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October 10, 2012
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  Top Stories 
  • IMF sees alarming risk of global recession
    In its darkest global forecast since 2009, the International Monetary Fund said the chances for another global recession are "alarmingly high." Global growth is estimated to clock in at 3.3% this year and 3.6% in 2013, both down from 3.8% last year, and "no significant improvements appear in the offing," the IMF said. The Wall Street Journal (10/9) LinkedInFacebookTwitterEmail this Story
  • Predicted jump in Chinese exports is not expected to be sustained
    A predicted September expansion in Chinese exports is unlikely to be sustained while crisis in Europe and malaise in the U.S. economy persist, economists say. "Despite the recent announcement of the euro's rescue plans and further quantitative easing in the U.S., it will be some time before the advanced economies can genuinely begin to recover. Until then, austerity measures and structural reforms are going to drag on demand for Chinese exports," said Shen Jianguang, chief economist at Mizuho Securities in Hong Kong. The Edge Malaysia (10/9) LinkedInFacebookTwitterEmail this Story
  • European Stability Mechanism earns high rating, negative outlook
    The new €500 billion ($657.1 billion) European Stability Mechanism has earned a rating of Aaa from Moody's, which nonetheless assigned it a negative outlook, citing similar outlooks for principals Germany and France. Meanwhile, in the periphery, Spain's budget deficit is growing faster than the government's attempt to plug the hole, and angry protesters in Athens greeted visiting German Chancellor Angela Merkel with a display recalling Nazi conquest. Xinhuanet.com (China) (10/8) , Bloomberg (10/9) , Financial Times(tiered subscription model) (10/9) LinkedInFacebookTwitterEmail this Story
  • U.K. trade deficit grows, factory output falls, pound shrinks
    The U.K. trade deficit in goods grew to £9.8 billion in August while manufacturing output declined a greater-than-expected 1.1%. Meanwhile, the International Monetary Fund switched its U.K. forecast for the year from one of narrowly positive growth to a contraction of 0.4%. The gloomier outlook drove the value of the pound lower and is raising expectations of further quantitative easing by the Bank of England. The Telegraph (London) (10/9) , Reuters (10/9) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    A cash injection into China's economy by the nation's central bank helped lift mining shares Tuesday in Europe, but overall markets were down amid persistent fears over global growth, with the Stoxx Europe 600 ending 0.45% lower for the day at 270.20. In the U.S., jitters over the corporate earnings season pushed the S&P 500 down 0.99% to 1,441.48. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/10) , The Wall Street Journal (10/9) , CNNMoney (10/9) LinkedInFacebookTwitterEmail this Story
  • Worries over eurozone shake Asian markets
    Investor nervousness caused many Asian shares to fall as markets awaited news from a meeting of European finance ministers on the eurozone crisis that underpins worries over global growth. The Nikkei fell 1.06% to 8,769.59 and the Kospi was off 0.14% at 1,979.04, but the Hang Seng advanced 0.54% to 20,937.28 and the S&P/ASX added 0.52% to 4,505.30. Bloomberg Businessweek (10/9) LinkedInFacebookTwitterEmail this Story
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  Economic Trends & Outlook 
  • U.S. Treasury chief lauds Indian reforms
    Visiting U.S. Treasury Secretary Timothy Geithner welcomed as a "very promising path" India's latest round of economic reforms as he and Finance Minister P. Chidambaram discussed lowering trade barriers. The meeting came even as the International Monetary Fund lowered its growth forecast for India to 4.9% for the year. Meanwhile, the country's opening to outside retail investment is expected to see cautious movement as foreign companies feel out the market and find their way through a complex and sensitive regulatory and political environment. The Economic Times (India)/The Associated Press (10/9) , Financial Times(tiered subscription model) (10/9) , The Hindu (India)/Press Trust of India (10/9) LinkedInFacebookTwitterEmail this Story
  • Taiwan sees jump in September exports
    Despite a poor showing by information tech products, Taiwan's exports surged 10.4% in September from a year earlier with a boost from orders across Asia. However, analysts said the gain -- reversing six months of decline -- might not be sustained, citing poor performance not only in IT but also in capital goods and machinery. China Economic News Service (Taiwan) (10/9) LinkedInFacebookTwitterEmail this Story
  • IMF's 2012 outlook for Philippines is unchanged
    Although the International Monetary Fund is projecting lower growth for most nations worldwide, its outlook for the Philippines remains unchanged at 4.8% for this year. Even so, the IMF said growth among members of the Association of Southeast Asian Nations was being held back by global factors restraining exports. Business World (Philippines) (10/9) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Singapore IPO would be second yuan-denominated outside China
    Singapore might soon see its first yuan-denominated initial public offering -- and the second ever outside China -- from a real estate investment trust supported by Hong Kong's Li Ka-shing. Dynasty REIT is the issuer, with sponsorship by ARA Asset Management, and the $800 million IPO would further Singapore's ambition to become an alternative to Hong Kong in the offshore yuan market. The Wall Street Journal (10/9) LinkedInFacebookTwitterEmail this Story
  • Samsung Asset hopes to ride surge in South Korean ETF market
    Samsung Asset Management sees a bright future in exchange-traded funds in South Korea, projecting the market will more than double to $26 billion by 2015. With that kind of domestic growth in mind, Samsung now has in its sights the goal of becoming the third-largest ETF manager in the Asia-Pacific region, says Bae Jae-Kyu, managing director of the company's ETF business. AsianInvestor.net (10/9) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • With Asia rising, Fullerton hopes to double portfolio
    Given the global slowdown and Asia's rising importance relative to lagging economies elsewhere, Singapore's Fullerton Fund Management believes the moment is ripe to expand its Asia-focused portfolio and double it over the next five years. "If there was ever a time to truly grow an institutional asset manager focused on Asia, the time is now," said Manraj Sekhon, CEO of Fullerton, which is wholly owned by Temasek Holdings. The Business Times (Singapore) (10/9) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Navin Suri takes on Hong Kong role for BNY Mellon
    Navin Suri of ING Investment Management has been hired by BNY Mellon to cover intermediary distribution in the Asia-Pacific region. Suri, based in Hong Kong, "will be growing the team as the business grows. [Future hires] could be a combination of external hires or internal transfers," said a BNY spokesperson. AsianInvestor.net (10/9) LinkedInFacebookTwitterEmail this Story
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