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ECB liquidity measures dent euro
August 4, 2011--The euro fell sharply as the European Central Bank became the third monetary institution of the day to address tensions in financial markets by easing its policy stance.
Although part of its ongoing market operations, the ECB announced on Thursday that it would conduct a special six-month liquidity programme to help relieve tensions in eurozone financial markets.
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Source: FT.com
Key dates of the euro crisis
August 4, 2011-- Here are key dates in the debt crisis besetting the 17-nation eurozone:
-- 2009 --
October 16: Greece's incoming Socialist Prime Minister, George Papandreou, warns that his country's finances are in "a state of emergency."
December: The world's three main credit ratings agencies, Fitch, Standard & Poor's and Moody's, downgrade Greece's debt. Papandreou outlines massive public spending cuts.
2010
January 29: Spain announces a three-year austerity plan to save 50 billion euros ($71 billion).
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Source: EUbusiness
Deutsche Börse AG: Acceptance Rate Of The Exchange Offer Of Alpha Beta Netherlands Holding N.V. To The Shareholders Of Deutsche Börse AG Increases To Over 95 Percent Within The Additional Offer Acceptance Period
August 3, 2011-- By the end of the acceptance period on 1 August (midnight, CEST) 2011, 186,060,779 shares in Deutsche Börse were tendered under the exchange offer made by Alpha Beta Netherlands Holding N.V. to the shareholders of Deutsche Börse AG, which relates to the planned combination of Deutsche Börse AG and NYSE Euronext.
This corresponds to an acceptance rate of 95,41 percent of the total number of Deutsche Börse shares.
If also the final acceptance rate exceeds 95 percent, shareholders of Deutsche Börse AG, who have not yet accepted the exchange offer made by Alpha Beta Netherlands Holding N.V., still may elect to do so at unchanged conditions and exchange their shares for shares in Alpha Beta Netherlands Holding N.V. even after expiry of the additional offer acceptance period on 1 August 2011. Pursuant to Section 39c German Takeover Act such election has to be made within a period of three months after the expiry of the additional offer acceptance period of the exchange offer and the compliance with the disclosure requirements pursuant to Section 23 para. 1 sentence 1 no. 4 and sentence 2 German Takeover Act, i.e. until November 4, 2011 (midnight, CET).
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Source: Deutsche Börse AG
EEX trading results in July
July 3, 2011--In July 2011 the total trading volume on the Natural Gas Market
of the European Energy Exchange (EEX) amounted to 2,573,289 MWh compared
with 8,689,500 MWh in July 2010.
Thereof 953,699 MWh was traded on the Spot Market for the delivery into the market areas GASPOOL, NCG and TTF (July 2010 GASPOOL and NCG volume: 965,970
MWh). The daily reference price on the Spot Market for Natural Gas ranged between EUR 20.83 per MWh and EUR 22.17 per MWh.
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Source: EEX
United Kingdom: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment of Implementation
August 3, 2011--I. SUMMARY, KEY FINDINGS, AND RECOMMENDATIONS1
1. The overall assessment is that the CREST system itself is reliable and effective in providing delivery versus payment settlement on a real-time gross basis. There is, however, a residual interbank credit risk stemming from the U.S. dollar settlement mechanism. CREST’s supervision and oversight are risk-based and thus are implemented on
a prioritization basis.
They have been strengthened since the crisis, at both the Bank of
England (BoE) and the Financial Services Authority (FSA). Still at least 15 percent by value
of equities and around 1 percent by value of gilts are not dematerialized, which involves operational costs for market participants. Exposures to commercial settlement banks are
highly concentrated and growing, increasing credit risk outside the system.
EU says euro area's systemic capacity in doubt
August 3, 2011--The European Union voiced support for Italy and Spain under attack on financial markets but acknowledged that investors now doubt whether the euro zone can overcome its sovereign debt woes.
European Commission President Jose Manuel Barroso said a surge in Italian and Spanish bond yields to 14-year highs was cause for deep concern and did not reflect the true state of the third and fourth largest economies in the currency area.
"In fact, the tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis," Barroso said in a statement.
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Source: Todays Zaman
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows: week ending 29-Jul-2011
August 3, 2011--For the week ending 29 July 2011, there were US$28.4 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in banks with US$71.9 Mn followed by oil and gas with US$54.5 Mn net outflows while healthcare experienced net inflows of US$51.7 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$122.4 Mn net inflows. Banks has seen the largest net inflows with US$320.3 Mn, followed by healthcare with US$274.9 Mn net inflows, while utilities experienced the largest net outflows with US$247.2 Mn.
As of 29 July 2011, there is US$9.9 Bn AUM invested in the STOXX sector ETFs which is greater than the US$5.9 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
UK Official holdings of international reserves July 2011
August 3, 2011--This monthly press notice shows details of movements in July in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in July 2011:
No intervention operations were undertaken.
view the UK Official holdings of international reserves July 2011
Source: HM Treasury
Markit Eurozone Manufacturing PMI – final data
Eurozone manufacturing moves closer to stagnation in July
Data collected 12–22 July.
August 1, 201-- Final Eurozone Manufacturing PMI at 50.4 in July, unchanged from earlier flash estimate.
New order inflows decline in all nations except the Netherlands.
Job creation recorded in Germany, France, the Netherlands and Austria.
The Eurozone manufacturing recovery lost further momentum in July. The final Markit Eurozone Manufacturing PMI® fell to 50.4, below June’s 52.0 and the weakest reading since the recovery began in October 2009. The level of the headline PMI was in line with the earlier flash estimate.
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Source: Markit
Spain, Italy debt risk premiums hit euro-era records
August 3, 2011-- Italian and Spanish sovereign debt risk premiums soared to euro-era record highs Tuesday, threatening to ensnare two major eurozone countries in an expanding debt crisis.
Spain's prime minister delayed plans to leave on vacation and Italy's finance minister met with the central bank and stock market authorities to grapple with the growing emergency.
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Source: EUbusiness
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