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Euro area economic and financial developments by institutional sector
July 28, 2011--In the first quarter of 2011, the annual growth rate1 of net disposable income in the euro area
increased to 4.0%, compared with 2.8% in the fourth quarter of 2010 (see Annex, Table 1). The annual
growth rate of final consumption in the euro area increased to 2.7% in the first quarter (2010q4: 2.4%). Gross fixed capital formation increased by 6.7% in the first quarter of 2011, compared with 2.6% in the
previous quarter.
The annual growth rate of households’ gross disposable income increased to 2.4% in the first quarter of
2011, from 1.6% in the previous quarter (see Table 2). The annual growth rate of households’
consumption expenditure was 3.2% in the first quarter compared with 3.3% in the previous quarter. The
annual growth rate of households’ gross saving was -3.0% in the first quarter compared with -8.9%
previously. The households’ gross saving rate2 stood at 13.5%, compared with 14.8% in the first quarter of
2010. The annual growth rates of financing and financial investment decreased to 2.3% and 2.6%
respectively in the first quarter of 2011 (2010q4: 2.7% and 2.9% respectively). Households’ net worth3
increased by 2.9% in the first quarter, compared with 3.9% in the previous quarter.
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Source: ECB
ESMA publishes a statement on disclosures related to sovereign debt to be included in IFRS financial statements
July 28, 2011--According to European Regulation no 1095/2010 establishing the European Securities and Markets Au-thority (ESMA), ESMA shall act in the field of financial reporting, to ensure the effective and consistent application of European Securities and Markets legislation.
As a result of recently increased market interest in sovereign debt, ESMA has increased its coordination of the monitoring activities of competent authorities in response to the specific market circumstances and developments in this area.
Consequently, ESMA would like to stress the need for enhanced transparency in European listed issuers’ interim and annual financial statements using International Financial Reporting Standards (IFRSs). In doing this, ESMA would point out that IFRSs are issued by the International Accounting Standards Board, and the IFRS Interpretations Committee provides the authoritative guidance on the interpretation of IFRSs. Consequently this statement should not be understood as constituting guidance or recommenda-tions on IFRS, but rather as assisting issuers in preparing disclosures on sovereign debt.
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Source: ESMA
Source Assets Top US$10 billion
July 27, 2011--Source, the specialist provider of Exchange Traded Products (ETPs), is pleased to announce that assets in its 93 products now total over US$10bn
Source was founded to bring efficiency, liquidity and transparency to the European ETF market,” commented Source CEO Ted Hood. “This landmark is proof that our approach is working. Source’s multi-counterparty platform and robust ETF structure have quickly won investors’ approval.
Since its launch in April 2009, Source has been one of the fastest growing European ETP providers. Source has also delivered liquidity, with some of the most actively traded products in the market. “Assets under management don’t tell the whole story,” added Hood. “In the two years since launch, we’ve seen turnover of over US$240 bn in Source products, a strong signal from the investment community that these are the products they want to trade.”
Source brings together some of the trading houses, market makers and asset managers. Source’s partners include BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, Nyenburgh and 18 other market makers, as well as asset managers PIMCO and Man GLG. In equity ETFs, Source’s market leading swap-enhanced ETF structure combines the security of a physical investment with the use of swaps to minimise tracking error, tracking index performance.
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Source: Source ETF
Eight new db x-trackers ETFs launched on Xetra
ETFs track performance of country and regional indices in MSCI index family / First ETF on Russell Midcap Index
July 27, 2011--Eight new ETFs issued by db X-trackers have been tradable in Deutsche Börse’s XTF segment since Tuesday.
Six db x-trackers ETFs track the performance of companies from the following countries and regions in the MSCI index family: Chile, China, EFM Africa, EM Eastern Europe, India, Malaysia and Thailand.
The db x-trackers Russell Midcap Index ETF enables investors to participate in the performance of SMEs headquartered in the US. With 800 securities, the MSCI Russell Midcap Index covers approximately 27% of the total market capitalisation of the companies in the Russell 1000.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 856 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €14 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows: week ending 22-Jul-2011
July 27, 2011--For the week ending 22 July 2011, there were US$328.1 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$161.3 Mn followed by insurance with US$107.6 Mn net inflows while basic resources experienced net outflows
of US$60.3 Mn.
Banks has seen the largest net inflows with US$392.2 Mn, followed by healthcare with US$223.2 Mn net inflows, while utilities experienced the largest net outflows with
US$238.5 Mn. Year to date, STOXX Europe 600 sector
ETFs have seen US$150.8 Mn net inflows.
As of 22 July 2011, there is US$10.2 Bn AUM invested in the STOXX sector ETFs which is greater than the US$6.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 17 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
Europe Hedge Fund Launches Bigger than Ever-Data
Average size of new launches at record high of $116 mln
Total assets raised up, number of launches falls
July 27, 2011--New European hedge fund launches are starting life with more client capital than ever, data from EuroHedge showed on Wednesday, as investors put their faith in a select band of managers they think can guide them through choppy markets.
