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Turkey's hot money exodus sends currency wars into reverse
July 10, 2013--Turkey's efforts to pull the lira off record lows on Monday are likely to be emulated across emerging markets as central banks fight to avert an exodus of foreign capital driven by the impending turn in US policy.
It's all a far cry from a year or so ago, when emerging market exporters were battling rising exchange rates and Brazil was accusing Western policymakers of waging currency wars by flooding the world with cheap money. Turkey is now tightening its policy as the US Federal Reserve considers reducing the flood of cheap money that has stoked the investment boom in emerging financial markets.
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Source: Today's Zaman
Euro area securities issues statistics
May 10, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.1% in May 2013, compared with -0.3% in April. For the outstanding amount of
quoted shares issued by euro area residents, the annual growth rate was 0.5% in May 2013, compared with 0.3% in April.
New issuance of debt securities by euro area residents totalled EUR 808 billion in May 2013.
Redemptions stood at EUR 716 billion and net issues amounted to EUR 105 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.1% in May 2013, compared with -0.3% in April (see Table 1 and Charts 1 and 3). The annual rate of change of outstanding short-term debt securities was -8.3% in May 2013, compared with -9.2% in April. For long-term debt securities, the annual growth rate was 0.8% in May 2013, compared with 0.6% in April. The annual growth rate of outstanding fixed rate longterm debt securities was 3.6% in May 2013, compared with 3.7% in April. The annual rate of change of outstanding variable rate long-term debt securities was -7.8% in May 2013, the same as in April.
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Source: ECB
UBS lists a new ETF tracking the MSCI World index on the London Stock Exchange
July 10, 2013--UBS Global Asset Management lists a new Exchange Traded Fund (ETF) on the London Stock Exchange: The UBS-ETF MSCI World offers investors efficient exposure to global developed equity markets tracking a widely diversified underlying index.
The UBS-ETF MSCI World index provides investors the opportunity to invest in key companies operating across an extensive variety of sectors and countries via physical replication. The underlying index, the MSCI World, covers over 1,600 leading large and mid-cap companies from 24 industrialized economies. The index captures approximately 84% of the free float-adjusted market capitalisation in each country. The ETF is domiciled in Luxembourg.
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Source: UBS
DB-Synthetic Equity & Index Strategy-Europe-ETF+ Quarterly Directory-Q2 2013 European ETP listings
July 9, 2013--The updated version of the Deutsche Bank European ETP directory is now available. This document includes all European domiciled exchange-traded funds (ETFs) and exchange-traded commodities (ETCs).
The directory is organised by asset class and it has been sorted by benchmark exposure and by ETF issuer, in alphabetical order. A number of key information per product have been included in order to enable the reader to get an overview in their respective area of interest.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Macro headwinds shrink the global ETP market
July 9, 2013--Global Summary
During the month of June, US Federal Reserve Chairman Ben Bernanke's comments regarding QE tapering and softer economic data from China prompted broad risk aversion in global markets. The global ETP industry was impacted by these events, suffering its first global net monthly outflows since April 2012 and closing the month at $1.9 trillion in total assets vs. $2.0 trillion at the end of May. The European ETP industry suffered its fourth successive month of net outflows, ending the month at €274.2bn, -2.1% year-to-date.
Fixed income was at the epicentre of redemptions, suffering a -$9.4bn outflow for the month. Globally, only the equity asset class managed to amass inflows, albeit somewhat anaemic. The total gain of +$5.5bn in equity funds was driven predominantly by Asia-domiciled funds (+$4.8bn) tracking Japanese, Hong Kong and leveraged Korean indices. Commodity ETPs continued to see significant withdrawals of -$4.8bn in June.
European cash flow summary and implementation
Europe: Equities cash flows positive; fixed income suffers outflows for the first time this year
In June European domiciled ETFs experienced their biggest monthly outflows for the year of -€1.1bn. Up to this point, April had been the worst month this year with -€0.3bn in outflows.
Among the three major asset classes only equities could manage to record positive cash flows and collected +€293mn of inflows in June. Within equity segments, developed market (DM) benchmarked ETFs brought in +€2.7bn of cash flows while emerging (EM) benchmarked equity ETFs recorded continuing monthly outflows of -€1.6bn during June. This reflects their relative performance (see Figure 1) and accords with our view that DM will continue to outperform EM in 2013 (The Synthesis, 19-Jun-2013).
Deutsche Bank’s European equity strategists’ preferred developed market exposures cover domestically-exposed cyclical stocks across the Eurozone and UK, together with the US. ETFs tracking the Euro STOXX50, IBEX, FTSEMIB, CAC40, FTSE 250 and S&P 500 will reflect these preferences (see European Equity Strategy, 5-Jul-2013). For a comprehensive list of European listed ETFs please refer to our Quarterly European ETF and ETC Product Directory.
Those investors committed to ongoing EM exposure may wish to mitigate risk through choosing an ETF linked to a minimum volatility EM index (see Trading DB’s Equity View via Synthetic Instruments, 28-Jun-2013).
ETFs benchmarked to fixed income indices saw monthly outflows for the first time in this year recording outflows of -€518mn.
