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26 November 2012
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  • U.S. is closer to free-trade deal with Europe
    Momentum is picking up after the U.S. presidential election in negotiations that could lead to a free-trade agreement between the U.S. and the EU. Although trade with China gets much publicity, the EU buys more U.S. exports than China. An agreement could increase economic growth in the U.S. and the EU by 1.5 percentage points, according to the American Chamber of Commerce in Germany. The New York Times (tiered subscription model) (25 Nov.) LinkedInFacebookTwitterEmail this Story
  • Foundation meant to bolster IOSCO funding gains support
    The Emerging Markets Committee of the International Organization of Securities Commissions supports the establishment of a foundation to increase the regulator's funding. The foundation will target donations from the private sector, charitable trusts and other sources. IOSCO Secretary General David Wright has focused on increasing funding to help regulators in emerging markets. "Helping develop emerging markets' securities markets and ensuring that they are fully on board at a decision-making level is fundamentally important to the global economy," Wright said. Financial News Online (U.K.) (subscription required) (21 Nov.) LinkedInFacebookTwitterEmail this Story
  • Argentina will appeal order to pay bondholders $1.33B
    Argentine Economy Minister Hernan Lorenzino said his country will appeal an order by U.S. District Judge Thomas Griesa to pay $1.33 billion to bondholders who refused to go along with exchanges of Argentina's defaulted debt in 2005 and 2010. Lorenzino said a challenge will be presented to the U.S. Second Circuit Court of Appeals. Reuters (23 Nov.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Asian-Pacific markets begin the week mixed
    Chinese and South Korean markets fell Monday as investors worried about deadlocked talks on financial assistance for Greece. China's Shanghai Composite gave up 0.5%. South Korea's Kospi and Hong Kong's Hang Seng Index each eased down 0.2%. Japan's Nikkei 225 gained 0.2%, finishing at a seven-month high and driven mostly by a weakened yen. Australia's S&P/ASX 200 rose 0.3%. Taiwan's Taiex increased 1.1%. India's Sensex was up 0.2% at mid-afternoon. MarketWatch (26 Nov.), The Economic Times (India) (30 Nov.) LinkedInFacebookTwitterEmail this Story
  • Foreign money floods into China's equity funds
    Foreign investors, attracted by low valuation and signs of an economic rebound, are rapidly expanding exposure to Chinese equities. In the past two months, foreign investors have poured almost $4 billion into Chinese equity funds. Reuters (25 Nov.) LinkedInFacebookTwitterEmail this Story
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  Economics 
  • U.S. holiday-shopping season gets strong start
    U.S. retail sales during the long Thanksgiving weekend reached $59.1 billion, 12.1% higher than in 2011, according to the National Retail Federation. Online sales for Black Friday, the traditional opening of the holiday-shopping season, topped $1 billion for the first time. Retail sales in November and December are expected to increase 4.1%, the trade group said. Reuters (26 Nov.), PCWorld (25 Nov.), Bloomberg (25 Nov.) LinkedInFacebookTwitterEmail this Story
  • Index shows higher industrial activity in China
    Chinese factory output increased this month for the first time in 13 months, according to HSBC Holdings' Purchasing Managers' Index. The benchmark hit 50.4 on a scale in which anything higher than 50 indicates expansion. The fastest growth was in export orders. China Daily (Beijing) (23 Nov.) LinkedInFacebookTwitterEmail this Story
  • Downgrade concern prompts Indian vow to narrow deficit
    To prevent a credit rating downgrade, India aims to reduce its budget deficit to 5.3% of gross domestic product in the year that ends March 31, from the previous year's 5.8%. Chakravarthy Rangarajan, chief economic adviser to Prime Minister Manmohan Singh, says India will reduce the deficit 0.6% annually during the next five years. Bloomberg (25 Nov.), Reuters (25 Nov.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Mexico is too important for U.S. to ignore
    Mexico is steadily replacing China as a supplier of products for the U.S., and American politicians would be wise to pay attention to its important neighbor to the south, according to The Economist. "The country is poised to become America's new workshop," the magazine notes. "If the neighbours want to make the most of that, it is time for them to take another look over the border." The Economist (24 Nov.) LinkedInFacebookTwitterEmail this Story
  Geopolitical/Regulatory 
  • European banks seek delay of tougher capital rules
    Citing U.S. delays, European banks are urging the European Commission to put off implementation of Basel III capital rules until 2014. "We are now very troubled over the possible repercussions that the most recent statement from the US Authorities may have for the international competitiveness of Europe's banks," a banking group said in a letter to EU Internal Market Commissioner Michel Barnier. Reuters (24 Nov.) LinkedInFacebookTwitterEmail this Story
  • FINRA again pursues regulation of financial advisers
    The Financial Industry Regulatory Authority has kicked off another campaign to take over supervision of financial advisers from the Securities and Exchange Commission. Thomas Selman, FINRA's executive vice president of regulatory policy, argued at a recent industry conference that the organization is the best one to regulate advisers. Reuters (21 Nov.) LinkedInFacebookTwitterEmail this Story
  • CFTC delays start date for swaps dealers to report data
    The Commodity Futures Trading Commission has postponed the start date for when swaps dealers must report trades to data warehouses. The change gives the industry a common date for beginning disclosure, after concerns were raised about different starting dates for different market participants. Reuters (21 Nov.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
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