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November 6, 2012
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  Top Stories 
  • Italy's GDP to shrink 2.3% this year, with more to come
      
    Reuters
    Italy's austerity-racked economy is forecast to end the year 2.3% smaller, with a further contraction of 0.5% seen for 2013. "Total investment will drop substantially due to tight credit conditions and persistent negative economic sentiment [while] private consumption is expected to fall," predicted the official statistics service Istat. The Business Times (Singapore) (11/5) LinkedInFacebookTwitterEmail this Story


  • Chinese companies greatly expand overseas investments
    In five years, Chinese enterprises' overseas investments have soared to more than $93 billion so far this year from just $13.58 billion in 2007. One of the recent big attractions has been a wide array of undervalued assets in Europe due to the festering eurozone crisis. Domestic policies have also pointed companies with cash on hand to explore opportunities abroad. Xinhuanet.com (China) (11/5) LinkedInFacebookTwitterEmail this Story

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  Market Activities 
  • INTERNATIONAL MARKETS OVERVIEW
    Worries over the U.S. elections and an upcoming vote in Greece on further austerity measures weighed on shares across Europe on Monday while U.S. stocks edged higher. The Stoxx Europe 600 ended the day down 0.60% at 273.21, and the S&P 500 added 0.22% to 1,417.26. Here is a continuously updated list of global stock indexes. The Wall Street Journal (11/6) , The Wall Street Journal (11/5) , CNNMoney (11/5) LinkedInFacebookTwitterEmail this Story
  • Ahead of U.S. elections, Asian shares retreat on corporate news
    Asian shares declined Monday amid disappointment over corporate developments, including those related to false fuel-economy claims by South Korea's Hyundai and Kia and speculation over the future of Japan's beleaguered Sharp. Overall, investors remain wary of recent gains in the markets, and "I don't see there being significant change until the political situation stabilizes in China and the U.S., and Europe is still a worry," commented Benjamin Tam of IG Investment in Hong Kong. The Nikkei lost 0.48% to 9,007.44, the Hang Seng was down 0.47% at 22,006.40, the Kospi declined 0.55% to 1,908.22, and the S&P/ASX was up 0.37% to 4,474.10. Bloomberg Businessweek (11/5) LinkedInFacebookTwitterEmail this Story
  Economic Trends & Outlook 
  • Indonesia sustains growth of 6% plus
      
    Reuters
    Indonesia's growth rate slowed a bit in the third quarter from the preceding period but remained above 6%. The new figure -- boosted by domestic demand as exports eased -- means the central bank is likely to refrain from any rate cut for now, setting Indonesia apart from neighbors in Southeast Asia where rate cuts have been used to spur flagging economies. Bloomberg Businessweek (11/5) LinkedInFacebookTwitterEmail this Story

  • Hong Kong manufacturing returns to growth mode
    Hong Kong's manufacturing activity swung back to positive ground last month with help from strong domestic demand, as measured by the HSBC Hong Kong Purchasing Managers' Index. "New product launches and healthy domestic demand kept employers hiring through October, underpinning headcount increase and more than three years of uninterrupted wage growth, putting Hong Kong in good stead to rebound through the fourth quarter," said HSBC Greater China economist Donna Kwok. AutomatedTrader.net (11/5) LinkedInFacebookTwitterEmail this Story
  Capital Markets & Financial Products 

  Industry & Regulatory Update 
  • ING attempts to make amends for investment losses in Taiwan
      
    Reuters
    Institutions and individual investors who suffered losses related to investments in Ablerex Electronics will receive payments from ING Securities Investment and Trust. The move comes in response to criticism from Taiwan lawmakers and others over alleged mishandling of Labor Insurance, Labor Pension and Public Service Pension funds in 2010. The Taipei Times (Taiwan) (11/6) LinkedInFacebookTwitterEmail this Story

  Ethics & Standards 
  • Australian verdict: S&P misled investors
    Standard & Poor's was found to have misled investors in Australia with its rating of a derivative issued by ABN Amro's wholesale banking division. Thirteen municipal councils lost AU$16 million on the investments, known as constant proportion debt obligations. The court ruling could open the way for further legal action against S&P in Europe. The Sydney Morning Herald (Australia) (11/5) , Financial Times(tiered subscription model) (11/5) LinkedInFacebookTwitterEmail this Story
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