|ETFS US Precious Metals Weekly:Precious Metals Rally After Greek Bailout Deal Agreed-continued|
|February 21, 2012--Greek bailout agreement pushes precious metals prices higher.|
Gold, silver, platinum and palladium prices all rallied strongly in early London trade following the news overnight that Eurozone leaders agreed to a €130bn Greek bailout package. The agreement appears to have convinced investors who have been sitting on cash to deploy funds across markets, with silver seeing the strongest immediate price response. Improved sentiment towards Europe has buoyed the Euro/USD exchange rate in recent days, adding further support to precious metals prices.
|While a number of hurdles to pushing the package through remain,
including agreement by individual European country parliaments, it
appears that Greece will – at least for now – avoid the worst case scenario
of a disorderly debt default. The boost to risk sentiment from this
agreement, together with recent improvements in US macro data and
further central banking monetary easing (including China’s 50bp reserve
requirement cut last week) is likely to keep a firm tone to the more cyclical
precious metals such as silver, platinum and palladium.
Gold demand hits 14-year high. In the latest edition of the World Gold Council’s (WGC) Gold Demand Trends released last week, it revealed that gold demand hit a 14-year high of 4067 tonnes in 2011, buoyed by record investment demand. Although investment demand jumped 5% to record levels, jewellery demand partially offset the gains, dropping by 3%. The headline decline in jewellery demand masked an interesting underlying trend: China’s demand surged by 13%, while India, the world’s largest jewellery market, experienced a 14% fall in jewellery demand in tonnage terms. The WGC also notes that Official sector gold purchases are now at a 47-year high. Once a source of gold supply, the official sector bought a multi-decade high of 440 tonnes last year.
Riots threaten PGM production in South Africa. The Rustenberg mine, the world’s largest platinum mine and responsible for 15% of global production, faces prolonged stoppages after riots broke out last week. Implats, the operator of the mine, had re-hired 6,000 of the 17,000 workers it had fired in January 2012 following a strike which the company deemed illegal. Implats has estimated that the 35-day strike has cost the company 60,000 ounces in lost output, around US$155milion. Implats CEO has indicated that production could be restored to normal within’two to four weeks’, however the rioting is deterring workers from returning to their jobs after one reported fatality. The hit to supply has added further impetus to platinum and palladium prices increases.
visit www.etfsecurities.com for more info
|Source: ETF Securities|
|Global ETP News|
|BATS Global Markets February Highlights-New Market Share Records In US, Spain,Trade Reporting; Merger Integration Process Moving Forward|
|U.S. Equities Market Share Totals 20.4%, BATS Chi-X Europe Posts Another New Record in Spain|
March 4, 2014--BATS Global Markets (BATS) today reported February volume, market share, and monthly highlights:
BATS reported 20.4% U.S. equities market share in February, a new company record in the first month with BATS and Direct Edge combined under the BATS Global Markets brand.
Following the close of its merger with Direct Edge on January 31, BATS announced the combined executive team including CEO Joe Ratterman and President William O'Brien.
|Average daily volume of 7.9 million contracts at Eurex Group in February|
|March 3, 2014--In February 2014, the international derivatives markets of Eurex Group recorded an average daily volume of 7.9 million contracts (Feb 2013: 8.7 million). Of those, 5.4 million were Eurex Exchange contracts (Feb 2013: 6.3 million), and 2.6 million contracts were traded at the U.S.-based International Securities Exchange (ISE) (Feb 2013: 2.7 million).|
|DECPG Weekly Brief-February 28, 2014|
|February 28, 2014--GDP growth moderated in China, but firmed among other developing countries in the final quarter of 2013, and remained steady in high income countries.|
|Proposed A-shares ETFs could transform investors' approach to China|
|They would gives Westerners access to a broader swathe of the economy|
February 27, 2014--Filling the pipeline of SEC filings are more than a dozen new ETFs that could potentially change the way investors access Chinese stocks.
