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IMF-Italy : Selected Issues
July 11, 2016--Elevated levels of nonperforming loans (NPLs) are weighing on bank profitability in Italy. This paper analyzes the conditions under which Italian banks can earn sufficient profits to grow out of their asset quality problems, re-build capital buffers, and finance the real economy, taking account of continued pressures from high provisioning and operating costs and declining net interest margins from negative policy rates.
A bottom-up analysis of the 15 largest Italian banks suggests that restoring sustainable profitability depends heavily on the growth outlook.
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Source: IMF
Policy paper: Women in Finance Charter
July 11, 2016--On 22 March, Jayne-Anne Gadhia, CEO of Virgin Money, published her review into the representation of women in senior managerial positions in financial services.
On 11 July HM Treasury announced that 72 firms have signed the Women in Finance Charter.
These firms have committed to implement four key industry actions, as recommended in Jayne-Anne Gadhia's review into the representation of women in senior managerial positions in financial services. In early October this list will be updated with links to signatory firms' targets as published on their websites.
view the Women In Finance Report-Empowering Productivity-Harnessing the Talents of Women in Financial Services
Source: HM Treasury
IMF-Euro Area Policies: Selected Issues
July 8, 2016--THE IMPACT OF WORKFORCE AGING ON EURO AREA
PRODUCTIVITY1
The euro area population has aged considerably over the past few decades, a process expected to accelerate in the years ahead. At the same time, labor productivity growth in the euro area has been sluggish, posing risks to long-term growth prospects.
This paper studies the effect of the aging of the workforce on labor productivity, identifies the main transmission channels, and examines what policies might mitigate the effects of aging. We find that workforce aging reduces growth in labor productivity, mainly through its negative effect on TFP growth. Projected workforce aging will reduce TFP growth by an average of 0.2 percentage points every year over the next two decades. A variety of policies can ameliorate this effect.
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Source: IMF
Euro Area At The Crossroads: No Time For Complacency
July 8, 2016--Euro area in recovery but medium-term outlook weak
Collective action needed for further integration; muddling through carries heavy risks
Priorities: more EU fiscal support, reforms to raise growth potential, a common deposit insurance, improve bank balance sheets
Recovery in the euro area has strengthened, but the medium-term outlook remains weak and is endangered by a lack of collective action to address common challenges. Members must rebuild faith in the monetary union, says the IMF in its latest review of the currency union.
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Source: IMF
Unscheduled adjustment in MDAX
July 8, 2016--Share class of Kuka AG to be replaced
Changes apply to MDAX and DAXplus Maximum Dividend index
Changes to be effective as of 13 July 2016
On Friday, Deutsche Börse announced an unscheduled change to MDAX.
As a result of the expected acquisition of Kuka AG by the acquirer MECCA International (BVI) Limited, the Kuka AG current share class (ISIN DE0006204407) in the index will be replaced with the tendered share class of Kuka AG (ISIN DE000A2BPXK1). These changes also apply to the DAXplus Maximum Dividend index and will become effective on 13 July 2016.
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Source: Deutsche Börse
Brexit could deliver 'significant' blow to Eurozone, ECB warns
July 7, 2016--Brexit could send shockwaves around the wider European continent, delivering a "significant" blow to the Eurozone, policymakers have warned.
Minutes of the European Central Bank's latest meeting, which took place ahead of the UK's referendum, revealed that officials were worried a vote to leave the European Union could result in "significant, although difficult to anticipate, negative spillovers to the euro area".
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Source: telegraph.co.uk
WisdomTree launches eurozone quality dividend growth UCITS ETFs on LSE
July 6, 2016--WisdomTree, the exchange-traded fund sponsor has launched the WisdomTree Eurozone Quality Dividend Growth UCITS ETF (EGRA) on the London Stock Exchange.
The ETF complements the existing range of dividend growth ETFs which were launched last month: WisdomTree US Quality Dividend Growth UCITS ETF (DGRA) and WisdomTree Global Quality Dividend Growth UCITS ETF (GGRA) on the London Stock Exchange.
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Source: ftseglobalmarkets.com
Statement by Deutsche Borse AG on London Stock Exchange Group shareholders' vote
July 5, 2016--Deutsche Börse AG welcomes the London Stock Exchange Group plc (LSEG) shareholders' approval on the recommended all-share merger between LSEG and Deutsche Börse.
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Source: Deutsche Börse AG
EURO iSTOXX 70 Equal Weight Decrement 5% Index Licensed To Natixis
July 5, 2016--STOXX Limited, the operator of Deutsche Boerse,Group's index business, and a global provider of innovative and tradable index concepts, today announced that the newly launched EURO iSTOXX 70 Equal Weight Decrement 5% Index has been licensed to Natixis to be used as the basis for Structured Products.
The new index replicates the performance of the EURO iSTOXX 70 Equal Weight Index while assuming a constant markdown.
"The EURO iSTOXX 70 Equal Weight Decrement 5% Index is based on a subset of the EURO STOXX and complements our smart-beta index offering," said Matteo Andreetto, chief executive officer, STOXX Limited
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Source: STOXX
Boerse Stuttgart order books record turnover of around EUR 7.8 billion for June 2016
July 4, 2016--Brexit vote drives up turnover in all asset classes
Trading volume reaches highest level since August 2015
Based on the order book statistics, turnover at Boerse Stuttgart in June 2016 was around EUR 7.8 billion, the highest figure since August of last year and around 40 percent up on the total for May.
The increase was driven by the result of the UK referendum on 23 June, with a majority of voters opting for Brexit, i.e. to leave the EU. On the next day alone, turnover across all asset classes was around EUR 864 million compared with just under EUR 345 million on 23 June.
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Source: Boerse Stuttgart
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