The average size of offshore hedge funds launched in Europe during the first six months of this year was $116 million, almost double the $65 million seen in the first half of last year and higher than in any previous six-month period, the data group said on Wednesday.
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Source: Reuters
France: Selected Issues Paper
July 27, 2011--I. FRANCE’S POTENTIAL OUTPUT DURING THE CRISIS AND RECOVERY1
Using three distinct approaches—statistical filtering, production function, and multivariate
model—this note estimates potential output for France during 1980–2010 and discusses long-term growth prospects. The main findings include: (i) prior to the crisis, France’s potential output growth had already been on a declining trend, reflecting a slowing TFP
growth and falling average working hours per worker;
(ii) potential output losses due to the
financial crisis are estimated to be between 1 percent and 3 percent, somewhere between the losses of Germany and the U.S.; (iii) demographic factors would likely shave 0.2 percent
from potential growth over the next two decades; and (iv) boosting potential growth in the period ahead would require structural reforms to increase the participation rate, reduce
structural unemployment, raise working hours, encourage capital accumulation and utilization, as well as spur TFP.
A. Introduction
1. An important economic issue facing France today is the rate of its future potential output growth. Indeed, potential growth determines the extent to which a country can attain a higher living standard while providing social security and jobs for its citizens. Furthermore, given that potential output is an indicator of the level of economic activity consistent with price stability, an accurate measure of the corresponding output gap—the deviation of actual from potential output—provide a key barometer of an economy’s cyclical position.
view the France: Selected Issues Paper
Source: IMF
Russia to increase arms spending in 2011 by half
July 27, 2011--Russia will increase by half the amount it spends on modernising and re-arming its ailing military in 2011 compared to last year, Prime Minister Vladimir Putin told defense and finance officials on Tuesday.
About 750 billion rubles ($27.20 billion) will be spent this year on purchasing arms, defense-related research and development work, Putin said. "We have never allocated an amount like this in Russia for one year," he said on state TV.
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Source: Todays Zaman
Eurex expands commodity derivatives offering by introducing derivatives on two commodity ETPs
Listing on 29 July 2011
July 27, 2011--The international derivatives exchange Eurex today announced that from 29 July 2011 it will be offering futures and options on two commodity ETPs (exchange traded products) launched by ETF Securities: “Physical Gold” and “Crude Oil”.
The Physical Gold ETP is one of the world’s largest with assets under management of over 4 billion euros. The new derivatives complement the ETF derivatives segment of Eurex Exchange where 3 futures and 21 options on ETFs are currently tradable.
“The market for exchange-traded commodities (ETC) is growing continually, both in terms of the volume invested and the products available. In listing these derivatives, we are supporting the expansion of the ETC market in Europe by providing tailored hedging opportunities for investors and issuers,” said Eurex Executive Board member Peter Reitz.
Mark Weeks, Managing Director at ETF Securities, said: “The launch of Eurex’s options and futures on two of our flagship products marks a milestone in the evolution of the commodity ETP industry, which our chairman pioneered less than 10 years ago. Eurex’s products will complement our existing offering, allowing clients further opportunities to access the commodities markets. Client demand for such products has been significant so we expect Eurex to enjoy great success with these products.” A recent report by ETF Securities on commodity ETPs for Q2 showed global assets under management for commodity ETPs at over 170 billion British pound – an increase by 33 percent in the last 12 months alone. “We see the addition of options and futures on ETF Securities‘ products as a natural progression of this development and fully support their launch,” adds Mark Weeks.
The most important product features of the new contracts are that the futures and options have a contract size of 100 units and are tradable from 9 a.m. to 5.30 p.m. CET. They are traded in US dollars and delivery is planned in physical certificates. The options are European options with terms of up to 60 months. Eurex offers order book trading, whereas bilaterally agreed transactions can be cleared via the OTC Trade Entry facilities for each product.
Source: Eurex
MONETARY DEVELOPMENTS IN THE EURO AREA: JUNE 2011
July 27, 2011--The annual growth rate of the broad monetary aggregate M3 decreased to 2.1% in June 2011, from 2.5% in May 2011.1 The three-month average of the annual growth rates of M3 in the period from April 2011 to
June 2011 stood at 2.2%, unchanged from the previous period.
M3 components
Regarding the main components of M3, the annual growth rate of M1 stood at 1.2% in June 2011, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 3.7% in June, from 3.9% in the previous month. The annual growth rate of marketable instruments (M3-M2) decreased to 0.5% in June, from 2.9% in May. Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 2.1% in June, from 2.3% in the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 4.5% in June, from 3.7% in the previous month.
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Source: ECB
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