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October 22, 2012
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  Top Stories 
  • Mixed signals flash for China's economy
    Western analysts are beginning to see a silver lining behind the clouds of China's slowing economy. The third quarter, which saw a pullback in the nation's growth, also was a time of restructuring and industrial upgrading while worrisome land-price inflation eased. However, the first week of the Canton Fair, a trade event considered a bellwether, saw a marked decline in the number of overseas buyers. Business Insider (10/20) , China Daily (Beijing) (10/20) , (China) (10/21) , Bloomberg (10/20) LinkedInFacebookTwitterEmail this Story

  • Stronger but still weak 3rd-quarter growth is seen for U.S.
    A poll of U.S. economists yields a prediction of a 1.8% annual growth rate for gross domestic product in the third quarter, up from 1.3% in the preceding period. A jump in consumer spending is credited for the expected rise, which nonetheless would mark the first two successive quarters of sub-2% growth since the country began emerging from recession in 2009. Bloomberg Businessweek (10/21) LinkedInFacebookTwitterEmail this Story
  • European leaders agree on establishing bank supervisor
    The establishment of a banking supervisor for the eurozone has been agreed on, but when he or she will set to work is still an open question after European leaders met Friday in Brussels. Separately, a German magazine reports that Berlin is considering a plan that would allow Greece to buy back some of its debt using money borrowed from the eurozone bailout fund. The Business Times (Singapore) (10/20) , Bloomberg (10/19) , Reuters (10/21) LinkedInFacebookTwitterEmail this Story

  • GDP figures are expected to show U.K. emerging from recession
    The U.K. government is likely to receive bragging rights with third-quarter figures expected to show 0.8% growth in gross domestic product, ending the country's longest double-dip recession since World War II. However, economists note the results will be inflated by one-time factors such as the Olympics and a bounce-back from a June bank holiday. The Guardian (London) (10/20) LinkedInFacebookTwitterEmail this Story
  • Japan planning more stimulus
    Seiji Maehara/Reuters
    With monetary easing around the world, Japan is lagging and more such efforts are in order, said Economy Minister Seiji Maehara. With that in mind, Maehara said the government will inject $2.5 billion into the economy. The Bank of Japan is also expected to boost asset purchases at the end of the month. Bloomberg Businessweek (10/21) LinkedInFacebookTwitterEmail this Story

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  Market Activities 

  Economic Trends & Outlook 
  • Australia to trim budget, aiming to keep surplus promise
    Sticking to plans to post a budget surplus for the year, the Australian government is preparing to announce "significant" budget cuts today. Treasurer Wayne Swan proclaims "no doubts whatsoever" about the budget strategy, even though the International Monetary Fund has said the commitment to surplus should be set aside if the global economic malaise worsens. Bloomberg Businessweek (10/21) LinkedInFacebookTwitterEmail this Story
  • S. Korea faces challenges as China becomes a consuming nation
    South Korean companies that have been cooperating with Chinese counterparts in global export markets will soon be competing with these companies in China as the latter switches from the world's factory floor to the world's leading consuming nation, the LG Economic Research Institute predicts. The transition will begin sooner rather than later, LG says, as "the Chinese economy is forecast to bottom out in the third quarter and move sideways in the mid- or upper-7% range for a while." Yonhap News Agency (South Korea) (10/21) LinkedInFacebookTwitterEmail this Story
  • Cautionary rate cut is predicted in Philippines
    With imminent signs of a possible global downturn, analysts say the Philippine central bank is likely to cut its policy interest rates by a quarter of a percentage point at the bank's scheduled Thursday meeting. "We think the BSP will cut by 25 basis points, based on the apparent signals they have been giving in the last few days. They may consider the relative weakness of the global economy [as] allowing them room to cut and follow Thailand's lead," said Metropolitan Bank & Trust research head Ildemarc C. Bautista. Business World (Philippines) (10/21) LinkedInFacebookTwitterEmail this Story
  • Plans for ASEAN union can take cues from Europe
    Plans by the 10 members of the Association of Southeast Asian Nations for economic union at the end of 2015 will take into account mistakes made by the European Union as the grouping brings together countries with sharp political, economic and cultural differences. ASEAN "can learn that you have always to balance integration and common rules. If it is not balanced, you will always get problems," said German Finance Minister Wolfgang Schäuble. The Wall Street Journal (10/21) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Influx of funds prompts Hong Kong to defend currency
    For the first time in three years, Hong Kong has intervened in markets to prevent the territory's currency from rising further against the U.S. dollar. "Funds continue to flow into Hong Kong given the monetary easing in the U.S. and Europe. ... I expect [the monetary authority] will still have to intervene in the near term as capital inflows continue," said Kenix Lai, a currency analyst at Bank of East Asia in Hong Kong. Bloomberg (10/20) LinkedInFacebookTwitterEmail this Story
  • Big demand for ABN Amro bond issue showcases Singapore
    ABN Amro's $1 billion bond issue in Singapore generated $17 billion in demand and serves as a showcase for the city-state among international lenders looking to raise capital. "What ABN Amro has achieved would have raised to their attention the size and pricing possibilities of the SGD market. If it makes sense, other banks may follow suit," said Sim Buck Khim, OCBC Bank's co-head of capital markets. The Business Times (Singapore) (10/20) LinkedInFacebookTwitterEmail this Story

  • Philippine companies see strong 1st-half gains across sectors
    Strong results in the Philippines' industrial, financial, holding firm, property and services sectors helped raise the combined profits of listed companies by more than a quarter in the first half. The outlook for the third quarter is positive as well, as "the improved earnings data further support investor confidence in our market, which continues to rewrite record highs in various indicators," said Philippine Stock Exchange President and CEO Hans B. Sicat. Business World (Philippines) (10/21) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • India regulator cranks up investigations to bring justice
    The Securities and Exchange Board of India is stepping up its pace in ongoing investigations and setting a one-year target for completions in a bid to cancel the perception that market manipulators are escaping legal consequences. "So the impression that the investigations have got delayed for years together in the past, that will not happen now. From the system that was there earlier and the system and processes we have got right now, there is a world of a difference," said SEBI Chairman U.K. Sinha. The Hindu (India)/Press Trust of India (10/21) LinkedInFacebookTwitterEmail this Story
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