SINGAPORE
Fraser & Neave (FNN)'s FCL ( China ) is in discussions to sell of its majority stake in Hong Kong listed Frasers Property (Straits Times).
ARA Asset Management (ARA) expects to raise S$800M in Singapore 's first dual-currency initial public offering (Bloomberg).
Indofood Agri Resources (IFAR) price target was cut to S$1.50 ("neutral") from S$1.90 ("overweight") while Golden Agri-Resources (GGR)'s was lowered to S$0.68 from S$0.75 at JPMorgan.
US markets closed slightly higher on Tuesday. On the US economic data front, NFIB Small Business Optimism index rose to 92.9 (91.4 expected) in August from 91.2 the previous month. The trade deficit grew 0.2% to $42.0B (-$44.0B expected) in July. Stocks in the diversified financials and energy sectors traded higher while shares in the banks and household & personal products sectors were under pressure. Looking at US company news, Sonoco Products (SON -2.93% to $30.13) revised its guidance for its 3Q2012 and now sees its diluted EPS in a range of $0.51 - $0.53 compared with $0.62 - $0.66 in its prior expectations. Separately, Casey's General Stores (CASY +4.19% to $57.99) posted for its 1Q a diluted EPS of $1.01 ($0.95 expected) compared to $1.03 the year before with revenue of $1.87B flat YoY. After the US market close, Texas Instruments (TXN) raised lower end of 3Q EPS view from $0.34-$0.42 to $0.38-$0.42. In other news, Citigroup sees a $2.9B charge in the 3Q on the sale of a stake in Morgan Stanley Smith Barney.
In Europe, UK goods-trade deficit narrowed to £7.2B in July from £10.1B in June. Exports jumped 9.3% while imports fell 2.1%. In France , non-farm payrolls were down by 0.1% in 2Q, as expected. Regarding the stocks, Burberry plunged as the Co warned on its FY results. This morning, the Nikkei225 index opened higher.
CHINA - HK
China's Money Supply M0 rose 9.7% YoY (in line with expectation) in August vs +10% in July; M1 increased 4.5% in August vs +4.7% expected and +4.6% for the prior month; M2 grew 13.5% vs +14% expected and +13.9% for the prior month.
Chinese Prime Minister said "China's economic development trend is good, economic growth still remains within the target range set at the beginning of the year, and the economy is stabilising" Tuesday at the World Economic Forum in Tianjin, adding that the country still have "around 100 billion yuan left in the stabilisation fund as of this year" to support the economy if needed.
China 's State Council appointed Jiang Yang as a vice chairman of the China Securities Regulatory Commission.
Cnooc Ltd (883) said it formally filed a request with the Committee of Foreign Investment in the U.S. to review its proposed acquisition of Canadian oil and gas producer Nexen Inc.
AIA Group (1299) is in advanced but not exclusive talks to buy ING Groep's Malaysia and Thailand insurance operations, Reuters reported.
China Eastern Airlines (670) said it will sell 698.87 million A-shares at 3.28 yuan each and 698.87 million H-shares at HK$2.32 each to its parent company, China Eastern Air Holding, in a private placement to raise 2.29B yuan and HK$1.62B.
Geely Automobile Holdings (175) announced "the total sales volume of the Group for the month of August 2012 was 30,171 units, an increase of approximately 18% over the same period last year, and up approximately 7% from July 2012. The total sales volume in the first eight months of 2012 was 280,883 units, up approximately 8% from the same period last year and achieving approximately 61% of the 2012 full year sales volume target of 460,000 units. The Group's exports sales remained strong during the period. Its export volume was over 8,600 units in August 2012."
Baoshan Iron & Steel Co (600019) will keep its key product prices unchanged for October compared with September (Dow Jones).
Swire Pacific (19): ex-div HK$1
Google Trend HK - popular searches: China Molybdenum Co (3993)
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