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November 30, 2017--Summary
In a difficult month for European equities, the S&P Europe 350 fell 2.11%, erasing all the previous gains this quarter.
News of a breakdown in negotiations between German Chancellor Angela Merkel's Christian Democratic Union (CDU) party and the three other parties holding talks to form Germany's next coalition government added to the uncertainty.
The S&P United Kingdom declined 1.87% in November and the U.K. contributed most negatively to the S&P Europe 350.
The Russian economy has returned to modest growth-amidst positive global growth, a recovery in trade, rising oil prices, and growing macroeconomic stability-according to the World Bank's latest Russia Economic Report (no. 38 in the series), launched today in Moscow. view the World Bank Russia Economic Report no. 38 ECB-Economic growth is supporting financial stability but markets are vulnerable to a sudden increase in volatility The risk of a rapid repricing in global markets nevertheless remains. Continued compression of risk premia, subdued volatility and signs of increased risk-taking behavior in global financial markets are all sources of concern, as they may sow the seeds for large asset price corrections in the future. view the ECB-Financial Stability Review November 2017 Bank and FCA launch next phase of sterling Libor transition work The Working Group's new mandate (link is external) will be to catalyse a broad-based transition to SONIA over the next four years across sterling bond, loan and derivative markets, so that SONIA is established as the primary sterling interest rate benchmark by end 2021. view more Xetra-Gold(R) celebrates 10th anniversary view more MiFID dark-trading loophole seen in EU deference to U.S. rules view more London Stock Exchange CEO Xavier Rolet to Resign Immediately
These shoots have allowed consumer demand and consumption to rise, as the business environment improved, and underpin projections that Russia's economy will grow 1.7% in both 2017 and 2018, and 1.8% in 2019.
Source: World Bank
November 29, 2017--Risks of a repricing of global risk premia remains significant
Bank profitability prospects still challenged by structural vulnerabilities
High private and public debt burdens could give rise to debt sustainability concerns in some countries
Financial stability risks partly mitigated by improved economic conditions
Systemic stress indicators for the euro area have remained low over the past six months, according to the latest Financial Stability Review of the European Central Bank. Better growth prospects as well as lower fiscal and external imbalances contributed to reduced systemic stress indicators for the euro area, , according to the biannual report published today.
Source: ECB
November 29, 2017--The Bank of England and the Financial Conduct Authority (FCA) are today announcing the next phase of work with market participants on Libor transition.
From January 2018, the market-led Working Group on Sterling Risk-Free Rates will have an extended mandate and broader participation.
Source: fca.org.uk
November 29, 2017--Europe's largest physically-backed gold security
Rapid increase in gold reserve to more than 170 tonnes
Bavaria and Hesse particularly like physical delivery of Xetra-Gold
Xetra-Gold, Europe's leading gold-backed security, celebrates its 10th anniversary. Frankfurt Stock Exchange's trading opened today by the ringing of the stock exchange bell in honour of the occasion. After a recent significant rise in demand for gold on the part of private as well as institutional investors, currently more than 170 tonnes of Xetra-Gold valuing over €6 billion are stored in the German central vault for securities in Frankfurt. That figure stood at 59.25 tonnes at the start of 2016.
Source: Deutsche Börse Cash Market
November 29, 2017--European Union plans to allow traders to comply with MiFID II by trading on U.S. dark pools would "open up a large transatlantic loophole" in equity markets and undermine the law's goal of increasing transparency, according to a leading lawmaker in Brussels.
Markus Ferber, the European Parliament's top lawmaker on the law, said on Wednesday that current U.S. rules for so-called alternative trading systems are a "far cry" from EU standards that take effect in January, and that U.S. dark pools run by many of the world's biggest banks would benefit as a result.
Source: Bloomberg
November 29, 2017--Rolet to resign immediately after weeks-long tussle with TCI
Chairman Brydon won't seek re-election in 2019; shares slide
Xavier Rolet is stepping down immediately as chief executive officer of London Stock Exchange Group Plc in one of the most high-profile U.K. spats between a board and ahttps://www.bloomberg.com/news/articles/2017-11-29/london-stock-exchange-ceo-xavier-rolet-to-resign-immediately" TARGET="_blank">view more
Source: Bloomberg
Monetary developments in the euro area: October 2017
November 28, 2017--Monetary developments in the euro area: October 2017
The annual growth rate of the broad monetary aggregate M3 decreased to 5.0% in October 2017, from 5.2% in September (revised from 5.1%).
The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 9.4% in October, from 9.8% in September.
The annual growth rate of adjusted loans to households stood at 2.7% in October, unchanged from the previous month.
The annual growth rate of adjusted loans to non-financial corporations increased to 2.9% in October, from 2.4% in September.
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Source: ECB