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January 29, 2013
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  Top Stories 
  • U.S. durable-goods orders rise as pending home sales ease
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    For the first time since comparable records have been kept, U.S. durable-goods orders were up for the fourth consecutive month, advancing a strong 4.6% in December after a 0.7% rise in November. However, in the key housing market, pending home sales were down last month, registering the first decline since August. The slippage may be traced to a shortage of inventory. Bloomberg (1/28) , Bloomberg (1/28) LinkedInFacebookTwitterEmail this Story

  • Fitch: U.S. downgrade now a more remote possibility
    With the risk of a U.S. debt default at bay for the time being, Fitch has lowered its threat level for scaling back the nation's credit rating. "Without the distraction of a near-term funding crisis for the federal government, Congress and the administration have the space to focus on the substantive fiscal policy choices necessary to place public finances on a sustainable path over the medium to long-term," Fitch said. The Economic Times (India)/Reuters (1/28) LinkedInFacebookTwitterEmail this Story
  • U.S. "fiscal cliff" spending cuts likely in March
    The automatic U.S. spending cuts that were part of the "fiscal cliff" that was narrowly avoided at the start of the year are likely to take effect in March, according to Rep. Paul Ryan, chairman of the House Budget Committee. "I think the sequester is going to happen," Ryan said in a TV interview, referring to the cuts that were set aside for two months as part of a bipartisan deal. The Business Times (Singapore) (1/28) LinkedInFacebookTwitterEmail this Story

  • 2 eurozone indexes reveal growing optimism
    Although no strong recovery is in prospect, the Conference Board's leading confidence index for the eurozone rose 0.4% to 105.5 in December for its second consecutive monthly gain. Meanwhile, a separate Sentix survey of investors found only 17.2% projecting that one or more nations will exit the eurozone over the coming year, down from 25% last month and 73% in July. RTT News (1/28) , Reuters (1/28) LinkedInFacebookTwitterEmail this Story
  • U.S. banks looking a lot less risky in bond market
    Having responded to calls for new prudence emerging from the global economic meltdown, banks are regaining their luster as safe investments in the U.S. corporate bond market and are expected soon to surpass industrial companies by that measure. "Financial institutions are a favored sector for investment-grade investors" as regulatory actions now mean that "their balance sheets are far more conservatively funded," said Edward Marrinan, a macro credit strategist at RBS Securities. Bloomberg (1/28) LinkedInFacebookTwitterEmail this Story
  • World succeeds in taming the beast of inflation
    Better policymaking, sustained independence for central banks and the simple fact that there have been no external shocks have all contributed to historically low inflation worldwide that economists expect to continue. However, a little inflation isn't necessarily regarded as a bad thing, particularly when economies are stagnant. Bloomberg Businessweek (1/28) LinkedInFacebookTwitterEmail this Story
 Application for National Membership of MCX-SX
MCX Stock Exchange (MCX-SX) has received permission from SEBI to trade in Equity, Equity F&O, Interest Rate Derivatives and Debt Segment. Membership is offered in Composite Member, Professionally Qualified Member and Rural Entrepreneur Member categories. For membership dossier, visit Corporate/Regional offices or

  Reader Survey 
  • Are the fiscal and monetary policy initiatives being undertaken by Japan's new government likely to lead the country out of the deflationary and slow-growth environment that has persisted for the past two decades?

  Market Activities 
    Monday saw little decisive movement in share prices in European and U.S. markets amid conflicting signals for U.S. housing (down) and the earnings outlook for Chinese companies (up) and caution after the recent runup in U.S. share prices. The Stoxx Europe 600 edged down 0.12% to 289.36, and the S&P 500 ended 0.18% lower at 1,500.18. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/29) , MarketWatch (1/28) , CNNMoney (1/28) LinkedInFacebookTwitterEmail this Story
  • Japanese shares end winning streak as other Asian markets advance
    A generally brighter outlook for the global economy buoyed stocks Monday across much of Asia, but Japanese shares eased after their best week of gains in 40 years. The Nikkei fell 0.94% to 10,824.31 while the Hang Seng rose 0.39% to 23,671.88, the Kospi lost 0.36% to 1,939.71 and the S&P/ASX advanced 0.52% to 4,835.20. Bloomberg (1/28) LinkedInFacebookTwitterEmail this Story
Each charterholder has a tale to tell. What's yours?
  Economic Trends & Outlook 
  • South Korea consumer sentiment picks up, but banks are wary
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    Although South Koreans remain skeptical about the nation's current economic condition and their assessment of personal living conditions has improved only slightly, they have turned positive in their outlook for the immediate future, according to a January index. However, South Korean banks, contemplating the nation's record household debt and the new government's determination to bring levels down, are reducing their growth targets for household lending this year. RTT News (1/27) , Yonhap News Agency (South Korea) (1/28) LinkedInFacebookTwitterEmail this Story

  • Singapore projects less investment this year
    Fixed-asset investments in Singapore are expected to be down from last year's record S$16 billion. The Economic Development Board projects a range of S$11 billion to S$13 billion this year in light of a still shaky global economy within the context of limited land and manpower in the city-state. The Business Times (Singapore) (1/28) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • South Korean IPOs, rights issuances drop sharply in 2012
    South Korea's falling stock market last year took a toll in the number of initial public offerings and rights offerings, with the total down 82% from a year before. Meanwhile, regular corporate bond issuances were down 7.5% and financial bonds and bank bonds were off 3.8% and 6.8%, respectively. (South Korea) (1/28) LinkedInFacebookTwitterEmail this Story
  • Eastern institutions taking the lead over West in Islamic finance
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    Financial institutions in Southeast Asia, the Middle East and Africa are taking the place of some of the leading Western institutions in worldwide investment executed in accordance with Islamic law. Such Western leaders as Citigroup, HSBC and UBS are pulling back in the sector even as it's projected to grow to US$1.8 trillion globally in 2013, according to Ernst & Young. (China) (1/27) LinkedInFacebookTwitterEmail this Story

  • Goldman is reported ready to shed ICBC stake
    In what could amount to the largest share sale in Asia outside Japan to date this year, Goldman Sachs is reported ready to raise about US$1 billion from its stake in Industrial & Commercial Bank of China. The move by Goldman is said to be part of its effort to manage overall risk. The Wall Street Journal (1/28) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • China regulator follows up on IPO crackdown
    The China Securities Regulatory Commission is following up on warning letters sent out to six brokerage firms over rule violations in a number of initial public offerings last year. Penalties may be in store for the firms, which reportedly failed to disclose timely information when their newly listed clients reported sharply declining profits. (China) (1/28) LinkedInFacebookTwitterEmail this Story
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