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14 December 2012
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Sector SPDRs carve the S&P 500 into nine sector exchange-traded funds (ETFs) that conveniently, efficiently, and affordably provide sector exposure while giving investors the unique ability to customize the S&P 500 to meet specific investment objectives.
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  Market Activity 
  • China a high performer among mixed Asian-Pacific markets
    Asian-Pacific markets were mixed Friday, with China's Shanghai Composite taking the lead and rising 4.3%, helped by encouraging news from HSBC's China manufacturing Purchasing Managers Index, which rose to a 14-month high this month. Hong Kong's Hang Seng Index was up 0.7%. Australia's S&P/ASX 200 finished the session marginally higher. Japan's Nikkei 225 close down 0.1%. South Korea's Kospi was down 0.4%. Taiwan's Taiex gave up 0.8%. India's Sensex increased 0.5% at midafternoon. MarketWatch (14 Dec.), The Economic Times (India) (20 Dec.) LinkedInFacebookTwitterEmail this Story
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  • Report: Rising health care costs outstrip states' revenue
    State governments face cuts in U.S. assistance and skyrocketing health care costs this year, according to the Fiscal Survey of States, a report by the National Association of State Budget Officers and the National Governors Association. Because states can't fill the gap left by reduced federal funding, service cuts begun during the recession will have to become deeper, the report said. The Washington Post (14 Dec.) LinkedInFacebookTwitterEmail this Story
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  • Italy postpones financial-transaction tax
    Italy has tweaked its financial-transaction tax, delaying implementation to March. Stock transactions will be taxed at 0.12%, then 0.1% starting in 2014. Derivatives taxation has been postponed to July, with the rate still unset. Reuters (13 Dec.) LinkedInFacebookTwitterEmail this Story
  • Easy victory is expected for Japanese opposition party
    Japan's opposition Liberal Democrat Party, led by former Prime Minister Shinzo Abe, is headed for an overwhelming victory in Sunday's parliamentary election, according to a survey by Japanese newspaper Asahi Shimbun. With 241 seats needed for an outright majority, the party is expected to get 280. Abe would have seven months to turn around a struggling economy before the next election in July. The Asahi Shimbun (Japan) (14 Dec.), Bloomberg (14 Dec.) LinkedInFacebookTwitterEmail this Story
  • Fed supervision of money funds is considered by panel
    The Financial Stability Oversight Council, chaired by U.S. Treasury Secretary Timothy Geithner, discussed the possibility of placing money market mutual funds under Federal Reserve regulation. Treasury Department spokeswoman Suzanne Elio says the council discussed a provision of the Dodd-Frank Act that would let it designate money funds "or their sponsors or advisers for Federal Reserve supervision and enhanced prudential standards." Bloomberg (13 Dec.), Reuters (13 Dec.) LinkedInFacebookTwitterEmail this Story
  • Regulators press advisers to plan for death
    Financial advisers who fail to adopt a continuity plan to deal with clients' accounts in case the adviser dies or becomes disabled could be fined by regulators, compliance professionals say. Regulators often raise the issue in routine examination, they say. Reuters (12 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • JPMorgan plans firewall between copper ETF and traders
    JPMorgan Chase told NYSE Arca that it would establish a firewall between a proposed exchange-traded fund investing in copper and the bank's metal traders, to prevent the release of nonpublic information, according to a filing with the Securities and Exchange Commission. The SEC is considering whether to allow the JPM XF Physical Copper Trust. Bloomberg (12 Dec.) LinkedInFacebookTwitterEmail this Story
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