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Eurozone contracts sharply end 2012, rebound mid-2013
January 9, 2013--The eurozone's recession likely sharpened at the of last year but the single currency zone will begin to rebound in the second quarter of this year, forecasters at German, French and Italian agencies said Wednesday.
Ifo, INSEE and Istat said in a joint statement that "...business surveys as well as the decline of the industrial production in October suggest a further decrease of activity in" the fourth quarter of 2012 of 0.4 percent compared with the previous quarter.
The eurozone economy contracted by 0.1 percent in the third quarter after a 0.2 percent drop in the second quarter.
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Source: EUbusiness
Lyxor launches LYXOR ETF MSCI ACWI GOLD
Lyxor Asset Management launches a new ETF to provide exposure to GOLD mining equities
January 9, 2013--Lyxor Asset Management has launched an ETF on the MSCI ACWI Gold with EM DR 18% Group Entity Capped Index on the NYSE EURONEXT PARIS. This new ETF provides investors with an alternative way to play the gold theme.
Instead of investing in gold itself, investors can access the performance of the gold mining companies whose fortunes are strongly tied to "Physical Gold" prices.
The third round of Quantitative Easing (QE3) and the accommodative monetary policies of the major central banks have all helped to bolster gold prices. During QE1 and QE2, gold prices increased by 36% and 21% respectively. Since 2008, gold mining stocks have been lagging far behind actual gold spot prices. An increase in gold prices combined with a more favourable environment for equities might lead to a recovery in gold miners’ equity prices (source: SG Cross Asset Research, SG MAP Q1 2013).
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Source: Financial Investigator
IMF-France: Selected Issues
January 8, 2013--FRENCH BANKS: BUSINESS MODEL AND FINANCIAL STABILITY1
This note (i) provides an overview of the domestic context of the French banking sector;
(ii) reviews developments leading to the 2007 to 2008 financial crisis; (iii) discusses
challenges to French banks' business model during the Eurozone crisis; and (iv) discusses its adaptation with a view to assess vulnerabilities and risks to financial stability.
A. The Domestic Context
1. French households allocate most of their wealth in life insurance and banking products. Life insurance and banking products, mainly deposits, accounted for about 43 and
53 percent, respectively, of the €2.5 trillion in financial assets held by household at end-2011, with
the balance invested in mutual funds (Table 1). Tax exemptions for life insurance and regulated
deposits help explain the composition of households’ financial assets2.
view IMF Country paper-IMF-France: Selected Issues
Source: IMF
BNY Mellon establishes Central Securities Depository
BNY Mellon CSD will enhance interoperability and efficiency in line with regulatory imperatives
January 7, 2013-- BNY Mellon, management and investment services, has received regulatory approval to launch a new Issuer Central Securities Depository (CSD) entity that will offer market participants enhanced interoperability and efficiency in the global post-trade arena.
BNY Mellon CSD SA/NV will offer issuer, settlement and safekeeping services for
the benefit of all market participants across Europe and the wider global
marketplace.
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Source: Reuters
Prepare for profound AIFMD changes
January 6, 2013--In implementing the alternative investment fund managers (AIFM) directive, the European Commission has not gone as far as some expected, either in limiting the delegation of investment activities or in expanding the scope of custody/strict liability for depositories.
It has, however, toughened the stance on the methodology of calculating leverage.
On delegation, the “letter-box” entity prohibition boils down to the alternative fund manager having to perform only some investment management activities itself. While it may result in the restructuring and in-sourcing of some activities, it is nowhere near the strict prohibition the industry feared. Moreover, competent authorities will have to look at an array of qualitative factors before labelling a manager a letter box, including the geographical and sectoral spread of the alternative fund manager’s investments. Fund domiciles will probably compete for the most business-friendly approach to delegation.
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Source: FT.com
iShares to change corporate bond ETF benchmark
BlackRock's ETF arm to change bond benchmarks over liquidity concerns for current indices.
January 4, 2013--iShares is set to change the benchmark for its Markit iBoxx Corporate Bond exchange traded funds (ETFs) to ensure the funds have enough liquidity.
The £1.3bn iShares Markit iBoxx £ Corporate Bond ETF will change its benchmark from the Markit iBoxx Sterling Liquid Corporates Long-Dated Bond index to the Markit iBoxx GBP Liquid Corporates Large Cap index on March 1 2013 if shareholders vote to approve the move in a general meeting on January 21.
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Source: FT.com
iShares to change corporate bond ETF benchmark
BlackRock's ETF arm to change bond benchmarks over liquidity concerns for current indices.
January 4, 2013--iShares is set to change the benchmark for its Markit iBoxx Corporate Bond exchange traded funds (ETFs) to ensure the funds have enough liquidity.
The £1.3bn iShares Markit iBoxx £ Corporate Bond ETF will change its benchmark from the Markit iBoxx Sterling Liquid Corporates Long-Dated Bond index to the Markit iBoxx GBP Liquid Corporates Large Cap index on March 1 2013 if shareholders vote to approve the move in a general meeting on January 21.
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Source: FT.com
Eurozone inflation 2.2% in December
January 4, 2013--Inflation in the 17-member eurozone was stable at 2.2 percent in December, official data confirmed on Friday, as the slowing economy took pressure off prices.
The Eurostat data agency noted that energy costs rose by 5.2 percent in December, slower than the 5.7 percent reported in November.
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Source: EUbusiness
European Financial Transaction Tax Will Not Hit End Investors, Claims Report
January 4, 2013--Despite repeated warnings from many in the industry that Europe's proposed financial transaction tax-which is aimed at curbing high-frequency trading-will be flawed and lead to end investors suffering, one recent report claims that the levy will actually benefit end investors such as pension funds.
The tax, which received a resounding go-ahead from the European parliament last month, now only needs to secure a qualified majority vote from the Council of Ministers before the controversial enhanced co-operation agreement—which will see the levy introduced in 11 of the 27 member states—is enacted.
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Source: Markets Media
Flash estimate-December 2012 Euro area inflation estimated at 2.2%
January 4, 2013--Euro area1 annual inflation2 is expected to be 2.2% in December 2012, the same as in November3, according to a flash estimate from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, energy (5.2% compared with 5.7% in November) is expected to have the highest annual rate in December, followed by food, alcohol & tobacco (3.1% compared with 3.0% in November), services (1.8%, compared with 1.6% in November) and non-energy industrial goods (1.1%, stable compared with November).
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Source: Eurostat
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