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October 24, 2012
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  Top Stories 
  • Analysts see emerging signs of a turnaround in China
    Closer examination of the latest quarterly growth figures for China points to a turnaround, with September growth picking up, analysts around the world are saying. "Overall the September data release painted a consistent picture of a pickup in domestic activities on the back of recovering domestic and possibly external demand, as well as accommodative monetary and financing conditions," conclude Barclays economists led by Huang Yiping. Yu Bin, director of the Chinese Cabinet's Macroeconomic Research Department, now predicts that growth of gross domestic product in 2012 will be slightly higher than the 7.5% government target. China Daily (Beijing) (10/23) , Xinhuanet.com (China) (10/23) LinkedInFacebookTwitterEmail this Story
  • China is urged to shift focus from exports to domestic demand
    A likely acceleration in China's growth in the final quarter of the year won't be as hopeful for the country's future if it's not fueled by a gain in domestic demand, maintains Yao Jingyuan, a researcher affiliated with the State Council. Yao and others say it is no longer realistic for China to depend so heavily on exports for the health of its economy. MarketWatch (10/23) LinkedInFacebookTwitterEmail this Story

  • Spanish economy contracts again, raising calls for bailout
    Spain's economy shrank 1.7% in the third quarter compared with a year before, marking the fifth straight period of contraction. The latest figure adds to pressure on the government to seek a European bailout. But Prime Minister Mariano Rajoy has so far been reluctant, even as his government struggles to trim an unacceptably wide budget deficit while a quarter of the working population lacks jobs. Bloomberg Businessweek (10/23) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
      
    Reuters
    Disappointing earnings results plunged stocks to seven-week lows on both sides of the Atlantic on Tuesday. The Stoxx Europe 600 ended the day 1.67% lower at 268.40, and the S&P 500 dropped 1.44% to 1,413.11. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/24) , Bloomberg (10/23) , Reuters (10/23) LinkedInFacebookTwitterEmail this Story

  • Asian shares mixed on earnings, dividends
    Asian stocks were mixed Tuesday in trading colored by dividend worries in Japan and unimpressive earnings reports in China. The Nikkei was virtually unchanged at 9,014.25 as was the S&P/ASX at 4,543.10, while the Hang Seng advanced 0.68% to 21,697.55 and the Kospi dropped 0.76% to 1,926.81. MarketWatch (10/23) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • China's regional governments might be squeezed as debts come due
    Debts incurred by China's central and regional governments totaled 59% of gross domestic product at the end of 2010 and a large proportion of that is due for repayment at the end of this year or next year, warns the Development Research Center of the State Council. With falling revenue from land leases, there now are "worries over whether local governments could pay off the principal and interest when the repayment hike comes," said Wei Jianing, deputy director of the center's macro economy department. Caijing Magazine online (10/23) LinkedInFacebookTwitterEmail this Story
  • Global stimulus leans on Chinese factories' pricing pinch
      
    Reuters
    Chinese factories are facing a squeeze on prices, but the lower costs for importers are keeping global inflation down and providing more room for economic stimulus. In China, the narrowing producer profits and, in come cases, losses raise the likelihood that corporate taxes will be lowered to lift companies' bottom lines. Bloomberg (10/23) LinkedInFacebookTwitterEmail this Story

  • Hong Kong acts again to keep currency from ballooning
    Hong Kong had to step in for the second time in a week to keep its currency within the boundaries of its peg against the U.S. dollar. The Monetary Authority "will have no choice but to keep intervening. The Hong Kong dollar's strength reflects the capital flows we see into most Asian currencies," said Irene Cheung, a currency strategist in Singapore at Australia & New Zealand Banking Group. Bloomberg (10/23) LinkedInFacebookTwitterEmail this Story
  • S. Korean parliamentary report warns growth could slide in 2013
    Although South Korea's Finance Ministry is officially forecasting economic growth of 4% for next year, it could register as low as 2.4% if the eurozone situation drags on, a parliamentary report concludes. "Both global and domestic economic situations next year could be significantly affected by developments unfolding in the eurozone fiscal crisis," the report said. Yonhap News Agency (South Korea) (10/23) LinkedInFacebookTwitterEmail this Story
  • Settlement value of South Korean stocks down while bonds rise
    The combined settlement value of South Korean stocks in the OTC and exchange markets declined 1.2% in the third quarter from a year earlier, the Korea Securities Depository reported. On a daily settlement basis, meanwhile, value was down 63.3% on quarter while the value of bonds was up 10.7%, fueled largely by investors' flight to safety from the economic crisis in Europe. MK.co.kr (South Korea) (10/23) LinkedInFacebookTwitterEmail this Story
  • TRI founder says jury still out on Taiwan economic rebound
    Despite growth in exports and orders last month, it is too early to tell whether Taiwan's economy is set for a comeback, said Liu Tai-ying, founder of the Taiwan Research Institute. Leading economic indicators should provide the next clue, Liu said, adding that "confidence will be a key factor in leading Taiwan's economy to rebound." The Taipei Times (Taiwan) (10/24) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • China clears wider field for investment by insurers
    Chinese insurance companies that have lately struggled with only the safe but low-yield investment options open to them now have wider scope. Beijing is now allowing investment in several new asset classes, including wealth management and trust products, and adding 45 countries and regions. China Daily (Beijing) (10/23) , Financial Times(tiered subscription model) (10/23) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 

  People & Personalities 
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