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January 17, 2013
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  Top Stories 
  • China looks to spending to help sustain recovery
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    The effect of Chinese government spending on infrastructure projects is set to kick in to buoy the economy once stimulus from monetary easing wears off, analysts say, as the National Bureau of Statistics prepares to report 7.8% growth for the fourth quarter. However, the looser money policy is considered likely to be sustained as inflation moderates. Separately, the Ministry of Commerce says the goal this year will be to accelerate foreign trade in line with China's overall growth. Bloomberg (1/16) , Financial Times (tiered subscription model) (1/16) , (China) (1/16) LinkedInFacebookTwitterEmail this Story

  • U.S. inflation is flat as manufacturing gains
    U.S. consumer prices held steady in December, relieving any pressure on the Federal Reserve to consider the prospect of higher interest rates anytime soon. Meanwhile, U.S. manufacturing output was up 0.8% in December after climbing 1.3% the previous month, the Fed reported. Reuters (1/16) , Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
  • U.S. assets pull in foreign investment amid uncertainty
    Net foreign purchases of U.S. assets swung from a small negative of $1 billion in October to a strong positive number of $52.3 billion in November as investors reacted to a global slowdown. Analysts say the switch was also driven by November's election result and anticipation of the "fiscal cliff." Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story

  Market Activities 
    Concerns over projections for only modest global growth and the impending U.S. debt-ceiling deadline, as well as corporate-earnings jitters in the U.S., left shares on both sides of the Atlantic basically flat Wednesday. The Stoxx Europe 600 was virtually unchanged, at 286.03, as was the S&P 500, at 1,472.63. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/17) , The Wall Street Journal (1/16) , CNNMoney (1/16) LinkedInFacebookTwitterEmail this Story
  • Asian shares ease after recent gains
    Stocks across Asia took a breather Wednesday from their recent runup, with most markets down in what analysts described as an overbought situation. The Nikkei fell 2.56% to 10,600.44, the Hang Seng edged down 0.10% to 23,356.99 and the Kospi was off 0.32% at 1,977.45 while the S&P/ASX gained 0.46% to 4,738.40. Bloomberg (1/16) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Deutsche Bank sees 8.5% growth for China in 2nd half
    Government spending and a pickup in corporate earnings will lift the Chinese economy to an 8.5% rate of growth in the latter half of the year, Deutsche Bank predicts. Noting slow growth of 7.4% in the third quarter last year, DB China chief economist Ma Jun said the period marked "the trough for year-on-year GDP growth, and a recovery was already under way in the fourth quarter." Shanghai Securities News (1/16) LinkedInFacebookTwitterEmail this Story
  • Japan's machinery orders surged in November
    Machinery orders, an indicator of economic optimism, rose a surprisingly strong 3.9% in Japan in November, far outpacing the median forecast of 0.3%. "The current recession may end up being very short. The rapid depreciation of the yen may make companies more inclined to invest in the coming months," said Hideo Kumano, chief economist at Dai-Ichi Life Research Institute in Tokyo. Bloomberg Businessweek (1/15) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • South Korea expects much livelier IPO market this year
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    South Korea's initial public offering market could amount to as much as 3.50 trillion won this year, more than double last year's total, as projected in a survey by the Korea Exchange. "The Korean IPO market would be more dynamic than last year as an increasing number of companies which decided not to go public last year under a worsening financing condition are expected to reattempt to float their shares," an exchange official said. (South Korea) (1/16) LinkedInFacebookTwitterEmail this Story

  • Eyeing slow recovery, China sovereign fund to focus on real assets
    Real assets and property will be the focus this year for China's sovereign wealth fund in a switch from last year's concentration in public stocks and bonds. Speaking at the Asian Financial Forum in Hong Kong this week, China Investment Corp. chief Lou Jiwei said CIC anticipates only a "slow recovery" for the world economy in 2013. (1/16) LinkedInFacebookTwitterEmail this Story
  • South Korea's KB Financial looks to Israel for venture-fund model
    Israel's Yozma public-private venture capital fund will be the model for South Korea's KB Financial Group as it sets up a new fund to focus on the country's venture companies. "The VC fund market can emerge as a niche market for local banks, and setting up such funds is in line with [President-elect Park Geun-hye's "creative economy"] pledge and policy direction," said a senior official at KB Financial. (South Korea) (1/16) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 

  • China scandal prompts Deloitte to step up client screening
    Sharper scrutiny of potential clients and changes in tests for cash balances are among the steps Deloitte Touche Tohmatsu is taking to improve its screening process, said Deloitte's Asia Pacific CEO, Chaly Mah. The change comes after U.S. regulators launched an administrative proceeding over Deloitte Touche's refusal to turn over documents sought in investigations of alleged accounting frauds at nine Chinese companies. The Wall Street Journal (1/16) LinkedInFacebookTwitterEmail this Story
  • 2nd South Korean agency acts to curb capital flight
    Tax avoidance by channeling funds out of the country carried out by individual payers and corporations is the target as the Korea Customs Service steps up its enforcement in line with the National Tax Service. About 1.9 trillion won was believed lost to capital flight over the first nine months of 2012, the KCS says. The Korea Herald (Seoul) (1/16) LinkedInFacebookTwitterEmail this Story
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