World Economic Outlook Update Global Recovery Stalls, Downside Risks Intensify -continued

January 24, 2012--The global recovery is threatened by intensifying strains in the euro area and fragilities elsewhere. Financial conditions have deteriorated, growth prospects have dimmed, and downside risks have escalated. Global output is projected to expand by 3¼ percent in 2012 -a downward revision of about ¾ percentage point relative to the September 2011 World Economic Outlook (WEO).
This is largely because the euro area economy is now expected to go into a mild recession in 2012 as a result of the rise in sovereign yields, the effects of bank deleveraging on the real economy, and the impact of additional fiscal consolidation. Growth in emerging and developing economies is also expected to slow because of the worsening external environment and a weakening of internal demand.

The most immediate policy challenge is to restore confidence and put an end to the crisis in the euro area by supporting growth, while sustaining adjustment, containing deleveraging, and providing more liquidity and monetary accommodation. In other major advanced economies, the key policy requirements are to address medium-term fiscal imbalances and to repair and reform financial systems, while sustaining the recovery. In emerging and developing economies, near-term policy should focus on responding to moderating domestic growth and to slowing external demand from advanced economies.

Financial risks escalate, global growth decelerates

Global growth prospects dimmed and risks sharply escalated during the fourth quarter of 2011, as the euro area crisis entered a perilous new phase. Activity remained relatively robust throughout the third quarter, with global GDP expanding at an annualized rate of 3½ percent—only slightly worse than forecast in the September 2011 WEO.

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Source: IMF

Global ETP News
Review of the trading book: consultative document on remaining issues published by the Basel Committee
December 19, 2014--The Basel Committee on Banking Supervision has today issued a consultative paper on outstanding issues for its fundamental review of the trading book capital standards.
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Deciphering Developing Markets-The African Decade?| The snap Greek presidential elections| Africa and the current price of oil
December 16, 2014--The African Decade?
Every decade or so I'm reminded that this is going to be the decade for sub Saharan Africa, and I'm always disappointed. I have no doubt their time will come, but until then I feel there are many other countries in the developing world outside Africa that are less risky and present the investor with higher possible returns.
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BlackRock ETP Landscape 2014 Year in Review
December 16, 2014--GLOBAL ETP INDUSTRY AUM GROWS 15% TO OVER $2.7 TRILLION DRIVEN BY RECORD INFLOWS AND INCREASED ADOPTION
Global ETP flows of $267.9bn through November surpassed the previous full-year record set in 2012
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Bank licensees under pressure on ETFs
December 15, 2014--Bank-aligned dealer groups are facing internal pressure to add more ETFs to their approved product lists (APLs), says State Street Global Advisors (SSgA).
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Composite Leading Indicators (CLI), OECD, December 2014
Composite leading indicators point to continued loss of growth momentum in Europe
December 12, 2014--Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, suggest that growth will continue to lose momentum in Europe while the outlook is for stable growth momentum in most other major economies and in the OECD area as a whole.
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IEA releases Oil Market Report for December
Weaker outlook for oil-exporting countries to trim 2015 demand growth
December 12, 2014--The IEA Oil Market Report (OMR) for December cut the outlook for 2015 global oil demand growth by 230 000 barrels per day (230 kb/d) to 0.9 million barrels per day (mb/d) on lower expectations for the Former Soviet Union and other oil-exporting countries.
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DECPG Weekly Economic Brief
December 12, 2014--Strengthening of the U.S. dollar through the course of 2014 has sparked a flurry of warnings that a strong dollar may cause sharp depreciations in emerging markets.
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IMF Working paper-Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises
December 12, 2014--Summary: This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion.
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IMF Working paper-Oil Price Volatility and the Role of Speculation
December 12, 2014--Summary: How much does speculation contribute to oil price volatility? We revisit this contentious question by estimating a sign-restricted structural vector autoregression (SVAR).
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IMF Working paper-Regulation and Supervision of Islamic Banks
December 12, 2014--Summary: This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs).
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IMF Working paper-Islamic Banking Regulation and Supervision: Survey Results and Challenges
December 12, 2014--Summary: The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities.
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Criteria for identifying "simple, transparent and comparable' securitisations: consultative document
issued by the Basel Committee and IOSCO
December 11, 2014--The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released today a consultative document on Criteria for identifying simple, transparent and comparable securitisations.
