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Disclaimer: You are about to leave the Legg Mason Global Thought Leadership website and will be taken to Legg Mason Investor Services, LLC's ("LMIS") website. By accepting, you are consenting to being directed to the LMIS website for individual investors. LMIS is a FINRA registered broker-dealer.
March 18, 2013
"This brings us within about a billion and a half towards what we need to [meet our funding needs to] the end of 2014. That puts us in a very strong position."
THE WEEK IN REVIEW...
Europe: Small attempts to address austerity’s pain, and a glint of good news amidst an otherwise gloomy backdrop.
US: A flood of economic data reflected both progress made, and the need for more before the recovery can fly on its own power.
Asia: The region’s central bankers have their hands full balancing growth, inflation and leadership transitions.
SIGNS OF THE TIMES:
China’s Economic Data Show Weakest Start Since 2009 - Bloomberg
Greece Faces 150,000 Job-Cut Hurdle to Aid Payment: Euro Credit - Bloomberg
Merkel Rides Pro-Growth Bandwagon as EU Loosens Budget Shackles - Bloomberg
[US] Lawmakers Warn of ‘Grave’ Danger From Cuts, Vote for Them - Bloomberg
Workweek Tying Longest Since WWII Spurs Hiring at U.S. Factories - Bloomberg
Nothing ventured, nothing gained
Koketsu ni irazunba koji wo ezu - Unless you enter the tiger's cave, you will not catch its cub – Japanese proverb
MSCI Japan Index3 (JPY and US$ terms); Japanese yen (JPY) per US dollar (USD): 3/14/11 – 3/12/13
Source: Bloomberg. Past performance is no guarantee of future results. The graph above is for illustrative purposes only and is not reflective of an actual investment. Please note that an investor cannot invest directly in an index.
The bottom line:
Context & Perspective:
… THE WEEK AHEAD
GLOBAL ECONOMIC CALENDAR: March 17 – March 23
Europe, UK, Africa, Mideast
Japan, Asia Ex Japan & Pac Rim
South Korea: producer prices
Canada: foreign securities purchases
Italy: trade balance
Russia: producer prices, industrial production
Hong Kong: unemployment rate
Housing starts, building permits, weekly retail sales
Canada: manufacturing sales, wholesale sales
Mexico: private spending
Germany: economic sentiment
Italy: industrial production
Russia: retail sales
UK: consumer prices, producer prices, retail prices
India: interest rate decision
New Zealand: current account
Mortgage applications, interest rate decision
Eurozone: consumer confidence
Germany: producer prices
Switzerland: economic expectations
UK: average earnings, claimant change, unemployment rate
South Africa: consumer prices, interest rate decision
New Zealand: GDP
Initial jobless claims, existing home sales, leading indicators, Philly Fed survey, home prices, Fed balance sheet, money supply
Canada: retail sales
Mexico: retail sales
Germany: manufacturing sector survey, services sector survey
France: manufacturing sector survey, services sector survey
Switzerland: trade balance
UK: retail sales, public sector borrowing, industrial trends orders
Hong Kong: consumer prices
Mexico: unemployment rate
Argentina: economic activity indicator
Chile: manufacturing production
Colombia: industrial production, interest rate decision
Germany: business expectations, Ifo business climate, business assessment
France: business survey
India: bank loan growth
Sources: Bloomberg, Wall Street Journal, The New York Times, The Financial Times, EU Observer, The Guardian. Reuters, US Dep’t of Labor Bureau of Economic Analysis
1 The “break-even rate” is the difference, in percentage points, between the yield of inflation-indexed government bonds and non-indexed government bonds of similar maturities. This rate is regarded by some as the bond markets’ assessment of the expected inflation rate.
JOLTS, the Job Openings and Labor Turnover Survey, is issued monthly by the US Bureau of Labor Statistics.
The MSCI Japan Index is a free-float adjusted market capitalization weighted index designed to track the equity market performance of Japanese securities, in both Japanese yen (JPY) and US dollars (USD)
Quoted in The New York Times, March 6, 2013
The opinions and views expressed herein are not intended to be relied upon as a prediction or forecast of actual future events or performance, or a guarantee of future results, or investment advice.
