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Monetary developments in the euro area-July 2012
August 27, 2012--The annual growth rate of the broad monetary aggregate M3 increased to 3.8% in July 2012, from 3.2% in June 2012.1
The three-month average of the annual growth rates of M3 in the period from May 2012 to July 2012 increased to 3.4%, from 3.0% in the period from April 2012 to June 2012.
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Source: ECB
EU rules will not kill complex Ucits
August 26, 2012--New European investment rules are expected to do little to stop fund managers creating vehicles based on complex and opaque financial indices that have been criticised as a potential threat to the integrity of the Ucits brand.
The EU’s existing Ucits rules ban the physical shorting of stocks or trading in commodities or commodity futures, largely to protect smaller investors from excessive volatility.
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Source: FT.com
Brink's to Open One of Largest Bullion Vaults as ETPs Climb
August 24, 2012--The Brink's Co. (BCO), which stores and transports bullion, is set to open one of the world's largest precious metals vaults in the London area within the next month, at a time when investors' gold holdings are at a record.
The firm plans to open the facility with a major London clearing company and is considering opening another vault next year, Orit Eyal-Fibeesh, managing director for Brink’s in the U.K., said in an e-mail yesterday. The vault will be able to hold a “very substantial” amount of metal, she said, without being more specific.
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Source: Bloomberg Business Week
British economy shrinks by 0.5%
August 24, 2012--Britain's economic output fell by 0.5% in the second quarter, which was better than previously thought but still left the country mired in recession, official data showed on Friday.
"UK gross domestic product (GDP) in volume terms decreased by 0.5% in the second quarter of 2012, revised from the previously estimated 0.7% decline," the Office for National Statistics (ONS) said in a statement.
Smaller-than-expected falls in the production and construction sectors were behind the revision.
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Source: FIN24
Bucharest Stock Exchange-On August 29 starts trading the first ETF of the Romanian capital market
August 24, 2012--On August 29 starts trading the first ETF of the Romanian capital market Bucharest Stock Exchange (BVB) announces the trading start of the fund units of the Open Investment Fund ETF BET Tradeville (symbol: TVBETETF; ISIN: ROETF0000019)
on the BVB regulated market as of August 29,2012.
ETF BET Tradeville is the first ETF listed on the Bucharest Stock Exchange, which diversifies the investment options available on BVB.
Issuer details:
name: SAI Vanguard Asset Management SA
address: 34-36 Carol I Blvd., IBC Modern Building, 10th floor, 2nd District, Bucharest
web site: www.sai-vanguard.ro
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Source: Bucharest Stock Exchange
Total net assets of UCITS increased in June by 0.3%, while non-UCITS net assets increased 2.2%
August 23, 2012--The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet*, which provides investment sales and asset data for June 2012.
24 associations representing more than 97 per cent of total UCITS and non-UCITS assets at end June 2012 provided us with net sales and/or net assets data. The main developments in June 2012 in the reporting countries can be summarised as follows:
Net sales of UCITS recorded a sharp turnaround in June registering net outflows of EUR 33 billion, against net inflows of EUR 22 billion in May. This turnaround came on the back of large net outflows from money market funds.
Long-term UCITS (UCITS excluding money market funds) registered net outflows in June of EUR 9 billion, compared to net inflows of EUR 8 billion in May.
Bond funds saw net inflows reduce to EUR 5 billion from EUR 20 billion a month earlier.
Outflows from balanced funds increased to EUR 3 billion during the month.
Equity funds, however, recorded reduced net outflows totaling EUR 9 billion, compared to EUR 12 billion in May.
view the EFAMA INVESTMENT FUND INDUSTRY FACT SHEET-JUNE 2012
Source: European Fund and Asset Management Association (EFAMA)
Markit Flash Eurozone PMI(R)-Downturn in Eurozone economy extends into seventh month
August 23, 2012--Flash Eurozone PMI Composite Output Index(1) at 46.6 (46.5 in July). Seventh straight contraction.
Flash Eurozone Services PMI Activity Index(2) at 47.5 (47.9 in July). Two-month low.
Flash Eurozone Manufacturing PMI(3) at 45.3 (44.0 in July). Four-month high.
Flash Eurozone Manufacturing PMI Output Index(4) at 44.6 (43.4 in July). Two-month high.<
Data collected 13-22 August.
The Markit Flash Eurozone PMI(R)Composite Output Index -based on around 85% of usual monthly replies-was broadly unchanged at 46.6 in August, from a final reading of 46.5 in July.
The index has now signalled a contraction of the Eurozone private sector for seven successive months.
Output declined in both the manufacturing and service sectors, with manufacturers again reporting by far the steeper pace of contraction. However, while the pace of decline in manufacturing output eased slightly since July, that signalled for services business activity accelerated.
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Source: Markit
HSBC acts on securities lending profits
August 23, 2012--HSBC Global Asset Management has decided to return all profits from securities lending operations across its entire Ucits fund range to investors ahead of the implementation of new European rules governing stock lending activities.
“It is a decision we made based on what we felt was appropriate for this firm and our clients,” said Sri Chandrasekharan, chief executive of HSBC Global Asset Management in an interview with Ignites Europe.
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Source: FT.com
FSA proposes to ban the promotion of UCIS and similar products to ordinary retail investors
August 22, 2012--The Financial Services Authority (FSA) has published proposals to ban the promotion of Unregulated Collective Investment Schemes (UCIS) and similar products to the vast majority of retail investors in the UK.
The proposed rules mean that, in the retail market, promotions will generally be restricted to sophisticated investors and high net worth individuals for whom the products are more likely to be suitable.
Currently, UCIS can be promoted to ordinary retail investors if an adviser first assesses the product’s suitability. In effect, today’s consultation paper should prevent firms from marketing UCIS to ordinary retail customers, even in the context of financial advice.
Russia finally joins WTO
August 22, 2012--After 18 years of negotiation, Russia on Wednesday entered the World Trade Organisation (WTO), which restricts import duties and subsidies in an attempt to create a level playing field for international trade.
Analysts and politicians hope that Russia, which has long proven a formidable market to foreign investors because of its byzantine bureaucracy and protectionist tariffs, would be transformed by its entry into the WTO.
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Source: FIN24
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