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Asia Market Update

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Asia takes profits ahead of US jobs data and the House's rescue bill vote

Fri, Oct 3 2008, 07:53 GMT
by Eben Esterhuizen

TradeTheNews.com

- US Rescue Plan Update: The House Majority Leader Hoyer said that the rescue bill will be sent to the House floor for a vote on Friday and this followed a report that a House Panel cleared the rescue plan for vote without any amendments to the bill passed by the Senate.

- Economic Numbers: Australia's TD Securities inflation indicator rose in September (SEPT TD SECURITIES INFLATION MOM: 0.4% V 0.1%; YOY: 4.5% V 4.2% PRIOR), while the AIG services index rebounded (Sept AIG Performance of Service Index: 44.9 v 39.3 prior).

- Forex: The USD is weaker against the EUR, GBP, CHF, CAD, JPY, AUD and NZD ahead of tomorrow's employment data and House vote on the financial rescue bill. The JPY is weaker against the AUD, NZD, GBP and EUR. Earlier during the session EUR/JPY moved to the lowest level since June 2006. In terms of the Asian currencies, the USD is weaker against the SGD and HKD, but firmer against the TWD.

- Asian Equities: The Nikkei 225 is lower by more than 1.5%, after earlier moving below 11,000 for the first time in over 3 years. Declines in Tokyo are being led by automakers and steel makers. The S&P ASX 200 is lower by more than 2% on losses in shares of banks and miners. In other Asian indices, the Hang Seng is lower by more than 2%, the Taiex is declining by close to 0.50%, the NZX 50 is lower by more than 2.5% and the Straits Times is off by more than 2%.

- Commodities: Crude oil is lower by more than 1% after falling by 4.6% during the US floor trading session. Spot Gold has moved into positive territory, tracking the rebound in the EUR/USD currency pair.

- Fed Speakers: The St. Louis Fed President Bullard noted that cutting rates now might not be the right response, while the Fed's Hoenig reiterated his hawkish comments expressed earlier this week.

Published on  Fri, Oct 3 2008, 07:54 GMT