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UK government successfully issues a sovereign bond in China's currency, the renminbi (RMB).
October 14, 2014--The UK government has today successfully issued a sovereign bond in China's currency, the renminbi (RMB), becoming the first western country to do so and issuing the largest ever non-Chinese RMB bond.
The RMB 3 billion bond, which is equivalent to approximately £300 million, has a maturity of 3 years and delivers on the Chancellor's announcement at the recent annual UK-China economic summit in London that the government intended to issue an RMB bond.
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Source: HM Treasury
Four new iShares ETFs launched on Xetra
ETFs offer access to strategy indices on MSCI World
October 13, 2014--Four new iShares equity index ETFs from BlackRock's product offering have been tradable in Deutsche Börse's XTF segment on Xetra.
All four iShares ETFs track the performance of stock corporations included in the MSCI World Index. Selection and weighting of the stocks differ depending on the selected strategy approach according to the company size, company value, momentum and earnings quality.
The quality-based strategy is used for the iShares MSCI World Quality Factor UCITS ETF. The selection of stock corporations is based on three factors intended to reflect the earnings quality: dividend yields, low debt and stable earnings power. The reference index currently contains 301 companies from 23 industrialised nations.
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Source: Xetra
FESE publishes A Blueprint For European Capital Markets
October 13, 2014--Europe needs to finance investment, create jobs and wealth, and boost economic growth. As the operators of Europe's Regulated Markets, FESE members have been working together to create a common vision on how European capital markets can finance Europe’s future growth and development: A Blueprint for European Capital Markets.
The Blueprint analyses and deciphers what action is needed from both industry and policy experts to secure a robust economic landscape for the future.
In the paper we emphasise that a greater focus is required on the end-users of capital markets. That the EU Single Market must be accessible to companies at all levels: national, regional and pan-European and that there should be a greater awareness of the importance of the diversity of ecosystems, and the way they are impacted by the interaction between listing and trading.
IMF Survey-Emerging Europe: Geopolitical Tensions Taking a Toll
October 10, 2014--Growth slows down in much of the region
Geopolitical risks and weak growth in the euro area weigh on the outlook
Reviving corporate credit and investment are crucial to secure a robust recovery
Overall economic growth is slowing down in Central, Eastern and Southeastern Europe (CESEE). The IMF has revised down the 2014 growth forecasts for the region to 1.2 percent largely reflecting the effects of Ukraine-Russia tensions.
Inflation paths have also diverged across the region. Declining world food and energy prices and low imported inflation from the euro area have continued to pull down prices across most of CESEE except Turkey, Russia and the rest of the Commonwealth of Independent States (CIS), where high domestic food prices and exchange rate depreciation have kept inflation high, says the IMF in a report launched in Washington today.
view thwe IMF Central, Eastern and Southeastern Europe-Regional Economic Issues Update-October 2014
Source: IMF
Source and Ashmore partner for EMD launches
October 9, 2014--Source and Ashmore have partnered to launch two London Stock Exchange-listed actively managed ETFs giving exposure to emerging market debt.
As a new share class of the Ashmore SICAV, the Emerging Markets Total Return Fund allocates between emerging market corporate bonds, sovereign local currency and US dollar-denominated debt, aiming to take advantage of opportunities that arise throughout the market cycle. view filing
Source: International Adviser
IMF-Russian Federation: Concluding Statement for the September 2014 Staff Visit
October 1, 2014--Geopolitical tensions are slowing the economy already weakened by structural bottlenecks. In this environment, maintaining sound macroeconomic policies and frameworks would help limit downside risks. The Central Bank of Russia (CBR) should tighten policy rates further to reduce inflation and continue its path towards inflation targeting underpinned by a fully-flexible exchange rate.
While the projected overall fiscal stance is appropriately neutral in 2015, the needed fiscal consolidation should resume in the following years. The operational independence of the CBR should be safeguarded and adherence to the fiscal rule should continue. Enhancing Russia's growth potential requires bold structural reforms and further global integration.
The economic outlook appears bleak. GDP is expected to grow by only 0.2 percent in 2014 and 0.5 percent in 2015. Consumption is expected to weaken as real wages and consumer credit growth moderate. Geopolitical tensions-including sanctions, counter-sanctions, and fear of their further escalation-are amplifying uncertainty, depressing confidence and investment. Capital outflows are expected to reach USD 100 billion in 2014 and moderate somewhat but remain high in 2015. Inflation is projected to remain over 8 percent by the end of 2014 mostly due to an increase in food prices, caused by import restrictions, and depreciation of the ruble. In the absence of further policy actions, inflation is expected to stay above target in 2015. Despite the slowdown, the economy is expected to have limited excess capacity owing to structural impediments to growth.
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Source: IMF
September 2014: Economic Sentiment decreases in the euro area and the EU
September 29, 2014--In September the Economic Sentiment Indicator (ESI) decreased in both the euro area (by 0.7 points to 99.9) and the EU (by 1.0 point to 103.6).
The euro-area indicator fell slightly below its long-term average of 100, which it had surpassed only in December 2013. The negative developments in the EU and the euro area indicator mainly reflect more cautious views of consumers and the retail trade sector.
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Source: Europa
Eight currency ETNs from ETFS Foreign Exchange launched on Xetra
First currency ETNs with leverage factor of five
September 25, 2014--Eight new exchange-traded notes (ETNs) issued by ETFS Foreign Exchange Limited have been tradable on Xetra since Thursday.
The eight new currency ETNs allow investors to participate in the performance of currency indices with a leverage factor of five for the first time.
The underlying ETNs track the exchange rate movements of the euro to the Australian dollar, Japanese yen, Swiss franc and US dollar. Depending on the ETN selected, investors have the opportunity to benefit from a rising or a falling euro exchange rate.
The new products are listed in the attached table with ISIN and total expense ratio.
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Source: Xetra
World Bank-Russia Economic Report 32: Policy Uncertainty Clouds Medium-Term Prospects
September 24, 2014--The Russian economy is near stagnation, with continued lowered domestic demand leading to growth of 0.8 percent in the first half of 2014, similar to 0.9 percent in 2013, the World Bank said today in its latest Russia Economic Report launched in Moscow. Economic activity was already hamstrung by lingering structural problems and a wait-and-see attitude on the part of both businesses and consumers in 2013.
An additional negative impact on the economy-besides slow structural reforms-came from increased geopolitical tensions and an uncertain policy environment. It is policy uncertainty about the economic course the country will take that is casting the longest shadow on Russia's medium-term prospects.
view moreview the World Bank Russia Economic Report 1 Policy Uncertainty Clouds Medium-Term Prospects
view the Infographic: Policy Uncertainty Clouds Medium-Term Prospects in Russia
Source: World Bank
Four new UBS ETFs launched on Xetra
First ETF on stock corporations from emerging market countries in the area of sustainability
September 22, 2014--Four new exchange-listed equity index funds from the issuer UBS Global Asset Management have been tradable in Deutsche Börse's XTF segment since Monday.
ETF name: UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF (USD)
Asset class: equities
ISIN: LU1048313891
Total expense ratio: 0.53 percent
Distribution policy: distributing
Benchmark: MSCI Emerging Markets Socially Responsible Total Return Net Index
The UBS ETF- MSCI Emerging Markets Socially Responsible UCITS ETF (USD) enables investors to participate for the first time in the performance of large and medium-sized companies from 23 emerging market countries, which have a high rating in the area of environmental protection, social responsibility and corporate governance (ESG). view more
Source: Xetra
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