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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
Five new db x-trackers ETFs launched on Xetra
ETFs provide access to strategy approaches of Deutsche Bank and stock corporations from the real estate sector
September 22, 2014--Five new db x-trackers from the ETF section of Deutsche Asset & Wealth Management have been tradable in the XTF segment on Xetra since Monday.
Four of the new db x-trackers track the performance of high and mid-cap stock corporations from 31 industrialised nations included in the MSCI World Index. Each individual stock is weighted on the basis of the relevant Deutsche Bank strategy approach:
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Source: Xetra
New Amundi ETF launched in XTF segment on Xetra
ETF provides first access to multi-strategy approach of Scientific Beta index family
September 16, 2014--A new exchange-listed index fund issued by Amundi has been tradable in Deutsche Börse's XTF segment since Tuesday.
Name: Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF
Asset class: equities
ISIN: FR0011829084
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: Scientific Beta Developed Multi-Beta Multi-Strategy ERC-Strategie index
The Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF enables investors to participate for the first time in the multi-strategy approach of the Scientific Beta index family.
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Source: Deutsche Börse
New Source ETF launched in XTF segment on Xetra
First ETF with access to JPX-Nikkei Index 400
September 15, 2014--A new equity index ETF issued by Source has been tradable in the XTF segment on Xetra since Monday.
ETF name: Source JPX-Nikkei 400 UCITS ETF
Asset class: equities
ISIN: DE000A119T29
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: JPX-Nikkei Index 400
The Source JPX-Nikkei 400 UCITS ETF enables investors to participate for the first time in the performance of the JPX-Nikkei Index 400. The reference index comprises 400 Japanese stock corporations. The stocks are weighted by free-float market capitalisation.
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Source: Xetra
IMF Working paper-Demand Patterns in France, Germany, and Belgium: Can We Explain the Differences?
September 12, 2014--Summary: The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the core. This paper puts recent demand patterns in France, Germany, and Belgium into historical perspective. We find that, first, dynamics for private consumption, non-residential business investment,and exports since 2008 is dominated by conventional determinants, with no discernible structural break as a result of the crisis.
Second, although country-specific factors matter in some cases, demand patterns in these countries are largely driven by common determinants. Third, developments in common fundamentals tend to dominate demand dynamics, coupled, in a few cases, with structurally different elasticities across countries. Fourth, short-term analysis suggests a role for confidence and uncertainty factors in explaining temporary deviations of these variables from long-term fundamentals.
view the IMF Working paper-Demand Patterns in France, Germany, and Belgium: Can We Explain the Differences?
Source: IMF
Two new PowerShares ETFs launched on Xetra
September 11, 2014--Two new equity index funds from the ETF offering issued by PowerShares Global Funds have been tradable in the XTF segment on Xetra since Thursday.
ETF name: PowerShares Global Agriculture UCITS ETF
Asset class: equity index ETF
ISIN: IE00B3BQ0418
Total expense ratio: 0.75 percent
Distribution policy: distributing
Benchmark: NASDAQ OMX Global Agriculture Index
The PowerShares Global Agriculture UCITS ETF tracks the performance of the NASDAQ OMX Global Agriculture Index. The reference index comprises globally active companies from the agricultural sector. The stocks are weighted by free-float market capitalisation.
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Source: Xetra
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