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The bull market took a breather on Tuesday, with stocks retreating from their recent highs.

The S& P 500 and Dow closed lower, and the Nasdaq ended flat, snapping a two-day winning streak. Still, stocks are not far off from their record highs.

Overall, the S& P 500, Dow and Nasdaq are all up more than 20% in 2013, thanks to a slowly recovering economy and continued bond buying from the Fed.

Investors are fixated on one question: When will the Federal Reserve be ready to start slowing its stimulus program?

Stronger-than-expected reports on economic growth and the job market have led some economists to expect the Fed to announce it will slow its stimulus program at its next meeting in December.

" The market is basically doing pretty good, considering that tapering is back on the table," said Peter Cardillo, chief market economist at Rockwell Global Capital.

Investors previously thought the Fed may wait until the spring to taper. But now that some think the Fed could pull back as soon as next month, interest rates are rising again. The benchmark 10-year Treasury yield temporarily hit 2.78% Tuesday morning -- its highest level in about two months.

Minneapolis Fed President Narayana Kocherlakota and Atlanta Fed President Dennis Lockhart both argued in speeches Tuesday afternoon that the Fed still needs to do more to aid the job market.

" The labor market remains disturbingly weak," Kocherlakota said. " The good news is that, with low inflation, the FOMC has considerable monetary policy capacity at its disposal with which to address this problem."

Kocherlakota is scheduled to rotate into a voting role on the Fed's policymaking committee in January.

European markets ended their trading day lower. Most Asian markets, however, closed on a positive note, as China's Communist Party wrapped up a four-day meeting with a pledge to allow markets to play a bigger role in allocating resources. Japan's Nikkei spiked 2.2% after the country reported a larger-than-expected trade surplus in September.

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13-Nov-2013 05:56

Straits Times Index / STI to cross 3000 boosted by long-term investors

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World Markets

North and South American markets finished broadly lower today with shares in Brazil leading the region. The Bovespa is down 1.56% while U.S.'s S& P 500 is off 0.24% and Mexico's IPC is lower by 0.23%.

North and South American Indexes

Index	Country	Change	% Change	Level	Last Update
Dow Jones Industrial Average	United States	-32.43	-0.21%	15,750.67	4:38pm ET
S& P 500 Index	United States	-4.20	-0.24%	1,767.69	4:38pm ET
Brazil Bovespa Stock Index	Brazil	-819.54	-1.56%	51,804.33	2:15pm ET
Canada S& P/TSX 60	Canada	-1.14	-0.15%	768.27	4:20pm ET
Santiago Index IPSA	Chile	+3.69	+0.12%	3,208.42	3:12pm ET
IPC	Mexico	-92.19	-0.23%	39,594.64	4:06pm ET

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12-Nov-2013 22:32

Shen Yao / ThinkEnv name change to Liongold Corp

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Very interesting! After compareing LionGold & Blumont Financial presentation, I would comment that Liongold 's accountant is quite creative. Even though this quarter their bottom line is in red but they manage to give reader the impression that the whole picture is good.

Rosesyrup ( Date: 12-Nov-2013 22:15) Posted:

Managers do this to lower market expectation and benchmark placed on them. This allows them to claim more bonus after reporting result that " beat the forecast" .

NoMoney ( Date: 12-Nov-2013 22:06) Posted:

finnally someone posted it. I tot I read wrongly. tomorrow don't know willroar o not. or meow only haha. then y need profit warning thing to scare people make people short more

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12-Nov-2013 22:20

F & N / F&N

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F& N reports strong FY2013 PBIT of $786m on sales of $4.3b

 Food & Beverage continues to enjoy robust growth

o Beverages profit rises 18 per cent to $122 million on strong Soft Drinks and Beer sales

o Dairies profit nearly triples to $60 million

 Properties earnings jump on strong and sustained residential sales

o Strong pre-sales in Singapore supports Development Property earnings

o



Financial Highlights

($ ?million)

Full-Year to

30 Sep 2013

Full-Year to

30 Sep 2012

Revenue

4,344.1

3,569.0

Trading Profit

698.0

464.8

PBIT2

786.2

540.8

PAT3

5,514.6

1,012.4

Attributable Profit1

5,431.0

837.5

Earnings Per Share (basic)(cents)

- Before gain on disposal of discontinued operations, fair value adjustment and exceptional items

- After gain on disposal of discontinued operations, fair value adjustment and exceptional items

37.8

376.8

33.2

Net Asset Value per ordinary share

$5.90

$5.32

Directors have recommended a final dividend of 12.0 cents per share, which, together with the interim dividend of 3.5 cents, brings the total dividend for the year to 15.5 cents, compared with 18.0 cents in FY2012. The reduced dividend reflects the Group?s earnings following the loss of contribution from APB and the capital reduction of $3.28 per share. This final dividend, if approved by shareholders, will be paid on 18 February 2014.

