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November 16, 2012
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  Top Stories 
  • China's new Communist leaders are introduced
      
    Reuters
    China revealed its new Communist Party leadership Thursday, but major reform might take a backseat as leaders with a proven record in that regard were absent. In taking up the post of president, however, Xi Jinping referred to the "many severe challenges and ... pressing problems within the party that need to be resolved, particularly corruption, being divorced from the people, going through formalities and bureaucratism caused by some party officials. We must make every effort to solve these problems. The whole party must stay on full alert." Caijing Magazine online (11/15) , The Wall Street Journal (11/15) LinkedInFacebookTwitterEmail this Story

  • It's official: Eurozone returns to recession
    A 0.1% drop in output for the third quarter coming after a 0.2% decline in the preceding period has officially pulled the eurozone back into recession. Markets tumbled across Europe on Thursday as analysts pointed to an even bleaker austerity-driven outlook. Even so, leaders including European Central Bank President Mario Draghi and International Monetary Fund chief Christine Lagarde continued to call for action on the region's debt crisis. The Guardian (London) (11/15) , The Wall Street Journal (11/15) LinkedInFacebookTwitterEmail this Story
  • Inflation eases in austerity-racked eurozone
    With consumer spending and investment driven down by austerity measures, eurozone inflation eased to an annual rate of 2.5% in October. "There is a general downward trend of core inflation as the recession should spread to most countries by the end of the year," said Dominique Barbet, an economist at BNP Paribas in Paris. Bloomberg Businessweek (11/15) LinkedInFacebookTwitterEmail this Story
  • Germany ekes out 0.2% growth in 3rd quarter
    Confirming economists' forecasts, Germany's gross domestic product grew 0.2% in the third quarter as the eurozone contagion began to be felt more deeply in the EU's strongest major economy. Looking ahead, "that was the last good number from Germany for the time being. The German economy will probably shrink somewhat in the fourth quarter given that orders have been falling for the last year and the business climate ... has recently caved in," said Commerzbank chief economist Joerg Kraemer. Reuters (11/15) LinkedInFacebookTwitterEmail this Story
  • Spanish economy extends recession with 0.3% contraction
      
    Reuters
    Spain extended its recession in the third quarter, with the economy contracting 0.3%. For the year, the government is now projecting 1.5% shrinkage. Meanwhile, calls are growing for Spain to seek a long-delayed bailout under the European Central Bank's bond-buying plan. Fox Business/Reuters (11/15) LinkedInFacebookTwitterEmail this Story

  • U.K. retail sales plunge, raising 4th-quarter fears
    U.K. consumer spending took an unexpectedly sharp turn downward in the third quarter, falling 0.8%. The decline raised fears that the final quarter of the year will not generate a hoped-for boost. "This is a really dispiriting result so close to Christmas. September's slight upturn in sales offered retailers mild cause for cheer, but it was frustratingly short-lived," commented Stephen Robertson, the director general of the British Retail Consortium. The Telegraph (London)(tiered subscription model) (11/15) LinkedInFacebookTwitterEmail this Story
  • U.S. mortgage delinquencies at lowest level in nearly 4 years
    In a sign that the so-called shadow inventory of U.S. homes overhanging the real estate market might not be as great as feared, the rate of seriously delinquent mortgages is now at its lowest level since the fourth quarter of 2008. "The drop of the shadow inventory is a real positive for the housing market because it reduces concerns that this backlog will be with us," said Michael Fratantoni, vice president of research and economics at the Mortgage Bankers Association. Bloomberg (11/15) LinkedInFacebookTwitterEmail this Story
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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Confirmation of a double-dip recession across the eurozone pushed European shares lower Thursday, and mounting worries over the U.S. debt crisis weighed on markets on both sides of the Atlantic. The Stoxx Europe 600 fell 0.98% to 265.52, and the S&P 500 edged down 0.16% to 1,353.33. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/16) , The Wall Street Journal (11/15) , CNNMoney (11/15) LinkedInFacebookTwitterEmail this Story
  • Political news buoys Japanese shares as other Asian markets fade
    New of China's new Communist Party leadership led shares lower Thursday across most of Asia, but Japanese shares advanced sharply on hopes for a new government after elections in December. The Nikkei jumped 1.90% to 8,829.72 while the Hang Seng slid 1.55% to 21,108.93, the Kospi declined 1.23% to 1,870.72, and the S&P/ASX dropped 0.89% to 4,349.25. MarketWatch (11/15) LinkedInFacebookTwitterEmail this Story
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  Economic Trends & Outlook 
  • China's bad loans continue to mount in sluggish economy
      
    Reuters
    Banks of all kinds across China saw a fourth consecutive quarterly rise in nonperforming loans in the three months ended in September, the worst run of deterioration since the reporting of the figures began in 2004. The latest data from the China Banking Regulatory Commission come after seven quarters of decelerating economic growth rates. Bloomberg (11/15) LinkedInFacebookTwitterEmail this Story

  Capital Markets & Financial Products 
  Industry & Regulatory Update 
  • Taiwan regulator examines allegations of illegal trading
      
    Reuters
    Taiwan's Financial Supervisory Commission is looking into whether managers for four government funds engaged in illegal trading. The investigation grows out of a previous FSC inquiry into allegations that ING Securities Investment & Trust's Sam Hsieh and others manipulated the stock of Ablerex Electronics. The Taipei Times (Taiwan) (11/16) LinkedInFacebookTwitterEmail this Story

  • Qatar Holding signals support for Glencore-Xstrata merger
    Glencore International's drawn-out bid to merge with Xstrata apparently got a boost Thursday from Qatar Holding, the second-largest Xstrata shareholder. The favorable sign for the merger involves Qatar Holding voting a certain way in a complex ballot procedure that is causing anxiety among the deal's proponents and opponents, which include Xstrata's board. The Wall Street Journal (11/15) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • McCombe to succeed Swarbreck at BlackRock
    Mark McCombe will succeed the retiring Peter Swarbreck as head of key clients for BlackRock in the Asia-Pacific region. McCombe "has been closely involved with BlackRock's key clients and as he is located in Hong Kong it makes sense for him to take on these responsibilities," a source said. AsianInvestor.net (11/15) LinkedInFacebookTwitterEmail this Story
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