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May 13, 2013

MarketWatch - Asia Latest News May 13, 2013.


Most Asian markets rise after a gain for U.S. retail sales supports stocks on Wall Street overnight, although Japanese equities struggle to extend their recent highs as the yen strengthens.  
 Korean stocks lead broad gains in Asia

HONG KONG (MarketWatch) -- Hong Kong stocks rebounded Tuesday after an increase in U.S. retail sales helped support equities on Wall Street, with banks and insurance shares among the gainers. The Hang Seng Index rose 0.6% to 23,137.41 after tumbling 1.4% in the previous session, and the Hang Seng China Enterprises Index advanced 0.6% to 11,177.32. Shares of Bank of Communications Co. rose 1% and Bank of China Ltd. added 1.3%, while Ping An Insurance Group Co. climbed 1.2%. United Co. Rusal PLC climbed 2.6% after the world's largest aluminum producer reported a narrower first-quarter loss. China's Shanghai Composite fell 0.2%. 9:45 p.m. Today
Hong Kong stocks rise on financials; Rusal climbs

 LOS ANGELES (MarketWatch) -- Australian stocks swung between small gains and losses early Tuesday, with a mixed showing in financial shares and a solidly lower performance in the mining sector. The benchmark S&P/ASX 200 was up 0.1%. Market heavyweight Commonwealth Bank of Australia was higher by 0.4% but Westpac Banking Corp. lost 0.3%, on track for a third consecutive decline. Shares of precious metals miner Newcrest Mining Ltd. were pushed 1.9% lower and BHP Billiton Ltd. shares fell 0.3%. Energy stocks were volatile, with Woodside Petroleum Ltd. reversing course for a 0.2% rise as Origin Energy Ltd. fell 0.4%. 8:36 p.m. Today
 Australia stocks seesaw, but miners solidly lower

RTAmerica May 13, 2013: Justice Department admits to spying on Associated Press.

Paul Craig Roberts: Gold market rigging exposes a gangster state: GATA I THE GATA DISPATCH May 13, 2013.

Paul Craig Roberts: Gold market rigging exposes a gangster state

5p ET Monday, May 13, 2013

Former Assistant U.S. Treasury Secretary Paul Craig Roberts today condemns the rigging of the gold and silver markets by the Federal Reserve as emblematic of a gangster state protecting banks at the expense of the public. Roberts' commentary is headlined "Gangster State America" and it's posted at his Internet site here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

The New York Times Afternoon Update May 13, 2013: Obama Scoffs at Libya Outcry but Vows to Act on I.R.S. Audits.


Obama Scoffs at Libya Outcry but Vows to Act on I.R.S. Audits

President Obama on Monday rejected as "a sideshow" criticism of his handling of the attacks in Benghazi, Libya. On the scandal at the revenue agency, he said the singling out of certain groups, if true, was "outrageous."

Abortion Doctor Is Found Guilty of 3 Counts of Murder

Dr. Kermit Gosnell, known for performing late-term abortions, was convicted on three counts of first-degree murder over his actions at his West Philadelphia clinic.

Major Retailers Join Bangladesh Safety Plan

Consumer and labor groups hailed the moves by H&M, Zara and others after a building collapse in Bangladesh, saying they would increase pressure on other retailers to do likewise.
The Cloud Factories

Real Estate or Utility? Surging Data Center Industry Blurs Boundaries

Bland New Jersey buildings are commanding rents four times as high as Class A high-rises in Manhattan, but it isn't the space that attracts. It's the electrical capacity.
Genetic Connections

Seeking Clues to Heart Disease in DNA of an Unlucky Family

Scientists are studying the DNA of the Del Sontro family for mutations or aberrations, hoping to see if genetics can explain why heart disease strikes apparently healthy people.

Video: Rescue in Bangladesh

How a woman trapped beneath the rubble of a collapsed building in Bangladesh was able to survive for over two weeks before being rescued.