On 27 August 2013, the Group announced a proposal to list its property arm, Frasers Centrepoint Limited ("

FCL" ) by undertaking an in-specie distribution of FCL shares to F& N shareholders. Upon obtaining all relevant approvals, F& N shareholders will receive two FCL shares for every one F& N share owned, at no cost and with no adverse tax impact. FCL shares are expected to be listed by way of introduction on the Main Board of the Singapore Exchange Securities Trading Limited (" SGX-ST" ). Higher fee and rental income drive REIT and Hospitality earnings

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12-Nov-2013 22:02

Shen Yao / ThinkEnv name change to Liongold Corp

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LionGold Corp achieves over 50% increase in revenues and gross profit as gold operations strengthen

(pls refer to today SGX anoouncement 181 & 183)

Key points:

 2Q2014 revenue grew 52.2% year on year to S$45.6 million while gross profit increased 52.0% correspondingly to S$8.6 million

 Gold operations contributed 73% (S$6.3 million) of the Group?s total gross profit as LionGold?s wholly-owned producing asset produced a record 13,845 ounces of gold at an operating cash cost of A$666 per ounce and all-in cash cost of A$1,055 per ounce of gold

 A loss attributable to equity holders of S$47.8 million was recorded, largely due to unrealised losses on marketable securities which are not part of the Group?s core operations and which were tendered as consideration for the disposals of LionGold?s interests in its non-core power and environmental assets

 As of 30 September, the Group had cash and cash equivalents of S$36.8 million while its US$18 EV/ounce of resource is significantly lower than many Asia-listed peers

 Continued investment in development of currently non-producing gold mining assets is expected to bear fruit in the coming quarters

 LionGold will continue to seek out opportunistic acquisitions of gold mining assets and pursue various methods of inorganic growth including strategic alliances, joint ventures and financing or equity partners

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12-Nov-2013 17:11

Vard / Vard Holdings

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Huat arh......

" We're confident that we'll be able to secure one or two orders at least" in the coming weeks, Holger Dilling, an executive vice- president at Vard, said in a phone interview. " We are expecting the best order intake since 2007."

Hawkeye ( Date: 12-Nov-2013 13:43) Posted:

Published November 12, 2013

Vessel builder Vard expects best order intake since 2007

But its Brazilian yards are taking their toll, with Q3 income slumping 67%

print |email this article

The company changed its name to Vard from STX OSV Holdings this year after Fincantieri SpA bought it from South Korea's debt-ridden STX Group for 455 million euros (S$761 million) - PHOTO: AFP

[SINGAPORE] Vard Holdings, a builder of offshore support vessels, has said that it would close 2013 with its biggest annual order in six years as oil and gas companies boost spending on energy exploration.

" We're confident that we'll be able to secure one or two orders at least" in the coming weeks, Holger Dilling, an executive vice- president at Vard, said in a phone interview. " We are expecting the best order intake since 2007."

Demand from North Sea, Brazil and West Africa and explorations in new areas such as the Arctic Sea may help boost orders for Vard's specialised ships, said Mr Dilling. Investment in exploration and production may rise to US$750 billion next year as companies seek to add reserves and expand output, the IFP Energies Nouvelles policy group said last month.

Vard, based in Alesund, Norway, won contracts worth 11.9 billion kroner (S$2.4 billion) in the first nine months, 45 per cent more than a year earlier. That boosted its total orderbook to 19.6 billion kroner with deliveries stretching into 2017. In 2007, the company had received orders worth 15.5 billion kroner.

danytan ( Date: 12-Nov-2013 10:09) Posted:

anyone?

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12-Nov-2013 17:05

Elite KSB / Elite KSB

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Today closing : 0.103

Those who bought yesterday and today and have not covered will end up receive 7.8c from the company tomorrow. Why ha ? Bouy Bin Peh !

