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January 2, 2013
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  • U.S. Senate clears budget deal to avoid automatic measures
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    Reuters
    A U.S. budget deal has cleared the Senate and is under consideration in the House of Representatives that would avert automatic tax increases and spending cuts that some had warned would tip the economy into recession. The accord imposes no major cuts in spending and raises a small amount of additional revenue by boosting taxes on households with more than US$450,000 annual income. "While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country, and the House should pass it without delay," President Barack Obama said. The Wall Street Journal (1/1) , Reuters (1/1) LinkedInFacebookTwitterEmail this Story

  • U.S. budget deal seen as formula for slow growth
    The budget deal wrangled by the White House and Republican leaders may steer the U.S. away from the precipice of recession but, economists say, is likely to do little to stimulate anything beyond the nation's current slow rate of growth. "We continue to anticipate a significant economic slowdown at the start of the year in response to fiscal drag and a contentious fiscal debate," said Nomura economist Lewis Alexander. The Wall Street Journal (12/31) LinkedInFacebookTwitterEmail this Story
  • U.S. debt limit the next fiscal point of contention
    Once the threat of the "fiscal cliff" is averted, the next fiscal obstacle for the U.S. government is its borrowing cap. Measures even now are being taken to avoid a breach, but Washington is thought to have only until the end of February -- and perhaps not that long -- to act to raise the ceiling. The Wall Street Journal (12/31) LinkedInFacebookTwitterEmail this Story
  • Hu pledges China will focus on growth
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    Hu/Reuters
    Outgoing Chinese President Hu Jintao promised in a New Year's message that China will work to "promote strong, sustainable and balanced growth in the world economy." But in a separate address, People's Bank of China Governor Zhou Xiaochuan pledged the nation will maintain "prudent" monetary policy and while pursuing further financial reforms. Bloomberg (1/1) LinkedInFacebookTwitterEmail this Story

  • China's rosy growth outlook includes some big qualifiers
    Projections of 8% growth for China in 2013 hinge on some factors that could easily undershoot expectations and dim the outlook. One is the nation's high dependence on exports, which may continue to lag. Others are domestic demand, which may not see the expected upturn, and continued restraint on the stimulus side by policymakers. The Wall Street Journal (12/30) LinkedInFacebookTwitterEmail this Story
  • 2013 outlook grim for U.K. economy
    The austerity-strapped U.K. economy is unlikely to meet even the modest 1.2% growth forecast this year, many economists think. Another year of growth below the 1% threshold is considered more likely with nothing on the horizon that would provide a lift. "We simply do not see where meaningful growth will come from; with inflation outpacing pay growth, real earnings will fall by another 1%, taking the total since 2008 to some 8%," said Vicky Redwood at Capital Economics. The Telegraph (London) (tiered subscription model) (1/1) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    U.S. stocks rallied Monday on investor relief over signs of a U.S. budget deal. But the indications came too late to help European shares, which ended with modest gains. The Stoxx Europe 600 rose 0.32% to 279.68, ending a strong year, and the S&P 500 jumped 1.69% to end the day and the year at 1,426.19. Here is a continuously updated list of global stock indices. The Wall Street Journal (1/2) , CNNMoney (12/31) , Bloomberg (12/31) LinkedInFacebookTwitterEmail this Story
  • Asian stocks cautious ahead of holiday, U.S. budget accord
    Concern ahead of a last-minute deal in U.S. budget negotiations kept a lid on Asian markets Monday, with some closed ahead of the New Year holiday and others on shortened hours. The Nikkei rose 0.70% to 10,395.18, the Hang Seng was little changed with a 0.04% decline to 22,656.92, the Kospi added 0.49% to 1,997.05 and the ASX was down 0.48% to 4,648.90. MarketWatch (12/31) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • 2013 growth outlook for India not so rosy
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    Reuters
    Elevated inflation and interest rates and poor prospects for exporters are likely to hold India's growth this year under 6%, according to a report by Assocham. Given persistent slow growth and threat of recession in developed markets, the report said, "it is the quality of governance and the political leadership which only can make a big difference" for India in the new year. The Economic Times (India) (1/1) LinkedInFacebookTwitterEmail this Story

  • South Korea's household debt problem gets corporate attention
    The Korea Asset Management Corp. indicated its willingness to join in newly elected President Park Geun-hye's plans to address South Korea's mounting household debt problem. Park has proposed a US$17 billion fund designed to help the most vulnerable homeowners with paying back principal and interest, as well as a system in which public organizations buy stakes in the homes of the house poor. MK.co.kr (South Korea) (1/1) LinkedInFacebookTwitterEmail this Story
  • Taiwan companies see credit strength slip in 2012
    Reversing a steady trend of improvement in recent years, the collective credit strength of Taiwanese companies weakened in 2012, mainly due to global factors, according to a report by Taiwan Ratings. However, there were no defaults over the year in the agency's rated pool. The Taipei Times (Taiwan) (1/2) LinkedInFacebookTwitterEmail this Story
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