In: Business and Management

Submitted By ibaohan
Words 1001
Pages 5
Global Market
Asian stock increased in the last two weeks excluding Japan, of which the Nikkei declined by 2.85% in continuous three weeks, mainly due to the weak economic reports from Japan and the Bank of Japan’s decision to keep its monetary policy unchanged. This overall growth should be attributed to the boosting measures taken by governments. China accelerated approval of quotas to QFII to boost the market. The Ministry of Finance in India lowered the withholding tax on overseas borrowings to encourage raising funds abroad. South Korea planned to cut its financial deficit next year to the smallest in six years to improve fiscal health. Moreover, investors have gotten less risk-averse as the European sovereign-debt situation has become less volatile and the U.S. Federal Reserve has announced a third round of bond-buying stimulus.
Yield Curve
Most of Asian countries’ government bonds have a high yield curve. For example, the yield curve of Chinese government bonds below is over 1 per cent higher than that of U.S. Treasury. This feature mirrors the worrying credit environment in Asia. However, the credit environment will be and is being better, which will be explained more later.

Economic Data
In the past two weeks, many Asian countries disclosed quite favorable economic data. For example, CPI and Industrial production of Singapore increased by 4% and 2.5% year-to-year respectively while those of Korea increased 1.2% and 0.2%. Retail sales of Hong Kong increased 3.5% in value and 1.3% in volume. Of course there were negative figures, especially in Japan, of which the national CPI decreased by 0.3%, industrial production 0.8%, large retailers’ sales 4.4% and the unemployment rate increased by 4.3%.
Debt Market
Seven issuers tapped the debt capital markets the two weeks for $3.93 billion. The biggest deal was a $1 billion two-tranche trade for Hyundai…...

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