Trade The News | Oct 19, 2012 06:40AM ET
Economic Data
Asian equity markets are more restrained after several sessions of strong gains as traders look to take profits going into the weekend. Korea's Kospi is the notable underperfomer as US tech sector continues to struggle. After disappointing Intel and IBM reports earlier this week, Marvell guided lower, AMD missed on top and bottom lines, and Google earnings slipped on both style and substance, sending the Nasdaq down over 1% in US hours.
China completed reporting of its monthly economic datapoints with a worse than expected foreign direct investment. on YTD basis, -3.8% marked its 10th consecutive and also its biggest decline since November of 2009. In Chinese press, China Academy of Social Sciences (CASS) analyst called for any fiscal stimulus to be limited in size, and the Housing Ministry researcher continued to warn over speculation in the property sector. This latest set of comments echoed NBS sentiment overnight that saw more focus on inflation than justified by continued growth slowdown.
Out of Brussels, the EU Summit saw some notable commentary related to Greece and Spain. Fin Mins were pleased with the progress of the former as they prepare to review the Troika report. On the latter, while Spain was not the focus of the gathering, France Pres Hollande called for any potential bailout to avoid stringent conditionality.
Fixed Income/Currencies/Commodities
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