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February 4, 2013
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  Top Stories 

  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  Market Activities 
    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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Indian economic adviser projects growth up to 9%
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    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) LinkedInFacebookTwitterEmail this Story

  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  • China's economic relations with world readjusting
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    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) LinkedInFacebookTwitterEmail this Story

  • 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) LinkedInFacebookTwitterEmail this Story
  • 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) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 

  Industry & Regulatory Update 
  • HSBC's Ping An sale receives clearance
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    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) LinkedInFacebookTwitterEmail this Story

  • 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) LinkedInFacebookTwitterEmail this Story
  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) LinkedInFacebookTwitterEmail this Story
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