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January 23, 2013
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  Top Stories 
  • Bank of Japan agrees to easing, targets 2% inflation
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    After Japan's many years suffering through deflation, the Bank of Japan aligned itself with the new government's policy goals Tuesday and pledged a vigorous plan of monetary easing with a target of 2% inflation. Prime Minister Shinzo Abe welcomed the strategy change, calling it "a bold review of monetary policy, an epoch-making document. ... One can say that it marks a 'regime change' in managing macroeconomic policy." The Wall Street Journal (1/22) LinkedInFacebookTwitterEmail this Story

  • U.S. housing recovery likely still on track
    The U.S. real estate revival hit a speed bump in December, with sales of existing homes declining slightly. However, the unexpected decline may be attributed in part to a drop in inventory -- with fewer homes being put up for sale -- and was not considered big enough to signal a change in the overall housing recovery. Reuters (1/22) LinkedInFacebookTwitterEmail this Story
  • Investor confidence climbs in Germany
    Building on signs of a budding recovery in business confidence last month, an index of German investor confidence this month registered its highest reading in 2½ years. "It gives reason for optimism. We should see a considerable economic improvement toward mid-year with stronger momentum," commented Jens Kramer, an economist at NordLB in Hanover, Germany. Bloomberg (1/22) LinkedInFacebookTwitterEmail this Story

  • U.K. financial firms looking up after quarter of higher profits
    Profits were up at U.K. financial-services firms in the final quarter of 2012 although business volumes were down, according to a joint survey by the Confederation of British Industry and PricewaterhouseCoopers. Looking ahead to the current quarter, those surveyed expressed a brighter outlook. "It's encouraging that firms are more optimistic about their business situation than they were last quarter and expect volumes to rebound strongly in the three months ahead," said Matthew Fell, CBI director for competitive markets. (China) (1/22) LinkedInFacebookTwitterEmail this Story
  • U.S. economists see European economic quagmire
    U.S. economists say Europe is running the risk of becoming another Japan, with stagnating economies and little hope of recovery. Harvard University economist Kenneth Rogoff says more, not less, integration is called for on the continent to avoid the worst consequences. United Press International (1/21) LinkedInFacebookTwitterEmail this Story
  • Germany expresses confidence in plans to move tons of gold
    Germany offers reassurances over its plans to transport hundreds of tons of its gold home from New York and Paris over the next eight years. "Since we transport large sums of money around Germany every day, we've got a certain amount of experience with this," said Bundesbank spokesman Moritz August Raasch. Nonetheless, the shipments will be insured. United Press International (1/21) 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.
  Market Activities 
    European investors were conflicted Tuesday over a positive report on German investor confidence and a possible sign of slowing in the key U.S. housing sector. Meanwhile, U.S. shares advanced, buoyed by further positive corporate earnings reports. The Stoxx Europe 600 ended a marginal 0.04% lower at 287.66, and the S&P 500 rose 0.44% to 1,492.56. Here is a continuously updated list of global stock indexes. The Wall Street Journal (1/23) , Bloomberg (1/22) , CNNMoney (1/22) LinkedInFacebookTwitterEmail this Story
  • Malaysian political fears sap stock market
    Election jitters mounted in the Malaysian stock market Tuesday, with shares falling 0.43%, leaving the FTSE Bursa Malaysia KLCI index at 1,628.66. The index has touched 1,602.12 since Monday, marking a 4.4% drop and its lowest level since Dec. 4. The fear is that a snap election could topple or diminish the legislative majority of the coalition of the National Front, which has held power since the nation achieved independence. The Wall Street Journal (1/22) 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 

  • Chidambaram unveils outlines of optimistic budget to investors
    The Indian government's new budget proposes to maintain social spending and achieve fiscal balance, all without raising taxes. Those were among the disclosures from Indian Finance Minister P. Chidambaram as he spoke at a closed meeting with investors in Hong Kong held by Citigroup. Chidambaram "suggests the fiscal deficit target will be met, taxes will not be raised -- the tax regime will be stable, and while policy will and should be biased towards the poor, the budget will offer a lot," said a Citigroup research note from the meeting. Wall Street Journal (India) (1/22) LinkedInFacebookTwitterEmail this Story
  • Australian businesses' investment confidence slumps
    A slight uptick in Australian business conditions in December did little to lift spirits, with business investment confidence registering at a 15-year low. "This builds a strong case for the need for further interest rate cuts. The economy would certainly benefit from further rate cuts, and our expectation is that we will see that throughout 2013," said Greg Evans, chief economist for the Australian Chamber of Commerce and Industry, which conducted the confidence survey. The Sydney Morning Herald (Australia) (1/22) LinkedInFacebookTwitterEmail this Story
  • Indonesia hopes to expand on banner year for FDI
    Indonesia hopes to build on a 26% jump in foreign direct investment last year, aiming for an increase of 23% in 2013. Transportation and chemicals were among the major sectors for FDI in 2012, and Jakarta is looking for more investment in those areas this year to upgrade overtaxed airports and railways and extract higher value from the country's oil and natural gas resources. Reuters (1/22) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 
  • Japanese companies enjoy friendly lending environment
    Japan's non-bank lending giant Orix and a number of other companies are looking to longer-dated bonds as a way to secure lower borrowing costs under the new, fiscally aggressive government of Shinzo Abe. "The fundraising environment is favorable, and we want to issue bonds with a maturity of at least seven years," said Orix Chief Financial Officer Haruyuki Urata. Bloomberg (1/21) LinkedInFacebookTwitterEmail this Story
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