Commodity ETPs continue to shrink and recorded outflows of -€1.8bn over the same period as gold products continue to retreat month after month (-€1.4bn). Our commodity analysts note that the sell-off in gold is still some way short of the price declines that occurred following the collapse in gold prices in the early 1980s. However, at that time real US interest rates rose rapidly as the Fed tightened monetary policy aggressively. We doubt a repeat of such action and consequently view a large part of the gold price correction may be behind us (see Commodities Weekly, 8-Jun-2013)
Other regions’ cash flow summary
US: Fixed income ETPs experience record outflows; commodities suffer ongoing withdrawal of assets
US ETFs experienced outflows of -$8.3bn during June vs. inflows of +$22bn the previous month. Fixed income ETFs witnessed their worst month on record, with outflows of -$8.6bn. Commodity ETPs continued the negative trend and saw outflows of -$2.4bn, notably gold ETPs (-$2.3bn). Equity ETFs managed to gather positive cash flows over the last month with inflows of +$363mn.
Within equities, cashflows of $1.0bn or more accrued to a disparate selection of strategies comprising leveraged long, value, Germany, commodities theme, small caps and broad global developed markets. Most of the inflows from equity ETFs were offset by outflows from broad global emerging markets, financial sector, Hong Kong and large cap focused ETFs recording -$5.3bn, -$1.6bn, -$1.1bn and - $1.1bn of outflows respectively.
Fixed income ETFs experienced record cash outflows of -$8.6bn over the month of June. All the fixed income segments experienced outflows with the exception of money market and shorter duration sovereigns. On a segment level, corporate ETFs saw the biggest outflows (-$3.6bn). Sub-sovereign and sovereign bonds benchmarked ETFs witnessed outflows of -$1.9bn and +$1.7bn respectively, over the same period.
Asia: Japan, Hong Kong and Korea equities see inflows
During the month of June, the Asia-Pacific ETP market experienced monthly cash inflows of +$4.7bn (+$10.8bn YTD in total cash flows). Developed market equity ETFs recorded inflows of +$2.5bn while emerging market equity ETFs registered inflows of +$0.5bn.
ETFs focused on Japan, Hong Kong and South Korea recorded inflows of +$2bn, +$0.5bn and +$0.4bn. In addition, leveraged long strategy ETFs received healthy inflows of +$1.6bn.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Europe ETP de-listings peak as issuers change strategy
July 9, 2013--European exchange-traded product issuers have signalled a change in strategy for the region, as the number of ETP delistings in the first half of 2013 has reached a record high.
Research by consultancy ETFGI shows that 231 ETPs have been de-listed from European exchanges in the first six months of 2013, more than in any full year, and five times the 42 de-listings seen in the US so far this year.
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Source: Financial News
Consultation on information regarding acquisitions and increases in holdings under MiFID
July 9, 2013--Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID) Reference 2013/918.
view the Consultation Paper-Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID)
Source: ESMA
Boost lists five new FTSE ETPs on the London Stock Exchange
July 8, 2013--Boost ETP has listed five new FTSE products in its range of equity short and leveraged ETPs. Two of the new products will track the FTSE250 while the others follow the FTSE100 allowing investors to trade UK large-cap or mid-cap on a short and leveraged basis in one trade.
Hector McNeil, co-chief executive officer of Boost ETP says: “The addition of the unique FTSE 250 ETPs and providing the most comprehensive platform of FTSE 100 S&L ETPs will add significant value to the UK investor community. This is especially the case when we see other European issuers consolidating their offerings.”
Sudir Raju, managing director, ETP Relationships, at FTSE, adds: "The FTSE Short and Leveraged indices are ideal for use in ETPs due to their highly transparent, rules based methodologies. We are delighted to be extending our relationship with Boost through the use of further FTSE indices in their new ETPs."
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Source: FTSE Global Markets
Protocol on the operation of notifications of MiFID Article 41 suspensions and removals of financial instruments from trading
July 8, 2013--ESMA has published the Protocolon the operation of notifications of MiFID Article 41 suspensions and removals of financial instruments from trading.
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Source: ESMA
2013 Article IV Consultation with the Euro Area Concluding Statement of IMF Mission
July 8, 2013--Policy actions over the past year have addressed important tail risks and stabilized financial markets. But growth remains weak and unemployment is at a record high.
Concerted policy actions to restore financial sector health and complete the banking union are essential to reverse financial fragmentation along national borders and support the recovery. While these efforts proceed, continued demand support in the near term and deeper structural reforms throughout the euro area remain instrumental to raise growth and create jobs.
1. Important actions at both the national and euro-wide levels have tackled the immediate threats to the single currency evident at this time last year. The ECB’s Outright Monetary Transactions framework helped address severe market distortions and improve the efficiency of monetary policy. The completion of the ESM firewall, the extension of official loan maturities to program countries, the improvement in the policy coordination framework, and the agreements on Greece and Cyprus have also been instrumental in combating the crisis. And national governments have made progress in restoring the health of public finances and implementing structural reforms. Together, these actions have helped tackle dangerous tail risks for EMU and led to positive spillovers outside the euro area.
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Source: IMF
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