_Economy and Finance

Fixed Income | Asia Ex-Japan 21 December 2012 Asia Insights: China: Mixed signals from leading indicators · Nomura's China leading indicator fell in November, but we expect it to pickup in December (Bloomberg ticker: NMEICLI). · Our heatmap continues to improve, with 67% of indicators positive in November, up from a revised 65% in October. · We expect growth momentum to continue to build, and maintain our above-consensus GDP forecasts for 4Q and Q1 2013.

Fitch: U.S. Senior Fixed Income Investors More Optimistic on Economy, Credit in 2011 Fitch Ratings-New York-04 March 2011: Optimism has increased among U.S. senior fixed income investors with views turning more constructive on economic growth, lending, and fundamentals across multiple asset classes, according to the most recent Fitch Ratings/Fixed Income Forum (FIF) Survey of Senior Investors. The survey was conducted from mid-January to mid-February, 2011.