|China's yuan dislodges Swiss franc as 7th most-used currency: SWIFT|
|February 27, 2014--China's yuan surpassed the Swiss franc to become the seventh most-used world payments currency in January, global transaction services organization SWIFT said on Thursday.|
|Source Aims to Grow ETF Assets to $50bn|
|February 27, 2014--Source, the European exchange-traded fund provider, aims to triple assets following its sale of a majority stake last month to Warburg Pincus, the private equity firm.|
|World Bank Food Price Watch, February 2014: Prices Decline at a Slower Pace; Focus on Food Loss and Waste|
|February 27, 2014--Prices of internationally traded food commodities continued to decline-by 3%-between October 2013 and January 2014, adding another quarter to previously observed price declines since the August 2012 historical high. Record harvests in wheat, maize and rice, increasing availability of supplies, and stronger global stocks have continued to drive down prices.|
|Schroders Global Investment Trends Report 2014|
|February 26, 2014--Investors worldwide turn to equity markets for growth in 2014 with four-fifths planning to maintain or increase the amount they invest and save this year.|
|Top 10 Emerging Technologies That Will Reshape the Future|
|Smarter drugs, super-light cars and computers operated by thought among 10 breakthroughs highlighted|
The World Economic Forum's Global Agenda Council on Emerging Technologies is composed of top experts on new technologies around the world, representing both the academic and business world
February 26, 2014--From super-light cars to smarter drugs, the World Economic Forum's Global Agenda Council on Emerging Technologies has identified the top 10 emerging technologies of 2014 that could reshape the society of the future.
|Can We Prevent Financial Crises?|
|February 26, 2014--To answer that question, the World Bank in February held a panel discussion led by authors of three books examining lessons learned from financial crises. Mahmoud Mohieldin, World Bank Group president's special envoy, said the three books can help policy makers examine the current turmoil affecting emerging markets, along with the hypothetical diagnoses proposed by some commentators: distorted asset prices, questionable growth foundations, human behavior, and overborrowing by households and the private sector.|
|World Bank-Infographic: Tapping the Market-Expanding Access to Sanitation to the Poor Through the Domestic Private Sector|
|February 26, 2014--The World Bank-Infographic: Tapping the Market-Expanding Access to Sanitation to the Poor Through the Domestic Private Sector is now available.|
|UPDATE 2-Barclays pulls down shutters on European, U.S. power trading desks|
|February 25, 2014-Britain's Barclays Plc said on Tuesday it has closed its power trading desks in London and New York, joining a string of global investment banks that are paring down their commodity market activities as increased regulations bite.|
|DAX has been licensed to Nikko Asset Management to underlie passive mutual fund in Japan|
|February 25, 2014--Deutsche Börse today announced that the DAX index has been licensed to Nikko Asset Management Co. Ltd., a leading independent investment management firm based in Tokyo, to serve as the basis for a passive mutual fund that will be available on March 10.|
|BNY Mellon to Acquire Full Ownership of HedgeMark International, LLC|
|Integrates with and complements the company's Global Risk Solutions capabilities; Meets demand for more transparency and control from institutions investing in hedge funds|
February 24, 2014-- BNY Mellon, a global leader in investment management and investment services, announced that it has signed an agreement to acquire the remaining 65% interest of HedgeMark International, LLC, a current affiliate and a provider of hedge fund managed account and risk analytic services.
