A mixed Asian session saw the Nikkei continuing to power ahead while Chinese markets traded in negative territory (Nikkei +0.20%, Hang Seng -0.13%, Shanghai Comp -0.36% & S&P/ASX -0.04%). The highlight of the session being China's GDP data which came in as expected while Retail Sales & Industrial Production both beat expectations. Bond markets were mixed with early weakness in the JGB's being reversed later in the session to leave the market forming a potential bullish outside day formation. Aussie Bonds on the other hand opened firmer but then turned south ahead of the release of the unemployment data which then thrust the market down towards the days lows. Treasuries traded in a tight 3 tick range just above the previous sessions lows in light volumes with 62k lots traded. The Dollar was mixed in a subdued market, losing ground to the Euro and Cable but making gains vs the Yuan. Elsewhere oil was flat and Gold continued to eat into recent gains losing a further $3.00.
Key Headlines:
-JAPAN SEPT. TRADE BALANCE 670.2B YEN; EST. 556.8B YEN; IMPORTS RISE 12.0% Y/Y; EST. 14.7%; EXPORTS RISE 14.1% Y/Y; EST. 15.0%
-AUSTRALIAN EMPLOYMENT ROSE 19,800 IN SEPT.; EST 15,000. JOBLESS RATE AT 5.5%; EST. 5.6%
-BANK OF KOREA LEAVES KEY INTEREST RATE UNCHANGED AT 1.25%
-CHINA 3Q GDP GROWS 6.8% Y/Y; EST. 6.8%;
-CHINA SEPT. INDUSTRIAL OUTPUT RISES 6.6% Y/Y; EST. 6.5%
-CHINA SEPT. RETAIL SALES RISE 10.3% Y/Y; EST. 10.2%
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