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February 4, 2013 Sign up Forward Archive   Top Stories  Latest U.S. jobs figures, other indicators point to expansion    Reuters U.S. employers added 157,000 jobs in January, and the nation's manufacturing sector grew for the second consecutive month while consumer confidence also registered a slight improvement. Collectively, the latest figures indicate the slight 0.1% contraction in fourth-quarter GDP was an anomaly and the U.S. economy remains on an expansion track. Los Angeles Times (tiered subscription model)/Money & Co. blog (2/1)      Speculation underlies U.S. housing numbers The strong housing figures that support much of the touted U.S. economic rebound may be deceptive, as evidence grows of speculative gambles that might not be supported by fundamental demand. Financial Times (tiered subscription model) (2/1)      China's manufacturing PMI slides unexpectedly in January Declining export orders helped pull down China's official purchasing managers' index to a surprisingly low 50.4 in January. Meanwhile, the PMI for the nonmanufacturing sector ticked up to 56.2, with a boost from retail activity. China Daily (Beijing) (2/2) , Xinhuanet.com (China) (2/3)      Eurozone joblessness remains high as inflation ticks down    Schaeuble/Reuters Inflation in the eurozone eased to an even 2% in January, and unemployment across the currency bloc registered at 11.7% for the third straight month in December. Meanwhile, German Finance Minister Wolfgang Schaeuble warned that the progress made so far in resolving the eurozone crisis shouldn't obscure the fact that much remains to be done. "We are on our way towards reducing this crisis, making progress step by step," he said. Deutsche Welle (Germany)/Agence France-Presse/Deutsche Presse-Agentur (2/1) , Xinhuanet.com (China) (2/2)      France teeters on edge of troubled status If the eurozone crisis flares up again, core nation France could end with woes like those of the troubled nations of the periphery. The French unemployment rate is on track to reach 11% this year, consumer spending is flat, and the state of affairs in Europe's second-largest economy is such that the situation may be deemed unsustainable in the event of another regional meltdown. The Guardian (London)/Economics blog (1/31)      U.K. manufacturing PMI stays on positive ground in January Britain's manufacturing PMI registered 50.8 in January, down from 51.2 in December but still positive enough to indicate that a triple-dip recession might yet be averted. However, manufacturers saw waning growth in new business over the month, suggesting that "deep-rooted problems remain," said David Noble, CEO of the Chartered Institute of Purchasing and Supply. RTT News (2/1)        Market Activities  INTERNATIONAL MARKETS OVERVIEW A series of strong economic data readings for the U.S. economy boosted shares in Europe and the U.S. on Friday. The Stoxx Europe 600 added 0.34% to 288.20, and the S&P 500 rose 1.01% to 1,513.17 while the Dow Jones Industrials closed over 14,000 for the first time since October 2007. Here is a continuously updated list of global stock indexes. The Wall Street Journal (2/4) , MarketWatch (2/1) , CNNMoney (2/1)      Asian shares drift lower A disappointing manufacturing report that raised questions about China's real economy kept shares down Friday in most Asian markets while Japanese stocks gained on continued optimism over government policies. The Nikkei rose 0.47% to 11,191.34 while the Hang Seng edged down 0.03% to 23,721.84, the Kospi lost 0.21% to 1,957.79 and the S&P/ASX gained 0.87% to 4,921.10. Bloomberg (2/1)        Economic Trends & Outlook  Indian economic adviser projects growth up to 9%    Rangarajan/Retuers Annual growth rates approaching 9% are within reach for India as the government acts on several fronts ranging from fiscal consolidation to needed investment in infrastructure, C. Rangarajan, the government's chief economic adviser, told the Hindustan Chamber of Commerce. Rangarajan said the government's policies center on removing barriers to boost India's industrial competitiveness domestically and internationally. The Hindu (India) (2/2)      Other nations' quantitative easing is seen helping India Global monetary easing is helping India finance its current-account deficit, a help in the present as the country prepares to address the gap in the long run, said Reserve Bank of India Governor Duvvuri Subbarao. However, Subbarao called on other governments to exercise caution. "We do hope that they take into account the spillover effect of quantitative easing steps in calibrating their own policies, not just the impact of the policies on their own economy but on the rest of the world because this is an integrated economy," he said. The Wall Street Journal (2/3)      New lending by China banks accelerates China's four largest banks extended nearly 400 billion