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Boost Research-Rising bond yields pose macro risks for Eurozone equities
June 17, 2013--Rising borrowing costs revive concerns over the state of overleveraged balance sheets in the Eurozone. The banking sector is driving the negative sentiment as higher interest rates may
hinder their ability to restructure.
As a result, bank stocks and industrial stocks reliant on bank funding appear vulnerable in this environment. Investors may consider a short leveraged position in Eurozone equities using the Boost EURO STOXX 50 3x Short Daily ETP (3EUS).
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Source: Boost
Source lists 4 products in GBP on the LSE
Source Broadens Product Range For Sterling Investors
June 17, 2013-- Source is pleased to announce that four more of its market-leading exchange traded products have been admitted to trading, in GBP, and are on the London Stock Exchange.
The new GBP listings include the accumulating and dividend distributing share classes of the recently launched Source Morningstar US Energy Infrastructure MLP UCITS ETF and two of Source’s largest US sector ETFs: Financials S&P US Select Sector Source ETF and Technology S&P Select Sector Source ETF. These listings bring the number of Source listings available in GBP to eleven.
"ETFs are now attracting a wider group of investors in the UK,” says Source CEO Ted Hood. “We are keen to offer access to key markets and interesting investment themes and opportunities in sterling, thereby avoiding the need to do a separate FX transaction.”
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Source: Source ETFs
Uneasy week awaits stock market amid escalating protests
June 16, 2013--The escalation of anti-government protests that soared on Saturday night upon the intervention of police to scatter demonstrators in Gezi Park is expected to have a negative impact on the stock market, causing the market to lose value, which it had recovered on Friday.
Violent protests over an İstanbul urban development program, which spread to various cities over the past two weeks, fueled a sharp sell-off in the main benchmark index Bourse İstanbul (BIST). Up until Friday, the political unease had dented Turkish stocks by more than 20 percent since May 31. Shares traded on the BIST gained 3.42 percent at 79,100 points in the afternoon session on Friday.
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Source: Todays Zaman
Markets recoup losses, CB slashes growth target
June 14, 2013--Turkish markets rose on hopes that the protesters who are opposing the demolition of Gezi Park would back down while the country's central bank slashed its year-end economic growth target by 0.2 percentage points on Friday.
Violent protests over an İstanbul urban development program sparked in different cities over the past two weeks, fuelling a sharp sell-off in the main benchmark index Bourse İstanbul (BIST). Up until Friday, the political unease had dented Turkish stocks by more than 20 percent since May 31. Shares traded on the BIST gained 3.42 percent at 79,100 points in the afternoon session on Friday.In signs welcoming the apparent easing of tensions, the lira rose for a third straight day to pre-protests level while bond yields dropped. The lira rose against foreign currencies, with one US dollar trading at TL 1.85 and one euro trading at TL 2.4. The two-year benchmark yield dropped to as low as 6.09 percent on Friday.
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Source: Todays Zaman
OFT clears BlackRock/Credit Suisse ETF merger
June 14, 2013--The Office of Fair Trading has given the green light for BlackRock's acquisition of Credit Suisse's exchange traded funds (ETF) business.
The move comes after the trade body said in May it needed more time to look into the deal, to assess the potential effects the merger would have on the market and to determine how the combined entity would affect competition, product choice and pricing.
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Source: CityWire
Lyxor appears shaken after chairman departure
June 14, 2013--The future of Lyxor, the €
75bn French asset manager owned by Société Générale, appears uncertain following the departure this week of its long-serving chairman, the fourth senior executive to leave within the past six months.
After a decade as Lyxor’s chairman, Alain Dubois is leaving to join MSCI, amid rumours of disagreements over strategy with Inés de Dinechin, the chief executive who replaced Laurent Seyer in March 2012.
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Source: FT.com
EU states in deal on market rules-EU official
Final rules to be negotiated with lawmakers
Rules introduce limits on commodities positions
New breed of derivatives platforms to be created
Rules allow EU to catch up with United States
June 13, 2013--European Union states struck a deal on Thursday to overhaul the bloc's stock, bond, derivatives and commodities markets, an EU official said, ending a near two-year deadlock.
Ambassadors from the 27 member states meeting in Brussels agreed to update rules known as MiFID to catch up with trading technology and plug supervisory gaps highlighted by the financial crisis four years ago.
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Source: Reuters
EU11 Growth Drops in 2012 and Remains Slow in 2013 Amid Weak External Confidence
June 13, 2013--The economic growth of the EU11[1] region fell in 2012 and will remain slow in 2013 due to the continued recession in the Euro area and subsiding domestic demand, says the World Bank's latest EU11 Regular Economic Report.
“The recession in the Euro area and weak domestic demand dampened EU11 economic performance in 2012. Overall, the EU11 year-on-year growth rate dropped from 3.1 percent in 2011 to 0.8 percent in 2012,” said Gallina Vincelette, Senior Economist in the World Bank’s Europe and Central Asia region and lead author of the report. “However, the EU11 region is still growing faster than the EU15[2], whose economic activity contracted 0.4 percent last year.”
view the World Bank EU11 Regular Economic Report
Source: World Bank
EU27 Foreign Direct Investment-Over 60% of investments from the rest of the world into the EU27 came from the USA in 2012
June 13, 2013--Foreign Direct Investment1 (FDI) from the EU272 to the rest of the world reached 171 billion euro in 2012, while investment from the rest of the world into the EU27 was 159 bn in 2012.
Investment from the euro area (EA17)2 to the rest of the world amounted to 238 bn while investment from the rest of the world into the euro area was 193 bn.
In 2012, the main destinations of EU27 investments were the Offshore financial centres3 (18 bn euro), Canada and India (both 16 bn), the USA (15 bn), China and Hong Kong (both 10 bn) and Russia (9 bn). Disinvestments were recorded with Switzerland (-3 bn) and Japan (-2 bn).
The main investor into the EU27 was by far the USA (99 bn), followed by Canada (19 bn), Japan (8 bn), Russia and Hong Kong (both 7 bn). Disinvestments were registered with Switzerland (-6 bn), India (-3 bn) and Brazil (-1 bn).
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Source: Eurostat
Stop talking and act on financial services reform, MEPs tell member states
June 12, 2013--MEPs on Wednesday took aim at member states and, to a lesser degree, the Commission, for holding up financial services reforms.
A number of MEPs said EU countries were unable to translate their words into deeds and many stressed that the lack of progress was undermining confidence in the EU.
A resolution clearly identifying the legislation which is blocked in Council or delayed by the Commission will be voted on Thursday.
Opening the debate, Sharon Bowles (ALDE, UK), chair of the economic and monetary affairs committee, accused the Council of "eating up all the time" available until the European elections by always trying to reach consensus among member states..
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Source: European Parliament
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