|ETF Securities-Precious Metals Weekly-Silver ETPs see Strong Demand as Price Rally Gains Momentum|
|February 24, 2014--Silver ETPs see strong demand as price rally gains momentum. The silver price has rallied 12% so far this year, ahead of gold's 10% increase over the same period. Silver is viewed by some investors as a leveraged version of gold. Since 2000 on average during months the gold price has increased silver has gained about 1.4 times the gold price increase.|
|HSBC Private Bank appoints investment co-heads|
|February 24, 2014--The firm has named global co-heads for its private bank investment group, one based in Hong Kong and the other in London. They replace a London-based CIO, who has retired.|
|Regulators stalk secretive financial giants|
|February 23, 2014--The secretive giants of the hedge fund industry face making unprecedented disclosures about their trading positions to global regulators, which are considering whether to classify these companies as systemically important financial institutions (Sifis).|
|New Brunswick trumps Alberta as world's No. 1 spot for mining investment; Saskatchewan, Manitoba, Quebec slip in global rankings|
|February 23, 2014--New Brunswick is the world's most attractive jurisdiction for mineral exploration and development in the view of the international mining industry, according to the Survey of Mining Companies: 2011/2012, released today by the Fraser Institute, Canada's leading public policy think-tank.|
|IOSCO Focuses on Deeper Markets, Stronger Regulatory Capacity to Enhance Emerging Market Resilience|
|January 21, 2014--The Board of the International Organization of Securities Committees (IOSCO) met in Kuala Lumpur this week to drive its work on key issues facing global financial markets and securities regulators. Malaysian Prime Minister Najib Razak, who delivered a special address at the IOSCO Board dinner, emphasized the key role IOSCO plays in shaping long term architecture of global capital markets.|
|Ambitious structural reforms can pave the return to strong and sustainable growth, OECD says|
|February 21, 2014--Adopting ambitious and comprehensive structural reform agendas will offer governments the best chance for a return to strong, sustainable and balanced economic growth that creates jobs and reduces inequality, according to the OECD's latest Going for Growth report.|
|Accuvest : Newest Whitepaper: Multi-Style Global Equity Investing|
|February 21, 2014--This paper looks at the performance of a multi-factor approach to investing in equities across countries, and not just within countries.|
|World Bank: Pension Reforms Needed in Emerging Europe and Central Asia to Protect Future Generations|
|Countries struggle to meet pension needs of their aging populations
February 21, 2014--The profound effects of aging populations and a shrinking labor force on overstretched state pension schemes in emerging Europe and Central Asian countries demand significant reforms, says the World Bank's new report The Inverting Pyramid: Pension Systems Facing Demographic Challenges in Europe and Central Asia.
|Smart beta growing as the 'third pillar' of investment portfolios|
|February 20, 2014--Most institutions see 'smart beta' funds as a potential substitute for some active management although retail investors may not be quite as quick to jump on board.|
|BNY Mellon Research paper- New Frontiers of Risk: Revisiting the 360 Manager.|
|February 20, 2014--BNY Mellon has published the research paper- New Frontiers of Risk: Revisiting the 360° Manager.|
|Financial Markets Overview-February 2014|
|February 20, 2014--Financial markets are undergoing a significant transition as strengthening growth in high-income economies is prompting an end to the extraordinary stimulus measures taken in the wake of the global financial crisis.|
|Wanted: Financial advisers who aren't about to hang it up|
|February 20, 2014--If you've ever thought about getting some professional help with your retirement plan, this would be a great time to get going. Financial advisers may be in short supply in the years ahead.|
|Deutsche Boerse Plans to Set Up Singapore Clearinghouse|
|February 20, 2014--Deutsche Boerse AG plans to set up a clearinghouse in Singapore to compete with Singapore Exchange Ltd. (SGX) and IntercontinentalExchange Group Inc. (ICE) as the owner of the Frankfurt Stock Exchange and the Eurex futures market seeks to benefit from new financial regulations.|
|Further MSCI futures available for U.S. based customers|
|CFTC certified a further 11 MSCI futures contracts for trading in the U.S.
February 20, 2014--The international derivatives market Eurex Exchange has been informed by the Commodities and Futures Trading Commission that an additional 11 MSCI futures fall under the scope of the 'no-action' letter and can be marketed in the U.S.
|International Debt Statistics 2014 now available|
|February 20, 2014--The 2014 edition of International Debt Statistics (IDS) has just been released. IDS 2014 draws from comprehensive databases of debt statistics collected from 124 low and middle-income countries, as well as quarterly external and public sector debt from high-income economies.|
|The big gold ETF turnaround and its prospective impact|
|February 19, 2014--Chinese and Indian gold demand in particular will probably bring stability to the gold price, but it is the potential turnaround in ETF sales/purchases which could provide the key to price growth this year.|
|NASDAQ OMX Launches Two New Indexes in the NASDAQ IBIS Index Family|
|February 19, 2014--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) has introduced two new indexes on the Global Index Data Service 2.0 (GIDS 2.0)-the NASDAQ IBIS Focused Growth Index (NQIBIS); and the NASDAQ IBIS Focused Growth Total Return Index (NQIBIST).|
|WGC Latest Issue: Gold Demand Trends Full Year 2013|
|January 18, 2014--Executive summary:
This section of the report considers the main themes to have emerged in global gold demand through 2013.
