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October 2, 2012
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  Top Stories 
  • Eurozone manufacturing contracts for 14th month
    The sustained decline in Eurozone manufacturing eased somewhat in September but remained well on the negative side for the 14th month with a purchasing managers' index of 46.1 as measured by Markit. "Despite seeing some easing in the rate of decline last month, manufacturers across the euro area suffered the worst quarter for three years in the three months to September. The survey is consistent with manufacturing output falling at a quarterly rate of perhaps as much as 1%, which means the sector will act as a severe drag on economic growth," said Markit chief economist Chris Williamson. BBC (10/1) LinkedInFacebookTwitterEmail this Story
  • Eurozone jobless rate persists at record high
    The eurozone's record high jobless rate of 11.4% was unchanged in August even as the region's leaders inspired markets with further austerity and moves to address the debt crisis. Any reversal of the employment situation is probably not in the cards, said HIS Global Insight economist Howard Archer, who added that "there looks to be a very real danger that the eurozone unemployment rate could reach 12% in 2013." Time.com/The Associated Press (10/1) LinkedInFacebookTwitterEmail this Story
  • Greece unveils optimistic budget as eurozone enters decisive month
    Greece's new budget projects a surplus next year for the first time in more than a decade, but the economy is expected to record its sixth year of contraction with shrinkage of 3.8%. The outlook for both figures is considered optimistic, however, and it is unclear whether the already furious Greek population will tolerate further decline. The new budget was unveiled as troubled eurozone partner Spain weighs whether to seek a bailout and the region enters a crucial period of decision and possible unrest this month. The Globe and Mail (Toronto)/Reuters (10/1) , Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
  • Europe's debt turmoil takes a toll on world manufacturing
    Manufacturing readings from around the world point almost universally downward, and the main drag appears to be a struggling Europe. "Europe is still a big problem out there. You're seeing weaker global growth in general. A lot of firms doing business in Europe are reporting weaker results, a lot more caution," said Scott Brown, chief economist at Raymond James Financial in St. Petersburg, Fla. Bloomberg (10/1) LinkedInFacebookTwitterEmail this Story
  • Japan's Tankan index of manufacturer sentiment declines
    Japan's key Tankan survey of manufacturers turned more deeply negative in September, pulled down by weak export demand from the U.S. and Europe. Citing exports as the main factor, Citigroup Global Markets Japan's chief economist, Kiichi Murashima, said the country's economy "will probably have two consecutive quarters of contraction in the July-September and October-December periods." Bloomberg Businessweek (9/30) LinkedInFacebookTwitterEmail this Story
  • U.S. economy stuck in neutral but may build strength
    Recent economic indicators in the U.S. vary from positive to negative in what seems an endless cycle, pointing to an economy that's sputtering and incapable of generating robust recovery. Analysts say patience is in order. "The U.S. outlook could best be described as one of near-term weakness and long-term strength," observes Chris Jones, an economist at TD Bank. The Washington Post/The Associated Press (9/30) 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 
  • INTERNATIONAL MARKETS OVERVIEW
    Evidence of less stress on Spanish banks than anticipated and better manufacturing numbers helped lift European stocks Monday, with the Stoxx Europe 600 rising 1.43% to 272.33. But in the U.S., later comments by Federal Reserve Chairman Ben Bernanke that cast doubt on the economy's ability to generate jobs punctured an early rally, leaving the S&P 500 with only a 0.27% gain for the day at 1,444.49. Here is a continuously updated list of global stock indexes. The Wall Street Journal (10/2) , Bloomberg Businessweek (10/1) , CNNMoney (10/1) LinkedInFacebookTwitterEmail this Story
  • Gloomy numbers in China, Japan weigh on Asian stocks
    Continued shrinkage in China's manufacturing sector and new evidence of pessimism among Japanese industrial leaders left Asian shares mixed Monday. The Nikkei dropped 0.83% to 8,796.51, the Hang Seng and the Kospi both edged up 0.38%, to 20,840.38 and 1,996.21, and the S&P/ASX remained virtually flat, gaining only 0.04% to close at 4,388.60. Bloomberg Businessweek (10/1) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • South Korea's export slump grows less severe
    South Korea's exports fell 1.8% in September, a decline that wasn't nearly as sharp as the 6.2% drop in August, offering some hope as a key indicator for global export health. Meanwhile, South Korea's trade surplus grew in September, as the value of imports fell faster than the modest decline in exports. Business Insider (9/30) , The Korea Herald (Seoul) (10/1) LinkedInFacebookTwitterEmail this Story
  • Taiwan manufacturing index falls
    A recent decline in export orders for electronics helped push Taiwan's purchasing managers' index lower in September as measured by HSBC. Domestic demand, however, is holding up so far as manufacturers keep employment levels steady. The Taipei Times (Taiwan) (10/2) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Taiwan rules out cut in futures transaction tax
    Noting that past data indicate no boost to futures-market activity from tax cuts, Taiwan's minister of finance, Chang Sheng-ford, said no such reduction is being contemplated. Financial institutions have been calling for a cut in or elimination of the 0.004% rate to pull in more foreign investors. The Taipei Times (Taiwan) (10/2) LinkedInFacebookTwitterEmail this Story
  • Indonesian bond yields fall as inflation pressures ease
    With a marked decline in inflation, the yields on Indonesian government bonds are easing as pressure on the central bank to raise rates lessens. The Organization for Economic Cooperation and Development had been urging the bank to keep an eye on inflation and be prepared to push up rates if needed. Bloomberg Businessweek (10/1) LinkedInFacebookTwitterEmail this Story
  • Singapore exchange weighs greater public access to IPOs
    Retail investors would have an easier shot at initial public offerings on the Singapore Stock Exchange under a proposal to increase the minimum allotment for public subscription to 5% of invitation shares. Another proposal would provide for a claw-back mechanism to boost the subscription portion to as much as 20% if demand is especially strong. The Business Times (Singapore) (10/1) LinkedInFacebookTwitterEmail this Story
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