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ECB-Monetary developments in the euro area
December 29, 2011--The annual growth rate of the broad monetary aggregate M3 decreased to 2.0% in November 2011, from
2.6% in October 2011.1 The three-month average of the annual growth rates of M3 in the period from
September 2011 to November 2011 decreased to 2.5%, from 2.8% in the period from
August 2011 to October 2011.
M3 components
Regarding the main components of M3, the annual growth rate of M1 increased to 2.1% in November 2011, from 1.7% in October. The annual growth rate of short-term deposits other than overnight deposits (M2- M1) decreased to 2.1% in November, from 2.3% in the previous month. The annual growth rate of marketable instruments (M3-M2) decreased to 1.1% in November, from 7.8%in October. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.0% in November, compared with 2.1% in the previous month, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.4% in November, from 1.8% in the previous month.
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Source: ECB
Bank regulation battle focuses on liquidity
December 29, 2011--When UK regulators pressed ahead last year with requirements for banks to hold a buffer of easy-to-sell assets against a potential market crisis, bankers in London made no bones about their unhappiness.
They complained that the UK Financial Services Authority was making them uncompetitive by forcing them to hold low-yielding assets such as gilts and warned that the damage to their revenue would force them to reduce lending.
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Source: FT.com
20 new Commerzbank ETNs launched on Xetra
December 28, 2011--Twenty new exchange-traded notes (ETNs) issued by Commerzbank AG have been tradable on Xetra since yesterday.
The 20 new exchange-traded notes track both the positive and the inverse performance of the benchmarks MDAX Futures and TecDAX Futures with a leverage factor of three or four in each case, as well as the performance of the benchmarks Euro-Bund Futures and Euro-Schatz Futures with respective leverage factors of five, ten and 15.
The underlying strategy indices track the price movement of the reference entity and also consist of a leverage component and an interest rate component.
ETNs are tradable notes that track the performance of underlying reference indices outside of the commodities sector and provide investors with access to additional asset classes
Deutsche Börse’s ETN segment product range currently comprises 111 instruments. The monthly trading volume of ETNs on Xetra averages around €100 million.
view List of new ETNs
Source: Xetra/FWB
From trough to peak: Turkey's inflation experience in 2011
December 27, 2011--2011 was certainly a year of economic achievements for Turkey. Its gross domestic output (GDP) boomed and joblessness visibly declined even though the government opted for fiscal discipline and refrained from creating a pro-growth and pro-employment impact on the market through more public spending
The executive's efforts, accompanied by a set of measures the Central Bank of Turkey has taken, also proved effective in the country's fight against the current account deficit (CAD). Yet Turks will probably remember 2011 more for its sour legacy to be bequeathed to next year: Inflation.
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Source: Todays Zaman
German economy 'downright robust'
December 27, 2011--The German economy is starting the new year in "downright robust" form, Economy Minister Philipp Roesler said in a newspaper interview on Tuesday.
"Our economy is downright robust, even if the environment, both at an international and a European level, has become more difficult," Roesler told the business daily Handelsblatt.
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Source: FIN24
Spain economy shrinks, outlook bleak
December 27, 2011--- Spain's economy will shrink in the last quarter and faces a bleak outlook for the coming months, its new economy minister warned on Monday, heightening fears of a fresh recession.
Luis de Guindos dampened already gloomy expectations for the economy as the new conservative government got to work on its programme of tough spending cuts.
"This quarter the Spanish economy will surely see a downturn and we will return to negative growth," he told reporters.
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Source: FIN24
UK Hopes Ring-Fence Banking Will Safeguard Against Collapse
December 26, 2011--The rest of the European Union will be watching the U.K. closely as it implements a series of banking reforms in an attempt in mitigate what was identified as serious vulnerabilities in the system.
Last week, U.K. Chancellor of the Exchequer (treasury secretary) George Osborne told Parliament that banks will have to ring-fence cash for families and small businesses to stop money being sucked away by speculative investments.
Ring-fencing is part of the coalition government’s decision to implement key recommendations from the Independent Commission on Banking (ICB) report headed by Sir John Vickers.
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Source: Globe and Mail
Synthetic ETFs do not pose systemic risk but more investor education needed, says SSgA’s Eleanor Hope-Bell
December 23, 2011--There can be no doubting the popularity of ETFs. As an asset class it has grown substantially in recent years.
According to data in BlackRock’s ETF Landscape Industry Review for end of Q1 this year the number of global ETFs has risen from around 1,200 in 2007 to 2,500 in 2010.
However, in recent months voices of concern have been getting louder, perhaps reaching a crescendo recently when a rogue trader was exposed at UBS.
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Source: ETF Express
France leads world as gloomiest over economy
December 23, 2011-- France leads the world as the "most pessimistic" country in terms of the economic outlook, with the lowest recorded score in more than 30 years, according to a global poll published on Friday.
The "End of Year" survey by Gallup International of 51 countries found that France beat second placed Ireland and third placed Austria for the dubious recognition as most pessimistic, economically-speaking.
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Source: FIN24
UK economy grows faster than forecast
December 22, 2011--The economy unexpectedly grew faster than first thought between July and September, thanks to stronger services and construction output, the Office for National Statistics said on Thursday.
However, the economy did not grow at all in the second quarter, and economists forecast a sharp slowdown at the end of this year and early in 2012.
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Source: FIN24
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