Global Gold Market: Full year 2013 review Jewellery: 2013 saw the largest volume increase in jewellery demand for 16 years as consumers across the globe reacted to lower gold prices. Full year demand was 2,209.5t, 17% above 2012 and the highest level since the onset of the 2008 financial crisis.
|Platinum strike to drive up price over time|
|February 18, 2014--A face-off between platinum producers and striking miners has had negligible impact on metals prices so far, but that is likely to change if the action grinds on past the end of the month and stocks are drawn down.|
|Deutsche Bank releases 2014 Alternative Investment Survey highlighting key trends shaping the hedge fund industry|
|February 18, 2014-Deutsche Bank today releases its twelfth annual Alternative Investor Survey, which stands as one of the largest and longest standing hedge fund investor surveys available. This year over 400 investor entities participated, representing over $1.8 trillion in hedge fund assets and over two thirds of the entire market by assets under management (AuM).|
|ETF Securities-Precious Metals Weekly-Gold Rally Gains Momentum with Technical Barriers Breached|
|February 17, 2014--The gold price broke through US$1,300oz and then up through its 200 day moving average (dma) last week as dollar weakness following weak US economic data helped to build momentum.|
|Stress hormone a key player in financial crises|
|February 17, 2014--Scientists studying levels of the stress hormone cortisol in financial traders say that appetite for risk may be "physiologically-driven" by the body's response to cortisol and that stress could be a trigger for market instability.|
|Latest ETFs leave index-trackers in the dust|
|February 17, 2014--Oh, how exchange traded funds have changed. ETFs have evolved from simple securities that track indexes to complicated "smart beta" structures designed to outsmart the index.|
|UPDATE 2-Vitol CEO injects urgency into Brent Benchmark debate|
|Dwindling supply underpinning Brent is "major problem"|
Platts says more crudes may be needed in 2-5 years
New Brent tweaks announced by Platts, starting in June
February 17, 2014--The Brent crude global oil benchmark needs fundamental and immediate reform due to dwindling North Sea output, the world's biggest oil trader said on Monday.
|A wobble, but market-tracker funds on course for growth|
|February 17, 2014--Sharp withdrawals from equity, currency and commodity tracking funds as emerging markets sold off in early 2014 looks no more than a bump in the road for such vehicles as they expand their share of assets under management.|
|'Golden anchor' drags down ETF Securities|
|February 16, 2014--ETF Securities wants to chart a different course this year, following a tough 2013 when the big sell-off in gold weighed heavily on the commodities-focused fund manager.|
|Big four fund groups summoned to talks over size|
|February 16, 2014--BlackRock, Fidelity, Pimco and Vanguard were summoned to meet global regulators in London last week to discuss whether large asset managers should be considered as systemically important financial institutions (SIFIs).|
|KCG Releases January 2014 Trade Volumes|
|February 14, 2014--KCG Holdings, Inc. (NYSE: KCG) today released trade volumes for the month of January 2014.|
|DECPG Weekly Brief -February 14, 2014|
|February 14, 2014--Several developing country currencies have depreciated since the start of the year, but a majority remained stable under renewed market pressures. Despite the market turbulence, gross capital flows to developing countries picked-up in January, driven by record volumes of sovereign and corporate bond issuances.|
|SPDR Gold Fund holdings rise to a more than 7-week high|
|February 14, 2014--The world's largest gold-backed exchange-traded fund saw a spike in holdings of the metal this week, on the heels of a more than 4% weekly climb in prices for the precious metal.|
|Diverging Markets: European stocks have led other global equity markets and emerging markets have significantly underperformed since the U.S. Fed began taper talk in June 2013, according to Russell Indexes.|
|February 14, 2014--As new U.S. Federal Reserve chair Janet Yellen testifies on the current state of the U.S. economy and U.S. Fed policy this week in Washington, Russell Indexes reflect a divergence in global equity markets since former Fed chair Ben Bernanke first announced the Fed tapering policy in June of last year.|
|Are Commodities Safe Yet?|
|Prices have taken a beating, but some advisers see opportunities|
February 14, 2014--After watching commodities take a beating over the past three years, investors may want to consider carefully treading back into the sector, financial advisers say.
