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February 28, 2013
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  Top Stories 
 
  • Pending home sales, capital goods orders point to U.S. strength
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    Reuters
    Pending home sales in the U.S. rose three times as fast last month as predicted by economists, with the index climbing 4.5% from a year before. In a further indication of a U.S. economic rebound, orders for capital goods excluding defense and aircraft surged 6.3% in January, the biggest gain in just over a year. Reuters (2/27) , Reuters (2/27) LinkedInFacebookTwitterEmail this Story

  • U.S. Fed chief says interest rate rise a hopeful sign
    In a second day of annual testimony before Congress, U.S. Federal Reserve Chairman Ben Bernanke said a recent slight rise in interest rates suggests the Fed's stimulus is working. Effects of the Fed's easing have been particularly evident in some sectors, Bernanke said, pointing to the latest reports on gains in housing and sales of durable goods. He also cited improvements to "some extent in investment" and commercial real estate. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story
  • Japan projects broadly based economic improvement
    The Japanese government's official outlook for factory output, corporate sentiment and earnings, and consumer spending have all been revised upward as the yen continues its slide and market sentiment picks up. "Some weakness is likely to remain for the time being, but we expect the economy to recover as sentiment improves due to improving exports, economic stimulus and the impact of monetary policy," the Cabinet Office said in its latest monthly report. Reuters (2/27) LinkedInFacebookTwitterEmail this Story
  • 8.1% growth rate, 2.6% inflation projected for China in 1st quarter
    Accelerating growth that took hold in China in the fourth quarter is expected to pick up to an 8.1% yearly rate in this quarter amid consumer inflation of 2.6%, the government's State Information Center says. Meanwhile, investment in fixed assets is expected to grow 21%, in line with the year-earlier figure. CNBC/Reuters (2/27) LinkedInFacebookTwitterEmail this Story
  • Italy's center-left reaches out to populist as eurozone watches
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    Grillo/Reuters
    The leader of Italy's pro-austerity center-left coalition is reaching out to populist Beppe Grillo, who upset Italy's political landscape and muddied the outlook for the eurozone in last weekend's elections. Pier Luigi Bersani called on Grillo to join talks on forming a coalition government. The apparent hope is to avoid another round of elections and the possibility of a landslide victory for Grillo. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story

  • Global corporate bond sales on pace for slowest February since 2008
    An uncertain outlook in Europe and expectations of rising interest rates are putting a damper on corporate bond sales in February. Indications are this month will be the slowest February since 2008 globally, with European companies in particular holding on to cash hoards amid projections of another year of contraction. Overall, "economic conditions don't warrant necessarily any significant increases in funding," said Kevin Flanagan, chief fixed-income strategist at Morgan Stanley Smith Barney. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story
 Application for National Membership of MCX-SX
MCX Stock Exchange (MCX-SX) has received permission from SEBI to trade in Equity, Equity F&O, Interest Rate Derivatives and Debt Segment. Membership is offered in Composite Member, Professionally Qualified Member and Rural Entrepreneur Member categories. For membership dossier, visit Corporate/Regional offices or visit our website.
 

  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Upbeat economic data in Europe and the U.S. and a successful bond auction in Italy lifted stocks in Europe, and in the U.S. investors focused on a good housing report and welcome remarks by Federal Reserve chief Ben Bernanke. The Stoxx Europe 600 ended the day with a 0.90% gain to 287.17, and the S&P 500 rose 1.27% to 1,515.99 while the Dow Jones Industrials touched a five-year intraday high. Here is a continuously updated list of global stock indices. The Wall Street Journal (2/28) , The Wall Street Journal (2/27) , CNNMoney (2/27) LinkedInFacebookTwitterEmail this Story
  • Most Asian markets gain
    Positive U.S. economic signs and well-received comments from the Federal Reserve chief lifted markets across Asia on Wednesday with the notable exception of Japan, where exporters' shares were under pressure. The Nikkei fell 1.27% to 11,253.97 while the Hang Seng edged up 0.25% to 22,577.01, the Kospi added 0.20% to 2,004.04 and the ASX rose 0.66% to 5,036.60. MarketWatch (2/27) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Provinces heed Beijing debt alarm with more modest growth targets
    Fourteen of China's provinces appear to be responding to Beijing's call for more careful expansion plans, cutting their growth projections for 2013 below last year's. Separately, high levels of debt in local financing vehicles were cited as one factor as Standard & Poor's predicted Chinese banks' nonperforming loan ratio will reach about 3% by year end. Bloomberg (2/27) , Caijing Magazine online (2/27) LinkedInFacebookTwitterEmail this Story
  • China's "young currency" moves up another notch in global usage
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    Reuters
    China's yuan has moved up to 13th on the list of currencies most commonly used in global payments, for the first time topping the ruble, according to a January estimate by the Society for Worldwide Interbank Financial Telecommunication. James Willis, a senior business manager at SWIFT, noted that the yuan's "growth has been dramatic" for such a young currency and said the trend is expected to continue. Bloomberg (2/27) LinkedInFacebookTwitterEmail this Story

  • Hong Kong budget targets growth after 1.4% gain in 2012
    After growth of just 1.4% in 2012, Hong Kong's government unveiled a stimulus-driven budget for fiscal 2014 that it projects will add 1.3 percentage points to GDP. Growth for the new year is pegged between 1.5% and 3.5%, which would still be less than the 4.5% average of the past decade. RTT News (2/27) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • China housing fund may enter securities market
    New rules for China's housing provident fund may soon allow the fund to invest in the country's securities market, according to an official source. Currently the estimated 2.1 trillion yuan in the fund can only be deposited in banks or used to buy treasury bonds. Caijing Magazine online (2/27) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • FDI in Indian legal, accountancy services recommended
    Legal and accountancy services may be the next Indian sectors opened to foreign direct investment, if a recommendation by the Economic Survey is followed. "Immediate attention is needed on several restrictions and regulations in different services like transport, accountancy and legal in order to boost the growth. ... Removing or easing them can lead to dynamic gains for the Indian economy," the survey says. The Hindu (India) (2/27) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
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