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Moody's upgrades government bond rating amidst crisis
January 8, 2010--International credit rating agency Moody's Investors Service has upgraded Turkey's government bond rating one notch due to the agency's growing confidence in the “government's financial shock-absorption capacity.”
In a press release issued yesterday, Moody's revealed that it had increased Turkey's government bond rating by one notch from Ba2 from Ba3, also changing its outlook for the rating from stable to positive.
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Source: Today Zaman
Over 13 million electronic equity trades in December
January 8, 2010--During December, 13.3 million equity trades, with a combined value of £108.4 billion (€120.5 billion), were carried out across the electronic order books of London Stock Exchange Group during December. The average daily number of trades was 640,169, 18 per cent lower than December 2008, while the average daily value traded was £5.2 billion (€5.8billion), a decrease of six per cent on the same month last year.
A number of the Group’s other markets recorded strong performances during the month, with the average daily number of trades in ETFs and ETCs growing by 75 per cent and the average daily value traded on the MTS cash markets increasing by 79 per cent.
UK Cash Equities
During the month, the average daily value traded on the UK equity order book was £3.1 billion (€3.5 billion), a decrease of 19 per cent year on year, while the average daily number of trades was 426,732, down 24 per cent on the same month last year.
The total value traded on the UK order book in December was £65.7 billion (€73.0 billion) and the total number of trades was 9.0 million.
Italian Cash Equities
On the Italian equity order book, the average daily number of trades in December was 173,235, down six per cent year on year. The average daily value traded during the month was up 17 per cent on last year, reaching €1.8 billion (£1.6 billion).
The total number of trades was 3.5 million, slightly down on last year, while the total value traded was €35.7 billion (£32.1 billion), up 23 per cent on December last year.
International Cash Equities
During December, the average daily value traded in international stocks on the Group’s equity order books was up 59 per cent year on year at £511 million (€568 million). The average daily number of trades was 40,201, an increase of 23 per cent on December 2008.
ETFs and ETCs
Trading in ETFs and ETCs continued to grow, with the average daily number of trades in December up by 75 per cent year on year to 13,534. The average daily value traded was up 17 per cent to £354 million (€393 million).
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Source: London Stcok Exchange
Euro area unemployment rate up to 10.0%-November 2009
EU27 up to 9.5%
January 8, 2010-The euro area1 (EA16) seasonally-adjusted2 unemployment rate3 was 10.0% in November 2009, compared with 9.9% in October4. It was 8.0% in November 2008. The EU271 unemployment rate was 9.5% in November 2009, compared with 9.4% in October4. It was 7.5% in November 2008. For the euro area this is the highest rate since August 1998 and for the EU27 since the start of the series (January 2000).
Eurostat estimates that 22.899 million men and women in the EU27, of whom 15.712 million were in the euro area, were unemployed in November 2009. Compared with October, the number of persons unemployed increased by 185 000 in the EU27 and by 102 000 in the euro area. Compared with November 2008, unemployment went up by 4.978 million in the EU27 and by 3.041 million in the euro area.
These figures are published by Eurostat, the statistical office of the European Union.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (3.9%) and Austria (5.5%), and the highest rates in Latvia (22.3%) and Spain (19.4%).
Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Germany (7.1% to 7.6%), Luxemburg (5.2% to 6.0%) and Malta (6.2% to 7.0%). The highest increases were registered in Latvia (10.2% to 22.3%), Estonia (6.5% to 15.2% between the third quarters of 2008 and 2009) and Lithuania (6.4% to 14.6% between the third quarters of 2008 and 2009).
Between November 2008 and November 2009, the unemployment rate for males rose from 7.5% to 9.9% in the euro area and from 7.2% to 9.7% in the EU27. The female unemployment rate increased from 8.6% to 10.0% in the euro area and from 7.8% to 9.2% in the EU27.
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Source: Europa
T Bailey to launch global equity fund
January 7, 2010--Mirroring the asset allocation of an existing actively managed fund, the T Bailey Growth fund Lite will be a passive-only fund of funds investing in exchange traded funds (ETFs) and trackers.
The investment boutique says its fund of funds team will combine global asset allocation and active management with cost-effective passive instruments.
Jason Britton, the group’s chief investment officer, and Elliot Farley will manage the fund. Britton says the fund offers the performance and risk benefits of active portfolio management and the cost savings of passive investing.
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Source: Trustnet News
Summary of a workshop on recent advances in modelling systemic risk using network analysis
January 7, 2009--Summary of a workshop on recent advances in modelling systemic risk using network analysis
In October 2009, the European Central Bank (ECB) hosted a workshop entitled “Recent advances in modelling systemic risk using network analysis”.
Today, the ECB is publishing a summary of the workshop, which was attended by experts from central banks and international organisations working in the fields of financial stability and payment system analysis/oversight.