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Bold Energy Reforms Needed across Major Emerging Economies to Sustain Economic Growth and Tackle Sustainability Challenges: WEF Report
December 10, 2014--The Global Energy Architecture Performance Index Report 2015, launched today, ranks 125 countries on ability to deliver secure, affordable and sustainable energy
Switzerland, Norway and France top the global rankings; Brazil ranks highest of the major emerging economies examined, with China and India facing some of the greatest challenges
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UN World Economic Situation and Prospects 2015
December 10, 2014--Global economy to improve marginally, but mounting uncertainties and risks could undermine economic growth, says UN Upcoming US interest rate increases, remaining euro area fragility, a further slowdown in developing economies and geopolitical conflicts pose major concerns for global economic outlook
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CBOE Enters Into Agreement With MSCI Inc. To List Index Options
In U.S., MSCI Index Options to Be Solely Listed on CBOE
December 10, 2014--CBOE Holdings, Inc. (NASDAQ: CBOE) announced today that it has entered into a licensing agreement with MSCI Inc., a leading provider of investment decision support tools worldwide, to offer options trading on several MSCI indexes.
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BlackRock predicts ETP assets will hit $6trn in five years
December 10, 2014--The fund management giant BlackRock has predicted global exchange traded product assets will more than double to
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Lack of consistency in regulating active ETFs
December 9, 2014--In preparing a presentation to discuss the state of active exchange-traded funds globally at the London Stock Exchange I discovered how differently these products are being treated in Europe
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Regulators concerned at banks scaling back market making commitments
December 9, 2014--Global financial regulators worry that banks are scaling back costly market making functions and that this could leave investors stranded, as well as squeezing funds to drive economic recovery, a senior official said on Tuesday.
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BetaShares Global Market Review: November 2014...
December 9, 2014--The major development over the month of November was the sharp drop in commodity prices which caused the A$ to fall and the local equity market to underperform globally.
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BlackRock ETP Landscape: Flows break annual record
December 9, 2014-- NOVEMBER SURGE IN EQUITY ETP FLOWS PROPELS 2014 ASSET GATHERING TO NEW ANNUAL RECORD
Global ETPs attracted $40.1bn to lift year-to-date asset gathering into record territory at $267.9bn, with investors returning to equities after October's stock market correction boosted fixed income
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Economic stagnation compounds demographic pressure on pension systems, says OECD
December 8, 2014--Low growth, low interest rates and low returns on investment linked to the slow global economy are now compounding the problems of population ageing for both public and private pension systems, according to a new OECD report.
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ETF records tumble as assets swell
December 8, 2014--Records continued to tumble for exchange-traded-funds in November as
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China, US and EU post-2020 plans reduce projected warming
December 8, 201--For the first time since 2009 the Climate Action Tracker calculates a discernibly lower temperature increase than previously estimated because of new proposed post-2020 actions.
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The doubts that linger over solution to 'too big to fail'
December 8, 2014--Three big questions hanging over banking regulation.
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Commodity benchmarks seen open to manipulation
Almost two-thirds of commodity market participants say that benchmarks are vulnerable to manipulation.
December 7, 2014--Almost two-thirds of commodity market participants say that benchmarks used to set the price of everything from crude oil to ethanol to zinc are vulnerable to manipulation, according to a new study.
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BIS December 2014 Quarterly Review: Buoyant yet fragile?
December 7, 2014--Flip-flopping from "risk-on" to "risk-off" sentiment in financial markets suggests that fragility underlies the current buoyant mood.
International banking activity expanded in the first half of 2014, regaining some of the ground lost in the previous two years.
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DECPG Weekly Economic Brief
December 5, 2014--An environment of exceptionally low interest rates has continued to support capital flows to developing countries, as investors search for higher yields.
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Credit Suisse sells $24m of notes linked to gold miners
December 5, 2014--The gold miners index is made up of 40 companies, including Barrick and Newmont.
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Pensions & Investments Supplement-Research for Institutional Money Management-"Smart Factor" Special Issue
December 4, 2014--The EDHEC-Risk Institute "Research for Institutional Money Management" supplement in cooperation with Pensions & Investments is now available.
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EY Global ETF Survey: 2015 and beyond
December 4, 2014--Background and methodology
By the end of the third quarter, the global ETF/ETP industry included assets of US$2.6 trillion across 225 providers on 61 exchanges.
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Zalando to be included in SDAX
Deutsche Börse reviews index composition/ Changes are effective on 22 December 2014
December 3, 2014--On Wednesday Deutsche Börse decided on changes in its selection indices which will become effective on 22 December 2014.
