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October 3, 2012
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  Top Stories 
  • Positive reading for U.S. manufacturing may not last
    Coming after a long string of purchasing manager indexes painting a picture of manufacturing contraction around the world, the positive PMI reading of 51.5 for September sets the U.S. apart. But analysts are wary, noting a series of upcoming challenges that could rapidly turn numbers negative, including the impending threat of tax increases posed by the so-called fiscal cliff. The Wall Street Journal/Real Time Economics blog (10/1) LinkedInFacebookTwitterEmail this Story
  • Slower holiday growth in U.S. retail sales is projected
    U.S. holiday retail sales are likely to see slower growth this year than last, with a 4.1% gain forecast by the National Retail Federation. The prospect of sharply increased taxes posed by the fiscal cliff is one factor that may keep consumers on edge. Reuters (10/2) LinkedInFacebookTwitterEmail this Story
  • Australia's central bank cuts rate to head off developing problems
    Noting that the resource boom that's fueling Australia's economy may soon come to an end amid flagging global growth, Australia's central bank took the surprising move of lowering its key interest rate to 3.25% in a bid to spur sectors of the country's economy that are lagging. "The outlook for growth in the world economy has softened over recent months, with estimates for global GDP being edged down, and risks to the outlook still seen to be on the downside," bank Governor Glenn Stevens said. Bloomberg Businessweek (10/2) , The Sydney Morning Herald (Australia) (10/2) LinkedInFacebookTwitterEmail this Story
  • Bernanke responds to criticism of Fed, warns off Congress
    U.S. Federal Reserve Chairman Ben Bernanke defended the Fed's policies as necessary in light of persistent high unemployment and warned Congress not to inject politics into the situation by scrutinizing Fed decision-making. Bernanke said the pledge to keep rates low over the next few years is meant to bolster business confidence that higher borrowing costs won't be imposed even in the event of recovery. CBS MoneyWatch (10/1) LinkedInFacebookTwitterEmail this Story
  • Greek, troika officials haggle over cuts as deadline nears
    Greeks angered by the prospect of a sixth year of recession heckled troika negotiators as they entered a second day of talks Tuesday with Greek officials to resolve differences over 2 billion euros in proposed austerity moves. The negotiations are running short of time ahead of a crucial gathering of eurozone ministers next week. Reuters (10/2) LinkedInFacebookTwitterEmail this Story
  • Chinese banks avoid Tokyo for meeting of World Bank, IMF
    The territorial dispute with Japan may be the reason several major Chinese banks have canceled plans to attend the annual meeting of the World Bank and International Monetary Fund next week in Tokyo. "Quite frankly, it's Japan-China relations," said an official at the Tokyo branch of the Agricultural Bank of China. The Wall Street Journal (10/2) LinkedInFacebookTwitterEmail this Story
Asset Allocation in a Non-Normal World
Peng Chen, CFA
Chief Executive Officer, Asia (ex-Japan)
Dimensional Fund Advisors
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  Market Activities 
    Spain was on investors' minds Tuesday on both sides of the Atlantic, with stocks moving little amid conflicting signals on whether Madrid will imminently seek a bailout. The Stoxx Europe 600 edged down 0.26% to 271.62, and the S&P 500 was up a marginal 0.09% at 1,445.75. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/3) , MarketWatch (10/2) , CNNMoney (10/2) LinkedInFacebookTwitterEmail this Story
  • Asian stocks get a U.S. lift; Australian shares jump on rate cut
    Good news out of the U.S. in the form of positive manufacturing numbers and reassuring words from the Federal Reserve chairman helped lift Asian shares, with the Australian market getting an extra boost from a surprise central bank rate cut. The S&P/ASX was up 1.01% to 4,433.00, while the Hang Seng added 0.38% to 20,840.38, the Kospi was flat at 1,996.03 and the Nikkei edged back 0.12% to 8,786.05. Bloomberg (10/2) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • South Korean central bank turns focus to growth
    Growth is the top concern now, according to South Korea's central bank, as the country's manufacturing sector registered sharper contraction in September. The statement comes after expressions last month that a rate cut by the bank might do little to boost the economy in the context of global slowdown. Meanwhile, the government projects that the national debt will jump to $339 billion this year. CNBC (10/2) , Yonhap News Agency (South Korea) (10/2) , The Korea Herald (Seoul) (10/2) LinkedInFacebookTwitterEmail this Story
  • India's export contraction eases in August
    The rate of decline in India's exports slowed with a 9.74% contraction in August, easing from a 15% drop in July. Overall, August's trade deficit stood at $15.7 billion, elevated in part by increased oil imports. The Hindu (India) (10/2) LinkedInFacebookTwitterEmail this Story
  • Vietnam has trade surplus so far in 2012
    Vietnam has recorded an 18.9% rise in exports over the first nine months of the year, fueled by $14.7 billion in exports to the U.S. Combined with a 6.6% increase in imports, the country so far has a $34 million trade surplus for 2012. (China) (10/2) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Philippines extends forex trading time
    Seeking to align with other markets across Asia, the Philippines' foreign exchange market has lengthened its trading hours by 30 minutes this week. "The dollar-peso spot market will be open from 9:00 a.m. to 12:00 noon and 2:00 p.m. to 4:00 p.m.," announced Antonio C. Moncupa Jr., chairman of the open market committee of the Bankers Association of the Philippines. Business World (Philippines) (10/3) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • Citibank Taiwan gets set for extension of yuan-based business
    Citibank Taiwan says it is prepared to immediately extend its yuan-based products to the onshore market as soon as China and Taiwan agree on the rules for currency clearing and settlement. "Taiwan has great potential to become another offshore yuan hub aided by capital and trade settlement needs," said Citibank Taiwan Chairman Victor Kuan. The Taipei Times (Taiwan) (10/3) LinkedInFacebookTwitterEmail this Story
  • Japan's e-traders see growth with relaxed rules, new exchange
    With looser takeover-bid rules coming this month from Japan's Financial Services Agency, companies using the proprietary trading system service expect to boost their market share. The electronic system also will be a key part of plans to revitalize Japan's stock market as the Tokyo and Osaka exchanges merge in January. Yomiuri Shimbun (Japan) (10/2) LinkedInFacebookTwitterEmail this Story
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