The global financial crisis clearly illustrated the role of financial linkages as a channel for the propagation of shocks to and within the financial system. Recent research in the area of financial network analysis has shown that modelling and simulating the interlinking exposures between financial institutions and sectors of the economy or across entire national financial systems can reveal vulnerabilities that would otherwise remain undetected. The aim of the workshop was to exchange views and experiences in the field of financial network analysis. The workshop also aimed to improve awareness of network modelling in general and to enhance knowledge of the possibilities and limitations of this area of analysis.
Recent advances in modelling systemic risk using network analysis
Source: European Central Bank
Thomson Reuters MiFID Market Share Reports December 2009
January 7, 2009--The MiFID Market Share reports have been updated.
2009 Market Share Report (Jan - Dec)
2008 Market Share Reports
Source: Thompson Reuters
Report shows GHG reduction targets set by FTSE 100 carbon intensive sectors fall far short of reductions required by UK Climate Change Act.
January 7, 2010--The 2008 UK Climate Change Act, sets some of the world’s most aggressive national targets by introducing the first ever long-term, legally
binding, national framework to tackle dangerous climate change.1 The Act
sets a UK target of 80% reduction in greenhouse gas (GHG) emissions from
1990 levels, by the year 2050.
This is in line with scientific consensus on the required reduction levels for developed economies.3 The government
has also set an interim target of 34%-42% reductions in greenhouse gas
emissions by the year 2020, against 1990 levels.4
This research evaluates how UK FTSE 100 companies’ emission reduction targets compare against the national target and utilises the Carbon Disclosure Project (CDP) 2009 dataset5 to analyse how companies are currently setting emissions reduction targets and what level of reduction these targets will deliver.
Most FTSE 100 companies report having some form of emissions or energy reduction target in place, but the scope of these targets varies considerably. Therefore, the crucial question is, will these targets deliver sufficient reduction in emissions to deliver on UK national commitments. To answer this question CDP has calculated the expected annual reduction rate of greenhouse gas emissions across FTSE 100 companies based on their reported targets.
Key Findings
77% of FTSE 100 companies report having an emissions reduction target.
49% of targets are absolute, compared to 31% based on intensity. 19% of target setting companies have both absolute and intensity targets.
The average annual reduction rate for FTSE 100 company targets is 2.5%. A 2.4% annual reduction rate is required to meet the UK 2020 target.
Energy, Utilities and Materials sectors cover just 24 companies in the FTSE 100, but they are currently responsible for 87% of all FTSE 100 reported emissions. Their average reduction rate per annum is just 1.2% per annum. These carbon intensive sectors will need to take on more aggressive targets if they are to deliver in line with government commitments.
view the Carbon Disclosure Project-FTSE 100 Carbon Chasm report
Source: Carbon Disclosure Project
Treasury announces Eurobond issue, less IMF money expected
January 6, 2010--The Turkish Treasury announced on Tuesday that it has commenced the new year’s first external borrowing, an anticipated amount of $2 billion in Eurobonds, sparking comments that Turkey will obtain a “lower than foreseen” amount of money from a possible stand-by deal with the International Monetary Fund (IMF).
Observers argue that the Treasury’s decision over the Eurobond issue hints that government plans to secure a somewhat smaller IMF loan because the Treasury would have waited for lower repayment costs if the government planned to sign a “big deal” with the IMF. As early as Tuesday, government spokesman Cemil Çiçek said “a successful deal with the fund would benefit Turkey’s credit rating in the global financial arena.” Çiçek’s remarks, analysts note, clearly indicate that the government is concentrating more on giving the ailing markets a “morale boost” rather than securing a large amount of IMF cash.
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Source: Todays Zaman
Eurozone industrial prices rise in November
January 6, 2010--Eurozone industrial production prices rose by 0.1 percent in November, in a retreat from an upwardly-revised 0.3 percent recorded in October, official EU statistics showed on Wednesday.
Across the 27-nation European Union as a whole, which also includes Britain and eastern industrial powerhouse Poland, the prices rise was pegged at 0.2 percent, down from the previous month's similarly-revised 0.6 percent.
Compared to one year earlier, November industrial producer prices dropped by a significantly less severe 4.4 percent in the euro area and by 3.2 percent across the full bloc.
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Source: EU Business
EEX trading results for Natural Gas and CO2 Emission Allowances in December
January 6, 2010--2010. In December, the total Spot Market volume for Natural Gas
(Gaspool and NCG market areas) was 502,488 MWh (December 2008: 88,080 MWh). This volume includes 7,656 MWh traded in the Natural Gas auction launched on 15 July 2009.
The Spot Market price for the day-ahead delivery of Natural Gas ranged
between EUR 7.50 per MWh and EUR 15.05 per MWh.
The volumes on the Derivatives Market for Natural Gas (Gaspool and NCG market areas) amounted to 930,160 MWh (December 2008: 778,470 MWh). On 30 December 2009, the open interest was 5,849,270 MWh. On 28 December 2009 Natural Gas prices for delivery in 2010 were fixed at EUR 13.87 per MWh (Gaspool) and EUR 14.10 per MWh (NCG), respectively.
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Source: European Energy Exchange (EEX)
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