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IMF warns against big bank deleveraging in Europe
April 18, 2012--Growing pressure on European banks to clean up their books could deeply impact economic growth in the eurozone, the International Monetary Fund warned Wednesday.
Though Europe's policymakers have taken important steps to address the public debt crisis, the pressure on banks to reduce their balance sheets could have negative consequences on output, the IMF said in its twice-yearly Global Financial Stability Report.
Pressures from the eurozone debt crisis and regulatory needs to strengthen capital cushions to regain investor trust are driving a broader effort to reduce balance sheet size, the report said.
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Source: EUbusiness
Wen says China to 'firmly support' efforts to maintain euro
April 18, 2012--China will firmly support efforts to maintain the stability of the euro and the European economy, Premier Wen Jiabao told German Chancellor Angela Merkel Wednesday, state media said.
In a telephone conversation with Merkel on the European debt crisis, Wen said China had always had confidence in Europe's economy and the stability of the single currency, Xinhua news agency reported.
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Source: EUbuisness
A new EDHEC-Risk survey reveals that "transparency, information and governance" tops the list of concerns for European fund management industry professionals in the area of non-financial risk management
April 17, 2012--More than 160 high-level European fund management industry professionals were surveyed by EDHEC-Risk as part of the "Risk and Regulation in the European Fund Management Industry" research chair, sponsored by CACEIS.
For the respondents to this survey, entitled "Shedding Light on Non-Financial Risks – a European Survey," the main causes of the increase in non-financial risks are firstly the growing sophistication of operations (a cause considered important by 77% of respondents), followed by the reduced capacity of some intermediaries to guarantee deposits (59%), unclear or inappropriate regulation (57%) and finally the total absence of responsibility of management companies regarding restitution (53%).
The main message from this study is that the regulatory priorities for the respondents relate to themes to which the regulator has paid less attention in recent work, notably AIFMD. For the respondents, "transparency, information and governance" are the priority for the regulation of non-financial risks, followed by the financial responsibility of the industry. On the latter point, it is important to stress the recognition that non-financial risks are largely the consequence of the fund manager’s decisions.
view the EDHEC-Risk Institute Publication Shedding Light on Non-Financial Risks-a European Survey
Source: EDHEC
March 2012--Euro area annual inflation stable at 2.7%
April 17, 2012--Euro area1 annual inflation was 2.7% in March 2012, unchanged compared with February2. A year earlier the rate was 2.7%. Monthly inflation was 1.3% in March 2012.
EU3 annual inflation was 2.9% in March 2012, unchanged compared with February. A year earlier the rate was
3.1%. Monthly inflation was 1.1% in March 2012.
These figures come from Eurostat, the statistical office of the European Union.
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Source: Eurostat
LME Eyes Renminbi Move for Metals
April 16, 2012--The London Metal Exchange is considering offering traders the chance to settle its contracts in the Chinese renminbi, a move that could lead to its dropping sterling after 135 years.
The move, still at an early stage of discussion, would highlight the shift in power in global metals markets.
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Source: CNBC.com
Spanish minister admits to recession
April 16, 2012--Spain's economy minister admitted that the country has probably tipped into its second recession since 2009, as government debt yields climbed back towards danger levels on Monday on concerns that Madrid will miss its strict budget deficit targets.
Official data on total economic output in the first three months of this year is not due until April 30.
However, Economy Minister Luis de Guindos said gross domestic product (GDP) was likely to have fallen a similar amount to the October-December period of 2011, when the economy shrank 0.3% quarter-on-quarter.
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Source: FIN24
Credit Suisse moves to up the ante in physical ETF market
April 16, 2012--Swiss bank Credit Suisse has converted the majority of its synthetic exchange-traded funds to the physical model in an aggressive push into the physical ETF market in Europe.
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Source: efinancial news
ETF Stat March 2012 -Borsa Italiana
April 16, 2012--The ETF Statistics of the ETF Plus Market for the month of March 2012 are now available.
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Source: Borsa Italiana
Deutsche Boerse sees volatility boosting sales-paper
April 14, 2012--Deutsche Boerse expects derivatives market volatility to resume in the coming months, providing a fillip to the Frankfurt stock exchange operator's revenue, its chief financial officer told a German newspaper.
"In the first three months, trading volumes at (derivatives platform) Eurex fell by 16 percent and we'll have to see how it develops further," Gregor Pottmeyer told financial daily Boersen Zeitung in an interview published on Saturday.
"The decisive factor will be whether volatility picks up. We assume it will in the coming quarters so that trading revenue also rises," Pottmeyer said. "We still expect growth this year."
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Source: Reuters
S&P affirms U.K. ratings at 'AAA/A-1+', outlook is stable
April 13, 2012--Overview
In our view, the U.K. has a wealthy, open, and diversified economy, supported by effective political institutions that can react quickly to economic challenges.
We expect economic policy to continue to focus on closing the fiscal gap, and we forecast the U.K. government's net debt burden to peak in 2014.
The U.K. benefits from what we see as a large liquid market for
government debt issuance, entirely funded in domestic currency at long maturities.
We are therefore affirming our 'AAA/A-1+' long- and short-term unsolicited sovereign credit ratings on the U.K.
The stable outlook reflects our current expectation that the U.K.
government will implement the bulk of its fiscal consolidation program and that economic growth will not falter more than what we currently project.
Rating Action
On April 13, 2012, Standard & Poor's Ratings Services affirmed its 'AAA' long-term and 'A-1+' short-term unsolicited sovereign credit ratings on the United Kingdom (U.K.) The outlook remains stable. The transfer &
convertibility (T&C) assessment on the U.K. remains at 'AAA'.
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Source: Rueters
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