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November 12, 2012
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  Top Stories 
  • China's exports surge in October
      
    Zhou/Reuters
    In a new sign of vigor for China's economy, exports jumped 11.6% in October, and the country's $32 billion trade surplus for the month was the highest in nearly four years. Greeting the new data, central bank Governor Zhou Xiaochuan added a note of caution: "Overall, our macroeconomic controls have been successful, but of course the financial crisis didn't finish and became a European debt crisis, and therefore we are still continuing to deal with it." Caijing Magazine online (11/10) , Bloomberg Businessweek (11/11) LinkedInFacebookTwitterEmail this Story

  • China's economic outlook bright, but sustainability a challenge
    China must face the challenge of sustaining its economic growth in a changing world economy. However, Angel Gurria, secretary-general of the Organization for Economic Co-operation and Development, sees a bright future, with China probably able to raise its growth rate soon to 8% and sustain that pace for decades to come. Xinhuanet.com (China) (11/10) LinkedInFacebookTwitterEmail this Story
  • "Fiscal cliff" confronts divided U.S. government
      
    Reuters
    Last week's U.S. elections yielded divided government and little indication of how Washington might deal with the impending "fiscal cliff," disappointing Wall Street. Essentially, there is little faith that the newly re-elected Democratic president and a Republican-dominated House of Representatives can be relied on to arrive at compromises in a short time frame. "The clock is ticking," noted Quincy Krosby, market strategist with Prudential Financial. The Wall Street Journal (11/11) LinkedInFacebookTwitterEmail this Story

  • Germany might soon feel chill of global downturn
    The big Asian industrial powers aren't alone in their dependence on a healthy export trade, with German companies, which until now have defied the downturn in Europe, now preparing for a drop in business. "The decline in output and revenues is going to be substantial in the fourth quarter, and German companies know this," said Heino Ruland, market strategist at Ruland Research. Even now, cost cuts are under way, with implications for the entire German economy. The Economic Times (India)/Agence France-Presse (11/11) LinkedInFacebookTwitterEmail this Story
  • New U.K. inflation figures likely to point to faster pace
    Upcoming figures for U.K. inflation and growth are expected to present a mixed bag, with inflation accelerating to 2.5% from the recent 2.2% rate but no further reduction in the 2012 growth forecast. The pace of inflation, however, is particularly worrisome as it will further squeeze hard-pressed consumers. The Telegraph (London)(tiered subscription model) (11/10) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • Long downhill is seen for Wall Street ahead of "fiscal cliff"
    With the S&P 500 now below its 200-day moving average, the U.S. stock market might be in for more downward movement as investors contemplate the recession implications of automatic federal tax increases and spending cuts scheduled for the end of December. "You would have thought the 'fiscal cliff' scenarios would have been already mulled over and priced in, but they weren't. It's almost like the market has [attention deficit disorder] and can only focus on one thing at a time," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Md. Reuters (11/9) LinkedInFacebookTwitterEmail this Story
  • INTERNATIONAL MARKETS OVERVIEW
    The usual crop of eurozone and U.S. debt worries hung over European and U.S. shares last week, with markets on both sides of the Atlantic ending the week lower. On Friday, the Stoxx Europe 600 edged down 0.11% to 270.27, and the S&P 500 managed a 0.17% gain to 1,379.85. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/12) , The Wall Street Journal (11/9) , CNNMoney (11/9) LinkedInFacebookTwitterEmail this Story
  • Election over, U.S. fiscal crisis casts cloud over Asia
    Asian investors shifted their focus from the U.S. elections to the divided result, including uncertain prospects for a government resolution that addresses the country's fiscal crisis. Asian shares declined over the week as a result. Losses extended into Friday, with the Nikkei down 0.90% to 8,757.60, the Hang Seng off 0.85% at 21,384.38, the Kospi losing 0.52% to 1,904.41, and the S&P/ASX down 0.05% at 4,459.60. Bloomberg (11/9) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Indian growth is seen easing despite reform drive
      
    Reuters
    Despite well-received reform efforts, India's economic growth is expected to ease to a 6% annual pace, the slowest in nearly a decade. Additionally, proposed reforms themselves face an uncertain future due to stiff political opposition, particularly for the opening to foreign direct investment in the retail sector. The Wall Street Journal (11/11) LinkedInFacebookTwitterEmail this Story

  • Indian government looking to put country back on high-growth path
    Hopes for 8% or better growth with which India began the year have been shaved to 6% or less, and that's largely due to developments in the world at large, said Industry Minister Anand Sharma. "Year 2012 is not a year which Prime Minister Manmohan Singh, my colleague at the Finance Ministry P. Chidambaram or I would like to remember," Sharma said. "We would like to leave it in as good a state as we can and take off in January 2013 to a high growth trajectory again." The Economic Times (India)/Press Trust of India (11/11) LinkedInFacebookTwitterEmail this Story
  • Barclays sees turnaround for Taiwan exports
    The introduction of new tech products and a rush of orders for the holiday season are likely to provide a lift for Taiwan's exports this month, Barclays predicts. Any increase would be an improvement on the surprising 1.9% drop in exports for October. The Taipei Times (Taiwan) (11/12) LinkedInFacebookTwitterEmail this Story
  • S. Korean experts to examine consequences of low-growth economy
      
    Reuters
    Experts from South Korean banks, financial and investment firms and insurers are assembling under the aegis of the Financial Supervisory Service to assess the implications for the domestic economy of prolonged slow growth. "Chances are high that low growth rates and low interest rates are here to stay for a long time, which could hurt small and mid-sized financial investment firms and savings banks. They could also worsen the reverse margin situations for some insurance companies," an FSS official said. Yonhap News Agency (South Korea) (11/11) LinkedInFacebookTwitterEmail this Story

  • Indonesia expects higher growth in 4th quarter
    The Indonesian economy should register 6.4% annual growth for the final period of the year, an improvement over the 6.17% pace of the third quarter, the government predicts. A regular annual boost in government spending in the waning months is expected to help. Xinhuanet.com (China) (11/10) LinkedInFacebookTwitterEmail this Story
  • Tighter Philippine foreign ownership rules are lamented
    New Philippine rules on foreign ownership flowing from a court decision drew fire from foreign chambers of commerce, which said the rules will inhibit the nation's growth. "Every step to curtail foreign investments at a time when we clearly are bypassed by FDI compared to our neighbors, and at a time where we are recognized as a potential investment haven, must be seen as a step in the wrong direction," said Henry J. Schumacher, vice president of the European Chamber of Commerce of the Philippines. Business World (Philippines) (11/11) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • China's RQFII quota a step closer to increase
    As expected, the China Securities Regulatory Commission, the People's Bank of China and the State Administration of Foreign Exchange have reached preliminary agreement to raise the quota for the Renminbi Qualified Foreign Institutional Investor program by US$32 billion, according to Guo Shuqing, chairman of the securities regulator. The program allows investors to raise renminbi overseas that can be used to buy stocks and bonds in Chinese markets. Bloomberg (11/11) , Reuters (11/11) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 

  • Alleged criminal client data from HSBC is leaked
    Information on thousands of HSBC bank accounts in Jersey allegedly connected to drug dealers, gunrunners and other criminals has reportedly been provided to U.K. authorities by a whistleblower. The bank said it would cooperate with any inquiry, noting that "we are investigating the reports of an alleged loss of certain client data in Jersey as a matter of urgency. We have not been notified of any investigation in relation to this matter by Her Majesty's Revenue & Customs or any other authority." The Business Times (Singapore) (11/10) LinkedInFacebookTwitterEmail this Story
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