Trade The News | Dec 14, 2012 06:41AM ET
Economic Data
(as of 05:30 GMT)
Asian equity markets are trading mixed going into the weekend rife with implications for regional investor sentiment next week. Shanghai Composite was all the rage on Friday, rising over 4% at one point in the session. Buying accelerated after the release of a slightly better than expected HSBC flash manufacturing PMI, but bullish bias was arguably pre-loaded with renewed commitment to easy money by the Fed as well as growing perception of a pronounced progress in Europe - China's biggest export market. Investors see the end of "Grexit" following disbursement of loans to Athens and a more ductile Germany in negotiations on the banking union this week as positive developments that will not only help China avoid a hard landing, but will also lead to a rosier environment in 2013. To that end, the Politburo will convene China's Central Economic Work Conference this weekend to set out 2013 economic policy and targets. Note 2012 GDP, inflation, and new lending estimates stand at 7.5%, 4%, and CNY8T respectively.
Japan is headed to the polls on Sunday with a starkly more onerous backdrop. After the cabinet office confirmed a technical recession earlier this week, BoJ's Q4 Tankan survey revealed a near three-year low in manufacturing sentiment. Despite continued weakness in the yen that saw fresh multi-month highs in USD/JPY and yen crosses, Nikkei225 barely budged higher. LDP appears to be solidifying its pole position ahead of the Sunday elections. Earlier in the day, Nikkei News reported the LDP party has extended its lead in battleground areas and would likely top 300 seats along with its likely coalition partner New Komeito. Report further noted 320 is the key threshold in the 480-seat lower house body, giving the LDP a 2/3rd supermajority that allows them to vote down bills passed by DPJ-controlled upper house.
Currencies/Fixed Income/Commodities
(CN) China Academy of Social Sciences (CASS) researcher: Warns China property market may collapse in certain areas; housing prices in most of Chinese cities will continue rapid increases in Q4 and into 2013 -- Chinese press.
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