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2014 Article IV Consultation with the Euro Area Concluding Statement of the IMF Mission
June 19, 2014--1. The euro area recovery is taking hold. Real activity has expanded for four consecutive quarters. An incipient revival in domestic demand is adding to the impetus from net exports. Financial market sentiment has improved dramatically, particularly after the recent ECB measures. Sovereign and corporate yields are now at historic lows in many countries, and lower funding costs have helped banks raise more capital.
2. Strong policy actions have boosted investor confidence and laid the foundations for recovery. At the national level, governments have made progress in repairing sovereign and bank balance sheets and pursuing structural reforms to restore competitiveness. At the area-wide level, policy makers have demonstrated collective commitment to the EMU, for example, through progress on building a banking union. And the ECB has taken a wide range of measures to support demand and address fragmentation. The ECB's Comprehensive Balance Sheet Assessment to be completed later this year is encouraging recapitalization and helping boost confidence in the banking system.
3. But the recovery is neither robust nor sufficiently strong.
Activity and investment have yet to reach pre-crisis levels. The recovery of private investment has been weaker than in most previous recessions and financial crises. In the first quarter of 2014, growth was weaker than expected and unevenly distributed across countries.
Balance sheets are still impaired and debt levels elevated. Public debt levels remain high. Weakness in banks' balance sheets inhibits the flow of credit and corporate and household debt overhangs impede demand.
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Source: IMF
Lyxor UCITS ETF German Mid-Cap MDAX launched on Xetra
ETF tracks medium-sized German companies from traditional industrial sectors
June 19, 2014-- A new exchange-traded equity index fund issued by Lyxor Asset Management has been tradable in Deutsche Börse's XTF segment since Thursday.
ETF name: Lyxor UCITS ETF German Mid-Cap MDAX
Asset class: equity index ETF
ISIN: FR0011857234
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: MDAX Index
Lyxor UCITS ETF German Mid-Cap MDAX enables investors to participate in the performance of the MDAX. The reference index contains 50 medium-sized German companies, as well as foreign companies operating primarily in Germany from traditional industrial sectors.
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Source: Xetra
UK Export Finance begins support for renminbi loans
UK Export Finance has added the offshore renminbi to its list of supported currencies as it looks to structure its first renminbi supported deal.
June 18, 2014--UK Export Finance (UKEF) has signed a Memorandum of Understanding (MoU) with HSBC and a leading Chinese company to begin structuring its first renminbi (RMB) supported deal in 2014 for capital equipment.
The news was announced today by Chancellor of the Exchequer, the Right Honourable George Osborne MP, at the first UK-China Financial Forum in London attended by Chinese Premier, Li Keqiang.
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Source: HM Treasury
Deutsche Borse celebrates 15 years of SDAX
June 18, 2014--Deutsche Börse today announced the SDAX Index is celebrating its 15th anniversary as Germany's leading small-cap index on 21 June 2014.
On Monday, 23 June 2014, this anniversary will be celebrated on the floor of the Frankfurt Stock Exchange. Susanne Zeidler from SDAX founding member Deutsche Beteiligungsgesellschaft AG will participate in a special bell-ringing ceremony with Executive Board Member Hauke Stars, responsible for the Information Technology and Market Data + Services division of Deutsche Börse.
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Source:Deutsche Börse
Three new UBS bond index ETFs launched on Xetra
June 18, 2014--Three new UBS Global Asset Management ETFs on US and euro-zone corporate bonds have been tradable in Deutsche Börse's XTF segment since Wednesday.
ETF name: UBS ETF- Barclays US Liquid Corporates UCITS ETF (USD) A-dis
Asset class: bond index ETF
ISIN: LU1048316647
Total expense ratio: 0.18 percent
Distribution policy: distributing
Benchmark: Barclays US Liquid Corporates Total Return
ETF name: UBS ETF-Barclays US Liquid Corporates UCITS ETF (hedged to EUR) A-acc
Asset class: bond index ETF
ISIN: LU1048317025
Total expense ratio: 0.23 percent
Distribution policy: non-distributing
Benchmark: Barclays US Liquid Corporates Total Return
The first two UBS ETFs enable investors to participate in the performance of corporate bonds denominated in US dollars and issued in the USA.
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Source: Xetra
LSE announces London renminbi trading
June 17, 2014--The London Stock Exchange (LSE) said on Tuesday it had signed agreements with two of China's biggest banks to develop offshore trading in the Chinese currency Britain.
A partnership with Bank of China will see the two companies design clearing and financing processes for products such as bonds and exchange-traded funds denominated in renminbi, otherwise known as the yuan, the LSE said in a statement.
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Source: FIN24
Three new Amundi ETFs launched in XTF segment on Xetra
ETFs track the MSCI Italy and the inverse performance of US companies for the first time
June 17, 2014--ETF name: Amundi ETF MSCI Italy UCITS ETF
Asset class: equity index ETF
ISIN: FR0010655720
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: MSCI Italy Index
The Amundi ETF MSCI Italy UCITS ETF offers investors access to the MSCI Italy equity index for the first time. The reference index comprises 25 large and mid-cap companies, which make up more than 85% of the Italian stock market in terms of market capitalisation.
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Source:Xetra
UK to become the first country outside the Islamic world to issue sovereign Sukuk
June 12, 2014--The Chancellor has today declared the UK's intention to become the first country outside the Islamic world to issue sovereign Sukuk, the Islamic equivalent of a bond.
This will deliver on the Prime Minister's announcement at the World Islamic Economic Forum in London last October.
It is part of the government's long term economic plan to establish the UK as the undisputed centre of the global financial system, and builds on the action the government has already taken to develop the UK as a hub not only of Islamic finance< but Chinese finance too.
In the coming weeks and subject to market conditions, the government intends to issue £200 million sterling Sukuk, the largest ever issuance of sterling Sukuk.
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Source: HM Treasury
Market Vectors Index Solutions Introduces US Volatility Premium Capture Index
Index Designed to Capture Premiums from U.S. Equity Volatility
June 12, 2014--Market Vectors Index Solutions GmbH (MVIS) today announced the launch of the Market Vectors US Volatility Premium Capture Index (MVVCAP). The index is the latest addition to the Market Vectors Index series.
"The Market Vectors US Volatility Premium Capture Index is the first investment strategy index launched by Market Vectors Index Solutions. The index benefits from the behavioral biases that result in investors paying too much to insure against future losses of their equity holdings," said Lars Hamich, CEO of Market Vectors Index Solutions.
BlackRock lists EM consumer growth and US quality income ETFs on LSE
June 12, 2014--BlackRock, the parent of exchange-traded funds giant iShares, has listed two new ETFs on the London Stock Exchange: the iShares MSCI Emerging Markets Consumer Growth UCITS ETF (CEMG) and the iShares MSCI USA Dividend IQ UCITS ETF (QDIV).
The ETFs, both of which are linked to MSCI indices, provide investors with access to two popular equity themes: emerging markets consumer growth and quality equity income.
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Source: etfstrategy.co.uk
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