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February 19, 2013
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  • Japan's Abe under scrutiny as he ups pressure on central bank
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    Abe/Reuters
    Japanese Prime Minister Shinzo Abe is looking to achieve more accountability from the Bank of Japan in his inflation drive with a call to re-examine the law governing the bank if it falls short. Meanwhile, though Japan escaped any direct criticism over its monetary policy at the recently concluded Group of 20 summit, observers say Abe is under pressure to demonstrate a balanced approach to reviving the nation's economy rather than rely primarily on currency devaluation. Yomiuri Shimbun (Japan) (2/18) , The Wall Street Journal (2/18) LinkedInFacebookTwitterEmail this Story

  • S&P affirms Japan rating with note of caution
    Standard & Poor's affirmed its AA- credit rating with a negative outlook for Japan, noting that "measures adopted by the new Shinzo Abe administration at the beginning of its term will be critical if it is to arrest what we see as a prolonged decline in Japan's sovereign credit standing." The ratings agency added, "We would lower the ratings if we thought that government policies would be ineffective in ending deflationary pressures or in maintaining current rates of real economic growth." Bloomberg Businessweek (2/18) LinkedInFacebookTwitterEmail this Story
  • U.S. consumers still strapped despite rebounding shares, home prices
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    Krueger/Reuter
    Most of the US$16 trillion lost by American consumers over the course of the economic downturn has been recovered, but mainly in the form of a rising stock market and a recovering housing market, Alan Krueger, chairman of the White House Council of Economic Advisers, said in an interview. With the pressing need to save for retirement and children's educations, U.S. consumer spending is likely to remain subdued, Krueger said. The Wall Street Journal (2/18) LinkedInFacebookTwitterEmail this Story

  • Income gains in recovering U.S. economy bypass most Americans
    All the income gains from the U.S. economic recovery that began in 2009 have gone, on average, to the upper 1%, according to an analysis by economist Emmanuel Saez of the University of California, Berkeley. In fact, real incomes for the lower 99% are less than they were at the end of the recession. Saez says this pattern of upward income redistribution is expected to persist. CBS MoneyWatch (2/17) LinkedInFacebookTwitterEmail this Story
  • Draghi says ECB keeping on eye on persistently strong euro
    The abiding strength of the euro poses the threat of lowering inflation too much as the European Central Bank backs off some of its crisis measures, bank President Mario Draghi said. "We will have to assess in the coming projections whether the exchange rate has had an impact on our inflationary profile, because it's always through price stability that we address issues like that," Draghi told European lawmakers in Brussels. Reuters (2/18) LinkedInFacebookTwitterEmail this Story
  • Quick return to growth is seen for Germany
    After a larger-than-expected 0.6% contraction in the fourth quarter, the German economy is expected to expand in the current period, led by industrial output, the Bundesbank projects. However, stronger growth later in the year will depend on developments in the eurozone, Economy Minister Philipp Roesler said in an interview. Bloomberg Businessweek (2/18) , The Wall Street Journal (2/17) LinkedInFacebookTwitterEmail this Story
  • BlackRock warns over collateral switch for covered bonds
    Using small-to-medium-sized companies to back covered bonds rather than real estate or public-sector debt runs the risk of devaluing them and undermining their safety, BlackRock warns. "We should be very protective of the covered bond market because it's had certain features for so many years, including the resilience of the collateral, and it's a very safe asset class. We don't think these are covered bonds," said Jozef Prokes, a London-based fund manager at BlackRock. Bloomberg (2/18) LinkedInFacebookTwitterEmail this Story
 Application for National Membership of MCX-SX
MCX Stock Exchange (MCX-SX) has received permission from SEBI to trade in Equity, Equity F&O, Interest Rate Derivatives and Debt Segment. Membership is offered in Composite Member, Professionally Qualified Member and Rural Entrepreneur Member categories. For membership dossier, visit Corporate/Regional offices or visit our website.
 

  Market Activities 
  • Japan leads advancing Asian markets
    Japanese shares surged Monday after Group of 20 ministers refrained from any direct attack on Japan's stimulus policies, and other Asian markets finished with more modest gains. The Nikkei rose 2.09% to 11,407.87, the Hang Seng slipped 0.27% to 23,381.94, the Kospi edged up 0.04% to 1,981.91 and the S&P/ASX added 0.59% to 5,063.40. Bloomberg Businessweek (2/18) LinkedInFacebookTwitterEmail this Story
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  Economic Trends & Outlook 
  • Crackdown damps Lunar New Year spending in China
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    Reuters
    Retail sales were up 14.7% during China's Lunar New Year festival, down from last year's 16.2% gain as a crackdown on lavish official spending took hold. Partly because of the new measures aimed at corruption, the outlook for spending later in the year remains positive. "We expect overall retail sales and consumption to rise again along with the improving economy in the second and third quarters," said Leon Zhao, a Shanghai-based analyst at researcher Frost & Sullivan. Bloomberg (2/17) , China Daily (Beijing) (2/18) LinkedInFacebookTwitterEmail this Story

  • Sound China economy is projected for 2013, backed by service sector
    HSBC economist Stephen King says extended growth of the Chinese economy will exert a strong pull on the global economy this year. One hopeful sign is seen in recent gains in China's service sector, which as of 2011 accounted for 35.7% of total employment, for the first time topping agriculture and manufacturing. Services are regarded as crucial to generating a resilient job market. Xinhuanet.com (China) (2/18) , Bloomberg (2/18) LinkedInFacebookTwitterEmail this Story
  • Thai GDP surges 18.9% in 4th quarter
    Thailand's economy grew 18.9% in the fourth quarter from a year before, topping expectations. The gain was enhanced by comparison with subdued activity in 2011 when there was extensive flooding. By sector, construction, wholesale and retail trade, and financial intermediation all advanced strongly in the latest period. The Wall Street Journal (2/18) , The Nation (Bangkok) (2/18) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • China adds to holdings of U.S. Treasury bonds
    December marked the third straight month that China boosted its holdings of U.S. Treasury bonds, adding US$19.7 billion worth, according to Treasury figures. That brought China's total holding to US$1.202 trillion, topping second-place Japan's US$1.12 trillion. China Daily (Beijing) (2/18) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Moderating figure Toshiro Muto may have inside track for BoJ
    Toshiro Muto, considered to be a moderating voice for financial stimulus, is now believed to be the leading candidate to head up the Bank of Japan. Muto, chairman of the private Daiwa Institute of Research, "is considered as someone who would only follow the traditional approach such as expanding the BoJ's asset buying program. It would merely be an 'enhanced' version of the conventional approach," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Reuters (2/18) LinkedInFacebookTwitterEmail this Story
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