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Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.
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CANBERRA, Oct 12- Australian shares gained more than 0.2 percent on Friday morning, recovering from two sessions of losses, as a rebound in metal prices lifted index-heavy mining stocks. Global miner BHP Billiton Ltd gained 0.8 percent to A $33.50 and major rival Rio Tinto Ltd rose more than 1.6 percent to A $56.31.
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HONG KONG, Oct 12- China's best-known local sportswear group, Li Ning Co Ltd, said its chief financial officer has resigned, the latest deparure from senior management as the company grapples with a slowdown in the world's second-largest economy.
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*Q3 GDP -1.5 pct q/q vs median forecast of -1.0 pct* Q3 GDP +1.3 pct y/y vs median forecast of +1.2 pct* Singapore avoids recession with Q2 q/q revision* Reiterates full-year GDP outlook.
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Selena Ling, Head of Treasury Research & Strategy, OCBC Bank warns more trouble could be ahead for Singapore's economy, despite the city-state averting a technical recession in Q3.
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*Q3 GDP -1.5 pct q/q vs median forecast of -1.0 pct* Q3 GDP +1.3 pct y/y vs median forecast of +1.2 pct* Singapore avoids recession with Q2 q/q revision* Reiterates full-year GDP outlook.
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WELLINGTON/ SYDNEY, Oct 12- The Australian and New Zealand dollars inched higher on Friday after Singapore's central bank surprised markets by sounding more upbeat on its economy than many had feared, and skipped a chance to ease policy. *The decision by the MAS lifted the Singapore dollar while knocking the U.S. dollar down across the board.
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-DBS Group, Southeast Asia's largest lender, has agreed to sell more than half of its stake in Bank of Philippine Islands. to Ayala Corp for S $757.3 million to boost its capital base.-- SEMBCORP INDUSTRIES LTD. -Budget carrier Tiger Airways said it appointed Ho Yuen Sang as the managing director of its Singapore operations.
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*Singapore avoids recession with Q2 q/q revision. SINGAPORE, Oct 12- Singapore defied expectations by sticking to its tight monetary policy stance on Friday, warning of persistent inflationary pressures as data showed a quarterly contraction in third quarter gross domestic product.
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SINGAPORE, Oct 12- Singapore defied expectations by sticking to its tight monetary policy stance on Friday, warning of persistent inflation pressure as data showed a quarterly contraction in the economy but a narrow escape from recession due to a revision in the April-June period.
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MANILA, Oct 12- Philippine conglomerate Ayala Corp confirmed on Friday it had bought part of the stake of Singapore's DBS Group in its banking arm for 25.6 billion pesos, raising its interest to more than 40 percent. DBS's stake in the Bank of Philippine Islands falls to 9.9 percent after the sale of a 10.4 percent holding to partner Ayala Corp..
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SINGAPORE, Oct 12- Singapore's central bank unexpectedly kept monetary policy on hold on Friday, saying it will continue letting the Singapore dollar appreciate at its current pace as inflation remained a worry.
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*Singapore avoids recession with Q2 q/q revision. SINGAPORE, Oct 12- Singapore's Ministry of Trade and Industry released economic estimates for the third quarter of 2012 on Friday:. -Singapore avoided becoming the first major Asian economy to slip into a technical recession this year as second quarter GDP was revised to show a slight expansion.
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SINGAPORE, Oct 12- U.S. crude rose towards $93 a barrel on Friday, supported by escalating tensions between Turkey and Syria and supply disruptions at North Sea oil fields. climbed 25 cents to $92.32 a barrel in early Asia trading, after gaining nearly a dollar the previous session.
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*Bakries propose $1.3 billion deal to buy back assets* Propose unwinding of Bumi Plc* Bumi shares soar over 40 pct after split proposed* Rothschild sees "challenges" even after Bakrie exit By Janeman Latul and Clara Ferreira-Marques.
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CANBERRA, Oct 12- Australian shares are likely to open flat on Friday on mixed leads from Wall Street, holding below 14- month highs hit earlier this week, although a rebound in metal prices may help index-heavy mining stocks. *Local share price index futures. *New Zealand's benchmark NZX 50 index.
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*Turkey, Syria fighting reinforces worry over Middle East supply. NEW YORK, Oct 11- Oil prices rose on Thursday to their highest levels in weeks as tensions between Syria and Turkey escalated, while maintenance on North Sea oilfields pushed the premium for Europe's Brent crude to another one-year high.
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*Propose unwinding of Bumi Plc. SINGAPORE/ LONDON, Oct 11- Indonesia's powerful Bakrie family has proposed splitting from financier Nat Rothschild and Bumi Plc, the London- listed miner they co-founded two years ago, after news of an inquiry into possible wrongdoing strained their already tense relations.
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*Says group presidents Rich Lavin and Gerard Vittecoq have elected to retire. *Says board of directors has appointed current group president and CFO Ed Rapp. *Says Hong Kong-based headquarters office for Caterpillar's construction.
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*Turkey, Syria fighting reinforces worry over Middle East supply. NEW YORK, Oct 11- Oil prices rose on Thursday as tensions between Syria and Turkey escalate, reinforcing concerns about risks to the region's supply, and maintenance curbs on North Sea output continue.
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*Propose unwinding of Bumi Plc. SINGAPORE/ LONDON, Oct 11- Indonesia's powerful Bakrie family has proposed splitting from financier Nat Rothschild and Bumi Plc, the London- listed miner they co-founded two years ago, after news of an inquiry into possible wrongdoing strained their already tense relations.