IMF-Turkey: Staff Concluding Statement of the 2018 Article IV Mission
February 16, 2018--Following a slowdown in activity in 2016, growth recovered sharply last year with the help of policy stimulus and favorable external conditions. Such has been the strength of the recovery that the economy now faces signs of overheating: a positive output gap, inflation well above target, and a wider current account deficit.
This increases Turkey's potential exposure to changing global conditions and underscores the need to address vulnerabilities. To lower internal and external imbalances, staff recommends a recalibrated policy mix-further monetary tightening is warranted, as is careful management of fiscal and quasi-fiscal policies, as well as associated contingent liabilities. Macroprudential policies need to be squarely focused on maintaining financial stability and adequate buffers. Targeted structural reform implementation would underpin growth.
Recent developments, outlook and risks
1. Growth was very strong last year, with some moderation expected in 2018. In 2017, a sizeable credit impulse-driven by state loan guarantees-and fiscal policy supported the economy, at a time when domestic demand seemed anemic.
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Source: IMF
Lyxor-Good US macro news is now bad news for markets
February 16, 2018--The equity market
sell-off in early February has shown us that concerns about rising
inflation and bond yields have the potential to reverse the equity bull market of 2017.
From an economic standpoint, inflation
remains low and long-term bond yields
shouldn't rise too much at this stage of the cycle. Neither do we expect the Fed to
become more hawkish.
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Source: Lyxor
Fidelity hires from Amundi for successor to Rossi
February 15, 2018--Fidelity International-The asset management giant has poached Romain Boscher from Amundi Asset Management to be its new global CIO for equities, effective 30 April 2018.
He succeeds Dominic Rossi, who has moved to a public policy role within Fidelity. Boscher joined Amundi in 2011, and was previously deputy CEO and CIO at Groupama.
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Source: IP&E
New ComStage ETF on STOXX Europe 600 Index launched on Xetra
February 15, 2018--ETF provides access to the largest 600 companies from 17 European countries
Another exchange traded fund issued by ComStage has been tradable on Xetra and Börse Frankfurt since 15 February 2018.
The ComStage 1 STOXX Europe 600 UCITS ETF enables investors to participate in the performance of the STOXX Europe 600 Index.
The reference index comprises the most liquid large, mid and low-cap companies from 17 European countries. These include euro area countries such as France, Germany, Spain, the Netherlands and Italy, as well as the UK, Switzerland and Scandinavian countries.
Name: ComStage 1 STOXX Europe 600 UCITS ETF
Asset class: equity index ETF
ISIN: DE000ETF9603
Ongoing charges: 0.19 percent
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Source: Deutsche Börse Cash Market
Bond index ETF with access to global bond market launched on Xetra
February 15, 2018--Aggregate bond index ETF available in currency-hedged unit classes US dollar, euro and pound sterling
A bond index ETF in the three currency-hedged unit classes on the reference index Bloomberg Barclays Global Aggregate Bond Index, issued by State Street Global Advisors, has been tradable on Xetra and Börse Frankfurt since 15 February 2018.
The new bond index ETF, SPDR Bloomberg Barclays Global Aggregate Bond UCITS ETF, enables investors to participate in the performance of the global bond market. The reference index comprises more than 21,000 securities from more than 2,400 issuers in 24 currencies from more than 60 countries. All bonds have an investment grade rating.
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Source: Deutsche Börse Cash Market
Paymium Launches European Cryptocurrency Trading Platform Blockchain.io
February 15, 2018--The new venue is aiming to accommodate individual and institutional traders and investors
Paymium has announced that it is preparing to launch a new cryptocurrency exchange in Europe.
The company that was founded in 2011 by Pierre Noizat and Gonzaque Grandval was one of the first companies that were adhering to the EU's regulatory framework when it deployed a platform for exchanging bitcoins for euros.
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Source: financemagnates.com
Rentenindex-ETF mit Zugang zum weltweiten Anleihemarkt auf XETRA gestartet
February 15, 2018--Aggregierter Rentenindex-ETF steht in den währungsgesicherten Anteilsklassen US-Dollar, Euro und britische Pfund zur Verfügung
Seit Donnerstag ist ein Rentenindex-ETF in den drei währungsgesicherten Anteilsklassen auf den Referenzindex Bloomberg Barclays Global Aggregate Bond-Index des Emittenten State Street Global Advisors über Xetra und Börse Frankfurt handelbar.
Mit dem neuen Rentenindex-ETF, SPDR Bloomberg Barclays Global Aggregate Bond UCITS ETF, können Anleger an der Wertentwicklung des globalen Anleihemarktes partizipieren. Der Referenzindex umfasst über 21.000 Wertpapiere von mehr als 2.400 Emittenten in 24 Währungen aus mehr als 60 Ländern. Alle Anleihen verfügen über ein Investment-Grade-Rating.
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Source: Deutsche Börse Cash Market
Ossiam launches smart beta fixed-income ETF tracking Solactive Moody's Analytics IG EUR Select Credit Index
February 14, 2018--Ossiam, the leading smart beta investment management firm and affiliate of Natixis Investment Managers, has listed the Ossiam Solactive Moody's Analytics IG EUR Select Credit ETF (MOOC FP) on Euronext Paris.
The new smart beta fixed-income ETF replicates the Solactive Moody's Analytics IG EUR Select Credit Index (SOLMASCR) which differentiates itself from traditional credit benchmarks in seeking to maximise the total return of a liquid and diversified selection of EUR-denominated investment grade corporate bonds, while maintaining a low credit risk profile.
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Source: Ossiam
IMF Staff Country Reports-United Kingdom: Selected Issues
February 14, 2018--
DRIVERS OF UK WAGE GROWTH1
Since the financial crisis, nominal wage growth has been much weaker than during the previous
decade. This chapter finds that the main factors behind the slowdown include weak productivity
growth, labor market slack (both in the UK and the EU), and low inflation.
We consider broader measures of labor market slack including a newly constructed measure of underemployment, aiming to capture labor market pressures more accurately than the headline unemployment rate. This measure signals limited labor market slack in 2017, which should support wage growth going forward.
view the IMF Staff Country Reports-United Kingdom: Selected Issues
Source: IMF
Deutsche AM unveils US HY corporate bond ETF
February 14, 2018--Deustche Asset Management has expanded its x-trackers range with the launch of a US dollar high yield corporate bond ETF.
The new fund, formally called the db x-trackers USD High Yield Corporate Bond Ucits ETF, was officially launched on 9 February.
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Source: citywireselector.com
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