WanSiTong ( Date: 12-Nov-2013 09:08) Posted:

Exit payment : 7.8c

Ex : 13 Nov (Wed)

Trade with care!

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12-Nov-2013 16:30

Midas / Midas

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Last year 3Q Profit guidance issued on 7 Nov

Last year 3Q results announced on 14 Nov

Huat arh..........

alvinngsh ( Date: 12-Nov-2013 14:26) Posted:

Yesterday no profit guidance hosay liao...

Peter_Pan ( Date: 12-Nov-2013 12:41) Posted:

hosay liao

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12-Nov-2013 14:01

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Singapore shares tread water, eyeing China policy: Reuters

Singapore shares lingered near their lowest level in more than three weeks, awaiting cues on China's economic agenda from a key four-day Communist Party policy meeting.

The benchmark Straits Times Index was nearly flat at 3,186.95 at 0528 GMT, in line with a 0.1 percent fall in the MSCI's broadest index of Asia-Pacific shares outside Japan. ...

China's leaders will unveil a reform agenda for the next decade later on Tuesday, seeking to balance the need to overhaul the world's second-largest economy as it loses steam with preserving stability and to reinforce the Communist Party's power.

Shares of Sembcorp Industries Ltd dropped 0.4 percent to S$5.30, with trading volume exceeding its 30-day average, after the company posted margins below expectations, despite a 9 percent increase in net profit in the first nine months from a year earlier.

" We see limited near-term share price upside with lingering concerns over power prices in Singapore amid intense competition," Maybank Kim Eng wrote in a research note.

Sembcorp's overseas operations could post positive earnings surprise, but long-term prospects would depend on the pipeline
of utilities project," Maybank said.

Maybank has a " hold" rating on the stock and maintains its target price of S$5.50.

Commodities firm Noble Group and property developer City Developments Ltd were up 1.4 percent and 0.8 percent respectively, ahead of their earnings to be released on Tuesday after market hours.

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12-Nov-2013 09:53

Vard / Vard Holdings

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Hi sorry, I subscribe hard copy. Those who subscribe online copy may be can help.

danytan ( Date: 12-Nov-2013 09:36) Posted:

can u post the article? thks. not subscribed

WanSiTong ( Date: 12-Nov-2013 09:03) Posted:

Today ST (B10 Money) got a write up on Vard. Looks promising

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12-Nov-2013 09:46

Others / What?s Happened to Blumont, Asiasons and LionGold

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12-Nov-2013 09:12

Straits Times Index / STI to cross 3000 boosted by long-term investors

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SINGAPORE DAYBOOK: Singapore Air, Sembcorp Industries, Goodpack

Nov. 12 (Bloomberg) -- Singapore Airlines (SIA SP) and
Noble Group (NOBL SP) are among companies expected to report
earnings today....

WHAT TO WATCH:
* Sembcorp Industries (SCI SP) 3Q net S$254.4m vs S$181.2m
* Vicom Ltd. (VCM SP) 3Q net S$6.8m vs S$6.5m
* Goodpack Ltd. (GPACK SP) 1Q net $13.9m vs $13m
* Gaylin Holdings (GHL SP) 2Q net S$3.8m vs S$3.2m
* Wheelock Properties (WP SP) 3Q rev S$27.6m vs S$37.7m
* QAF Ltd. (QAF SP) 3Q net S$3.8m vs S$4.3m
* Sim Lian Group (SLG SP) 1Q net S$27.7m vs S$37.2m
* Yongnam Holdings (YNH SP) 3Q loss S$3.4m vs S$10.3m profit

MARKETS:
* S& P 500 up 0.1% to 1,771.52
* Stoxx Europe 600 up to 323.57
* MSCI Asia Pacific up 0.2% to 139.21
* Straits Times Index rose 0.3% to 3,186.72

EARNINGS:
* Singapore Airlines (SIA SP) 2Q, City Developments (CIT SP)
3Q, Golden Agri-Resources (GGR SP) 3Q, Noble Group (NOBL SP)

BTV:
* 07:10am: Sri-Kumar Global Strategies President Komal Sri-
Kumar
* 08:10am: Amundi Asia CIO and Deputy CEO (Ex Japan) Ayaz
Ebrahim
* 09:10am: Fitch Head of Asia-Pacific Sovereigns Andrew
Colquhoun
* 09:40am: World Food Program Country Director Praveen Agrawal
* 10:10am: Philippines Finance Secretary Cesar Purisima
* 10:40am: UFC Asia MD Mark Fischer
* 11:10am: Puru Saxena Wealth Mgmt. CEO Puru Saxena

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12-Nov-2013 09:08

Elite KSB / Elite KSB

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Exit payment : 7.8c

Ex : 13 Nov (Wed)

Trade with care!