Op-Ed Contributor

The Next Pandemic: Not if, but When

The new, aggressive pathogens in China and Saudi Arabia may or may not carve a deadly path to the West. But sooner or later, you can be sure, one will.

Farm-to-Hotel Dining, for Foodies on the Road

A push for local foods helps hotels differentiate themselves in a crowded marketplace, where catering to business travelers is a priority.

Bangladesh's Cabinet Approves Changes to Labor Laws

Officials say the move will expand benefits for garment workers and make it easier to form trade unions in the wake of the Rana Plaza tragedy.

Ex-Level Global Manager Sentenced to More Than 6 Years

Anthony Chiasson, the co-founder of Level Global Investors, was sentenced to six and a half years in prison on his insider-trading conviction for illegally trading technology stocks.

Monsanto Wins Case on Genetically Altered Soybeans

The Supreme Court ruled unanimously that farmers could not use the company's patented genetically altered soybeans to create new seeds without paying the company a fee.

Bloomberg Admits Terminal Snooping

Reporters at Bloomberg News were told to use the terminals to get an edge in the competitive world of financial journalism, more than half a dozen former employees said.

MarketWatch I Wall Street at Close Report May 13, 2013: S&P 500 edges up to record high; Dow drops.

By Polya Lesova and Saumya Vaishampayan, MarketWatch 

NEW YORK (MarketWatch)The S&P 500 stock index gained marginally on Monday, notching an all-time closing high after data showed a rise in retail sales and as investors mulled when the Federal Reserve may begin to scale back its $85-billion-a-month bond-buying program.
U.S. stocks fluctuated between small gains and losses for most of Monday’s trading session. 

“The market is pricing in a diverse set of information,” said Stephen Wood, chief market strategist for Russell Investments. 

Getty Images Enlarge Image
Retail sales unexpectedly rose in April.
The S&P 500 index SPX +0.0043%  finished at 1,633.77 above Friday’s closing level of 1,633.70, marking a record close. 

Health care was the best performing sector and telecommunications the worst performing one among the index’s 10 major industry groups. 

The blue-chip Dow Jones Industrial Average DJIA -0.18%  declined 26.81 points, or 0.2%, to end at 15,091.68, with 13 of its 30 components in positive terrain. Aluminum producer Alcoa Inc. AA -1.95%  was the biggest decliner in the Dow, falling 2%.
The Nasdaq Composite Index COMP +0.06% rose 2.21 points, or 0.1%, to end at 3,438.79. 

More than 590 million shares exchanged hands on the New York Stock Exchange. Composite volume topped 2.8 billion. 

Better-than-expected data released Monday on retail sales had provided some support. Retail sales rose a seasonally adjusted 0.1% in April, while economists polled by MarketWatch forecast a 0.6% decline in sales. 

Trading this week will be driven by data, according to Scott Wren, senior equity strategist at Wells Fargo Advisors, with particular emphasis on the Empire State index on Wednesday, Philadelphia Fed data on Thursday and the preliminary University of Michigan-Thomson Reuters consumer-sentiment gauge due Friday. 

Still, even negative data won’t prompt a selloff in the stock market, he said. “It’s not going to sell off very much, almost no matter how bad the data is. Momentum is to the upside,” said Wren, citing flows into stocks, reasonable valuations and the Fed. 

The Fed’s plans for scaling back stimulus were in the spotlight after The Wall Street Journal reported late Friday that Fed officials have mapped out a plan to exit the central bank’s bond-buying program. Citing those officials, the article said the Fed will cut its bond-buying program in careful and potentially halting steps, though the timing of when to start is still being debated. The Fed is eager to manage market expectations and prevent chaos. 

In Chicago on Friday, Fed Chairman Ben Bernanke said the central bank was watching closely for potential risks that come with low interest rates. 

“In the short term, anything that discusses the Fed’s exit strategy has been associated with market weakness, and today is no exception,” said Dan Greenhaus, chief global strategist at BTIG LLC.
But there is no more clarity on timing of a Fed exit. 

