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November 30, 2012
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  • Investors brighten on prospects for global economy
    Global investor optimism for the world economy is growing as more investors anticipate stronger growth in China and a resolution to avoid impending automatic budget measures in the U.S., according to a Bloomberg poll. The U.S. and China ranked first and second as the best places for investment among those surveyed. Overall, "the global economy is improving, recovering and healing, thanks to the U.S. and the emerging markets. More people are becoming wealthy; less and less are poor," said Andrea Guzzi, a poll respondent and vice president of IST Investmentstiftung fuer Personalvorsorge in Switzerland. Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story

  • U.S. GDP growth is revised upward to 2.7% for 3rd quarter
    Revised figures for U.S. growth in the third quarter showed the economy expanding at a 2.7% pace, much better than the original estimate of 2.0%. However, consumer spending for the period was lower than expected, growing at a 1.4% annual rate. "The pace of consumer spending was disappointing, but it seems less worrisome given that some other sectors of the economy are doing better, like housing," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York. Forbes (11/29) , Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story
  • U.S. House speaker sees no major advances in budget talks
    U.S. House Speaker John Boehner called on the White House to "get serious" in talks to avoid automatic budget cuts and tax increases in the new year. Boehner said he remained hopeful a deal could be reached but said no substantive progress had been made. Reuters (11/29) LinkedInFacebookTwitterEmail this Story

  • U.S. unemployment claims declined last week
    With the effects of Hurricane Sandy fading, U.S. initial claims for jobless benefits fell by 23,000 last week to 393,000, adjusted for seasonal factors. Continuing claims for benefits were also down last week, by 70,000 to 3.29 million. MarketWatch (11/29) LinkedInFacebookTwitterEmail this Story
  • Economic confidence rises marginally in eurozone
    The confidence of consumers and businesses in the eurozone is up a bit this month, with a 1.4-point gain to 85.7, which is still firmly on negative ground below the index average of 100. The European Commission also reported, however, that a more granular industry report points to "stagnating real investment" in the coming year. The Business Times (Singapore) (11/29) LinkedInFacebookTwitterEmail this Story
  • Bank of Japan remark raises expectations of further easing
    Japan's inflation rate remains on course to approach the Bank of Japan's 1% target by year's end, but various negative global factors now weight movement toward the lower end of the bank's anticipated range, said BOJ board member Sayuri Shirai. The comment furthered market expectations of imminent monetary easing. Meanwhile, the central bank faces additional pressure ahead of December elections, as the expected winners accuse the BOJ of not being aggressive enough. The Business Times (Singapore) (11/29) , Financial Times(tiered subscription model) (11/29) LinkedInFacebookTwitterEmail this Story

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  Market Activities 
    Early indications of progress in U.S. budget talks lifted stocks in Europe, but later, less optimistic comments from House Speaker John Boehner tempered gains in the U.S. market Thursday. The Stoxx Europe 600 surged 1.16% to 276.31, and the S&P 500 ended 0.43% higher at 1,415.95. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/30) , Bloomberg Businessweek (11/29) , CNNMoney (11/29) LinkedInFacebookTwitterEmail this Story
  • Positive news in Japan, U.S. lifts Asian shares
    Indications of imminent economic stimulus in Japan and the likelihood of avoiding recession in the U.S. as budget talks reportedly progressed helped Asian shares advance Thursday. Japanese and Hong Kong indexes both rose 0.99%, with the Nikkei ending at 9,400.88 and the Hang Seng at 21,922.89. The Kospi, meanwhile, jumped 1.15% to 1,934.85, and the S&P/ASX was up 0.68% to 4,477.70. Bloomberg Businessweek (11/29) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 

  • Goldman sees accelerating growth for India
    India's economy should pick up its pace of growth from this year's 5.4% to 6.5% next year and 7.2% in 2014, Goldman Sachs predicts. Goldman credits stronger external demand, "easing financial conditions, in part driven by some reduction in policy rates, a continuation of reforms boosting confidence, and a normal agricultural crop" for the expected gains. The Hindu (India)/Press Trust of India (11/29) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Dim sum bond sales climb on yuan globalization intent
    Cuing off confidence in Chinese leaders' expressed interest in making the yuan a global currency, so-called dim sum bond sales reached a four-month high this month. More volume is expected, said Societe Generale rates strategist Wee-Khoon Chong, who also noted that "there isn't as much of a yuan-appreciation story, so investors will be assessing issuers on their merits. On the other hand, there is no depreciation risk." Bloomberg (11/29) LinkedInFacebookTwitterEmail this Story

  • South Korea sets state bond sale
    South Korea's Finance Ministry says a state bond issue totaling 6 trillion won (US$5.5 billion) is planned for next month. The sale will break down into 1.7 trillion won in three-year Treasurys, 1.7 trillion won in five-year bonds, 1.5 trillion won in 10-year bonds, 700 billion won in 20-year bonds and 400 billion won in 30-year bonds. Yonhap News Agency (South Korea) (11/29) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 

  • MUFG is reported moving quickly for Merrill Lynch share of venture
    An announcement of Mitsubishi UFJ Financial Group's plan to acquire Bank of America Merrill Lynch's 49% stake in the two companies' private banking joint venture might come as soon as next month, sources say. The move could enhance MUFG's ability to coordinate with partner Morgan Stanley in asset management and private banking, one source noted. The Wall Street Journal (11/29) LinkedInFacebookTwitterEmail this Story
  • South Korea refuses to publish activities in forex market
    Calling the South Korean won an exceptional case compared with other currencies, the government has decided to resist U.S. pressure and not publish data on its intervention in the foreign exchange market. Justifying the Ministry of Strategy and Finance decision, one official noted that "the Korean forex market is relatively more volatile, and Korea is the sole forex market for the won." (South Korea) (11/29) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
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