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October 25, 2012
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  Top Stories 
  • Eurozone business reading falls to 3½-year low
      
    Reuters
    Led by a sharp downturn in powerhouse Germany, eurozone business activity has contracted this month to register its worst reading in nearly 3½ years. The Markit Flash Eurozone Purchasing Managers' Composite Output Index now reads 45.8, down from 46.1 in September. "The eurozone has slid further into decline at the start of the fourth quarter," said Chris Williamson, chief economist at Markit. BBC (10/24) , The Wall Street Journal (10/24) LinkedInFacebookTwitterEmail this Story

  • U.K. factory orders plunge in October
    U.K. factory orders this month fell to their lowest level since December, according to a survey by the Confederation of British Industry. The decline suggests that the country's expected emergence from recession in the latest quarter may be short-lived. Reuters (10/24) LinkedInFacebookTwitterEmail this Story
  • U.S. factory activity gains, but outlook uncertain
    In contrast with China and Europe, U.S. manufacturing in October was in the positive zone and rising with a flash Markit PMI of 51.3, up from 51.1 in September. But gains might not be sustained, with weakness showing in domestic and overseas orders alike. "Purchasing managers report that the key to the ongoing weakness remains uncertainty among customers in export markets, notably Europe and Asia," said Markit chief economist Chris Williamson. Reuters (10/24) LinkedInFacebookTwitterEmail this Story
  • U.S. new-home sales surge 5.7% in September
    Adding to recent indications of turnaround in the key U.S. housing market, new-home sales rose 5.7% in September, achieving the fastest pace since April 2010. "All the things that were really holding back housing are finally starting to lift. ... Assuming the economy remains on track, housing should continue to improve for the rest of the year and into 2013," said Guy Berger, a U.S. economist at RBS Securities. Bloomberg (10/24) LinkedInFacebookTwitterEmail this Story
  • Politicizing the yuan
      
    The Wall Street Journal
    The value of the yuan is playing a role in the U.S. presidential election. Republican challenger Mitt Romney has said he would declare China a currency manipulator on his first day in office, if elected. The Wall Street Journal's Mark Cranfield says the issue is more complicated than that. The Wall Street Journal (10/24) LinkedInFacebookTwitterEmail this Story

 Advance your understanding of equity portfolio construction
Don’t miss the Advances in Equity Portfolio Construction Program on 20–21 November in Singapore, hosted with EDHEC-Risk Institute. This two-day seminar offers the technical and conceptual tools to better understand the limits and benefits of different portfolio construction approaches. CFA Institute members receive a 25% discount on registration.
 

  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    European investors took their cue Wednesday from encouraging PMIs in China and the U.S., lifting shares across markets. But the U.S. market was subdued, reflecting mixed corporate earnings reports. The Stoxx Europe 600 rose 0.42% to 269.52, and the S&P 500 ended 0.31% lower at 1,408.75. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/25) , The Wall Street Journal (10/24) , CNNMoney (10/24) LinkedInFacebookTwitterEmail this Story
  • Asian shares fall on earnings, global outlook
    Poor corporate earnings, increasing jitters over the lingering eurozone debt crisis, plunging commodities prices and a generally bleaker outlook for the global economy pulled down Asian shares Wednesday. The Nikkei fell 0.67% to 8,954.30, the Kospi was also down 0.67%, at 1,913.96, and the S&P/ASX declined 0.82% to 4,505.80, while the Hang Seng added 0.31% to 21,763.78. Bloomberg Businessweek (10/24) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • China tops U.S., world in FDI for 1st half
    Although its foreign direct investment edged down 3% in the first half, China still emerged as the world's largest recipient of FDI, topping the U.S., which saw a 39.2% decline, according to a U.N. report. China's status came as global FDI declined 8% over the first six months of the year. Xinhuanet.com (China) (10/24) LinkedInFacebookTwitterEmail this Story
  • South Korean finance minister hedges bet on 4% growth
      
    Bahk Jae-wan/Reuters
    Although the South Korean government's official projection for growth next year remains at 4%, the top economic policymaker says the outlook now is less certain. Growth "could fall below the government forecast of 4%. What I can say now is that downside risks remain much higher," Finance Minister Bahk Jae-wan told lawmakers, citing the global slowdown and the eurozone debt crisis. Yonhap News Agency (South Korea) (10/24) LinkedInFacebookTwitterEmail this Story

  • Thailand now expects only modest export gain for year
    Growth in Thailand's exports this year might fall far short of the government's earlier projection of 15%, coming in at closer to 5%, said Deputy Commerce Minister Poom Sarapol. In particular, shipments to Europe have fallen, although exports to emerging markets have picked up, the minister said. Xinhuanet.com (China) (10/24) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 

  Industry & Regulatory Update 
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