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Boost Research-Macro Outlook-Equities as the new safe haven? Strengthening cash-flows amidst
May 15, 2013--Summary
Strong cash flows and company balance sheets give equities a potential safe haven status, with lower downside risk than bonds or commodities
Competitive dividend yields reflect a low growth environment and an overly risk averse corporate management style
Until extraordinary monetary stimulus unwinds, the relative high equity yield is expected to potentially offer investors better risk adjusted yields than bonds or gold
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Source: Boost ETP Research
Flash estimate for the first quarter of 2013-Euro area GDP down by 0.2% and EU27 down by 0.1%, -1.0% and -0.7% respectively compared with the first quarter of 2012
May 15, 2013--GDP fell by 0.2% in the euro area1 (EA17) and by 0.1% in the EU271 during the first quarter of 2013, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union.
In the fourth quarter of 2012, growth rates were -0.6% and -0.5% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 1.0% in the euro area and
by 0.7% in the EU27 in the first quarter of 2013, after -0.9% and -0.6% respectively in the previous quarter.
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Source: Eurostat
Eurozone trapped in austerity-led recession
May 15, 2013-- The dogged recession across the eurozone has snared key economy France, with the latest EU figures released Wednesday showing a full year-and-a-half of contraction as tens of millions languish in unemployment.
In Brussels, French President Francois Hollande tipped 'zero' growth on the national level, blaming an EU-wide, German-led austerity trap -- and hitting out at banks for holding back on lending as he and fellow leaders battle to unlock taxable assets hidden in offshore bank vaults or breathe life into training programmes for Europe's disillusioned youth.
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Source: EUbusiness
DB-Synthetic Equity & Index Strategy-ETF Research-European Weekly ETF Market Review
May 15, 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.
request report
Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Lyxor cuts equity ETF fees further
May 15, 2013--Lyxor Asset Management has reduced the fees on two more of its core equity exchange traded funds in an attempt to make them more competitive, according to a note sent to clients on Monday.
The note, seen by Financial News, said Lyxor had halved the total expense ratio for its FTSE 100 ETF to 15bps from 30bps and reduced the total expense ratio on its euro and US dollar denominated SS&P 500 ETFs from 20bps to 15bps
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Source: Financial News
Fund managers split on Dax's upwards trend
Not all managers are sticking to Germany's stock market-despite its recent upwards trend.
May 15, 2013--Germany's stock market reached its highest point ever last Friday but fund managers speaking to Citywire Global in the week immediately afterwards are mixed on their outlook.
Eurostars A-rated Robert Smith, manager of the Baring German Growth Trust EUR Acc+ fund, said that the Dax could reach over the 10,000 level in the next year if corporate earnings were to improve.
Dax at 10,000
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Source: CityWire
Euro area securities issues statistics
May 14, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from 0.4% in February 2013 to 0.0% in March.
For the outstanding amount of
quoted shares issued by euro area residents, the annual growth rate decreased from 0.8% in February 2013 to 0.5% in March.
New issuance of debt securities by euro area residents totalled EUR 738 billion in March 2013.
Redemptions stood at EUR 734 billion and net redemptions amounted to EUR 2 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents decreased from 0.4% in February 2013 to 0.0% in March
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Source: ECB
NASDAQ OMX Successfully Delivers SMARTS To Financial Conduct Authority (FCA) To Enhance Market Surveillance Capabilities
May 14, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and the Financial Conduct Authority (FCA), an independent body that regulates the financial services industry in the United Kingdom, today announced that the FCA has officially gone live with NASDAQ OMX's SMARTS Integrity market surveillance platform to enhance its monitoring of transaction reports across the UK's financial markets.
SMARTS Integrity provides the FCA with a surveillance platform for the detection of market abuse across financial instruments admitted to trading on regulated or prescribed markets including any underlying derivatives. The FCA is leveraging the scalable and extensible NASDAQ OMX platform to enhance its coverage of current and future European legislation such as the Markets in Financial Instruments Regulation (MiFIR) and Market Abuse Regulation (MAR). (NASDAQ OMX was originally selected in September 2012.)
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Source: NASDAQ OMX
Markets Insight: Cultures clash in Istanbul
Western regulatory medicine does not suit all
May 14, 2013--The cliches are apposite: Istanbul is where cultures collide. Europe meets Asia; Christian history meets Islam. It is also where financial market cultures clash.
Encouraging local capital and currency markets in emerging economies is a top priority for the European Bank for Reconstruction and Development, which has just held its annual meeting among the minarets in the sprawling Turkish city on the Bosporus.
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Source: FT.com
Council adopts new rules on credit rating agencies
May 13, 2013--The Council today1 adopted a directive and a regulation amending the EU's rules on credit rating agencies (CRAs) (
69/12 and 70/12).
Adoption of the legislation follows agreement reached with the European Parliament at first reading on 27 November 2012, and subsequent approval by the Permanent Representatives Committee on 5 December 2012.
The directive and regulation amend existing legislation on CRAs in order to reduce investors' over-reliance on external credit ratings, mitigate the ri sk of conflicts of interest in credit rating activities and increase transparency and competition in the sector.
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Source: The Council of the European Union
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