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Top Stories
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- U.S. jobless claims tick down; consumer confidence improves
NO IMAGE FOUNDThe slow hiring pattern in the U.S. continued last week as reflected in a small decline in the number of Americans filing initial claims for jobless benefits. Consumer confidence, however, picked up during the week for the first uptick since higher payroll taxes came into effect at the beginning of the year, according to the Bloomberg Consumer Comfort Index. CNNMoney
(2/7)
, Bloomberg
(2/7)
- U.K. manufacturing returns to strong growth in December
Fears of recession eased in the U.K. with a 1.6% gain in manufacturing output in December, reversing a 0.3% decline the previous month. The increase was much stronger than forecast by economists, and the Bank of England decided against further stimulus. "Furthermore, with the PMI for January also showing growth, this offers further indication that the U.K. will probably avoid the fate of dipping into recession three times in the space of five years," said James Knightley, an economist at ING Bank in London. Bloomberg Businessweek
(2/7)
- Nouriel Roubini changes tune, turns bullish on U.S. stocks
Pointing to the U.S. Federal Reserve's quantitative easing and the prospects for more into the foreseeable future, New York University economist Nouriel Roubini says the outlook for U.S. stocks is bright. But "some of the improvement in the markets is not because growth is picking up. ... Certainly, easy money implies asset inflation," Roubini said. AdvisorOne
(2/6)
Market Activities
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- INTERNATIONAL MARKETS OVERVIEW
Remarks by European Central Bank chief Mario Draghi on the dangers of a strong euro helped drive down the currency and lifted shares in Europe before they slid back later Thursday. In the U.S., shares were generally lower on a lackluster jobs figure and lower productivity numbers. The Stoxx Europe 600 ended the day down 0.22% at 283.88, and the S&P 500 lost 0.18% to 1,509.39. Here is a continuously updated list of global stock indexes. The Wall Street Journal
(2/8)
, MarketWatch
(2/7)
, CNNMoney
(2/7)
- Asia shares decline in pre-holiday trading
Asian shares eased Thursday ahead of the Lunar New Year holiday. The Nikkei was down 0.93% to 11,357.07, the Hang Seng lost 0.34% to 23,177.00 and the Kospi edged down 0.23% to 1,931.77 while the S&P/ASX added 0.30% to 4,935.70. MarketWatch
(2/7)
Economic Trends & Outlook
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- Slowing job market, low consumption weigh on S. Korean economy
While some of South Korea's economic indicators remain strong, a cooling jobs environment and lagging consumption are significant factors that require the government to extend stimulative measures, the finance ministry says. "We will keep close tabs on internal and external economic situations while at the same time strengthen our monitoring on markets and continuing policy efforts to enhance the overall economic vitality," the ministry said. The Korea Herald (Seoul)/Yonhap News Agency
(2/7)
- With a global rebound, Indonesia projects 7% growth in 2014
Indonesia's projected economic growth rate of 6.8% this year should pick up to 7% in 2014 if the global economy turns around, said Hatta Rajasa, the country's coordinating minister for the economy. Indonesia has recently suffered from declining exports, a factor that has dragged on an economy otherwise buoyed by robust domestic demand and increasing investment. Xinhuanet.com (China)
(2/7)
- Economist sees need for far more investment in Philippines
Noting that the Philippines depends on strong domestic consumption for growth -- a reverse of the pattern in China -- Bloomberg economist Michael McDonough says the biggest constraint on the Philippine economy is a dearth of foreign direct investment. While investment accounted for about half of China's economy last year, in the Philippines it was only a fifth, "far below the average for a country in its stage of development," McDonough said. Business World (Philippines)
(2/7)
Capital Markets & Financial Products
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- Goldman executive says investors positive on China
Pronouncements by the new leadership in China are winning the confidence of international investors, a Goldman Sachs executive says, adding that the country is entering a new era of equities. "More pro-growth policies like a bigger fiscal budget and more fixed-asset investments are already anticipated by investors," said Goldman's Helen Zhu, managing director of global economics, commodities and strategy research. But she noted that investors will "keep an eye on the introduction of new ministers" before analyzing the situation and deciding on future strategy. China Daily (Beijing)
(2/7)
- Index charts 50% jump in yuan globalization
An index of the yuan's worldwide usage soared 50% last year despite a lagging global economy, and another 50% surge is projected for this year. The Standard Chartered Renminbi Globalization Index was up 2.8% in December alone, touching a record high of 748. Among the major yuan markets last year, the ratio was 81:11:8 for Hong Kong, Singapore and London. China Daily (Beijing)
(2/7)
- S. Korea's stock-fund assets reach lowest point in 5 years
Reflecting the lagging performance of South Korea's stock market, the combined assets managed by the nation's stock funds fell last month to the lowest total in more than five years, the Korea Financial Investment Association reported. The average return so far this year for stock funds with assets topping 1 billion won is minus 2.43%. MK.co.kr (South Korea)
(2/7)
Industry & Regulatory Update
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CFA Institute Financial NewsBrief: Asia Pacific Edition Issues:
- Thursday, February 07, 2013
- Wednesday, February 06, 2013
- Tuesday, February 05, 2013
- Monday, February 04, 2013
- Friday, February 01, 2013
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