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S&P offers to reprice Europe codes
May 16, 2011--Standard & Poor’s has offered to reprice certain European services in an effort to resolve accusations by Europe’s top competition watchdog that the rating agency was charging at abusive levels.
The probe by antitrust officials at the European Commission centres on so-called international securities identification numbers – the alphanumeric codes used to identify securities, such as bonds and equities. It began after European fund managers complained that they were being charged illegally for bundled services.
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Source: FT.com
Boerse Stuttgart subsidiary expands to Norway
Derivatives segment of the Nordic Growth Market (NGM) introduces trading in securitised derivatives in Norway
May 13, 20-11--Boerse Stuttgart continues its expansion strategy in Scandinavia. After its market entry in Sweden three years ago and in Finland in October of last year Boerse Stuttgart has now set its sights on Norway.
The derivatives segment of the Nordic Growth Market (NGM) belonging to Boerse Stuttgart immediately makes it possible for Norwegian investors to trade in securitised derivatives.
Initially, Commerzbank and Royal Bank of Scotland (RBS) products will be offered; trading will also take place through the Nordnet and Netfonds banks. "Further issuers and trading partners will follow very soon. The success story in Sweden and Finland endorses our international expansion strategy," said Christoph Lammersdorf, CEO of Boerse Stuttgart.
In March 2011 the derivatives segment of the Nordic Growth Markt (NGM) reached a turnover of almost 3.4 billion Swedish crowns for the first time (equivalent to around EUR 370 million), notably surpassing the previous trading record of recent months. In February trading volumes on the Scandinavian derivatives exchange amounted to more than 2.5 billion Swedish crowns. Trading volumes have grown almost fivefold year-on-year at a rate of 480 percent. In the first quarter NGM's derivatives segment registered a total trading volume of more than 8.5 billion Swedish crowns. Boerse Stuttgart's Swedish subsidiary has a market share of 60 percent in warrants and certificates trading. After the expansion to Finland in October 2010, a market share of 56 percent has already been reached in warrants and certificates trading in this market.
"The countries of Northern Europe have highly developed financial markets with a well defined investment culture among private investors. This is why the Scandinavian market plays a key role in our international business strategy. Our core task is to inform and enlighten Scandinavian investors about the products that are new for them, thus increasing their willingness to invest in certificates and warrants," said Christoph Lammersdorf. Boerse Stuttgart's expansion into other countries has not yet been completed. Further steps are in the pipeline.
Source: Boerse Stuttgart
Germany leads EU growth, France jumps, Italy lags
May 13, 2011-- European economies posted solid first-quarter growth rates on Friday, with several showing strong demand at home, but Italy only scraped into growth.
Economists forecast that demand from abroad for European exporters could ease later in the year.
Germany, with the biggest European economy, led the way, expanding by a quarterly 1.5 percent to a level last seen before the economic crisis in 2008, provisional data showed.
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Source: FIN24
Spring economic forecast: European recovery maintains momentum
May 13, 2011--The EU economy is set to further consolidate its gradual recovery, growing by around 1¾% in 2011.
The EU economy is set to further consolidate its gradual recovery, with prospects for 2011 looking slightly better than projected last autumn. Gross domestic product is expected to grow by around 1¾% this year and just under 2% in 2012.
This outlook is supported by better prospects for the global economy and generally upbeat EU business sentiment.
Inflation, however, is rising faster than GDP, while unemployment is coming down more slowly.
Commodity prices driving inflation
The inflation trend reflects the increase in commodity prices, one of the most important new challenges that have emerged since the autumn. Inflation is projected to average almost 3% in the EU and 2½% in the eurozone this year, before easing to about 2% and 1¾% respectively in 2012.
view the European Economic Forecast Spring 2011
Source: European Commission
New Irish index shows extent of property crash
May 13, 2011--The collapse of an Irish property price bubble that has blitzed the country's banks has seen values plunge by up to 52 percent since a 2007 peak, a new government index showed on Friday.
The first results from a new Central Statistics Office (CSO) index show that, countrywide, prices of all residential property are down almost 40 percent on 2007 -- and they are still falling.
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Source: EUBusiness
Euro growth eclipses rivals despite north-south divergences
May 13, 2011--Eurozone growth topped US and pre-crisis levels in powerhouse Germany, EU figures showed Friday, but divergences between accelerating northern output and the debt-laden southern nations increased.
Economic expansion across the 17-country currency bloc almost trebled to 0.8 percent in the first quarter of 2011, from 0.3 percent in the last three months of 2010 -- compared to US growth of 0.4 percent quarter-on-quarter.
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Source: EUbusiness
Europe- Shares set to rise, helped by German GDP
May 13, 2011-European stocks were set to rise on Friday, helped
by forecast-beating German GDP figures as well as strong results from EADS
(EAD.PA) and Credit Agricole (CAGR.PA), eclipsing lingering concerns over
Greece's debt burden.
By 0630 GMT, futures for Euro STOXX 50 STXEc1, for Germany's DAX FDXc1
and for France's CAC FCEc1 were up between 0.6 percent and 0.7 percent. Germany's first-quarter GDP rose by 1.5 percent in seasonally adjusted
terms, growing faster than all expectations given in a Reuters poll of 38 economists. Unadjusted figures from the Federal Statistics Office also showed that growth hit 5.2 percent on an annual basis, compared to the same quarter a year earlier.
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Source: Reuters
London Stock Exchange Group Makes Filings For Regulatory Approval With Canadian Provincial Securities Commissions
May 13, 2011--London Stock Exchange Group, together with TMX Group Inc, today announced that applications have been filed with the Canadian provincial securities regulatory authorities in Ontario, Quebec, Alberta and British Columbia.
Those securities regulatory authorities will publish the applications according to their individual processes. London Stock Exchange Group and TMX Group look forward to working with provincial authorities and to advancing the approval process.
For further information, please contact:
Press Office +44 (0)20 7797 1222
newsroom@londonstockexchange.com
Source: London Stock Exchange
IMF Calls for Strengthened Policy Response, Stronger Financial Integration To Bolster Europe’s Recovery
May 12, 2011--Europe’s recovery is expected to solidify but comprehensive and bold policy action will be needed to restore fiscal health, address remaining weaknesses in the financial sector, and implement reforms to restore competiveness and growth, the International Monetary Fund (IMF) said today.
“The main message of the outlook is one of quiet confidence. Europe is doing well overall -- both western Europe and eastern Europe -- and our projections for the coming months are actually quite positive,” Antonio Borges, Director of the European Department, said.
“One of the most surprising elements of the outlook for Europe is the export performance of some of the core countries, which has been remarkable. Europe is of course benefiting from the general recovery that is underway. But it also proves an important point: European integration is delivering efficiency gains, which some countries are taking advantage of to become more competitive.”
view the Regional Economic Outlook: Europe Strengthening the Recovery-May 2011
Source: IMF
Istanbul bourse slightly recovers from CAD losses
May 12, 2011--One day after the Central Bank of Turkey announced the current account deficit (CAD) for March, a fall in the Istanbul Stock Exchange (İMKB) was partly reversed.
The MKB started the day with an immediate loss in the early morning, falling to as low as 65,200 levels right at the get go. However, Thursday’s second trading session kept the bourse from a further fall. The industrial index and the financial index rose separately by 1.06 percent and 1.52 percent.
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Source: Todays Zaman
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