EM ASIA CREDIT: SK Innovation: Q3 results beat
(SKBTAM, Ba1neg/BBB-neg/NR)
"*SK INNOVATION 3Q SALES 20.53T WON, EST. 19.04T WON" - BBG
"*SK INNOVATION 3Q OPER PROFIT 573.48B WON, EST. 376.87B WON" - BBG
SK Innovation 3Q results are coming materially above expectations. Headlines for now, with details expected within the hour. Positive bias.
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MNI: BOJ: MAJOR FIRM FY25 CAPEX PLANS ABOVE HISTORICAL AVERAGE
- BOJ: MAJOR FIRM FY25 CAPEX PLANS ABOVE HISTORICAL AVERAGE
MNI: MNI BOJ SEPT TANKAN LARGE MFG INDEX 14; JUNE 13; MEDIAN 15
- MNI BOJ SEPT TANKAN LARGE MFG INDEX 14; JUNE 13; MEDIAN 15
- BOJ TANKAN LARGE NON-MFG INDEX 34; JUNE 34; MEDIAN 34
GOLD: Gold Priced In US Shutdown, Senate Vote Fails
Gold reached another record high on Tuesday rising to $3871.72/oz and finished September up almost 12%. Prices rose 0.7% to $3858.96 off the intraday low of $3793.23 as the US dollar weakened further (BBDXY -0.2%) and the 2-year yield was slightly lower. It has found support from the imminent US government shutdown. A senate vote to avoid this has just been held but failed to pass and the administration has told agencies to begin shutdown arrangements. The metal is currently trading around $3861.0.
- A US government shutdown will delay data including payrolls originally scheduled for Friday. It is forecast to show continued lacklustre job gains and is important for Fed easing expectations. Dallas Fed’s Logan (2026 FOMC member) said that rates can’t address all labour market weakness and easing should “proceed cautiously” as uncertainty is higher than “usual”.
- Gold’s bull cycle continues with it breaking above resistance at $3871.7 yesterday. The level to watch now is round number resistance at $3900.0. Moving average studies also highlight the dominant uptrend. Initial support is $3717.6, 24 September low.
- Silver underperformed yesterday falling 0.6% to $46.65 off the intraday low of $45.812. It reached $47.171 earlier. It finished the month up 17.4% boosted by safe haven and ETF flows but also a tight physical market. It is currently trading around $46.68.
- Equities rallied with the S&P up 0.4% and Euro stoxx +0.4% but the S&P e-mini is down 0.2% so far today. Oil prices fell with Brent -1.4% to $66.15/bbl. Copper was down 0.3%.