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12-Nov-2013 09:03

Vard / Vard Holdings

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Today ST (B10 Money) got a write up on Vard. Looks promising!

ozone2002 ( Date: 12-Nov-2013 08:26) Posted:

looking promising on their orderbook wins, time to relook at Vard.

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12-Nov-2013 08:12

Straits Times Index / STI to cross 3000 boosted by long-term investors

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U.S. Stocks Rise as Dow Extends Record on Stimulus Bets

U.S. stocks rose, with the Dow Jones Industrial Average extending a record, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.

The Standard & Poor?s 500 Index climbed 0.1 percent to 1,771.89 at 4 p.m. in New York to close within a point of its record. The Dow rose 21.32 points, or 0.1 percent, to 15,783.1. About 4.8 billion shares changed hands on U.S. exchanges today, 21 percent below the three-month average. Bond markets were closed because of the Veterans Day holiday.

?Sometimes a boring day is nice,?John Carey, a portfolio manager at Pioneer Investment Management who oversees $200 billion in assets globally, said by phone from Boston. ?People will be watching over the next few weeks to see if the Fed does decide to begin tapering this year. If earnings continue trending higher the support will be there for better share prices.?

The S& P 500 added 0.5 percent last week for a fifth week of gains, the longest streak since February. Better-than-forecast data on jobs and growth indicated the economy is strong enough to withstand a reduction in Federal Reserve stimulus, even as consumer spending climbed last quarter at the slowest pace since 2011. There were no economic reports today.

Earnings Scorecard

Corporate earnings that surpassed estimates and unprecedented monetary support from the Federal Reserve have propelled the S& P 500 higher by more than 160 percent from a March 2009 low.

Of the 449 S& P 500 companies that have released third-quarter profits so far, 75 percent have beaten analysts? forecasts, data compiled by Bloomberg showed. Earnings per share for the companies on the gauge probably increased 4.7 percent in the third quarter, and will rise 6.2 percent in the fourth, according to estimates compiled by Bloomberg.

?We can put in the books that the third quarter earnings season was another positive surprise,? Phil Orlando, New York-based chief equity market strategist at Federated Investors, said by phone. His firm oversees about $380 billion in assets. ?The market was way too pessimistic going in.?

News Corp. was the only S& P 500 member to post results today, releasing its report after the market closed. Wal-Mart Stores Inc., Macy?s Inc. and Nordstrom Inc. are among retail companies reporting earnings later this week. Home Depot Inc. posts results on Nov. 19.

?Fairly Restrained?

?Investors want to know the strength of the U.S. consumer going into what might be a tepid holiday season,? said Alison Porter, who helps oversee $108 billion as U.S. equities fund manager at Ignis Asset Management. ?Consumer spending has been fairly restrained. With big retailers like Wal-Mart and Home Depot yet to report, we?ll want to see whether that has picked up.?

Economists still forecast the Fed will delay tapering asset purchases until March even after the payrolls data beat forecasts. Policy makers will probably pare the monthly pace of bond buying, known as quantitative easing, to $70 billion at their March 18-19 meeting from the current pace of $85 billion, according to the median of 32 estimates in a Bloomberg survey Nov. 8. The median forecast in an Oct. 17-18 survey of 40 economists also called for a cut to $70 billion in March.

?There?s been a correlation between rising share prices and low interest rates and the QE program,? Carey said. ?People legitimately are wondering if and when the Fed begins the tapering.?

Equity Valuations

The S& P 500 has rallied 24 percent in 2013, heading for the best annual gain in a decade. The gauge is trading at 16 times projected earnings, more than the five-year average of 14 times earnings, according to data compiled by Bloomberg.

