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IMF Working paper-Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
January 28, 2014-- Summary: By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries' sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity conditions in the CDS market.
But the relative importance of these factors changes over time. While during the 2008/09 crisis weak economic fundamentals (such as high current account decifit, worsening underlying fiscal balances, credit boom), a drop in liquidity and a spike in risk aversion contributed to high spreads in Central and Eastern and South-Eastern European (CESEE) countries, a marked improvement in fundamentals (e.g. reduction in fiscal deficit, narrowing of current balances, gradual economic recovery) explains the region’s resilience to financial market spillovers during the euro area crisis. Our generalised variance decomposition analyisis does not suggest strong direct spillovers from the euro area periphery. The significant drop in the CDS spreads between July 2012 and December 2012 was mainly driven by a decline in risk aversion as suggested by the model’s out of sample forecasts.
Itau Asset Management appoints UK boss
January 28, 2014--Itaú Unibanco's asset management business has appointed a new head to its London-based unit, after securing UK regulatory approval around 18 months ago.
The firm has appointed Ken Casey as head of Itaú UK Asset Management, according to a person familiar with the matter.
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Source: Financial News
Love affair with pound to be tested
January 27, 2014--UK fourth-quarter GDP data are published on Tuesday.
The report may add further fuel to the debate about whether the Bank of England will be the first of the large developed economies to raise rates in the current cycle.
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Source: FT.com
Source adds to Beta Plus ETF range
January 27, 2014--Source adds to "Beta Plus" ETF range with Goldman Sachs Equity Factor index, designed to outperform traditional market capitalization-weighted benchmarks
Source is pleased to announce the launch of the Source Goldman Sachs Equity Factor Index World UCITS ETF. The fund offers exposure to an innovative index, developed by Goldman Sachs and designed to outperform traditional market capitalization-weighted benchmarks.
The Goldman Sachs Equity Factor Index World Net TR offers broad global equity exposure emphasising five well-known equity market factors: size, value, momentum, quality and low beta. It aims to deliver consistent outperformance versus market cap benchmarks, on an absolute and risk-adjusted basis.
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Source: Source
UK funds geared up for fees price war
Focus for managers will move to asset growth and efficiency
January 27, 2014--Asset management is one of the most profitable businesses going, despite its ups and downs since the financial crisis.
McKinsey's 2013 report on the industry noted that the average return on equity of 16.5 per cent for asset managers in 2012 dwarfed the returns of banks (9 per cent) and insurers (6.1 per cent). Profit margins are typically in the high 20s (percentage points) and for the most profitable exceed 40 per cent.
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Source: FT.com
SIX Swiss Exchange-State Street Global Advisors to launch 9 new SPDR ETFs on diverse share and bond indices
January 27, 2014--State Street will launch nine ETFS on January 28, 2014 on the Six Swiss Exchange.
First Trading Day: 28.01.2014
Product Name: SPDR Barclays 0-3 Year Euro Corporate Bond UCITS ETF
Underlying: Barclays 0-3 Year Euro Corporate Bond Index
Mgmt Fee p.a. 0.20%
First Trading Day: 28.01.2014
Product Name: SPDR Barclays 0-3 Year US Corporate Bond UCITS ETF
Underlying: Barclays 0-3 Year US Corporate Bond Index
Mgmt Fee p.a. 0.20%
First Trading Day: 28.01.2014
Product Name: SPDR Barclays 0-5 Year US High Yield Bond UCITS ETF
Underlying: Barclays US High Yield 0-5 Year (ex 144a) Index
Mgmt Fee p.a. 0.40%
First Trading Day: 28.01.2014
Product Name: SPDR Barclays 1-3 Year U.S. Treasury Bond UCITS ETF
Underlying: Barclays 1-3 Year US Treasury Bond Index Commerzbank AG
Mgmt Fee p.a. 0.15%
First Trading Day: 28.01.2014
Product Name: SPDR MSCI EM Beyond BRIC UCITS ETF
Underlying: MSCI EM Beyond BRIC Index Commerzbank AG
Mgmt Fee p.a. 0.65%
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Source: SIX Swiss Exchange
New db x-trackers equity index ETF launched on Xetra
ETF tracks German mid caps
January 27, 2014--A new db x-from the ETF section of Deutsche Asset & Wealth Management has been tradable in the XTF segment on Xetra since Monday.
ETF name: db x-trackers Mittelstand & MidCap Germany UCITS ETF (DR)
Asset class: equity index ETF
ISIN: IE00B9MRJJ36
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: Solactive Mittelstand & MidCap Deutschland TRN Index
The db x-trackers Mittelstand & MidCap Germany UCITS ETF (DR) enables investors to participate in the performance of German Mittelstand companies.
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Source: Xetra
Euro area economic and financial developments by institutional sector
January 27, 2014--Household financing and financial investment were broadly unchanged from the previous
quarter (at annual growth rates of 0.8% and 1.8% respectively).
Non-financial corporations' net entrepreneurial income (broadly equivalent to current profits) increased at a higher annual rate (2.3% after -1.1%), while their gross fixed capital formation continued to decrease at broadly unchanged rates (-2.1% after-2.2%).
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Source: ECB
FSA-Temporary restriction in short selling
January 27, 2014--The Financial Conduct Authority (FCA) notifies that it temporarily restricts short selling in the following instrument under Article 23 (1) and 26(4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps.
This follows a decision made by another EU Competent Authority.
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Temporary Short Selling Restriction
Source: FSA.org.uk
Prime Minister Cameron Says Europe Needs to Seize "Re-Shoring" Opportunities
Making a success of globalization is a key challenge for European politicians and business leaders
Jobs previously offshored are slowing coming back, "re-shoring", from East to West
Europe needs cheap and predictable sources of energy, including shale gas, to seize the opportunities presented by re-shoring
The theme of the 44th World Economic Forum Annual Meeting is, The Reshaping of the World: Consequences for Society, Politics and Business
January 24, 2014-- Prime Minister of the United Kingdom David Cameron told participants at the World Economic Forum's Annual Meeting that the key challenge for politicians and business leaders in Europe is how to make a success of globalization.
An emerging trend to accomplish this is "re-shoring" jobs, he said. "There is a chance for Britain to become the re-shore nation. Europe needs to act now to seize the opportunities of re-shoring." He said that a major driver of this trend will be the development of shale gas.
For years, the West has been "written off" and rumours abound that it is facing inevitable decline. "It is the same dystopian vision. The East wins while the West loses; the workers lose while the machines win," Cameron said. "I don’t believe it has to be this way."
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Source: WEF
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