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ESMA sees valuation risks in key market segments rising
September 3, 2014--The European Securities and Markets Authority (ESMA) has published its Report on Trends,Risks and Vulnerabilities No. 2,2014,and the Risk Dashboard for 3Q 2014. Overall,ESMA's report finds that valuation risks in key market segments are rising and merit investor attention. In the first half of 2014,conditions in the EU's securities markets,asset management industry and market infrastructures remained favourable.
Prevailing optimistic market sentiment was at odds with sluggish underlying economic fundamentals,but in line with the ultra-low interest rate environment.
Key developments in EU securities markets,fund industry and infrastructures:
Securities markets: EU securities markets realized significant gains amid low volatility. This underscored positive market sentiment in a low interest rate environment,which motivated investors to search for yield. Risk appetite remained strong as yields continued to compress and solid high-yield bond issuance was readily absorbed by markets. Consequently,valuation concerns rose along with the risks of future volatility and its effects.
Asset management: the European fund industry continued to expand,partly due to capital inflows,with assets under management growing by about 6.7% or €0.5tn in 1H14. Investment fund returns were relatively low,though moving slightly upward,also driven by positive valuation effects. Allocations focused on bonds,notably high-yield and corporate bonds. Overall,investors are searching for yield. Within an active primary bond markets potentiallyfewer market makers could limit the functionality of secondary bond markets.
view the ESMA Risk Dashboard No. 3, 2014
Source: ESMA
UK Official holdings of international reserves: August 2014
August 3, 2014--This monthly press notice shows details of movements in August in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK government's reserves could be used to intervene to support sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release.
The Background Note at the end of this release explains more about the reserves, and about these statistics.
In summary, this month’s release shows that in August 2014:
No intervention operations were undertaken.
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Source: HM Treasury
Boerse Stuttgart generates turnover of around EUR 6.4 billion in August
September 2, 2014--Boerse Stuttgart generates turnover of around EUR 6.4 billion in August
Increases in leverage products, investment funds and exchange-traded products
According to its order book statistics, Boerse Stuttgart recorded turnover of around EUR 6.4 billion in August. The trading volume was slightly lower than in July.
Trading in securitised derivatives accounted for the largest share of the aggregate turnover. The total turnover in this asset class was just under EUR 3 billion. Turnover in leverage products was around EUR 1.6 billion in August, about 5 percent higher than in July and more than 27 percent higher than in the same month in 2013. Investment products accounted for almost EUR 1.4 billion of the total turnover in August.
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Source: Boerse Stuttgart
Four new Source ETFs launched in the XTF segment on Xetra
ETFs offer access to strategies of GLG Partners and MLP energy companies
September 1, 2014--Two new active ETFs and two new equity index ETFs issued by Source have been tradable in the XTF segment on Xetra since Monday.
ETF name: Source Man GLG Asia Plus ETF
Asset class: active ETF-equities
ISIN: DE000A119M18
Total expense ratio: 0.95 percent
Distribution policy: non-distributing
ETF name: Source Man GLG Continental Europe Plus ETF
Asset class: active ETF-equities
ISIN: DE000A119PG3
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Source: Deutsche Börse
August 2014: Economic Sentiment falls in the euro area and the EU
August 28, 2014--In August the Economic Sentiment Indicator (ESI) fell in the euro area (by 1.5 points to 100.6)1 and the EU (by 1.2 points at 104.6).
Economic sentiment indicator (s.a.)
August EU: 104.6-Euro Area: 100.6
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Source:Europa
ECB-Monetary Developments in the Euro Area-July 2014
August 28, 2014--The annual growth rate of the broad monetary aggregate M3 increased to 1.8% in July 2014, from
1.6% in June 2014.1
The three-month average of the annual growth rates of M3 in the period from
May 2014 to July 2014 increased to 1.5%, from 1.2% in the period from April 2014 to June 2014.
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Source: ECB
Eurozone economy holds onto timid recovery
August 25, 2014--A timid economic recovery in the eurozone is still holding, a closely-watched survey showed on Thursday, but at a pace that promises only negligible growth for the year.
The latest data pushed down eurozone government borrowing costs, with traders more confident that the European Central Bank will take extra measures to inject cash into the single-currency zone.
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Source: EUbusiness
ESMA Review of the CESR guidelines on a Common Definition of European Money Market Funds
August 22, 2014--Summary
The European Securities and Markets Authority (ESMA) published today its opinion on how national competent authorities should apply the modifications to the CESR guidelines on money market funds set out in the
report on Mechanistic Reference to Credit Ratings in the ESA's Guidelines and Recommendations (JC 2014 004) issued by the Joint Committee of the three ESAs, when monitoring the application of the CESR guidelines by the relevant financial market participants.
view the Review of the CESR guidelines on a Common Definition of European Money Market Funds
Source: ESMA
August 2014: Flash Consumer Confidence Indicator
August 21, 2014--In August 2014, the DG ECFIN flash estimate of the consumer confidence indicator decreased in both the EU (by 0.9 points to-6.4) and the euro area (by 1.6 points to
-10.0) compared to July.
Computation of Flash CCI
To compute the flash consumer confidence indicator for the EU and euro area, DG ECFIN uses the data available on the cut-off date. The estimation procedure combines historical data with information from those Member States for which data are available in the reference month.
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Source: Europa
Forecasts for the UK economy: August 2014
August 20, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts. This edition contains forecasts to 2018.
view the Forecasts for the UK economy: August 2014
Source: HM Treasury
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