Past performance is not a guarantee of future results.
All investments involve risk, including possible loss of principal.
Foreign securities are subject to the additional risks of fluctuations in foreign exchange rates, changes in political and economic conditions, foreign taxation, and differences in auditing and financial standards. These risks are magnified in the case of investments in emerging markets. .
Fixed income securities are subject to interest rate and credit risk, which is a possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt. As interest rates rise, the price of fixed income securities falls.
Common stocks generally provide an opportunity for more capital appreciation than fixed-income investments but are subject to greater market fluctuations.
Commodities contain heightened risk that include market, political, regulatory, and natural conditions and may not be suitable for all investors Diversification does not assure a profit or protect against market loss.
This document is for information only and does not constitute an invitation to the public to invest. You should be aware that the investment opportunities described should normally be regarded as longer term investments and they may not be suitable for everyone. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested, and can be affected by changes in interest rates, in exchange rates, general market conditions, political, social and economic developments and other variable factors. Past performance is no guide to future returns and may not be repeated. Investment involves risks including but not limited to, possible delays in payments and loss of income or capital. Neither Legg Mason nor any of its affiliates guarantees any rate of return or the return of capital invested. Please note that an investor cannot invest directly in an index. Forward-looking statements are subject to uncertainties that could cause actual developments and results to differ materially from the expectations expressed. This information has been prepared from sources believed reliable but the accuracy and completeness of the information cannot be guaranteed and is not a complete summary or statement of all available data. Individual securities mentioned are intended as examples of portfolio holdings and are not intended as buy or sell recommendations. Information and opinions expressed by either Legg Mason or its affiliates are current as at the date indicated, are subject to change without notice, and do not take into account the particular investment objectives, financial situation or needs of individual investors. The information in this document is confidential and proprietary and may not be used other than by the intended user. Neither Legg Mason nor any officer or employee of Legg Mason accepts any liability whatsoever for any loss arising from any use of this document or its contents. This document may not be reproduced, distributed or published without prior written permission from Legg Mason. Distribution of this document may be restricted in certain jurisdictions. Any persons coming into possession of this document should seek advice for details of, and observe such restrictions (if any).
This document may have been prepared by an advisor or entity affiliated with an entity mentioned below through common control and ownership by Legg Mason, Inc.
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Issued and approved by Legg Mason Investments (Europe) Limited, registered office 201 Bishopsgate, London EC2M 3AB. Registered in England and Wales, Company No. 1732037. Authorized and regulated by the Financial Services Authority. Client Services +44 (0)207 070 7444. This document is for use by Professional Clients and Eligible Counterparties in EU and EEA countries. In Switzerland this document is only for use by Qualified Investors. It is not aimed at, or for use by, Retail Clients in any European jurisdictions.
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This document is provided by Legg Mason Asset Management Hong Kong Limited in Hong Kong and Korea, Legg Mason Asset Management Singapore Pte. Limited (Registration Number (UEN): 200007942R) in Singapore and Legg Mason Investments (Taiwan) Limited (Registration Number: (98) Jin Guan Tou Gu Xin Zi Di 001; Address: Suite E, 55F, Taipei 101 Tower, 7, Xin Yi Road, Section 5, Taipei 110, Taiwan, R.O.C.; Tel: (886) 2-8722 1666) in Taiwan. Legg Mason Investments (Taiwan) Limited operates and manages its business independently. It is intended for distributors use only in respectively Hong Kong, Korea, Singapore and Taiwan. It is not intended for, nor should it be distributed to, any member of the public in Hong Kong, Korea, Singapore and Taiwan.
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THIS MATERIAL IS NOT FOR PUBLIC DISTRIBUTION OUTSIDE THE UNITED STATES OF AMERICA.
Gross Domestic Product ("GDP") is an economic statistic which measures the market value of all final goods and services produced within a country in a given period of time.