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November 9, 2012
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  Top Stories 
  • ECB steady on rates; Draghi says no more aid for Greece
      
    Reuters
    The European Central Bank "is by and large done" helping Greece for now, said ECB President Mario Draghi, who also said the eurozone economy stands little chance of improvement over the remainder of the year. Draghi made his comments after the bank left interest rates on hold Thursday, although the dim outlook for the eurozone opened the possibility of a cut later in the year. Reuters (11/8) , Reuters (11/8) , The Wall Street Journal (11/8) LinkedInFacebookTwitterEmail this Story

  • U.S. leaders pledge to avoid "fiscal cliff," but doubts remain
      
    Boehner/Wall Street Journal
    In the aftermath of another election that left the U.S. with divided government, key leaders in the debate over the "fiscal cliff" pledged to work to avoid that self-imposed budgetary catastrophe before it kicks in with the new year. But observers are skeptical, seeing the upcoming budget battles as a test of whether government remains functional enough to steer the U.S. clear of a possible self-induced recession. The Wall Street Journal (11/8) , The Wall Street Journal (11/8) LinkedInFacebookTwitterEmail this Story

  • U.S. claims for jobless benefits drop
    Initial U.S. claims for unemployment benefits fell 8,000 to 355,000 last week. The decline was sharper than expected, but U.S. jobs data for the next few weeks will be distorted by the lingering effects of Hurricane Sandy along the East Coast. MarketWatch (11/8) LinkedInFacebookTwitterEmail this Story
  • Chinese central bank official sees signs of economic rebound
    China's growth rate might be improving this quarter, suggested Zhou Xiaochuan, head of the People's Bank of China, at the Communist Party's 18th Congress. Zhou said some indicators are turning up and the economy is stabilizing. Looking ahead, he said policy next year should focus on growth while remaining flexible enough to respond to developments. Bloomberg (11/8) LinkedInFacebookTwitterEmail this Story

  • Bank of England keeps rates steady, offers no more QE
    The Bank of England has opted for no more quantitative easing and is keeping interest rates at a record low 0.5%. However, the latest minutes of the bank's policy panel suggest that more QE may be in store at a later date. BBC (11/8) LinkedInFacebookTwitterEmail this Story

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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Worries over whether Greece will receive any more near-term aid weighed on stocks in Europe while worries over political dysfunction in Washington pulled down U.S. shares Thursday. The Stoxx Europe 600 ended the day down 0.17% at 270.58, and the S&P 500 fell 1.22% to 1,377.51. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/9) , The Wall Street Journal (11/8) , CNNMoney (11/8) LinkedInFacebookTwitterEmail this Story
  • Asian stocks take a big hit as investors fret over post-election U.S.
    The prospect of post-election political dysfunction in Washington as economic challenges loom and the potential for harm to export-driven Asian economies pushed Asian stock markets to sharp losses Thursday. The Nikkei fell 1.51% to 8,837.15, the Hang Seng plunged 2.41% to 21,566.91, the Kospi declined 1.19% to 1,914.41, and the S&P/ASX was down 0.72% at 4,483,80. The Wall Street Journal (11/8) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Rebounding economy is seen lifting China loan quality
    An improving Chinese economy should translate into better loan quality with the new year, Bank of China is forecasting. Currently, nonperforming loans account for about 1% of total loan advances at China's four largest banks. Bloomberg (11/8) LinkedInFacebookTwitterEmail this Story

  Capital Markets & Financial Products 
  • StanChart: Yuan flow one problem for Taiwan's hub ambitions
      
    Reuters
    Taiwan's efforts to become a major offshore yuan trading center won't have trouble accumulating yuan deposits but will need to overcome obstacles that might impede the flow of yuan, says Standard Chartered Bank. "It takes both a large yuan pool and robust yuan flows to build another offshore yuan market after Hong Kong," commented Tony Phoo, a Taipei-based economist for StanChart. The Taipei Times (Taiwan) (11/9) LinkedInFacebookTwitterEmail this Story

  • Mainland property developers look to Hong Kong for IPOs
    At least five mainland Chinese property developers plan to turn to the Hong Kong Stock Exchange for initial public offerings by the end of the year. The offerings, amounting to more than US$2 billion, would come after Chinese regulators have repeatedly turned down such offerings in mainland markets since 2007 in a bid to tamp down an overheating property sector. China Daily (Beijing) (11/8) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
  • Goldman affiliate's fund aims at emigrating Chinese
    A Goldman Sachs Group affiliate is launching a fund that targets the rising number of Chinese emigrating to Western nations. The Australia Capital Investment Fund in part comes in response to Australia's plan later this month to begin allowing families who invest at least AU$5 million in certain Australian assets to achieve residency. The Wall Street Journal (11/8) LinkedInFacebookTwitterEmail this Story
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