations. Industries that saw increased activity included finance, recreation, communication, health care and real estate.

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Usdmyr to Open Around 3.2600 on Higher Ndfs

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USD/MYR to continue firm above 3.25, eyes break above 3.2860 1 Oct high 1 month traded 3.2665-3.2715 range overnight, closed 3.2715-3.2750 in NY Growth worries; stocks sell-off supportive of pair


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Japan M2 Money Stock +3.0% On Year In September

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The M2 money stock in Japan was up 3.0 percent on year in September, the Bank of Japan said Tuesday - standing at 876.8 trillion yen. That exceeded forecasts for an increase of 2.9 percent and it marked the fourth straight month with the same reading. The M3 money stock added an annual 2.5 percent to 1,190.2 trillion yen versus forecasts for 2.4 percent, which would have been unchanged. The L money stock gained 3.2 percent on year to 1,565.1 trillion yen after gaining 3.1 percent a month earlier.


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South Korea Export Prices Ease 0.2% In September

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Export prices in South Korea were down 0.2 percent on month in September, the Bank of Korea said on Wednesday, following the 0.2 gain in August. On a yearly basis, export prices fell 6.5 percent after losing 8.6 percent in the previous month. Individually, prices for exports of manufacturing products fell 0.2 percent on month and 6.6 percent on year, while prices for agricultural products tumbled 1.3 percent on month and 1.8 percent on year. Import prices lost 1.2 percent on month in September after shedding 0.8 percent in August. On a yearly basis, import prices tumbled 8.8 percent after dropping 9.9 percent a month earlier. Prices for raw materials lost 2.6 percent on month and 12.7 percent on year, while prices for capital goods dipped 0.6 percent on month and 6.7 percent on year.


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New Zealand Manufacturing Index Rises To 58.1

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New Zealand's manufacturing sector expanded at an accelerated pace in September, the latest Performance of Manufacturing Index from Business NZ revealed on Thursday with a score of 58.1. That's up from the upwardly revised 57.0 in August (originally 56.5), and it moves further above the boom-or-bust line of 50 that separates expansion in a sector from contraction. In all, the index has risen in four straight months. "This pick-up has been relatively well spread across industry type, firm size and the standard breakdowns of production, orders, employment, stocks and deliveries," BNZ economist Craig Ebert said.


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Aud/usd Back Above 0.8760 After dragged Lower to 0.8734 on Kiwi Sell-Off

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Kiwi sell-off false alarm but comeback far from impressive
That said antipodean recovery looks underway - NZD/USD target +80 cents
AUD down against the field on Thursday - could play catch-up today
As highlighted by today's NZD/USD move - markets are very thin and illiquid

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UK House Prices Rise 2.6% In October - Rightmove

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The average asking price of a house in the United Kingdom was up 2.6 percent on month in October, property tracking website Rightmove said on Monday, to 271,669 pounds. That follows the 0.9 percent increase in September. On a yearly basis, house prices spiked 7.6 percent - slowing from the 7.9 percent jump in the previous month. By region, house prices jumped 10 percent in the south-east and 9.6 percent in London.


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