ASIAN SUMMARY: Regional equities are modestly higher after rallying Friday on the Fed's additional easing measures announced Thursday. The S&P/ASX adds 0.4%, the HSI rises 0.1%, the Kospi is 0.3% lower, the Taiex advances 0.3%, the Sensex is up 0.5%, the Shanghai Composite declines 1.5%, and the STI is 0.3% higher. Japanese and Malaysian markets are shut for holidays. In FX markets, the greenback remains under pressure against most major currencies in light of the Fed's bond-buyback news late last week. The EUR/USD is at 1.3131 from 1.3132 late Friday in New York, the EUR/JPY is at 102.78 from 102.90, and the USD/JPY is at 78.27 from 78.31. Foreign trade conditions are unlikely to improve significantly in the short term, China's Minister of Commerce Chen Deming says, following disappointing trade data last week; Chen adds, China will stick to its 2012 trade target and try to achieve it.
South Korea's state-run Korea Development Institute now tips the domestic economy to expand 2.5% this year, weaker than May's 3.6% projected growth. Singapore's August non-oil domestic exports fall 10.6% on-year, steeper than the median 3.0% decline tipped. New Zealand's economic recovery continues but will be slightly more protracted than previously thought and the export outlook has softened, according to the New Zealand Institute of Economic Research's latest Consensus Forecasts survey. The Philippines' 2012 economic growth is expected to hit the upper end of the government's 5%-6% target range, says Economic Planning Secretary Arsenio Balisacan. Spot gold is at $1,774.40, up $3.90 from the NY close. October Nymex crude oil futures are up 10 cents at $99.10/bbl.
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