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BlackRock tweaks ETFs following Credit Suisse deal
December 3, 2014--BlackRock has made changes to more than 30 of its exchange traded funds to create "operational efficiencies" at its iShares division.
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BATS Global Markets November Update: Reports Best Month in Europe This Year with 22.9% Market Share; 20.3% U.S. Equities Market Share
BATS Options Reports 5.8% Market Share, up from 2.8% One Year Ago
December 3, 2014--BATS Global Markets (BATS) today reported November volume, market share, and monthly highlights including the strongest month this year in Europe, with 22.9% market share.
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Development Economics and Development Policy Are Due For a Redesign, Says World Bank Report
December 2, 2014--Development policies based on new insights into how people actually think and make decisions will help governments and civil society achieve development goals more effectively.
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Deciphering Developing Markets-9% Growth for India | Malaysia's Middle Class
December 2, 2014--In a Times of India article, Price Waterhouse Coopers is quoted as saying,"India is on the cusp of major change...For India to take the winning leap and grow its GDP by 9 per cent per annum to become a $10 trillion economy, a concerted effort from corporate India, supported by a vibrant entrepreneurial ecosystem and a constructive partnership with the government will play a critical role."
And I agree.
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Institutional Use of ETFs Continues Rising, Says BlackRock
December 2, 2014-Investors allocated another $42 billion to exchange traded funds last month, bringing year-to-date ETF inflows to $192 billion as the U.S. ETF industry.
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Unscheduled component changes in MDAX and SDAX
December 1, 2014--Deutsche Börse has announced that Sky Deutschland AG will drop out of MDAX. Jungheinrich AG will be included in MDAX instead.
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Average daily volume of 7.4 million contracts at Eurex Group in November
December 1, 2014--December 1, 2014--In November 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 7.4 million contracts (November 2013: 7.5 million). Of those, 5.3 million were Eurex Exchange contracts (November 2013: 5.0 million), and 2.1 million contracts (November 2013: 2.5 million) were traded at the U.S.-based International Securities Exchange (ISE).
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China holds the gold price key
If China wants the gold price to turn around, it has all the ammunition available to bring this about.
December 1, 2014-- Those gold bug optimists who reckoned the likely Swiss Gold referendum 'No' vote had already been discounted by the markets were initially proven wrong.
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Pimco suffers $100bn in redemptions from top funds
November 30, 2014--Pimco has accounted for half of the 10 funds with the biggest outflows so far this year- bleeding more than $100bn-as rivals snatched market share from the world's largest bond manager
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Deutsche Bank shuts down physical precious metals desk
The bank decided to cease operations in base metals, energy and dry bulk physicals in Dec 2013.
November 28, 2014--Deutsche Bank is shutting down its physical precious metals trading desk, it said, in line with last year's decision to pull out of most physical commodities.
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Platinum, Palladium Price Fixings Make Way for Electronic System
November 28, 2014--Platinum and palladium prices will be set by phone for the last time today.
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Poor performance catching up with active stock fund managers
November 28, 2014--Stock-picking fund managers are testing their investors' patience with some of the worst investment returns in decades.
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Shared Prosperity across the Generations: Employment, Demographic Change, and Well-Being
November 26, 2014--Aging populations present growing challenges for families and policy makers around the world
In countries across the East Asia and Pacific region, private transfers to the elderly continue to be an important source of protection in old age
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Emerging Markets: What Can Expats Tell Us About Investing?
November 26, 2014--In the same way you can follow Coca-Cola (KO) and McDonalds (MCD) to gain investing insight into developing markets, following the tide of expats can be productive too. Why?
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NASDAQ Midweek Market Pulse: Market News and Index Movers
Encouraging Signs Heading Into Holiday Season
November 26, 2014-Continuing jobless claims were lower than expected, while initial claims remained high but flat over the past week. A positive sign as we head into the Thanksgiving holiday was personal spending in October increasing by 0.2% versus a prior month decrease of -0.2%.
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U.S. Crude Oil Import From Nigeria Declines By 93 Percent
November 25, 2014--The United States' import of crude oil from Nigeria and Algeria have declined by 93 per cent since 2010,
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STOXX-Q4/2014 Quarterly Review
November 25, 2014--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the new composition of the STOXX Benchmark and their sub-and sector indices,
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IOSCO Consults on Cross-Border Regulation
November 25, 2014--The International Organization of Securities Commissions today published the consultation report of the IOSCO Task Force on Cross-Border Regulation, which identifies and describes cross-border regulatory tools and challenges.
