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01 October 2012
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  Top Stories 
 
  • Wall Street tells clients to prepare for Obama re-election
    As polls indicate that President Barack Obama's lead over Republican challenger Mitt Romney is growing, Wall Street firms are sending e-mails to clients advising them to prepare for an Obama victory in November. Financial firms see the possibility of more gridlock in the U.S. capital as a much bigger problem than taxes going up for high-net-worth individuals. CNBC/The Associated Press (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • Spain's debt will keep increasing next year, budget shows
    Despite calling for deeper spending cuts, the budget that the Spanish government delivered to parliament over the weekend anticipates that the debt will continue to increase next year. By the end of 2013, the debt will rise to 90.5% of gross domestic product, according to the budget. The troubled banking system, financial problems of regional governments and the cost of refinancing existing debt all require Spain to step up borrowing. Reuters (29 Sep.), EuroNews.net (France) (30 Sep.), Bloomberg (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • October is crunch time for eurozone crisis resolution
    A series of meetings this month will highlight competing pressure over the eurozone's debt crisis and might decide the fate of the European Central Bank's plan to finally end the ordeal. With public anger building in Spain and Greece and tougher lines from creditor countries, "people are beginning to look at this in a more sober way" after initial euphoria over the ECB's plan, said Clemens Fuest, an economist at Oxford University. Bloomberg (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • Emerging-market demand drives increase in U.S. high-tech exports
    High-tech firms in the U.S. expect to increase exports during the next two years as middle-class consumers in developing nations become more affluent and demand electronics including tablets and cellphones. Among technology executives surveyed, 85% said the Obama administration stands a good chance of achieving its goal of doubling exports by 2015. Reuters (01 Oct.), The Atlantic online (29 Sep.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
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  Economics 
 
  • Hopes for U.S. rebound fade as global trade slips
    Key indicators signal a broad drop in the volume of global trade, undercutting the chances of exports giving the U.S. economic recovery a helping hand. The World Trade Organization forecasts a 2.5% growth in global trade this year, compared with 5% in 2011. The CPB Netherlands Bureau for Economic Policy Analysis, an agency of the Dutch government, said global trade contracted in June and July. The Wall Street Journal (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • Index shows Japan's manufacturers turning more pessimistic
    The widely followed Tankan index, based on a quarterly survey of Japan's biggest manufacturers, shows that industrial executives anticipate a serious downturn. The index fell to a negative 3 in September, from negative 1 the previous quarter. Bloomberg (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • China's factory output contracts at slower pace, data show
    Between August and September, China's official purchasing managers' index for factory output rose from 49.2 to 49.8, indicating that industrial production is still contracting but at a slower pace. A similar index published by HSBC rose from 47.6 in August to 47.9 in September, confirming that the decline of industrial production is leveling off but has not reversed. Reuters (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • Analysis: High-tech tax avoidance is set to get a closer look
    The laxity of the agencies that enforce America's tax laws explains at least some of the popularity of offshore tax-avoidance techniques among U.S. high-technology companies, but that is likely to change soon, according to The Economist. "Expect America's tax police to take a dimmer view of aggressive avoidance," the magazine notes. "Whether they will prove a match for the multinationals' phalanxes of lawyers is another matter." The Economist (29 Sep.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers should pay attention to middle class, experts say
    Many financial advisers welcome only wealthy clients and are denying middle-class Americans necessary help, advisers said at the Financial Planning Association's annual conference. "The majority of people are not among the wealthy," said Neal Solomon, managing director of WealthPro. "As a profession, we need to be reaching these people." InvestmentNews (free registration) (30 Sep.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • Administration of Libor will be put up for bid, FSA says
    Martin Wheatley, managing director of the U.K. Financial Services Authority, said governance and administration of the London Interbank Offered Rate will be put out to tender. "It is essential that the conduct of a new administrator should be rigorous and transparent," Wheatley said. Authorities have yet to announce a timeline for the change. Meanwhile, regulators in Europe, Japan and the U.S. said the FSA's recommendations will provide a model for their efforts to reform interbank-lending rates. Risk.net (subscription required) (28 Sep.), Financial News Online (U.K.) (subscription required) (28 Sep.), Financial Times (tiered subscription model) (28 Sep.) LinkedInFacebookTwitterEmail this Story
  • Cold War-era law could cost U.S. exporters billions
    A Cold War-era law, the Jackson-Vanik Amendment, could cost U.S. businesses billions of dollars in exports to Russia, now that the country is a member of the World Trade Organization. Because the U.S. law discriminates against Russia on trade matters, WTO rules allow Russia to impose retaliatory tariffs on exports from the U.S., which could give Asian and European companies an advantage over U.S. exporters. International Affairs Review online (30 Sep.) LinkedInFacebookTwitterEmail this Story
  • SEC faces criticism for inaction on HFT concerns
    The Federal Reserve Bank of Chicago expressed concerns to the Securities and Exchange Commission about high-frequency trading more than two years ago. The SEC is taking a closer look at the strategy, prompting criticism from those who say the agency has been slow to respond. The SEC is meeting this week to discuss technology glitches that have affected trading and how to rein in super-fast computerized trading. Reuters (01 Oct.) LinkedInFacebookTwitterEmail this Story
  • U.S. agency will let companies know they're on SIFI radar
    The U.S. Financial Stability Oversight Council voted to notify the companies it is considering designating systemically important. However, the FSOC said it will not release names publicly until it has finalized a list. The designation means greater supervision by the Federal Reserve and stricter liquidity and capital rules. Reuters (28 Sep.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • IndexIQ prepares another ETF with hedge fund replication
    IndexIQ is close to launching its third exchange-traded fund designed to replicate the performance of a hedge fund. The IQ Hedge Market Neutral ETF, an equity fund of funds, aims to deliver the performance of a group of hedge funds that pursue market-neutral strategies. IndexUniverse.com (28 Sep.) LinkedInFacebookTwitterEmail this Story
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