“Is that really a surprise to the markets that the Fed has an exit strategy?” said Henrik Drusebjerg, senior strategist at Nordea Bank. He said when the Fed will implement the strategy is the big issue. “I still think the Fed will be all-in as long as macro numbers are weak.” 

Nordea’s Drusebjerg said decent economic data this week will keep pushing investors into risky assets. “It’s absolutely possible you can see new records set again this week,” he said. 

Is the economy ready for an end to the stimulus?
Jon Hilsenrath explains the thinking behind the Federal Reserve's plan to wind down its economic stimulus program, and how the issue is likely to be tackled by chairman Ben Bernanke's successor. 

U.S. stocks rose Friday, with Wall Street logging a third week of record-setting advances. Closing at an all-time high, the S&P 500 index rose 7.03 points Friday to 1,633.70, leaving it up 1.2% for the week. 

Japanese stocks on Monday jumped to their highest level in more than five years, lifted by upbeat profits and further weakness for the yen after the Group of Seven major economies offered up no criticism of Tokyo’s easing policies. 

Stocks in Shanghai and Hong Kong finished lower after Chinese data showed retail sales meeting expectations, though industrial production and fixed-asset investment missed forecasts.
Among individual stock movers, Advanced Micro Devices Inc. AMD +0.48%  rallied 5.6% Monday, making it the top gainer in the S&P 500 index. 

First Solar Inc. FSLR -0.10%  shares rose 2.3%. The solar-energy company posted a first-quarter profit of 66 cents a share last week, reversing year-ago losses. 

Polya Lesova is MarketWatch's New York deputy bureau chief. Follow her on Twitter @PolyaLesova. Saumya Vaishampayan is a MarketWatch reporter based in New York. You can find her on Twitter @saumvaish.

MoneyShow Sentiment Indicator: No Boom, But No Bust, Kim Githler: MoneyShow Investors Daily Alert May 13, 2013


The Daily Guru
Jim Jubak on
Drop Some Gold and Silver...Literally, Mary Anne & Pamela Aden Exclusive Interviews
Today's Featured Videos

The Economist I Selected New Articles May 13, 2013.:

The Economist
Monday, May 13th 2013
Editor's picks

A selection of new stories from
Banyan: Chez Sharif
Democracy in America: Come and take it
Free exchange: Stability through instability
Prospero: The undead will live forever
Johnson: Setting the record straight

Chez Sharif
A chat with the man who is about to become Pakistan's prime minister
Democracy in America:
Come and take it
If a state's citizens disagree with federal law, let the feds enforce it
Free exchange:
Stability through instability
Central banks should be wary of arguments to tighten policy in order to prick bubbles
The undead will live forever
The vampire genre is a commercial shape-shifter that shows no sign of dying out
Setting the record straight
Discussions of language in India are distorted by nationalist fantasies of a pure and unbegotten Sanskrit

Foreign workers getting most of Canada's new jobs: study: BIV Today's Business News May 13, 2013.

Human Resources

Foreign workers getting most of Canada's new jobs: study

Canada’s job growth is showing signs of improving, according to Statistics Canada – but a new Canadian Labour Congress (CLC) study has found that most of the new jobs are being filled by ... READ MORE


Canadian cellphone bills have risen 13% since start of year: report

The average Canadian cellphone bill has increased $9 since last year to an average of $77 per month – more evidence that Canadians are being gouged by ... READ MORE

Mining and Energy

Low prices keep Canadian gas production in holding pattern

A massive anticipated demand for new gas supplies by liquefied natural gas industry in B.C. has yet to result in any increase gas field activity, according to ... READ MORE


Vancouver resident accused of false statements promoting investment on Craigslist

The British Columbia Securities Commission is alleging that an Israeli citizen currently living in Vancouver has breached ... READ MORE

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Vancouver coffee equipment firm debuts “breakthrough” French press design

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This Week's Issue

Groups vie for art
gallery space

Potential future tenants vying for space at the current Vancouver Art Gallery (VAG) site at Robson Square are launching bids for public support ... READ MORE