|: FSB to review foreign exchange benchmarks|
|February 14, 2014--The Financial Stability Board was tasked by the G20 in 2013 to co-ordinate and guide work on the necessary reforms to short-term interest rate benchmarks, to ensure that widely-used benchmarks are held to appropriate standards of governance, transparency and reliability.|
|Morgan Stanley Sees Bond Evolution in Trade Jump: Credit Markets|
|February 14, 2014--Corporate-bond trading volumes are surging to the highest ever to start the year as investors adapt to a new reality of reduced dealer balance sheets by turning to electronically exchanged debt and smaller transactions.|
|EPFR Global News Release-Europe and Japan Equity Funds extend record start to year while EM outflows moderate|
|February 14, 2014--Year-to-date inflows for EPFR Global-tracked Japan and Europe Equity Funds pushed past the $9 billion and $17 billion marks respectively during the second week of February as both fund groups maintained their record setting start to 2014.|
|IMF Working paper-Debt and Growth: Is There a Magic Threshold?|
|February 13, 2014--Summary: Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs Department of the IMF, we find no evidence of any particular debt threshold above which medium-term growth prospects are dramatically compromised.|
|IMF Working paper-Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies|
|February 13, 2014-- Summary: In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an increase in commodity price are magnified when these rules are imperfectly credible and lack transparency.|
|Active fund managers welcome return of volatility|
|February 13, 2014--It is the year of the stock picker, or at least that is what stock pickers are saying.|
|Turkey most vulnerable emerging market, FED says|
|February 12, 2014--An index built by the US Federal Reserve (Fed) analysts, measuring economic vulnerability across 15 major emerging markets, found Turkey was the most vulnerable, followed by Brazil and then India.|
|IMF Working paper-Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period-a Fortune or Misfortune?|
|February 12, 2014--Summary: The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are robust and causal.|
|IMF Working paper-Monetary and Macroprudential Policies to Manage Capital Flows|
|February 12, 2014--Summary: We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism.|
|EMs are paying the price of ETF liquidity|
|Volatility inflamed by ability of exchange traded funds to exit quickly |
February 12, 2014--Are exchange traded funds the best way to invest in emerging market equities?
|S&P Dow Jones launches S.Africa indices|
|Nine indices covering South Africa's equity market
S&P Dow Jones Indices has expanded its coverage of the South African equity market.
The index provider launched nine new indices covering the market.
February 12, 2014--The new series of indices will bring "greater index based measurement and transparency" to the market and investors, said Vinit Srivastava, senior director at S&P Dow Jones Indices.
|BATS Global Markets In January: Direct Edge Merger Closes|
|BATS Chi-X Europe Also Reports New Record in Depositary Receipts Trading;
48.4% Market Share for BXTR Pan-European Trade Reporting Service
February 12, 2014--BATS Global Markets (BATS) today announces highlights for January, including the successful merger close with Direct Edge Holdings LLC and new monthly market share records in Europe, including 18.2% in Spain's IBEX 35 and 9.0% in Depositary Receipts (FTSE ROIB).
|New Report Provides Blueprint to Close Infrastructure Financing Gap|
|New World Economic Forum report, Infrastructure Investment Policy Blueprint, provides recommendations on how governments can attract private capital to public infrastructure projects while creating clear social and economic value for citizens
Political risk emerged as one of the most pressing concerns for infrastructure investors
The report is part of the World Economic Forum's Global Strategic Infrastructure Initiative
February 11, 2014--The importance of infrastructure as a key driver of growth, competitiveness and social well-being is well established.
|Asset Management 2020: A Brave New World|
|February 11, 2014--The asset management industry stands on the edge of a number of fundamental shifts that will shape the future of the industry...|
Most asset managers have afforded themselves little time to bring the future into focus and the way in which many of them will operate in 2020, will be significantly different compared with today.
