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November 1, 2012
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  Top Stories 
  • Eurozone posts 11.6% jobless rate, another record
    The austerity-ravaged eurozone suffered another month of record unemployment in September with a rate of 11.6%. Among the more startling figures was a 23.3% jobless rate for those under age 25. "Given the ongoing financial difficulties of the European Union and the likelihood of continuing job losses in the public sector as austerity measures begin to bite, overall unemployment levels and youth unemployment in particular are likely to carry on rising for the foreseeable future," said Andrea Broughton, a researcher at the London-based Institute for Employment Studies. The Wall Street Journal (10/31) LinkedInFacebookTwitterEmail this Story

  • U.K. consumer pessimism deepens
    The U.K. may have technically emerged from recession, but consumer sentiment continues to lag, with the October reading falling to its lowest level in six months at -30, according to a survey by GfK NOP. "People are more worried about their own financial situation over the next 12 months. This certainly doesn't suggest there will be a spending boom on the back of the official emergence from recession," commented Nick Moon, managing director of social research at GfK. Reuters (10/31) LinkedInFacebookTwitterEmail this Story
  • Storm might take a bite out of U.S. growth
    Among the costs inflicted by Hurricane Sandy on the U.S. are a likely reduction in fourth-quarter GDP growth as the storm and its aftermath keep Americans away from work in the densely populated Northeast. On Wall Street, meanwhile, firms and banks scrambled to round up cash Wednesday after the storm disrupted key money markets. Bloomberg (10/31) , Reuters (10/31) LinkedInFacebookTwitterEmail this Story

  • U.S. business activity in negative territory for 2nd month
    The U.S. recovery may grow more dependent on consumer spending in weeks ahead after another month of contracting business activity pointed to a still-ailing manufacturing sector. "The manufacturing sector is struggling. You've got global weakness, which is hurting exports; you've got uncertainty with the fiscal cliff, which may keep people cautious," said Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Fla. Bloomberg (10/31) LinkedInFacebookTwitterEmail this Story

  • Former supervisor of "London Whale" is sued by JPMorgan
    Javier Martin-Artajo, who was the immediate supervisor of Bruno Iksil, the JPMorgan Chase trader known as the "London Whale," is being sued by JPMorgan in connection with $6.2 billion in derivatives trading losses. The court case comes after JPMorgan's earlier stated intention of trying to win back pay from traders and supervisors involved in the fiasco. Reuters (10/31) LinkedInFacebookTwitterEmail this Story

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  Market Activities 
  • Asia shares advance on earnings
    Favorable corporate earnings posted by several regional giants boosted shares Wednesday across Asia ahead of the reopening of markets in the U.S. The Nikkei rose 0.98% to 8,928.29, the Hang Seng was up 1.00% to 21,641.82, the Kospi added 0.66% to 1,912.06, and the S&P/ASX gained 0.70% to 4,517.00. MarketWatch (10/31) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • S. Korean central bank warns of credit stress threat
    The Bank of Korea warns that the nation's households and businesses alike face a widespread risk of insolvency. Homeowners are being hit mainly by rapidly declining home values, while a large share of workers are employed in the low-productivity service sector. Among businesses, it is feared that stresses afflicting a growing percentage of local businesses might filter up to their conglomerate owners. (South Korea) (10/31) LinkedInFacebookTwitterEmail this Story
  • South Korea fears sudden exodus of foreign funds
    Recent credit rating upgrades for South Korea and quantitative easing abroad have sparked an ongoing inflow of foreign funds into the country, but this could suddenly reverse, the Bank of Korea warns. A deteriorating situation in the eurozone or any other external shock would be perceived as a threat to the South Korean economy, which is export dependent. The Korea Herald (Seoul) (10/31) LinkedInFacebookTwitterEmail this Story
  • "Hot money" fears are relieved as Chinese central bank acts
    The 395 billion yuan that the Chinese central bank injected into the market has reduced concerns of a jump in foreign capital after the U.S. Federal Reserve's most recent round of quantitative easing. The People's Bank of China's action came through seven- and 28-day reverse bond repurchase agreements and was a record for one day. China Daily (Beijing) (10/31) LinkedInFacebookTwitterEmail this Story

  • India, Brazil government debt ratios lead developing nations
    Though still lower than the average for developed countries, government debt ratios for India and Brazil are the highest among the top 10 developing nations at nearly 70% of gross domestic product, according to a report by Deutsche Bank. Overall, the so-called EM-10 countries have cut their average debt ratio in half since 2000, to 25%. "The EM-10 stand in marked contrast to the G-7, where government debt is currently projected to peak at almost six times the level of the EM-10 around the middle of the present decade," the report said. The Economic Times (India) (10/31) LinkedInFacebookTwitterEmail this Story
  Industry & Regulatory Update 
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