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June 29, 2012
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  Top Stories 
  • China feels direct, wide effects of unresolved eurozone crisis
    The prolonged eurozone crisis is having a powerful effect in China, contributing to high unemployment and pushing down consumer spending, analysts say. With the Chinese currency rising against the hard-hit euro, Chinese exports are less in demand worldwide. And China's stock markets haven't been immune, with shares easing in line with falling indexes around the world. Xinhuanet.com (China) (6/28) LinkedInFacebookTwitterEmail this Story
  • Germany signals flexibility on European debt
    Just ahead of the eurozone summit in Brussels, Germany signaled it may soon be willing to accept some form of shared liability for debt across the zone, provided there is assured progress toward establishing centralized European control over national fiscal policies. The move would require nations to surrender a large measure of sovereignty. But German Finance Minister Wolfgang Schaeuble said Berlin, in return, is "willing to go as far as we need to in order to get a sustainable agreement in Europe." The Wall Street Journal (6/28) , Financial Times(tiered subscription model) (6/28) , Bloomberg (6/28) LinkedInFacebookTwitterEmail this Story
  • U.S. high court upholds bulk of health care law
    In a ruling that echoed across the U.S. medical and insurance industries as well as the landscape of the 2012 presidential campaign, the Supreme Court essentially upheld President Barack Obama's landmark health care legislation. At the heart of the ruling was the requirement that Americans buy health insurance or pay a penalty, a provision that the court upheld as legal under the federal government's taxing authority. Bloomberg (6/28) LinkedInFacebookTwitterEmail this Story
  • Markets take note of record fines against Barclays
    A record $451 million in fines for Barclays over manipulation of interest rates sent shock waves through the markets. The penalty highlighted continued investigations by U.S. and U.K. authorities involving a number of banks. "It's going to put a great deal of pressure on the other banks to settle because somebody has set a precedent," said Jerry W. Markham, law professor at Florida International University and a former chief counsel in the enforcement division of the U.S. Commodity Futures Trading Commission. Bloomberg (6/28) LinkedInFacebookTwitterEmail this Story
  • News Corp. confirms publishing/entertainment split
    As expected, News Corp. will be splitting into two companies, one with publications and the other with highly profitable entertainment properties. "We determined that creating this new structure would simplify operations and greater align strategic priorities, enabling each company to better deliver on our commitments to consumers across the globe," Chairman Rupert Murdoch said of the board's unanimous decision. The Wall Street Journal (6/28) LinkedInFacebookTwitterEmail this Story
  • Report that trade loss may total $9 billion slams JPMorgan shares
    A New York Times report that losses from JPMorgan's disastrous credit derivatives trade could be as much as $9 billion sent the bank's shares tumbling Thursday. Last month, Chief Executive Jamie Dimon pegged the loss at $2 billion but said it could grow by $1 billion or more. Dimon plans to provide more details July 13. Reuters (6/28) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Worries over a possible cutback in U.S. consumer spending after the Supreme Court upheld a mandate to buy health insurance weighed on stocks Thursday. But late signs of a possible resolution in the eurozone crisis lifted shares in late trading, leaving the S&P 500 down 0.2% for the day. In Europe, shares were generally lower after a jump in Spanish borrowing costs and an unexpectedly large gain in German unemployment. Here is a list of continuously updated global stock indexes. The Wall Street Journal (6/29) , Bloomberg Businessweek (6/28) , CNNMoney (6/28) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Indian central bank blames eurozone crisis for global doldrums
    The Reserve Bank of India singles out the eurozone crisis as a key driver of global economic instability and a contributor to a range of difficulties burdening India's economy. "The Euro area sovereign debt problem is continuing to weigh on global recovery. Although slowing global growth has dampened commodity prices, heightened risk aversion and the resultant slowing of capital flows are likely to adversely impact emerging and developing economies," the central bank said in its Financial Stability Report. The Economic Times (India)/Press Trust of India (6/28) LinkedInFacebookTwitterEmail this Story
  • Europe's debt woes are seen thwarting South Korean recovery
    A recovery in South Korea's economy is being delayed by a global economy restrained by the festering crisis in the eurozone, the nation's finance ministry said as it lowered its GDP growth estimate for the year to 3.3%. The forecast is down from an earlier 3.7%. Looking ahead, however, the ministry said "an improved job market during the second half of this year and slowing consumer price rises will drive a recovery on the back of domestic demand." CNBC (6/28) , The Korea Herald (Seoul) (6/28) LinkedInFacebookTwitterEmail this Story
  • China's Finance Ministry still expects 7.5% growth for year
    Although China's economic growth has slowed, the Finance Ministry says the country is still on track for 7.5% growth in 2012. "We should see stabilization [in economic activity] in the third quarter," said Jia Kang, director of the ministry's Research Institute for Fiscal Science. Jia noted that Beijing also retains the option of adjusting fiscal and monetary policy as needed. Reuters (6/28) , Caijing (6/28) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Analysts forecast strong gains for Japan's Nikkei
    A 20% gain is likely this year for Japan's Nikkei average, according to a poll of analysts. Expectations of renewed foreign interest in Japanese stocks as well as a resolution to the eurozone debt crisis were cited. The year-end projection for the Nikkei is 10,125, up 14% from Thursday's close of 8,874.11. The Business Times (Singapore) (6/28) LinkedInFacebookTwitterEmail this Story
  • UBS sees strong rebound for South Korean shares
    Factors weighing on the global economy have already been figured into the price of South Korean shares, making them attractive enough to pull in buying that will lift the market about 10% in the second half of the year, according to a UBS researcher. "Although the current market conditions are not good, valuations on Korean shares send a buy signal to investors. The benchmark Kospi will start rebounding after between three and six months," the researcher said. MK.co.kr (South Korea) (6/28) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • U.S. pursues next WTO step in rare earths dispute with China
    The World Trade Organization has been asked by the U.S. to set up a settlement panel in Washington's dispute with China over Beijing's quotas on exports of rare earths and other materials. China says the quotas are intended to reduce irresponsible mining that endangers human health and the environment. For its part, the U.S. maintains that "it is vital that U.S. workers and manufacturers obtain the fair and equal access to raw materials like rare earths that China specifically agreed to when it joined the WTO," said U.S. Trade Representative Ron Kirk. Xinhuanet.com (China) (6/28) LinkedInFacebookTwitterEmail this Story
  Ethics & Standards 
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