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STOXX licenses iSTOXX Europe ESG Select 30 to JP Morgan
November 27, 2014--November 25, 2014--STOXX Limited, a leading provider of innovative, tradable and global index concepts, today licensed the iSTOXX Europe ESG Select 30 Index to JP Morgan for a structured product.
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DAX licensed to Fortune SG Fund Management Co. for first passive index fund to become available in China
November 25, 2014--Deutsche Börse today announced that DAX has been licensed to Shanghai-based fund company Fortune SG Fund Management Co. Ltd. to serve as the basis of the first index fund to be developed in China.
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Stronger policy response needed to avoid risks to growth, especially in the euro area, says OECD in latest Economic Outlook
November 25, 2014--Modest global economic forecasts, continuing high unemployment, and downshifts in potential output should spur governments with a greater sense of urgency to fully employ monetary, fiscal and structural policy levers to support growth, notably in Europe, according to the Economic Outlook
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IMF Working paper-Impact of Demographic Changes on Inflation and the Macroeconomy
Summary: The ongoing demographic changes will bring about a substantial shift in the size and the age composition of the population, which will have significant impact on the global economy. Despite potentially grave consequences, demographic changes usually do not take center stage in many macroeconomic policy discussions or debates.
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ETFS Precious Metals Weekly- Silver is Just Plain Cheap
November 24, 2014--Silver leads precious metals recovery last week. Led by the 6.2% weekly gain in silver, precious metals showed resilience in the face of yet new record high US equity prices and the strengthening US dollar.
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Oil price fall challenges US shale boom
November 23, 2014--The US shale boom, which has challenged the rules of the global petroleum market, could soon face its own day of reckoning due to the supply glut it helped unleash.
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World Is Locked into ~1.5°C Warming & Risks Are Rising, New Climate Report Finds
November 23, 2014--The new "Turn Down the Heat" report explores the risks worsening climate change poses to lives and livelihoods across three regions: Latin America and the Caribbean, Eastern Europe and Central Asia, and the Middle East and North Africa.
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Jury still out on Deutsche's ETF reorganisation
November 23, 2014--Deutsche Asset & Wealth Management still has a "long way to go" before it is clear whether a recent overhaul of the division can be called a success, analysts say.
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DECPG Weekly Economic Brief-
November 21, 2014--China's stock of credit has risen sharply in recent years, mainly reflecting public investment programs to support the economy afterthe global financial crisis.
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Santander to launch investment platform
November 21, 2014--Santander UK aims to launch an investment platform next year,
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WEF-New report explores the future of direct investing
November 20, 2014--Report on Direct Investing by Institutional Investors: Implications for Investors and Policy-Makers assesses the trend towards institutional investors investing directly in private equity, infrastructure and real estate
Estimates that $700 billion is invested directly in illiquid assets by asset owners, projected to grow slightly ahead of overall institutional asset growth in the near to medium term.
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Bitcoin Derivatives: Challenges & Opportunities
November 20, 2014--The bitcoin derivatives market is slowly developing. Lynn Strongin Dodds explores the challenges and opportunities institutional investors may encounter as this space evolves
November 20, 2014--Bitcoin may have generated a great deal of buzz recently but the bubble has been pricked with prices sliding 44% over September and
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CFTC warns EU rules may force tighter US derivatives regulation
November 20, 2014--The US may be forced into tougher regulation on benchmarks as planned stringent European rules may shut out the region's banks and asset managers from US markets, the head of the US derivatives regulator has warned.
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London Stock Exchange Derivatives Market to offer stock, depositary receipt and index options to US investors
November 20, 2014--US Securities and Exchange Commission (SEC) class no-action relief allows London Stock Exchange Derivatives Market, and its eligible members, to offer certain US investors a number of option contracts
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Saudi CMA Draft Rules to Open Foreign Investment in Listed Shares
November 20, 2014--The Saudi Capital Market Authority (the CMA) has published for consultation its draft rules for Qualified Foreign Financial Institutions-Investments in Listed Shares (the Draft Rules).
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Returning to a gold standard-why and how
November 20, 2014--Fraser Murrell delves into the history of the Gold Standard and how a modern day version could be put in place.
In the 1600s, Sir Isaac Newton presided over a (bi-metal) Gold and Silver Standard, with the flaw being the fix of silver to gold.
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