Investors have poured money into exchange-traded funds tracking U.S. stocks, pushing assets in the iShares Core S& P 500 ETF above the Vanguard FTSE Emerging Markets (VWO) ETF for the first time since 2010. The iShares S& P 500 fund manages $50.5 billion, compared with $48.3 billion for the ETF linked to shares of developing nations, according to data compiled by Bloomberg. The SPDR S& P 500 ETF Trust is the world?s largest ETF with about $156 billion.

European markets ended with narrow gains. Asian markets were mixed as Typhoon Haiyan swept through the region. Online sales on China's " Cyber Monday" smashed last year's record by early afternoon

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12-Nov-2013 04:55

SGX / SGX

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Update on supports and resistances.

Pivot: 7.15

Our preference: Long positions above 7.15 with targets @ 7.62 & 7.85 in extension.

Alternative scenario: Below 7.15 look for further downside with 6.95 & 6.78 as targets.

Comment: a support base at 7.15 has formed and has allowed for a temporary stabilisation.

Key levels
8
7.85
7.62
7.27 last
7.15
6.95
6.78

Copyright 1999 - 2013 TRADING CENTRAL

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12-Nov-2013 04:47

Straits Times Index / STI to cross 3000 boosted by long-term investors

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World Markets

North and South American markets are mixed today. The Bovespa is up 0.72% while the S& P 500 gains 0.07%. The IPC is off 0.24%.

North and South American Indexes

Index	Country	Change	% Change	Level	Last Update
Dow Jones Industrial Average	United States	+17.66	+0.11%	15,779.44	3:40pm ET
S& P 500 Index	United States	+0.87	+0.05%	1,771.48	3:40pm ET
Brazil Bovespa Stock Index	Brazil	+375.01	+0.72%	52,623.87	2:15pm ET
Canada S& P/TSX 60	Canada	-0.32	-0.04%	771.09	3:25pm ET
Santiago Index IPSA	Chile	-53.38	-1.64%	3,204.73	3:12pm ET
IPC	Mexico	-96.30	-0.24%	39,767.86	3:20pm ET

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11-Nov-2013 21:14

OUE / OUE LTD worth buying for long term

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OUE Limited - In the Process of Transformation

Written By Stock Fanatic on Monday, November 11, 2013

3Q13 affected by higher borrowing costs and one-off expenses. OUE reported lower-than-expected 3Q13 net profit of SGD13.4m (-8% QoQ, -44% YoY), due mainly to higher borrowing costs as well as a SGD5m loss from the sale of its two hotels in China. 9M13 PATMI fell short, coming in at just 33% of our full-year estimate.

Maintain BUY with a revised TP of SGD3.05, pegged to a 30% discount to RNAV following a transfer of coverage.

Expenses on the rise

Besides higher borrowing costs arising from fair value loss on derivatives, other OPEX also increased on higher legal and professional fees incurred in the listing of OUE Hospitality Trust (OUEHT). 3Q13 PATMI would have been even lower, if not for a SGD4.9m tax credit as opposed to a SGD4.4m tax charge in 2Q13. OUE Bayfront suffered a marginal SGD72.2m fair value loss, which was offset by a SGD73.1m fair value gain on US Bank Tower.

MOS and MG remain consolidated within OUE

OUE spun off Mandarin Orchard Singapore (MOS) and Mandarin Gallery (MG) into OUEHT, which was listed in Jul 2013. Despite the fact that MOS was transacted at SGD1.2b, the asset remains consolidated on OUE?s balance sheet at historical cost less accumulated depreciation (~SGD115m) due to the adoption of FRS110 ? a new accounting standard that requires investees to be consolidated if the investor retains control over the former, regardless of its equity stake.

Next up, OUE Commercial Trust?

Following the listing of OUEHT, OUE is exploring the listing of a commercial REIT comprising OUE Bayfront as a seed asset, along with Lippo Plaza in Shanghai, currently held by HK-listed Lippo China Resources Limited. While we see this positively as it will strengthen OUE?s fund management business and raise the probability of bumper dividends in FY14, we will also keenly watch how OUE will redeploy the balance of the proceeds.