|IMF Working paper-What is Shadow Banking?|
|February 11, 2014--Summary: There is much confusion about what shadow banking is. Some equate it with securitization, others with non-traditional bank activities, and yet others with non-bank lending.|
|Economic crisis provides lessons for new approaches to forecasting, says OECD|
|February 11, 2014--Extreme volatility during the global financial crisis complicated economic forecasting, leading to large errors that underline the need for better modelling methods and new approaches for making and presenting projections, according to an OECD report.|
|ESMA consults on new CRA transparency requirements|
|February 11, 2014--The European Securities and Markets Authority (ESMA) has published a Consultation Paper setting out the draft Regulatory Technical Standards (RTS) required for the implementation of the CRA3 Regulation (Regulation).|
|BlackRock ETP Landscape-Outflows Amid Volatility|
|February 10, 2014--Non-US Developed markets Equity ETP strength helps offset US and Emerging Markets outflows.
Global ETP outflows of ($9.7bn) during January were driven by Equity redemptions of ($10.8bn) and diverged from the strong starts seen in the past two years. However, investors continued to turn to the industry to efficiently execute their market views during a volatile month for stocks.
|ETF Securities-Precious Metals Weekly-Gold and Silver Bounce Back|
|February 10, 2014--US payrolls disappoint again, driving gold price higher. Many analysts described the weak US December employment number (released January 10th) as a 'one-off,' likely to be revised for the better with the January figure. That failed to occur last Friday as January employment disappointed again.|
|ETFGI Global ETF and ETP assets suffer a 3.2 percent decline in January 2014 based on net outflows of 7.6 billion US dollars and market performance|
|February 10, 2014--In January 2014, global ETF/ETP assets fell by 3.2% to US$2.32 trillion based on negative market performance and net outflows of US$7.6 billion, according to preliminary findings from ETFGI's January 2014 Global ETF and ETP industry insights report. January was a difficult month for emerging and developed equity markets.|
|EY Global ETF Survey-A new era of growth-January 2014|
|February 10, 2014--The EY Global ETF Survey-A new era of growth report is available.|
|ETFGI monthly newsletter, January 2014|
|January 10, 2014--Global ETF and ETP assets suffer a 3.2 percent decline in January 2014|
In January 2014, global ETF/ETP assets fell by 3.2% to US$2.32 trillion based on negative market performance and net outflows of US$7.6 billion, according to preliminary findings from ETFGI's January 2014 Global ETF and ETP industry insights report.
|ETFs respond to market changes|
|February 10, 2014--Sir, John Authers, in "Emerging markets are not being well served by ETFs" (February 3), attempts to make the case that exchange traded funds are the cause of recent outflows from emerging markets.|
|EPFR Global News Release- US Equity Funds see record outflows as institutional investors shift to Bond Funds|
|February 7, 2014--Institutional redemptions from EPFR Global-tracked US Equity Funds and commitments to US Bond Funds both set new records in dollar terms going into February as markets around the world continue to struggle with the shift in US monetary policy, China's slower growth and the cautious tone of the latest corporate earnings forecasts.|
|SPDR Weekly Report|
|February 7, 2014--ECONOMIES: |
Unemployment falls in the US and Canada. The Bank of England, the European Central Bank, and the Reserve Bank of Australia leave administered rates unchanged.
MARKETS: US hits its debt ceiling again but emerging markets remain the primary concern for investors. Equities are mixed. G7 government bonds see their safe haven bids erode. AUD jumps. Gold and oil are up.
|ESMA tells firms to improve their selling practices for complex financial products|
|February 7, 2014-The European Securities and Markets Authority (ESMA) has published an Opinion on practices to be observed by investment firms when selling complex financial products to investors. ESMA is issuing this opinion to remind national supervisors and investment firms about the importance of requirements governing selling practices under MiFID (Markets in Financial Instruments Directive).|
|Food prices fall for first time in three months-UN agency|
|February 6, 2014--Global food prices declined for the first time in three months as lower prices for cereals, sugars, oils and meat outstripped gains in dairy values, the United Nations Food and Agriculture Organization (FAO) reported today.|
|DECPG Weekly Brief -February 6, 2014|
|February 6, 2014--Notwithstanding improving growth prospects for the Euro Area and the United States, a sell-off that started in developing country equity markets spread to high income markets in late January. The equity market sell-off does not appear to have been caused by the taper itself (globally yields are broadly stable), although taper-related uncertainty may have exacerbated declines.|