Global Indices & Markets News
U.S. Equity Markets retreated - The overhang of U.S. fiscal cliff continues to drag the market last week. U.S. Dow Jones Industrial Average fell 1.9 percent and S&P 500 lost 1.9 percent for the week, marking its worst weekly performance since mid-November. In contrast, the VIX, the “fear index” of the market, jumped 22 percent for the week.
China Equity Market hit 6 months high - Mainland Chinese shares hit six-month closing highs on Friday, while Hong Kong crept to its highest close in almost 18 months as investors rotated into Chinese non-financial counters after Beijing raised hopes of quicker sector reforms.
Statement from PBOC - China's central bank said it will use various tools to ensure steady credit growth to support the economy while pursuing financial reform in the face of weakness and uncertainty in the global economic outlook. Moreover, it said the current inflation situation was relatively stable.
JPY touched this year low - The U.S. dollar traded above 86 yen last week for the first time since August 2010 on expectations that Japan's new prime minister would push for policies to weaken the Japanese currency.
The Latest Minutes from BOJ - Minutes of the BOJ's policy-setting meeting in November, released on Wednesday, showed that some board members said the central bank must act decisively, without ruling out any policy options, if the outlook for the economy and prices worsens further.
Return of Monti - Italian Prime Minister Mario Monti said he will lead a coalition of centrist political parties that support his agenda of fiscal rigor and pro-European policies in February elections, marking a de-facto bid for a second term. Read More: Alroy Commentary – Italy, Spain and France – The latest development and implications
Concern over France - France should worry more about the credibility of its efforts to cut back on flab in public finances than whether or not it meets the EU's 3 percent of GDP target for the budget deficit immediately, the IMF's mission chief said.
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