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11 March 2013
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  Top Stories 
 
  • European leaders will discuss rescue terms for Cyprus
    EU leaders will put challenges in Italy and France on the back burner as they discuss a financial rescue for Cyprus at a meeting this week in Brussels. Topics of discussion include the possibility of imposing losses on Cypriot depositors and the nation's debt sustainability. However, Cypriot President Nicos Anastasiades reportedly said depositor losses are "out of the question." Bloomberg (11 Mar.) LinkedInFacebookTwitterEmail this Story
  • U.S. corporations pay less tax by holding more profit offshore
    As U.S. companies' profit soars, more of the money is being kept offshore beyond the U.S. taxation jurisdiction, according to an analysis by The Wall Street Journal. Among 60 of the biggest corporations, profit kept abroad totaled $166 billion in 2012, in effect blocking the U.S. from taxing 40% of that money, according to the newspaper. The Wall Street Journal (10 Mar.) LinkedInFacebookTwitterEmail this Story
  • Fitch downgrades Italian rating to BBB-plus
    Fitch Ratings cites political uncertainty after Italy's election in cutting the country's credit rating by one notch. "The inconclusive results of the Italian parliamentary elections on February 24-25 make it unlikely that a stable new government can be formed in the next few weeks," according to Fitch. "The increased political uncertainty and non-conducive backdrop for further structural reform measures constitute a further adverse shock to the real economy amidst the deep recession." Reuters (09 Mar.) LinkedInFacebookTwitterEmail this Story
  • BIS study suggests size does matter in foreign exchange
    The Bank for International Settlements has released a study that suggests bigger banks with more market share in foreign exchange have an advantage over smaller dealers. "The trend towards more market concentration observed in FX markets over recent years clearly benefits large financial institutions acting as dealers and potentially trading on this information in the inter-dealer market," according to the study. The Wall Street Journal/Dow Jones Newswires (08 Mar.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
 
  • Asian-Pacific markets are mixed, with Japan leading advance
    Most Asian-Pacific exchanges were mixed Monday, but two of Japan's indexes posting solid gains. The Nikkei 225 rose 0.5% while the broader Topix jumped 1.9%. Hong Kong's Hang Seng Index was relatively flat. Taiwan's Taiex added 0.3%. Australia's S&P/ASX 200 gained 0.5%. China's Shanghai Composite fell 0.3%. South Korea's Kospi and India's Sensex each was down 0.1%. MarketWatch (11 Mar.), The Economic Times (India) (15 Mar.) LinkedInFacebookTwitterEmail this Story
  • Advisers tell clients not to rush back into stocks
    The Dow Jones industrial average's recent surge to a record high has investors interested in coming off the sidelines and getting back into stocks, but financial advisers are telling them to move cautiously. Stocks are still cheap, based on price-to-earnings ratios, but advisers warn there will probably be pullback in the next few months. Thomson Reuters data show that earnings growth in the U.S. is slowing. Reuters (10 Mar.) LinkedInFacebookTwitterEmail this Story
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  Economics 
 
  • IMF's Lagarde urges ECB to continue accommodative policy
    Christine Lagarde, managing director of the International Monetary Fund, says the European Central Bank should consider reducing interest rates as the eurozone continues to struggle. "Monetary policy should remain accommodative," Lagarde said. "We believe that there is still some limited room for the ECB to cut rates further." She also says the central bank could assist Portugal and Ireland in their attempts to return to international bond markets. Bloomberg Businessweek (08 Mar.) LinkedInFacebookTwitterEmail this Story
  • Chinese inflation jumps, while factory output falls short
    Economic data paint a mixed picture of China's fragile recovery. The consumer price index rose 3.2% last month compared with February 2012, the highest inflation in 10 months. Industrial output and consumer spending came in less than expected. Reuters (09 Mar.) LinkedInFacebookTwitterEmail this Story
  • Kiel Canal closure threatens northern European shipping
    Abrupt failure of two locks on Germany's Kiel Canal, the busiest man-made shipping lane in the world, threatens to disrupt shipping across northern Europe. The breakdown has forced closure of the canal, which provides a shortcut between the North and Baltic seas. One-third of container ships calling at Hamburg use the Kiel Canal. Spiegel Online (Germany) (08 Mar.) LinkedInFacebookTwitterEmail this Story
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  Geopolitical/Regulatory 
  • Europe's transaction tax faces more opposition
    Investor-advocacy groups and pension funds are poised to express concerns about Europe's proposed financial-transaction tax. The European Commission and the European Parliament have said the levy would prompt pension funds to hold assets they've purchased to maturity, but the groups are concerned that the tax would negatively affect investors. Financial News Online (U.K.) (free content) (11 Mar.) LinkedInFacebookTwitterEmail this Story
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  Financial Products 
  • Global bond mutual fund debuts from Goldman Sachs
    Goldman Sachs has introduced a global bond mutual fund that seeks to deliver higher yields than are available in developed countries, where central banks are using monetary policy to hold down interest rates. Most of the Goldman Sachs World Bond Fund's investments are sovereign bonds and fixed-income instruments related to sovereign debt. PlanAdviser.com (07 Mar.) LinkedInFacebookTwitterEmail this Story
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