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January 24, 2013
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  Top Stories 


  • French confidence index points to possible recession
    The outlook for recession in France darkened with an unexpectedly low confidence reading from French factory executives this month. The index of 86 is near the three-year low of 85 seen in October. "This fits with our forecast of another quarter of GDP decline in the first quarter after the decline we have forecast for the fourth quarter," said BNP Paribas economist Dominique Barbet. Bloomberg Businessweek (1/23) LinkedInFacebookTwitterEmail this Story
  • Eurozone consumer confidence creeping back up
    Although consumer confidence across the eurozone remains low, the index improved for the second straight month in January, to a reading of minus 23.9. The index is coming off a recession-driven 3½-year low in November. Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
  • U.K. job market strengthens as rest of economy staggers
    The U.K. job market is showing puzzling strength as the overall economy continues to struggle. The jobless rate fell in the fourth quarter, the 10th consecutive period of decline, and claims for benefits were down in December, factors that are expected to ease pressure on the Bank of England for more stimulus. Reuters (1/23) LinkedInFacebookTwitterEmail this Story
  • Outlook for U.S. exports brightens as other economies grow
    Sustained growth in the developing world is expected to provide a lift for U.S. exports in 2013, reversing a pullback in the fourth quarter. "If China is improving, [China's] neighbors are going to have better growth. And if their neighbors have better growth, then they'll buy more stuff from us," said Maury Harris, chief economist at UBS Securities in New York. Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
  • From Davos to IMF, world economic outlook is grim
    Glimmers of hope over the past two years at the World Economic Forum that the world economy was about to turn a corner have given way to resigned expectations of more of the same amid persistent dangers. Among those perils, the top factor cited by investors in a global Bloomberg poll is the ongoing squabble in Washington over the U.S. budget. Meanwhile, the International Monetary Fund has scaled back its global growth estimate for the year to 3.5%. The Guardian (London) (1/23) , Bloomberg (1/23) , Bloomberg (1/23) LinkedInFacebookTwitterEmail this Story
Retail Investment Funds Reporting in Asia Pacific: What Investors Should Know
CFA Institute report looks at existing regulations, disclosures, and periodic reporting requirements for retail investment funds across six Asia-Pacific countries.
  Reader Survey 
  • Poll results: Is Germany's repatriation of its gold reserves:
    A sign of Germany preparing for systemic events with the fiat currency systems?  40.32%
    A sign of declining trust among nations?  27.42%
    A sign of the German government bowing to public pressure to repatriate its gold?  22.58%
    A sign of growing German independence within the eurozone?  9.68%
    Germany's central bank, the Bundesbank, made waves in the markets last week when it announced plans to repatriate a significant portion of its foreign gold holdings. Specifically, it is aiming to maintain at least 50% of its gold holdings within its national borders by the year 2020 -- up from 31% currently. The most popular response to our poll about the Bundesbank's decision showed that 40% of the respondents believe Germany is preparing for a systemic risk event, whereas about 27% see the move as motivated by declining trust among nations, and roughly 23% believe the German government is bowing to public pressure. Interestingly, the Bundesbank is reducing gold held in Paris down to zero. Clearly, the role and importance of gold has grown substantially since the onset of the financial crisis in 2008. As J.P. Morgan once famously quipped, "Gold is money, everything else is just credit." Ron Rimkus, Content Director, CFA Institute
  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Corporate results in Europe gave a late boost to European shares Wednesday, and strong corporate earnings in the tech sector proved the key for the day in the U.S. The Stoxx Europe 600 ended 0.19% higher at 288.22, and the S&P 500 closed with a gain of 0.15% at 1,494.81. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/24) , MarketWatch (1/23) , CNNMoney (1/23) LinkedInFacebookTwitterEmail this Story
  • Japanese shares fall; other Asian markets follow
    Japanese shares led Asian stocks in retreat Wednesday amid disappointment that the Bank of Japan has elected not to take quicker action on monetary stimulus. The Nikkei plunged 2.08% to 10,486.99, the Hang Seng edged down 0.10% to 23,635.10 and the Kospi was off 0.81% at 1,980.41 while the S&P/ASX added 0.18% to 4,787.80. Bloomberg Businessweek (1/23) LinkedInFacebookTwitterEmail this Story
Join us at the Advances in Equity Portfolio Construction program
CFA Institute is proud to present this two-day seminar in partnership with EDHEC-Risk Institute. Join us in London on 12-13 February to gain a better understanding of the limits and benefits of different portfolio construction approaches. CFA Institute members receive a 25% discount on registration
  Economic Trends & Outlook 
  • China is seen due for growth upswing, more foreign investment
    Read full story  
    Reuters
    China's growth cycle should turn upward this year with a sustained reform effort, elevating GPD growth to 8.5%, the Bank of Communications projected. That growth is likely to be buoyed by more foreign investment, with the China Securities Regulatory Commission reiterating plans to expand QFII and RQFII quotas and pursue policies aimed at developing asset-management and futures businesses. On a separate front, the 2013 Global Manufacturing Competitiveness Index rates China the most competitive manufacturing power in the world, a status it's projected to retain for at least five years. Shanghai Securities News (1/23) , China Daily (Beijing) (1/23) , Caijing Magazine online (1/23) LinkedInFacebookTwitterEmail this Story

  • Investors in disputed China wealth fund get money back
    Read full story  
    Reuters
    Investors who protested losses in a controversial fund associated with China's Huaxia Bank have reportedly been paid back. The failed fund was one of many largely unregulated wealth management products that have raised concerns over whether they might endanger Chinese banks if failures spread. The Wall Street Journal (1/23) LinkedInFacebookTwitterEmail this Story

  • Tame 4th quarter rounds out year of 2.2% inflation in Australia
    Australia's central bank now has further scope for stimulus later in the year if needed as the inflation rate eased sharply to 0.2% in the fourth quarter, coming down from 1.4% in the third period. The annual rate of 2.2% was well within the Reserve Bank of Australia's target range of 2% to 3%. CNBC (1/23) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 

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