yuan in new loans in January, and the banking sector as a whole was on pace to top 1 trillion yuan in lending for the month. Separately, China's State Administration of Foreign Exchange reported a record deficit in the country's financial and capital account for 2012. Caijing Magazine online (2/1) , Bloomberg (2/2)      China's economic relations with world readjusting    Reuters China's unbalanced trade and financial relationship with the rest of the world is easing, with the key current-account surplus scaling back to 2.6% of GDP in 2012, down from 10% just five years earlier. Meanwhile, China's central bank has been less active in international markets suppressing the value of the yuan. The Wall Street Journal (2/1)      Japan's jobless rate rises as household spending falls Japan's jobless rate rose slightly to 4.2% in December as consumer spending by households fell 0.7% from a year before. The spending decline was attributed in part to unusually heavy snowfalls that kept outlays in check. Yomiuri Shimbun (Japan)/Jiji Press (2/2) , Yomiuri Shimbun (Japan)/Jiji Press (2/2)      Pinning Japan's hopes on a weaker yen is seen as misguided A weaker yen won't do much to address Japan's fundamental economic problems, including largely unaddressed concerns over the country's rapidly aging population, analysts say. "Hopes that yet more fiscal stimulus will transform the prospects for Japan's economy, or at least make a meaningful difference to GDP in the next year or so, are overdone," said Julian Jessop, chief global economist of Capital Economics, in a research report. The Wall Street Journal/Japan Real Time blog (2/1)      Despite strong currency, Australian rate cut is viewed as unlikely A rate cut is probably not in the cards as Australia's central bank meets this month, even as policymakers weigh the stifling economic effects of the currency's persistent strength, analysts say. "We don't think they are going to rush in and do two rate cuts in a row. But we think the evidence will keep accumulating, with the economy still soft, unemployment rising and the inflation outlook continuing to be better," said Rob Henderson, National Australia Bank's chief economist for markets. The Sydney Morning Herald (Australia) (2/2)        Capital Markets & Financial Products  International money rushes into ETFs for China exposure    Reuters Investors have been piling into exchange-traded funds that give them exposure to China's hot stock markets, with a nearly fivefold boost in Hong Kong ETF trading since midyear. Financial Times (tiered subscription model) (2/1)      South Korean stocks lag as rest of world pulls ahead As markets around the world turn bullish, South Korean stocks are falling behind, with the Kospi index easing 1.8% in January. Analysts point in particular to the won's substantial gains against the Japanese yen. The Korea Herald (Seoul) (2/3)        Industry & Regulatory Update  HSBC's Ping An sale receives clearance    Reuters Despite mounting skepticism, Chinese regulators have approved HSBC Holdings' sale of its stake in China's Ping An Insurance to Thailand's Charoen Pokphand Group. China Development Bank had been weighing whether to withdraw its financing over concerns that an investor other than the Thai company was involved. The Wall Street Journal (2/1)      Philippine central bank considers trust-product reserve rule The Philippine central bank is considering a reserve requirement for trust products, even though it remains eager to keep funds free to invest in a rapidly growing economy. "Reserve requirements for trust products is one of the things that we are considering, but there is no firm direction on how to go about it yet," said bank Deputy Governor Diwa C. Guinigundo. Business World (Philippines) (2/3)        People & Personalities  Christian Dalban is reported preparing to leave Nomura Christian Dalban is said to be negotiating the terms of his split from Nomura Holdings after the bank released traders in his Angel Lane Principal Strategies division. Dalban was in charge of hiring investment managers from hedge funds and banks just as Nomura's competitors were reducing their proprietary-trading desks due to risk and regulatory concerns. Bloomberg (2/1)      Learn more about CFA -> About CFA Institute  |  Advertise  |  Educational Resources  |  Social Media     Subscriber Tools     Print friendly format  | Web version  | Search past news  | Archive  | Privacy policy   Read more at SmartBrief.com Industry Home Readers' Choice Search Archive Download a SmartBrief Mobile app today       Recent CFA Institute Financial NewsBrief: Asia Pacific Edition Issues: Friday, February 01, 2013 Thursday, January 31, 2013 Wednesday, January 30, 2013 Tuesday, January 29, 2013 Monday, January 28, 2013     Lead Editor:   Jim Berard       Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004     © 1999-2013 SmartBrief, Inc.®  Legal Information