Global ETF News Older than One Year
Post-Crisis, Emerging Market Debt Managers Plan for Challenges Ahead
Despite the success of emerging market debt managers in navigating the financial crisis, challenges remain in the post-crisis environment.
Debt managers from emerging markets cite renewed focus on portfolio risks and importance of appropriate levels of cash reserves as key lessons from the crisis.
In addition to providing additional financing to emerging markets, the World Bank is collaborating with emerging market debt managers and other partners to evaluate lessons learned and sustain progress
October 29, 2010--Debt managers and international financial institutions are in agreement that improved macroeconomic policies and public debt management helped many emerging market countries avoid sovereign debt distress during the recent global financial crisis.
Now that the most acute phase of the crisis has passed, debt managers are taking stock of lessons learned, re-evaluating the landscape for debt management in the post-crisis environment, and ensuring that gains made by emerging markets are sustained.
More than 180 debt managers and representatives from international financial institutions gathered at the World Bank’s Sovereign Debt Management Forum in Washington, D.C., this week to share their experiences and evaluate critical risk management issues going forward.
Source: World Bank
Readout of Meeting Between Treasury Secretary Geithner and European Commissioner Barnier
They reiterated the fact that the United States and the European Union, as the world's two largest economies and financial systems, have a special responsibility to promote and implement stronger global financial standards, reduce further the scope for regulatory arbitrage and work toward greater regulatory convergence and consistency.
They reviewed the progress in implementing the G-20 financial regulatory commitments. In particular, they noted the significant achievements reached on both sides of the Atlantic - in the United States with the enactment of a vast set of financial reforms in the Dodd-Frank Act and in Europe with the approval of several legislative measures and an extensive on-going legislative agenda. They look forward to a productive trans-Atlantic dialogue among their new supervisory structures.
Source: U.S. Department of the Treasury
Washington warns against dependence on China for rare earths
But she welcomed a statement by Beijing on Thursday that it would not use its sway over the market as a bargaining tool with other economies.
China made that announcement after Mrs Clinton decided to visit the country on her prolonged Asian tour. She is due to meet Dai Bingguo, state counsellor for foreign policy, in Hainan Island on Saturday.
Source: FT.com
IMF Regional Outlook Sees Recovery Taking Hold in Caucasus and Central Asia
“The outlook for the region is broadly positive, although in some countries it will take time for per capita disposable income to return to pre-2009 levels,” said Middle East and Central Asia Department Deputy Director David Owen. Sustained growth for energy exporters According to the report, growth in 2010 is expected to be strongest among the region’s oil and gas exporters, with projections ranging from 4½ percent in Azerbaijan to 9½ percent in Turkmenistan. With oil prices expected to remain near $80 per barrel in 2011, these countries should grow at similar rates in 2011. Russia’s upturn helps energy importers Among the oil and gas importers, Armenia and Georgia are forecast to grow at 4 percent and 5½ percent, respectively, in 2010, compared with negative growth in 2009. In Tajikistan, growth is estimated at 5½ percent for 2010—about 2 percentage points higher than in 2009. Buoyed by Russia’s recovery, all three countries are projected to grow at 4–5 percent in 2011. view the report-Regional Economic Outlook-Middle East and Central Asia
Source: IMF
Statistics : Trade deficit increases in second quarter of 2010 -OECD
The value of imported goods rose by 2.1% over the first quarter of 2010, outpacing a 0.8% growth in goods exports and providing the main driver for the deteriorating deficit. The increased deficit in goods was partly offset by an increased trade surplus in services. Exports of services fell by 1.5%, while imports of services were down 2.5% marking the second consecutive quarter that trade in services values have fallen.
Source: OECD
Economy: Increased foreign exchange volatility bound to dampen growth-OECD
view Briefing on Exchange Rate Developments
Source: OECD
October 2010 “Market’s Measure” Preliminary Report - A Monthly Report From Dow Jones Indexes On The Performance Of U.S., European, Asia And Other Global Stock Market Indexes
As of October 26, the Dow Jones Industrial Average rose 3.54% in October, closing at 11169.46. Stock market indexes in Europe, Asia and globally was up in October, according to preliminary monthly figures from global index provider, Dow Jones Indexes. The Dow Jones Industrial Average rose 3.54% in October, closing at 11169.46. Year-to-date, the index is up 7.11%.
The Dow Jones Europe Index rose 4.48% in October to 269.76. So far this year, the index is up 2.09%.
The Dow Jones Asian Titans 50 Index rose 3.19% in October to 136.43. So far this year, the index is up 1.61%.
The Dow Jones Global Titans 50 Index rose 3.65% in October, closing at 170.77 Year-to-date, the index is down -1.66%.
