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November 8, 2012
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  Top Stories 
  • Obama's re-election shifts focus to struggling economy
      
    Reuters
    With his re-election Tuesday, U.S. President Barack Obama will immediately confront an economy hobbled by uncertainty and slow growth. Markets and the U.S. dollar turned down on news of the election outcome as the focus shifted to the upcoming "fiscal cliff" of automatic budget cuts that could push the economy back into recession. Meanwhile, an expert at Bank of America Merrill Lynch predicts only 1% U.S. growth for the fourth quarter. The Wall Street Journal (11/7) , Xinhuanet.com (China) (11/7) LinkedInFacebookTwitterEmail this Story

  • Asian leaders see continued focus on region under Obama
    Asian leaders anticipate a continued U.S. focus on the region with the re-election of President Barack Obama, although China-bashing was a central theme for both candidates. Chinese officials were quick to congratulate Obama on his victory, and Foreign Ministry spokesman Hong Lei said China "is willing to work together with the U.S. to focus on the future, to continue its efforts to promote the Sino-U.S. partnership to achieve new and greater development." The Wall Street Journal (11/7) LinkedInFacebookTwitterEmail this Story
  • U.S. election boosts rupee
    The rupee was up for a second day in the wake of the U.S. election, ending a six-week slump. Experts say the re-election of U.S. President Barack Obama means the Federal Reserve is likely to continue its quantitative easing program, ensuring dollar liquidity and making risk assets more attractive to investors. The Economic Times (India)/Reuters (11/7) LinkedInFacebookTwitterEmail this Story
  • China's Communists gather to pick new slate of leaders
      
    Reuters
    A reform agenda was on the line as China's Communist Party assembled in Beijing for the fifth installment in a continuous line of leaders since 1949. Expected changes include breaking up state-owned monopolies, deregulating lending rates and correcting underpricing of natural resources. "The past 10 years, the economy has benefited from changes made in previous periods," said Ding Shuang, senior economist for China at Citigroup in Hong Kong. "Now those dividends are used up." Bloomberg (11/7) LinkedInFacebookTwitterEmail this Story

  • Economists agree Japan's economy shrank in 3rd quarter
    Surveyed economists conclude that Japan's economy shrank in the third quarter, battered by a plunge in exports and subdued domestic demand. The annualized median figure for contraction was pegged at 3.9%. "It is highly likely that people will get a renewed sense that Japan is in a recessionary phase," said Yoshiki Shinke, chief economist at Dai-Ichi Life Research Institute. The Wall Street Journal (11/7) LinkedInFacebookTwitterEmail this Story
  • France is expected to miss budget target in 2013
      
    Hollande/Reuters
    With likely growth of just 0.4% in 2013, France will miss its target of restraining the nation's budget deficit to 3% of gross domestic product, the European Commission says. "After three quarters of stagnating GDP and historically low levels of corporate profitability, prospects for an imminent recovery have waned. Specific downward risks relating to the French economy weigh on the potential recovery," the commission's report said. Reuters (11/7) LinkedInFacebookTwitterEmail this Story

  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    The prospect of political difficulty in confronting the self-imposed U.S. "fiscal cliff" occupied investors' minds Wednesday in Europe and the U.S. after the re-election of President Barack Obama, pushing stocks sharply lower on both sides of the Atlantic. The Stoxx Europe 600 dropped 1.35% to 271.04, and the S&P 500 plunged 2.37% to 1,394.53 as the Dow Jones Industrials closed below 13,000 for the first time in three months. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/8) , Bloomberg (11/7) , CNNMoney (11/7) LinkedInFacebookTwitterEmail this Story
  • Asian shares rise on U.S. election outcome
    Asian stocks got a lift Wednesday as it became apparent that U.S. President Barack Obama had won a second term in office. The Hang Seng rose 0.71% to 22,099.85, the Kospi added 0.49% to 1,937.55, the S&P/ASX was up 0.71% to 4,516.50, while the Nikkei was flat at 8,972.89. Bloomberg Businessweek (11/7) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Barclays sees modest improvement in China economy
    China's consumer inflation and producer deflation will moderate while domestic economic activity picks up a bit in the near term, Barclays predicts. "We forecast that CPI inflation will edge up to 2% in October on flat food inflation and a slight pickup in nonfood inflation," said Chang Jian, an economist with Barclays. China Daily (Beijing) (11/7) LinkedInFacebookTwitterEmail this Story

  Industry & Regulatory Update 
  • HSBC plans sale of U.S. loans
      
    Reuters
    In a bid to rid itself of troubled loans, HSBC plans the sale of more than $6 billion in U.S. mortgages and other personal loans. Separately, an Irish fund says HSBC Holdings failed in its custodial duties involving assets ultimately invested with Bernard Madoff. Reuters (11/7) , Bloomberg (11/7) LinkedInFacebookTwitterEmail this Story

  • Reforms are urged for South Korea's dual financial watchdogs
    Reforms are being urged for South Korea's two main financial regulators -- one public, the other private -- as critics note overlapping duties that sometimes lead to conflict given the public watchdog's second role of policymaking. "The major problem of our financial regulatory system is that the [government's Financial Services Commission] handles both policymaking and supervisory work. Only Japan and we have such a system," said Kim Hong-ki, a law professor at Yonsei University. Yonhap News Agency (South Korea) (11/7) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
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