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October 23, 2012
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  Top Stories 
  • Japan's exports plummet 10.3% through first 9 months
      
    Reuters
    Recession fears in Japan were reignited as exports through September plunged a greater-than-expected 10.3%. An unresolved territorial dispute with Beijing cut business with China, and a slack U.S. economy was also a big factor. Some Japanese companies, however, are looking at the bleak landscape in the developed world and refocusing globally on "bottom of the pyramid" low-income countries. Reuters (10/22) , Yomiuri Shimbun (Japan) (10/22) LinkedInFacebookTwitterEmail this Story

  • China well-positioned to avoid crash, Fitch says
    With a resilient labor market and plenty of room for fiscal maneuver, China is likely to avoid a hard landing as its growth rate slows, Fitch says. While Fitch expects only modest stimulus will be forthcoming from Beijing, it "could still be sufficient to help raise growth towards 8 percent by year-end and support a rate of about 8.2 percent in 2013." China Daily (Beijing) (10/22) LinkedInFacebookTwitterEmail this Story
  • Eurozone's 2011 crisis-ridden debt sets a record
    The eurozone's debt crisis last year pumped up the region's total debt to a record 87.3% of total gross domestic product, with Greece's 170.6% at the top of the list for the 17 member nations. And within the broader European Union, 14 of the 27 member states exceeded their individual debt caps under EU rules. Bloomberg Businessweek (10/22) LinkedInFacebookTwitterEmail this Story

  • Lagging profits in forex carry trade indicate little faith in central banks
    With profits falling in the foreign-exchange market's carry trade, faith appears to waning that central banks can do anything effective to lift the global economy. Contributing to the gathering gloom are the prospect of the U.S. plunging over its self-imposed "fiscal cliff" in the new year, fitful progress in the eurozone debt crisis and sluggish growth trends in emerging economies. Bloomberg (10/22) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Corporate earnings outlooks took a toll in European stocks Monday while U.S. investors awaited another release of earnings reports over the next few days. The Stoxx Europe 600 ended down 0.41% at 272.95 while the S&P 500 was virtually unchanged at 1,433.82. The Wall Street Journal (10/23) , Reuters (10/22) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Australia scales back growth, budget-surplus outlook
      
    Reuters
    Australia's economy is poised for lower growth of 3.0% in the current fiscal year, the Finance Ministry said, and though the government will meet its pledge to post a budget surplus, it will be AU$1.1 billion, narrower than previously projected. One analyst said the new figures should clear the way for the central bank to lower its interest rate again next month. The Sydney Morning Herald (Australia) (10/22) LinkedInFacebookTwitterEmail this Story

  • South Korea regulators prepare for lower growth
    Debt payments by businesses and households are likely to become more problematic in coming months, South Korea's Financial Supervisory Service projects as it proposes stiffer guidelines for financial institutions heading into an interval of low rates and low growth. The constrained outlook calls for "enhanced supervision and guidelines based on a comprehensive analysis of risks and implications of such trend on the long-term asset management-oriented insurance industry, each financial business operation, financial soundness, asset management and financial product developments," said FSS Governor Kwon Hyouk-se. MK.co.kr (South Korea) (10/22) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • RBI may apply part of statutory reserve ratio under Basel III
    Part of the Reserve Bank of India's statutory reserve ratio holdings would be applied to Basel III liquidity requirements under a move contemplated by the central bank, said RBI Deputy Governor Anand Sinha. Sinha also defended the Basel III requirements, saying the cost would not be too burdensome and would do much to ensure stability. The Economic Times (India) (10/22) LinkedInFacebookTwitterEmail this Story
  • South Korea repo transactions top 1,000 trillion won in 3rd quarter
    Repurchase agreement transactions among South Korean financial institutions jumped nearly 74% from a year before to top 1,000 trillion won in the third quarter. Observed the Korea Securities Depository, government measures "to improve the short-term capital market have driven down a ceiling on call money loans by securities companies since July. This has caused more securities firms to rely on institutions' repos for financing channels." MK.co.kr (South Korea) (10/22) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 

  • South Korean regulator weighs COFIX error disclosure
    Correction-disclosure criteria for South Korea's Cost of Funds Index will be the subject of upcoming discussions by the Financial Supervisory Service. The regulator wants to open the way for such disclosures, which are currently prohibited, as a way to boost confidence in the new benchmark money market rate. MK.co.kr (South Korea) (10/22) LinkedInFacebookTwitterEmail this Story
  • Insurer acquisitions build toward Richard Li's pan-Asian goal
    With the acquisition of ING Groep's insurance businesses in Hong Kong, Macau and Thailand, Richard Li has more building blocks for his eventual goal of a pan-Asian insurance giant. Indonesia and Malaysia are reported to be the next markets Li is looking at, but he faces stiff competition in the region from Canada's Manulife Financial and Britain's Prudential. The Wall Street Journal (10/22) LinkedInFacebookTwitterEmail this Story
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