Asia This Day:China's Biggest Brokerage Gets Even Bigger

Citic Securities,China's largest brokerage firm,is buying Credit Agricole's CLSA Asia-Pacific Markets unit for a total of 1.25 billion dollars.CLSA is considered a jewel of an asset with its strong balance sheet.Describing itself as Asia's leading independent brokerage and investment group,it advises on stock sales and mergers and has a private equity arm,CLSA Capital Partners.Citic already owns 19.9% of CLSA.
An advisor to the People's Bank of China,Song Guoqing,said the country could see even weaker growth in Q3 than had been forecast.It may come in at 7.4%,rather than the close to 8% consensus estimate because of exports being crimped by the European crisis.This statement,along with a Der Spiegel article saying the IMF may withhold further aid for Greece,causing its insolvency by September,and German Vice Chancellor Phillip Roesler saying there can be no further payments to Greece if conditions are not met,and that a Greek exit from the Euro-zone no longer inspires terror,caused the MSCI Asia Pacific index to fall 1.47% in early Monday trading.
Tropical Storm Vicente is approaching Hong Kong.Warnings were issued about the storm,which is expected to hit China as a typhoon on July 24.
Meanwhile,Apple and Samsung have gone to trial in Sydney.They filed suits against each other for patent infringement.
iShares MSCI All Country Asia ex Japan Index Fund(AAXJ)