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January 21, 2013 Sign up Forward Archive   Top Stories    Joint action is in store as Japan targets 2% inflation    Reuters A joint agreement has been reached between the new Japanese government of Shinzo Abe and the Bank of Japan to work toward a target of 2% inflation. The central bank is expected to extend its quantitative easing while the government provides stimulus. However, a key adviser to Abe says the bank should be prepared to scale back if the yen-weakening initiative goes too far. The Mainichi (Japan) (1/20) , Financial Times (tiered subscription model) (1/20) , Yomiuri Shimbun (Japan) (1/20) , Bloomberg (1/20)      China GDP clocks in at 7.9% growth for 4th quarter China rounded out 2012 with a final quarter of 7.9% growth, elevating the GDP gain for the full year to 7.8%, according to the National Bureau of Statistics. The latest reading confirmed that the economy was bouncing back after three straight quarters of slower growth rates. Separately, the Bank of Communications projected 8.5% growth for 2013. The Business Times (Singapore) (1/19) , Xinhuanet.com (China) (1/20)      U.S. debt-ceiling deadline may be moved back 3 months Tensions over the U.S. debt ceiling eased as Republicans proposed a three-month extension, putting off a budgetary confrontation with Democrats and the White House. The proposal for a new mid-April deadline, which requires House approval, also includes no specified spending cuts. The Wall Street Journal (1/18)      More data due this week on rebounding U.S. housing market Investors will get a further reading on the apparent rebound in the U.S. housing market, and by extension the economy, with figures due this week on December's sales of new and existing homes. Signs of further strength in the sector are considered crucial to the economy as other indicators, including business hiring and manufacturing, have been lackluster. MarketWatch (1/20)      Eurozone economy is seen contracting; Greece might need more funds    Praet/Reuters It is more vital than ever for eurozone nations to proceed with reforms as the region's economy continues to contract, said European Central Bank Executive Board member Peter Praet. "Unfortunately, we are still in a phase were the economy in Europe is shrinking. ... There are some positive signs, but it is not yet clear whether we are at a turning point," Praet said. Separately, the International Monetary Fund is warning that €9.6 billion more may be needed in the current rescue plan for Greece even if the country meets its obligations. Reuters (1/20) , Financial Times (tiered subscription model) (1/18)      U.K. is expected to mark triple-dip recession An expected report this week showing that the U.K. economy shrank 0.1% in the fourth quarter would mean the worst such final-period performance in five years and a triple-dip recession for the country, a first. It would also finish out the worst full year for the U.K. since 2009. The Independent (London) (1/20)      HSBC settles for $249 million in U.S. foreclosure scandal HSBC Holdings has become the latest mortgage servicer to join what now totals more than $9 billion in settlements over U.S. foreclosure irregularities. The $249 million penalty includes $96 million in direct payments to 112,000 wronged homeowners. Bloomberg (1/18)      Davos meeting this year to be a bit more upbeat Leaders gather this week for the annual World Economic Forum in Davos, Switzerland, as the immediate tensions that marked last year's gathering have abated. The dark sense of impending calamity has brightened to one of mere persisting gloom. The Economic Times (India)/The Associated Press (1/20)      Download the Kaplan Schweser CFA® Exam Prep App! Get complete Ethics content with more than 500 questions for self-testing; integrated map, calendar, and social functions; and more. FREE download for iPhone/iPad, Android, and Facebook: www.schweserapp.com   Market Activities  INTERNATIONAL MARKETS OVERVIEW Shares in Europe edged down Friday on mixed signals from the U.S. and China, and U.S. shares gained moderately with a continued investor focus on earnings reports. The Stoxx Europe 600 lost 0.11% to end at 287.03, and the S&P 500 added 0.34% to 1,485.98, its highest finish since December 2007. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/21) , The Wall Street Journal (1/18) , CNNMoney (1/18)      Asian shares add strong finish to an up week Strong economic numbers in China and the U.S. and the prospect of major stimulus in Japan boosted shares across Asia on Friday and for the full week. On Friday, the Nikkei gained 2.86% to 10,913.30, the Hang Seng rose 1.12% to 23,601.78, the Kospi added 0.69% to 1,987.85 and the S&P/ASX was up 0.31% to 4,771.20. Bloomberg (1/18)      Upbeat Indian market is due for more earnings results India's Sensex closed above 20,000 for the first time in two years last week. And this week the market's main test is likely to the come in the form of fiscal third-quarter earnings results for major companies. Another factor, however, may be volatility associated with prospects for a rate cut by the central bank, an event considered unlikely amid stubbornly high inflation. The Economic Times (India)/Press Trust of India (1/20)      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.   