A struggling eurozone economy struggled even more in October, with a combined purchasing managers index for manufacturing and services easing to 51.5 from the September reading of 52.2. Economists had forecast a slight gain. "There are green shoots, but the recovery is still very, very immature," said Alberto Gallo, Royal Bank of Scotland Group's head of European macro credit research.
South Korea's Financial Supervisory Service is reportedly seeking bids for an online service that would advise ordinary investors. An April launch is said to be planned. "Using this online system, consumers will be able to have their financial status checked and understand what they can do to increase their wealth," an FSS official said.
China's manufacturing is picking up a bit this month. The preliminary Markit/HSBC Purchasing Managers Index for October of 50.9 is up from September's 50.2 for the strongest reading in seven months. "China's growth recovery is becoming consolidated into the fourth quarter following the bottoming out in the third quarter," HSBC economist Qu Hongbin said in a statement.
The formation of an international consortium led by Kyobo Life Insurance is reportedly under consideration to make a bid for South Korea's Woori Bank and Woori Finance Holdings. Other parties that might join the bid include Softbank, Macquarie Group and JPMorgan.
Precautionary measures are in order by India's central bank and the Securities and Exchange Board of India as the U.S. Federal Reserve prepares to scale back its stimulus in the new year, said Finance Minister P. Chidambaram. The U.S. move, when it comes, is expected to reduce the flow of funding into emerging economies globally.