Intra Day

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Valuations are inexpensive

We cut our FY13-15 forecasts by up to 45% after factoring in higher cost of borrowing and adjusting our sales assumptions for Twin Peaks. Nonetheless, OUE currently trades at 0.6x FY14 P/B and 0.55x FY14 P/RNAV, which we think are inexpensive. We expect some re-rating with the fruition of the commercial REIT listing, which is likely to happen in 2014.(Read Report)

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11-Nov-2013 15:07

Shen Yao / ThinkEnv name change to Liongold Corp

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11-Nov-2013 14:48

Straits Times Index / STI to cross 3000 boosted by long-term investors

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HSBC: Don't Sweat An Early Taper

Impressive non-farm payrolls. The US added far more jobs than expected over the last three months. That means tapering is back on the table. True, inflation is still low. But officials are itching to ease off the gas. After this summer's market rout in Asia, partly sparked by fears of tapering, one might be forgiven for worrying about another slump. But things aren't quite so dire. The region should withstand the approach of tapering better this time around. This doesn't mean a Fed policy shift will not cause wobbles. It's just that these will be more easily digested than before.

That was a pretty convincing payrolls print. The US economy also grew at an impressive 2.8% in the third quarter. Sure, the latter was flattered by inventories and growth may again slow into year-end. But, all considered, America is holding up much better than feared. Our chief US economist, Kevin Logan, long had a fat circle drawn around the December FOMC meeting. He still thinks there is a good chance that tapering may be announced next month. Even if not, the scale-down of Fed asset purchases appears a lot closer now than it did at the height of the budget tussle in October.

For investors in Asia, this may not be welcome news. After all, when expectations of a September tapering intensified over the summer, markets sold off heavily. Especially Indonesia and India, more dependent on capital inflows than others, got pummeled. The thinking is that higher interest rates in the US will slow, if not reverse, the stream of money pouring into the region, knocking down growth that has come to rely more and more on leverage. With Fed tapering now back on the table, should investors run for cover?

Not necessarily. There are a number of reasons to be a little more optimistic about Asia's ability to digest gradual tapering over the coming year. Start with what caused this summer's sell-off. First, interest rates in the US jumped over 100bp, being unusually depressed to begin with. Now, the starting point is much higher not quite where rates peaked over the summer, but certainly well above where they stood earlier in the year.

Second, it wasn't just prospects of the Fed's tapering that spooked markets this summer. China, too, looked decidedly shaky. Interest rates in the interbank market shot up in June and economic momentum fizzled. Talk of a hard-landing was abundant. Since then, the Mainland has delivered a convincing rebound both in lending and growth. Yes, structural reforms are urgently needed to put things on a more sustainable path. But, for the time being, China looks a lot more robust than a few, short months ago. This should support confidence even if the Fed starts to taper.

Next, there is the matter of further easing by the Bank of Japan and the ECB. The latter cut interest rates only last week. With inflation falling faster than anticipated, our chief European economist, Janet Henry, believes the central bank still has an easing bias (although it's not entirely clear what tools it may deploy to give the Eurozone economy another boost). As for the BoJ, it continues to pump liquidity at an unprecedented pace. This, we still believe, will increasingly reverberate across Asia, especially ASEAN, over the course of 2014. Watch bank lending, not just portfolio flows. What's more, officials, according to Izumi Devalier, HSBC's Japan economist, may add further stimulus starting in the second quarter.

Then there is the issue of resilience. For all the taper jitters, the region has held its own in the past few months. Talk of a 1997 style crisis was always overdone. Some are more vulnerable than others, of course. Korea looks as robust as ever, with record reserves and a sturdy trade surplus. In ASEAN, the picture is more mixed. The Philippines remains among the best performers, with a now weaker currency being a positive. In Malaysia and Thailand, more needs to be done in terms of reforms, but recent financial jitters have failed to deliver a terminal blow.

Indonesia and India face still the biggest challenges. And yet, there are signs that these markets have withstood taper-talk much better than feared. In the former, while growth slowed and the current account deficit remains a challenge, foreign direct investment is holding up and slower, though not collapsing, growth should ultimately help to dampen import demand. In the latter, a lot of adjustment has already occurred. Yes, politics and reform implementation remain key, and rising price pressures still pose headaches. Still, investors appear to give India the benefit of the doubt.

None of this is to say that emerging Asia can ease up on reforms. One of the less recognized benefits of this summer's volatility was that it impressed on officials the need for faster structural adjustment. The pruning of costly subsidies was put on the table, and other measures, such as opening economies to more direct investment and boosting infrastructure, are at least being discussed. Early tapering could help to maintain the pressure, even as markets react a little more calmly this time around. That would be a good thing.

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