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January 4, 2013
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  • China's resurgence might rest on shaky investment foundation
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    China's economic rebound is being driven by investment, but a stronger consumption component is needed to avoid the risks posed in a pumped-up investment environment, analysts say. "The U.S. got into trouble because institutions like Fannie Mae and Freddie Mac were too big to fail and had a toxic mix of private shareholders and implicit government guarantees. China's financial system is full of Freddies and Fannies," said David Loevinger, former senior coordinator for China affairs at the U.S. Treasury Department. Bloomberg (1/3) LinkedInFacebookTwitterEmail this Story

  • U.S. private sector adds 215,000 jobs in December
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    Adding to signs of a resilient though slowly growing U.S. economy, the ADP National Employment Report tallied a net addition of 215,000 jobs in the private sector in December. The gain came despite uncertainty over the U.S. budget situation at the time. Separately, government figures showed a rise of 10,000 in the number of Americans applying for unemployment benefits last week. Reuters (1/3) LinkedInFacebookTwitterEmail this Story

  • Eurozone lending declines again
    Loans to the private sector in the eurozone fell 0.8% in November, extending October's decline, the European Central Bank reported. The data suggest that more interest rate cutting by the central bank is in order. "The concern is that a number of companies who do want to borrow ... and are in decent shape are finding it hard to, so tight credit conditions are handicapping eurozone growth prospects," said Global Insight economist Howard Archer. The Irish Times (Dublin)/Reuters (1/3) LinkedInFacebookTwitterEmail this Story
  • India manufacturing accelerates in December
    New orders and a jump in production helped boost the HSBC Markit India Manufacturing PMI to 54.7 in December from 53.7 in November. The latest reading is the highest in six months and signals "a further improvement in the health of the Indian manufacturing sector," HSBC said, building on an October reading of 8.2% annual growth in India's industrial output. The Economic Times (India) (1/3) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
    The effects of passage of a U.S. budget deal began to wear off in European and U.S. markets Thursday, and U.S. shares slipped a bit on a hint from the Federal Reserve that it may end its bond-buying program sooner than expected. The Stoxx Europe 600 rose 0.53% to 286.83, and the S&P 500 eased 0.21% to 1,459.37. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/4) , The Wall Street Journal (1/3) , CNNMoney (1/3) LinkedInFacebookTwitterEmail this Story
  • Positive data out of China, U.S. boost Asian markets
    Investors keyed on improvements in China's service sector and U.S. manufacturing, lifting shares across most of the region Thursday. The Nikkei added 0.70% to 10,395.18, the Hang Seng rose 0.37% to 23,398.60 and the S&P/ASX was up 0.74% to 4,740.70, but the Kospi eased 0.58% to 2,019.41. Bloomberg (1/3) LinkedInFacebookTwitterEmail this Story
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Hear the world-class experts at our conference, "India and the New Financial Order", an event jointly organised by CFA Institute, the Indian Association of Investment Professionals and the National Institute of Securities Markets.

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  Economic Trends & Outlook 

  • Gauge of South Korea household credit risk climbs again
    The credit risk index for South Korean households climbed to 34 points in the latest quarter, its highest level since the credit card meltdown of 2003, according to a central bank survey. "Concerns over the financially vulnerable including multiple debtors' capability of repaying debt have been mounting in the aftermath of the economic recession," commented a Bank of Korea official. On a positive note, however, analysts project that South Korea is on pace to pass the key US$30,000 mark for per capita GDP in 2017. (South Korea) (1/3) , The Korea Herald (Seoul) (1/3) LinkedInFacebookTwitterEmail this Story
  • Hong Kong retail sales surge in November
    Retail sales in Hong Kong defied expectations with a surge of 9.5% in November from a year before. The performance was more than double the gain predicted by economists. Looking ahead, a government spokesman said strong tourism, stable jobs and steady incomes should help sustain the retail sector. Fox Business (1/3) LinkedInFacebookTwitterEmail this Story

  Capital Markets & Financial Products 
  Industry & Regulatory Update 
  • Mizuho settles over alleged insufficient funds
    Responding to allegations of insufficient funds held in secured accounts to protect clients, Mizuho Financial Group will pay a US$175,000 penalty to U.S. regulators. The Commodity Futures Trading Commission also alleged Mizuho had failed to properly supervise employees in the matter, which occurred in October 2011. Reuters (1/3) LinkedInFacebookTwitterEmail this Story
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