Gloomy Japanese Economic Outlook Overshadowned Accelerated Chinese Exports Growth

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Financial markets moved sideways in Asian session as Japan's GDP data contracted in 3Q12, overshadowing resilient Chinese data. In the US, President Obama called for raising tax on top income earners while maintaining tax cuts for those earning under USD250K per year. This would be part of his efforts to avoid the so-called "fiscal cliff" which might occur as early as January 2013. While exchanges still open on US Veteran Day on Monday, the dataflow is light and the focus will be on the Eurozone. The Greek parliament passed a new set of austerity measures last week and the 2013 budget expected to pass after vote. However, when the next trance of rescue loan would be granted remains uncertain. For the time being, a 3.1B euro 'bridge financing' bill will be issued so that the debt-ridden country would be able to repay maturing debt worth of around 4B euro.

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