Source: Mondovisione
BATS Europe Study: MTFs Offer Price Formation, Liquidity During Primary Market Outage
The analysis demonstrates that, during the outage, traded volumes and execution rates on the alternative trading venues included in the study continued at a level comparable to normal, although we did not see a significant shift in liquidity from NYSE Euronext to these venues.
In addition, the analysis demonstrates that trading on the MTFs continued to show good price formation during the outage in the absence of a price from the Listing Market and that the prices on these venues were consistent with those of comparable European indices. This contrasts with the trading that took place at divergent – and effectively stale – prices on NYSE Euronext following the re-opening of its market prior to market close and during the Closing Auction.
We consider that the ability of the broad market to continue trading on alternative venues during a Listing Market (or alternative trading venue) outage has and will continue to strengthen the systemic stability of the overall market such that there is no single point of failure. As alternative trading venues continue to demonstrate resilience, consistent volume and reliable price formation during Listing Market outages, we expect more trading firms to be able and willing to continue trading.
Source: BATS Europe
October 2010 “Islamic Market’s Measure” - Preliminary Report - Monthly Report On The Performance Of The Dow Jones Islamic Market Indexes
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, increased 3.84%, closing at 2018.88. The Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 4.12%, closing at 137.67. Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2154.44, a gain of 5.51%, while the conventional Dow Jones Europe Index gained 5.47%, closing at 272.30. Measuring the performance of 50 of the largest Shari’ah compliant U.S. stocks, the Dow Jones Islamic Market U.S. Titans 50 Index increased, closing at 2166.81. It represents a gain of 4.77%. The U.S. blue-chip Dow Jones Industrial Average increased 3.49%, closing at 11164.05.
Source: Mondovisione
Time to look beyond Chinese rare earths, says EU trade boss
"This is going to become a very, very difficult problem if we don't find a way out," De Gucht told an EU-China conference in Brussels.
He insisted that a string of mine closures elsewhere was "very closely linked to the price policy of rare earths by China" and stressed: "I think we should come to a global understanding."
The United States and Australia have 15 and five percent respectively of global reserves, but stopped mining them mainly because of cheaper Chinese competition.
Source: EUbusiness
October 29, 2010--U.S. Treasury Secretary Tim Geithner and European Commissioner Michel Barnier met today and reaffirmed their strong determination to continue cooperating closely in strengthening the global financial system and in promoting and putting in place the G-20 financial reform agenda.
October 28, 2010--Hillary Clinton, US secretary of state, has called for the US and its partners to reduce their dependence on China’s production of so-called rare earths, in some of the most forthright comments on the topic by a senior American official.
October 28, 2010--The economic upturn in the Caucasus and Central Asia is gathering momentum, with growth for the region projected to increase to 5¾ percent in 2010, up from 3½ percent in 2009, the International Monetary Fund (IMF) said in its Regional Economic Outlook for Caucasus and Central Asia (CCA) released in Almaty today. According to the report, fiscal stimuli applied by many governments in the region—together with a favorable external environment—have helped spur the recovery from the global crisis. The report notes that the upturn in Russia’s economy has benefited the region as well, mainly through trade and remittance channels (see chart), as has the rise in hydrocarbon prices
October 27, 2010-- The OECD trade deficit in goods and services with the rest of the world continued deteriorating during the second quarter of 2010, according to new balance of payments data. The deficit was 62.2 $US billion in the second quarter of 2010, after a 37.4 $US billion deficit reported in the first quarter.
October 28, 2010--Foreign exchange intervention is not the most constructive instrument for managing the macro-economic impacts of currency volatility. A new briefing note from the OECD analyses recent swings in individual currencies, assesses the risks posed and makes the case for greater international co-operation.
October 27, 2010--Dow Jones Industrial Average Posts 3.54% Gain in October, European Stocks Gain 4.48%, Asia Rises 3.19% and World Equities Rise by 3.65%
Basic Materials Sector Posts Biggest Gain for October in Europe
Telecommunications Sector Posts Narrowest Gain for October in U.S.
October 26, 2010--Executive Summary
At 15:42 BST on Wednesday 13th October 2010, the NYSE Euronext cash markets were halted due to human error. This paper builds upon previous analysis conducted by BATS Europe in relation to Listing Market outages. We have analysed market data and set out metrics by which to assess the impact of this outage on traded volumes on alternative trading venues (BATS Europe, Chi-X Europe and Turquoise), as well as the extent to which price formation took place on these venues during the outage.
October 26, 2010--Based on the close of trading on October 25, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 4.85% month-to-date, closing at 2155.40. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 3.77%, closing at 170.98.
October 26, 2010--European Union trade commissioner Karel De Gucht on Tuesday urged global partners to diversify mining sources for prized rare earths as a battle with China deepened over scarce supplies.
De Gucht spoke out as a row that began between China and Japan over access to 17 essential minerals used in high-tech products ranging from flat-screen televisions to hybrid cars threatened to turn into a worldwide protectionist rallying cry.
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