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13 February 2013
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  Top Stories 
  • China's CNOOC gets approval to buy Nexen's U.S. assets
    The Committee on Foreign Investment in the U.S. gave approval to China's largest offshore oil and gas producer, CNOOC, to acquire U.S. oil and gas assets of Canadian energy firm Nexen. The decision clears the way for CNOOC to take over Nexen for $15.1 billion. Gulf of Mexico oil and gas operations account for about 8% of Nexen's production. Bloomberg (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • Moody's warns of forced European CMBS sales
    European commercial mortgage-backed securities might come under heavy selling pressure, according to Moody's Investors Service. "Fire sales could be necessary to ensure that recovery proceeds reach the noteholders before the maturity of the notes," analysts wrote. Bloomberg (12 Feb.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
  • Most Asian-Pacific markets gain; Australia at 4-year high
    Most of the Asian-Pacific markets open for trading rose Wednesday. Australia's S&P/ASX 200 gained 0.9%, closing at 5,003.70, its highest reading in more than four years. Japan's Nikkei 225 fell 1%. South Korea's Kospi jumped 1.6%. India's Sensex rose 0.2%. Exchanges in Hong Kong, Taiwan and China remained closed for Lunar New Year. MarketWatch (13 Feb.) LinkedInFacebookTwitterEmail this Story
  • Search for high returns triggers European high-yield bond boom
    Fund managers seeking higher-yielding assets are sending cash to Europe, including areas locked out of the bond markets during much of 2012, as they dramatically increase purchases of high-yield bonds issued in the region. European companies with below-investment-grade credit ratings issued almost $16 billion in bonds last month, the most for any January in history. The Wall Street Journal (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • Italy tests demand for 30-year debt
    Italy is offering a 30-year bond for the first time since May 2011. The auction will give the government an idea of whether investors are worried about an upcoming national election. The sale is offering €6.75 billion in debt, with maturity as short as thee years. Reuters (13 Feb.) LinkedInFacebookTwitterEmail this Story
CFA Institute: Fourth Annual Middle East Investment Conference
20–21 March 2013
Jumeirah Emirates Towers
Dubai, United Arab Emirates

Hosted with CFA Society Emirates

Register by 20 February 2013 and save US$100.
  • U.S. makes surprise shift to budget surplus
    Economists were caught by surprise when the U.S. budget, for the first time in five years, posted a surplus for January. The $3 billion surplus reduced the cumulative deficit for this fiscal year by 17%. The Congressional Budget Office says the government received an extra $9 billion because a payroll-tax reduction expired Dec. 31. Reuters (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • Analysis: U.S. cuts deficit without facing long-term problem
    The U.S. is cutting its budget deficit, but Congress' inability to control spending on entitlements means public debt will increase to 87% of gross domestic product by 2023, up from 73%, according to The Economist. "Cutting discretionary spending is politically appealing because it arouses less anger than cutting entitlements or raising taxes, and because the specifics are left to congressional negotiators each year," the magazine notes. "Yet it is hardly ideal for the economy." The Economist (tiered subscription model) (09 Feb.) LinkedInFacebookTwitterEmail this Story
CFA Institute Conference: Wealth Management 2013
21–22 March 2013
The Westin Boston Waterfront
Boston, Massachusetts, United States

Hosted with Boston Security Analysts Society

Register by 21 February 2013 and receive a US$200 discount.
  • Fed presidents say industry's money-fund ideas aren't enough
    The presidents of the 12 regional Federal Reserve banks wrote in a letter to the Financial Stability Oversight Council that industry-backed ideas such as "redemption gates" are not enough to stabilize money market mutual funds. "[W]e do not believe this reform proposal contains the fundamental elements needed to address the financial stability risks posed by MMFs," according to the letter. Reuters (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • DTCC: Data-sharing obstacles might hamper regulatory progress
    Although Depository Trust & Clearing is seeking to become a worldwide derivatives-data repository, differences between U.S. and EU law are proving difficult to overcome, the company says. "There are fairly major impediments to data sharing at the moment," said Stewart Macbeth, president of DTCC unit Deriv/SERV. Reuters (12 Feb.) LinkedInFacebookTwitterEmail this Story
  • U.S. reportedly examines 2 U.K. interdealer brokers over Libor
    The U.S. Justice Department and the Commodity Futures Trading Commission are investigating U.K. interdealer brokers ICAP and R.P. Martin Holdings regarding their possible role in manipulation of the London Interbank Offered Rate, sources say. Neither firm has been accused of wrongdoing. ICAP is also being questioned by the U.K. Financial Services Authority. Reuters (12 Feb.), The Wall Street Journal (11 Feb.) LinkedInFacebookTwitterEmail this Story
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