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①The top performing market in North Asia ended the year with a fizzle Thursday, with the Kospi closing flat on the trading day of the year in South Korea. The result leaves the Seoul benchmark with an 11 percent loss for 2011. In comparison, stocks in Tokyo are heading for a near 18 percent full-year loss, with traders eyeing the 8,300 level, by the time Japanese markets close for the year on Friday.

②China stocks are set to fare even worse, with the Hang Seng on course for losses of around 20 percent, and the Shanghai composite lower by about 23 percent. Sydney stocks will do slightly better, with full-year losses of around 14 percent, by the end of shortened trade Friday.

③it wasn't just the euro zone crisis that weighed on the region's equity markets, but a whole slew of market negative events that marked 2011.

④ the first half of next year will be challenging, but things may improve beyond that. "You have U.S. housing, which is clearly beginning to build a base for future growth. You have the European central bank, almost being forced certainly by circumstances in Europe at some point to adopt much more radical and aggressive monetary measures that could restore confidence in financial markets. You've got, thirdly, Chinese policy response to the slowdown which can be quite effective; I suspect by the later part of 2012, the full effects of that policy easing will be felt in global economic activity, not just Chinese economic activity."

⑤China is due to release PMI data next week, and markets will be watching the numbers closely for any possible impact on monetary policy. Beijing has relaxed bank reserve ratio requirements, but has left interest rates, and property price curbs in place, so far.