Economic Trends & Outlook  India sees plunge in FDI; Moody's maintains rating    Reuters Foreign direct investment in India fell 27% in the middle six months of 2012 from a year before, reduced by uncertain economies in the U.S. and Europe. Separately, Moody's is maintaining India's Baa3 sovereign credit rating but with a cautionary note on persistently wide fiscal deficits. Business Standard (India) (1/20) , The Hindu (India)/Press Trust of India (1/20)      Confidence rises among businesses in China China's business confidence index registered its first gain in a year in the fourth quarter, and a separate measure of entrepreneurial confidence was also up, according to the National Bureau of Statistics. But those sentiments might soon be tested, as economists in Europe predict that slack global demand, particularly from the EU, is likely to be the biggest drag on China's economy this year. China Daily (Beijing) (1/19) , China Daily (Beijing) (1/19)      China's wealth gap remains dangerously wide China's Gini coefficient, which gauges wealth disparities, has been lowered in recent years but remains dangerously high at 0.474, according to the National Bureau of Statistics. "China's Gini coefficient, between 0.47 and 0.49 during the past decade, was still relatively high, indicating the country must accelerate its income distribution reform to narrow the rich-poor gap," said Ma Jiantang, China's leading statistics official. China Daily (Beijing) (1/19)      No deep budget cuts are in store as Australian economy slackens    Swan/Reuters Despite the Australian government's early pledge to deliver a budget surplus, it is now ruling out deep cuts in a late bid to fulfill that promise as the economy struggles with weak growth and a strong currency. "It would not be responsible for any government to make deep spending cuts to try and fill a hole in tax revenue when that would put growth and jobs at risk," said Treasurer Wayne Swan. Bloomberg Businessweek (1/20)      SE Asian nations are seen emerging as winners from Japan's stimulus Indonesia, Thailand and Malaysia are expected to benefit as Japan stimulates its economy, boosting orders in those three nations. Meanwhile, South Korean exporters are likely to face stiffer global competition from their Japanese counterparts. Bloomberg Businessweek (1/20)        Capital Markets & Financial Products  China property-development giant moves share trading to Hong Kong    Reuters Trading in the foreign-currency denominated shares of China's biggest property developer is being moved to Hong Kong from Shenzhen. China Vanke says it's undertaking the move to make the shares accessible to more investors. Bloomberg (1/18)      Citibank sees healthy 2013 gain for South Korean stock market South Korea's Kospi index is likely to hit 2,300 this year for a gain of 20% as uncertainties ease and the global economy gathers pace, Citibank forecasts. The strength of the won is seen as a negative factor but not enough to significantly cut into Korean exports. MK.co.kr (South Korea) (1/18)        Industry & Regulatory Update  BlackRock goes big in China    Reuters BlackRock plans to cater to investors seeking major exposure in China, establishing a stronger presence with the hire of Hsueh-Ming Wang, who has ties to China's senior financial leaders. Financial Times (tiered subscription model) (1/20)      StanChart adding Myanmar to Southeast Asia presence Myanmar is the latest landmark in Standard Chartered's foray into Southeast Asia, a resilient region with a rapidly growing middle class. Financial Times (tiered subscription model) (1/20)      Learn more about CFA -> About CFA Institute  |  Advertise  |  Educational Resources  |  Social Media     Subscriber Tools     Print friendly format  | Web version  | Search past news  | Archive  | Privacy policy   Read more at SmartBrief.com Industry Home Readers' Choice Search Archive Download a SmartBrief Mobile app today       Recent CFA Institute Financial NewsBrief: Asia Pacific Edition Issues: Friday, January 18, 2013 Thursday, January 17, 2013 Wednesday, January 16, 2013 Tuesday, January 15, 2013 Monday, January 14, 2013     Lead Editor:   Jim Berard       Mailing Address: SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004     © 1999-2013 SmartBrief, Inc.®  Legal Information