_Economy and Finance

Turkey: Trade deficit surprised to the downside At USD 5.5bn, October’s foreign trade deficit was lower than the market expectations (USD 8.2bn) and our forecast (USD 7.4bn) mostly due to lower-than-expected imports. October’s fiscal data was implying an increase in imports. Nevertheless, on a seasonally adjusted basis, imports contracted by 4.1% m/m in October. Exports increased by 0.7% m/m. As a result, 12-month cumulative trade deficit declined from USD 87.7bn in September to USD 85.2bn in October. Similarly, non-energy trade deficit contracted by USD 2.2bn to USD 33.2bn in October.

Chile: Manufacturing beat expectations in October; robust GDP reading expected next week Florencia Vazquez - Market Economics Latam Macro Snapshot | 29 Nov 2012 14:32 | 46 Kb Manufacturing production advanced a whopping 9.1% y/y in October, following a 5.6% y/y plunge in September. A strong performance was expected thanks to the fact that October this year had three additional working days, but actual IP growth stood above our already optimistic forecast and the median estimate from the Bloomberg survey (5.0% and 3.0% y/y, respectively).

Chile: Neutral minutes with a catch Nader Nazmi - Market Economics Latam Macro Snapshot | 28 Nov 2012 16:32 | We read the minutes of the 13 November monetary policy meeting as broadly neutral regarding the short-term outlook, ruling out any changes in the policy rate over the next several months. Although inflation is not an issue at present, the minutes show some concern about latent price pressures given the economy’s strong momentum.

The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide Published: November 2012 | Region: Europe | 252 pages | World Market Intelligence Synopsis - "The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide" is a crucial resource for anyone looking to gain information on the top companies in the Travel and Tourism industry in Europe. Detailed company profile and SWOT analysis information is provided for all the leading companies who are ranked in order by total annual revenues generated http://www.researchandmarkets.com/research/f2tj8c/the_wmi_top_10

http://articles.marketwatch.com/2012-11-27/commentary/35368213_1_el-erian-new-bull-money-managers Stocks dead, bonds deader till 2022: Pimco Paul B. Farrell Commentary: Gross, El-Erian warn of very slow growth ahead November 27, 2012 | Paul B. Farrell, MarketWatch SAN LUIS OBISPO, Calif. (MarketWatch) — Big money managers are warning investors. They’re now citing the Bible: “Seven lean years.” No recovery till 2016. That was Jeremy Grantham back a few years ago. His GMO firm manages $104 billion.

World Property Channel Many U.S. Office Markets to Improve in 2013, Accelerating in 2014 Posted by Hortense Leon 11/27/12 8:00 AM EST The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.

http://www.investmenteurope.net/ Peru, Chile and Mexico are Societe Generale's favourites for LatAm investments By: Chiara Albanese 27 Nov 2012 Despite the global slowdown, favorable domestic conditions have supported the growth of Latin America's most open economies, such as Peru, Chile and Mexico, and forecasts suggest strong capital inflows for 2013 which will fuel credit growth, according to Societe Generale.