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UK markets supervisor rejects EU regulatory guidance
August 26, 2013--The new UK markets supervisor has for the first time rejected formal EU guidance on financial regulations this summer, adopting alternative rules that favour bankers and brokers.
The Financial Conduct Authority, which opened in April, has broken publicly with the formal EU interpretation of two different rules in the past three months, in moves which City experts have linked to the government’s recent tougher stance on Europe.
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Source: FT.com
First DAX ETF launches on London Stock Exchange
ETF will give investors direct exposure to leading German stocks
First ever DAX-based Exchange Traded Fund to list in London
August 23, 2013--London Stock Exchange today welcomes the db x-trackers DAX UCITS ETF (DR), the first Exchange Traded Fund (ETF) based on DAX, the blue-chip German equity index, to list in London. Launched by Deutsche Asset & Wealth Management, the physical ETF will give UK-based investors their first ever opportunity to gain direct exposure, via an exchange traded product, to the leading German index.
DAX-based ETFs are exceptionally popular in their domestic market, Germany, where they dominate as the most traded ETFs. The DAX index reflects the largest and most actively traded German companies listed on the Frankfurt Stock Exchange, including global brands such as Siemens, SAP, Bayer and Volkswagen.
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Source: London Stock Exchange
ETFS, Royal Mint to Offer Investors Gold Securities for Coins
August 22, 2013--Exchange-traded product provider ETF Securities has partnered with The Royal Mint of Great Britain to offer retail investors the ability to exchange Gold Bullion Securities listed on the London Stock Exchange for physical bullion coins, the company said Thursday.
Investors will be able to swap Gold Bullion Securities for Sovereigns and Britannias, investment grade bullion coins produced by The Royal Mint, ETFS said in an emailed statement. While investors can take delivery of metal held in gold-backed ETP's, ETF Securities said it is the first provider to offer this particular service.
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Source: Menafn.com
Markets tumble as Turkey scrambles to halt lira slide
August 22, 2013-Turkish main benchmark index extended losses in a second-day losing streak as the local currency crept slightly above record lows on Thursday.
Shares traded on Bourse İstanbul (BIST) were down 2.3 percent at 68.114 points, hovering around nine months' lowest. The rout in Turkey and emerging markets gathered pace on Thursday after a sharp spike in US debt yields lifted borrowing costs globally. Turkey's lira edged back from a record low on Thursday after the central bank sold $700 million in a forex auction as part of additional monetary tightening steps to try to stem a slide in the currency.
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Source: Today's Zaman
Eurozone activity picks up sharply in August
August 22, 2013--Eurozone activity picked up sharply in August to a 26-month high as the battered economy climbed out of a damaging recession, a closely watched survey showed on Thursday.
Analysts said the report confirmed that the 17-nation eurozone was finally turning the corner after a downturn made worse by a debilitating debt crisis cost millions of jobs and tested the single currency bloc to the limit.
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Source: EUbusiness
BNP Paribas revives "originate to distribute" for commodities
August 22, 2013--BNP Paribas is taking part of its commodity trade book off balance sheet, in a new deal called Lighthouse Trade Finance 1, reviving the "originate to distribute" business model.
It has sold a securitisation of USD131.6m of commodity transport receivables, the first in a planned series of deals from the bank's Energy and Commodities group. The deal removes the receivables from the French bank's accounting and regulatory balance sheet, which should allow it to originate more commodity trade finance than its increasingly constrained balance sheet allows.
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Source: Reuters
HM Treasury-Forecasts for the UK economy:
August 21, 2013--This edition of the comparison contains 21 new forecasts, all of which were received between August 1st and August
14th 2013.
The tables summarise the average and range of independent forecasts for 2013 and 2014 and show
the average of this month’s new forecasts.
view the Forecasts for the UK economy: a comparison of independent forecasts
Source: HM Treasury
ECB's Weidmann warns against dangers of euro exit
August 21, 2013--European Central Bank council member and Bundesbank President Jens Weidmann warned in a magazine interview on Wednesday against the dangers of a country leaving the eurozone.
"What vexes me is how recklessly people invoke such a scenario," Weidmann told the German monthly Capital in a pre-release of an interview to be published on Thursday.
An exit from the euro would have grave consequences for the countries affected, as well as for everyone else," the German central bank chief warned.
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Source: EUbusiness
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
August 21, 2013--The most recent issue of the European Weekly ETF Market Review is now available.
The report includes key statistics on the European ETF market as well as global ETF market highlights. For more detailed coverage please refer to the monthly report, issued in the first week following the end of each month.
request report
Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
IMF Working Paper-The Driving Force behind the Boom and Bust in Construction in Europe
August 21, 2013--Summary: This paper studies the factors behind pro-cyclical but widely varying construction shares (as a percent of GDP) across countries, with a strong focus on European countries. Using a dataset covering 48 countries (including advanced and emerging economies within and outside Europe) for 1990-2011, we find that country's geography, demographics, and economic conditions are the key determinants of a norm around which actual construction shares revolve in a simple AR(1) and error-correction process.
The empirical results show that in many European countries, construction shares overshoot relative to their norms before the recent global crisis, but they have fallen significantly since the crisis. Nevertheless, there is still room for further adjustment in construction shares in some countries which may weigh on economic recovery.
view the IMF Working Paper-The Driving Force behind the Boom and Bust in Construction in Europe
Source: IMF
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