South Korea: Park the first woman to lead the nation
Park Geun Hye was elected president of South Korea, becoming the first woman to lead Asia’s fourth-biggest economy more than 30 years after her father’s reign as dictator ended with his assassination. Park, 60, of the ruling New Frontier Party, led main opposition nominee Moon Jae In, 51.7% to 47.9% with 94.2% of the vote counted. (Bloomberg)
Japan: Exports slide even as yen decline improves 2013 outlook
Japan’s exports fell for a sixth month in November and the trade deficit swelled, underscoring the challenge that incoming Prime Minister Shinzo Abe faces in reviving growth. Shipments slid 4.1% from a year earlier while imports rose 0.8% leaving a deficit of JPY953bn, the third-largest on record. (Bloomberg)
Germany: Business confidence rises for a second month
German business confidence increased for a second month in December, signalling Europe’s largest economy may support a euro-area recovery next year. The Ifo institute’s business climate index, based on a survey of 7,000 executives, climbed to 102.4 from 101.4 in November, the second straight increase after sentiment dropped to a 2 year low in October. (Bloomberg)
US: Republicans said to consider spending cuts in bill
House Republican leaders are considering giving members a chance to vote on spending cuts to firm up support for House Speaker John Boehner’s tax measure, said a Republican lawmaker and a congressional aide who spoke on condition of anonymity. In announcing his proposal yesterday to raise tax rates for income above USD1m, Boehner had said his plan wouldn’t reverse automatic spending cuts set to take effect in January. (Bloomberg)
US: Obama says Republicans posturing in rejecting budget deal
US President Barack Obama said he offered congressional Republicans a “fair deal” during budget talks and accused them of “posturing” in negotiations. The president vowed to continue to reach out to House Speaker John Boehner and said there is no reason to breach the end-of-the-year deadline and allow automatic spending cuts and tax increases to take effect. (Bloomberg)
US: Building permits increase as housing rebounds
The number of building applications issued in Nov rose to a four-year high, a sign the US housing-market recovery will extend into 2013. Permits climbed 3.6% to an 899,000 annual rate, the most since July 2008. While housing starts fell 3% to an 861,000 pace, the average rate from Sept through Nov was the strongest since the three months ended Aug 2008. (Bloomberg)
US stocks decline from two-month high amid budget negotiations
US stocks fell, pulling the Standard & Poor’s 500 Index down from a two-month high, as deteriorating federal budget negotiations fueled concern that automatic tax increases and spending cuts will be triggered. The S&P 500 lost 0.8% to 1,435.81 yesterday. The Dow Jones Industrial Average slipped 98.99 points, or 0.7%, to 13,251.97. The Chicago Board Options Exchange Volatility Index, known as the VIX, jumped 12% to 17.36 for the biggest gain since Oct 23. (Bloomberg)
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