US closed higher, GBP higher on No Resultu to the referendum in Scotland, As forecasted in a recent press report, Japan govt cut its economic assessment in Sept for the first time in 5 months. Cabinet office pointed to slumping private consumption, which remains both weighed down by the sales tax increase and some rough weather over the past several weeks. Japan also maintained its somewhat cautious assessment for other key components such as
capital spending, exports and industrial output. Separately, Japan PM Abe released an op-ed in the press, claiming structural reforms would continue and hinting at another corporate tax rate cut in 2015. Scotland relief appears to
be driving overall bullish sentiment, resonating in Japan FX and equity trades USD/JPY hit fresh 6-year high above 109.40 (up 70pips), while Nikkei225 was up nearly 2% in early afternoon session at its highest levels since late 2007. China's PBoC put out its Q3 survey of bankers indicating depositors are less willing to apply for mortgages and more respondents expecting home prices to decline. Note that this follows overnight liquidity injection via lower repo
rate offering rate. Barclays economist said that move was meant as a "strong signal of a start of a rate-cutting cycle", but UBS claimed that lower repo rate diminished the possibility of an across-the-board reserve requirement cut. Nikkei +1,48% Hang Seng +0,45% Shanghai +0,24%
Eur$ 1,2908 S&P +0,38% Eurostoxx +1,08% FTSE _1,11% Dax +0,8% SMI +0,4%
Macro
- *SCOTLAND VOTES 55.4% NO, 44.6% YES WITH 31 OF 32 COUNTED
- ECB Eyes Banks’ Capital Quality as Target for Supervisory Power
- Shinzo Abe in WSJ Op-Ed Says Next Stage of Abenomics Is Coming
- U.S. Drilling to Slow If Price Falls Further: Standard Chartered
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