SINGAPORE
Singapore and Germany have agreed have agreed to adopt the Standard for Exchange of Information for tackling cross-border tax evasion, announced Germany's finance ministry.
Singapore Press Holdings (SPH) posted FY net income down 5.9% YoY to S$366M on revenue of S$1.3B, up 1.8%. The Co added: "Group recurring earnings of S$410.2M was slightly higher by S$1.2M (0.3%) compared to the previous financial year (FY 2011), as growth in the property and exhibitions businesses cushioned the lower profits from the newspaper and magazine segment. Investment income was impacted by volatility in the financial markets and fell by S$17.8M (35.3%) to S$32.6M."
US indices were mixed on Friday. On the US economic data front, Producer Price Index rose 1.1% MoM (+0.8% expected) and 2.1% YoY (+1.8% expected) in September. The Thomson Reuters/University of Michigan preliminary consumer sentiment index increased to 83.1 (78.0 expected) in October from 78.3 the previous month. Stocks in the media and transportation sectors traded higher while shares in the banks and diversified financials sectors were under pressure. Regarding some major US corporate releases, Wells Fargo & Co (WFC -2.64% to $34.25) reported 3Q net income of $4.9B vs $4.62B in the 2Q and $4.06B in the same period a year ago. Diluted EPS was $0.88 vs $0.82 in the 2Q and $0.72 a year ago. In other news, JPMorgan Chase (JPM -1.14% to $41.62) announced 3Q net income of $5.7B vs $4.3B in the 3Q of 2011 while EPS rose to $1.40 from $1.02 in the same period a year ago. Separately, Advanced Micro Devices (AMD -14.38% to $2.74) said that 3Q revenue is expected to decrease 10% QoQ compared to a decline of 1% plus or minus 3% previously announced.
In Europe , in euro zone, industrial production rose 0.6% from a month ago in August, the same rate of expansion as in July. On a yearly basis, industrial production fell 2.9% in August, following a 2.8% drop in July. French current account deficit widened to 4 billion euros in August from the revised 2.6 billion euros shortfall. In UK , the construction output slumped 11.6% in August from a year ago. Regarding stocks, Telefonica agreed to sell Atento to Bain Capital for 1 billion euros. Interserve disposes minority stakes in PFI investments. Volkswagen Group China reported an 18.3% increase in deliveries for the first nine months of 2012. STMicroelectronics is evaluating a breakup of the company that may lead to a sale of its struggling mobile-phone chip business. This morning, the Nikkei225 index opened lower, and remains under pressure below its key moving averages.
CHINA - HK
China recorded a trade surplus of $27.7B in September ($22.4B surplus expected) vs $26.7B surplus in August according to the the General Administration of Customs. Exports rose 9.9% YoY in September (+2.7% in August) while imports were up 2.4% (-2.6% in August).
China 's M2 money supply was up 14.8% YoY at end-September (+13.7% expected) vs +13.5 at end-August according to the central bank.
The Chinese yuan's exchange rate is very close to its equilibrium level and the People's Bank of China has dramatically reduced the intervention in currency markets, according to the central bank's deputy governor Yi Gang cited by Reuters.
China new loans in local currency was 623.3B yuan in September (700B yuan expected) vs 703.9B yuan the month before.
Hong Kong 's Exchange Fund recorded an increase of HK$30.8B MoM in the foreign assets to HK$2,316.9B at end-September according to the Hong Kong Monetary Authority.
Angang Steel (347) issued a profit warning saying it expects a 9-month net loss of appx. 3.17B yuan vs a net income of 239M yuan a year earlier.
ZTE Corp (763) projected a 3Q net loss of 1.90-2.00B yuan vs a net income of 299M yuan in the previous year and a 9-month net loss of 1.65B-1.75B yuan vs a net income of 1.07B yuan.
Sany Heavy Equipment International (631) announced the resignations of Zhou Wanchun as CEO and Mao Zhongwu as chairman, adding Zhao Xiangzhang, a director of parent Sany Group, has been appointed as CEO and chairman.
United Co Rusal (486) hopes to partner with Chinese companies to build a 800K-ton-per-year aluminum smelter in Siberia reported Reuters citing the Co's deputy CEO.
Yuexiu Property (123) said it has acquired by way of open tender a residential-commercial land parcel with a total permissible gross floor area of appx. 324K sqm in Jiang'an district, Wuhan city of Hubei province, for 1.2B yuan.
China Shipping Development (1138) said it will cease to recognize related deferred income tax liability commencing from 30 September 2012 to write down the income tax expense amounting to appx. 350M yuan for July-September, adding: "It is anticipated this will change the net profit after tax of the Co for July to September 2012 from a loss to a slight profit." Separately the Co is said to sell 2.5B yuan of corporate bonds reported Reuters.
Belle International (1880) reported: "For 3Q2012, the footwear business had a same store sales growth of 2.8%, while the sportswear business had a same store sales growth of 3.6%."
Daphne International (210) announced: "The Group's core brands recorded 5% YoY same store sales growth during 3Q2012, amidst softening consumer demand in China . The growth, achieved on top of a high base of 23% for the same period last year, was driven primarily by double-digit growth in sales volume."
Citic Securities (6030) reported September net income of 154M yuan vs 59.9M yuan in August on revenue of 512M yuan, up 65.8%.
Google Trend HK - popular searches: China Agri-Industries (606)
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