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Europe gets a breather before bank stress tests
July 19. 2010--- The markets have given Europe some respite in its struggle against debt but the EU faces a moment of truth this week with tests that will show whether banks can survive a new economic cataclysm.
European Union governments hope the results of "stress tests" on the banking industry, which will be released on Friday, will reassure investors worried about the banks' exposure to the continent's sovereign debt crisis.
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Source: EUbusiness
EC's take on derivatives could hurt retirement benefits, says EFRP
July 19, 2010--The European Commission's proposals on derivatives could increase costs and risk for pension funds and lead to lower retirement benefits for plan members, the European Federation for Retirement Provision (EFRP) has warned.
The federation, whose 26 member associations represent more than €3.5trn of assets, acknowledged the Commission's consultation was an "important step" toward enhancing transparency and controlling systemic risk.
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Source: IP&E
“Transparency in Energy Markets“ now including data on solar energy
July 19, 2010--– From today data on the generation of electricity from solar energy will also be published on the joint transparency platform
(www.transparency.eex.com) of European Energy Exchange AG (EEX) and the four German transmission system operators (TSOs), 50Hertz Transmission GmbH, Amprion GmbH, EnBW Transportnetze AG and transpower stromübertragungs gmbh, launched last autumn.
The information published daily comprises the following data for all four German balance areas:
1. Forecasts regarding the expected volume generated from solar energy (http://www.transparency.eex.com/de/daten_uebertragungsnetzbetreiber/stromerzeugung/erwartete-produktion-solar) and
2. Information on the volumes actually generated from solar energy (http://www.transparency.eex.com/de/daten_uebertragungsnetzbetreiber/stromerzeugung/tatsaechliche-produktionsolar)
Reports on solar energy round off the fundamental data regarding energy generated from wind and other energy carriers (e.g. lignite, natural gas, run-of-river, hard coal, uranium, oil), which are already provided, and complete the representation of the situation in order to safeguard the comprehensibility of market pricing on a comprehensive basis.
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Source: European Energy Exchange AG (EEX)
Europe faces years of weak growth: IMF head
July 16, 2010--Europe's economy risks several years of weak growth which threaten to drive up unemployment and weaken spending power, the head of the International Monetary Fund warned on Friday.
Despite recovering growth in Asia, Africa and the United States, "the risk for Europe is several years of weak growth," IMF Secretary General Dominique Strauss-Kahn said on the television news channel France 24.
"That means little spending power, problems in welfare systems for pensions and health and a rise in unemployment."
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Source: EUbusiness
China to stick with euro despite debt crisis: Wen
July 16, 2010--Chinese Premier Wen Jiabao on Friday reiterated Beijing's intent to remain a long-term investor in the euro despite Europe's ongoing debt crisis.
"As a responsible, long-term investor, China has always upheld the principle of diversified investments," Wen said at a joint press appearance with visiting German Chancellor Angela Merkel.
"The European market has been, is now, and will in the future be among the main markets for investment of China's foreign exchange reserves."
The debt crisis has forced European governments to bail out Greece and set up a 750-billion-euro loan package with the International Monetary Fund to help any other state that may need assistance.
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Source: EUbusiness
Europe must up CO2 cuts to 30 per cent: EU's big three
July 15, 2010--Germany, France and Britain on Thursday jointly called for the European Union to deepen its planned reductions in greenhouse-gas emissions from 20 to 30 percent by 2020.
Ministers from Europe's three biggest economies made the exceptional move in a commentary published by the Financial Times, the Frankfurter Allgemeine and Le Monde.
"If we stick to a 20-percent cut, Europe is likely to lose the race to compete in the low-carbon world to countries such as China, Japan or the US -- all of which are looking to create a more attractive environment for low-carbon investment," they warned.
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Source: EUbusiness
NYSE Euronext opens ‘NYSE Euronext London’
July 15, 2010--– NYSE Euronext (NYX), the global leader in listings with more than 4,500 issuers on its U.S. and European markets has launched a new London-based securities market, ‘NYSE Euronext London’, aimed at attracting international issuers looking to list in London. NYSE Euronext London is complementary to NYSE Euronext’s other European securities markets and will enhance the visibility and prominence of its Continental Europe listing and trading venues.
Dominique Cerutti, President & Deputy CEO of NYSE Euronext said, "This is a natural next step in NYSE Euronext’s evolution and a logical extension of our European cash markets. NYSE Euronext London combines the strength and visibility of our global brand and our leadership position in European cash markets with NYSE Liffe’s established presence in London and worldwide. Moreover, the new listing venue strengthens the competitive position of NYSE Euronext’s European markets. In particular Paris, our European headquarters, will remain by far the largest of our listings markets in Europe and our day-to-day center of management for all our European cash operations and the development of our Universal Trading Platform. More than ever we are committed to serving all of our clients and playing our role as critical market infrastructure, and will continue to demonstrate it by innovative initiatives such as the French corporate bond platform, the marketplace efforts to promote SME listings, a renewed focus on issuers’ needs, and investments made in the post trade environment."
NYSE Euronext London offers international issuers the opportunity to list shares and depositary receipts on the Official List of the UK Listing Authority. In addition, issuers will benefit from access to a broad investor base and having their securities trade on NYSE Euronext’s state-of-the-art Universal Trading Platform that connects all its European securities markets, which represent Europe’s largest cross-border equity exchange and provides enhanced liquidity to issuers and investors. This provides international issuers access to the largest equity market in Europe with a combined market capitalisation of €3.3 trillion and over €6 billion of equity securities traded daily.
Ronald Kent, Group Executive Vice President and Head of International Listings at NYSE Euronext, and Chief Executive of NYSE Euronext London said: "NYSE Euronext London is specifically aimed at attracting international companies determined to list in London and which, up to now, could not consider NYSE Euronext as an option. Our new London securities market provides issuers in London with the global visibility, access to liquidity, and market quality that a NYSE Euronext listing affords."
Source: NYSE Euronext
Sell off in green themed funds continues
ESG screened funds also down as lack of equity market confidence bites.
July 15, 2010--The post Copenhagen sell-off in green themed and norms-based European RI retail funds continued during May, with a broader lack of confidence in equity markets contributing to the slump. The sector was down by €373.9m over the month, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group.
It follows sector depreciation of €95.9m during April. The fund class, labelled by Lipper FMI as ‘RI Extended’, includes those with multiple ethical exclusions, those following a norms-based strategy and themed climate change and microfinance funds. Notably, the best selling fund of the month was in fixed income with the Pimco Funds – Socially Responsible Emerging Markets Bonds – part of the Allianz group – netting €104.4m. Second placed was HBOS’ Ethical fund, part of the Lloyds banking group, with sales of €100.5m.
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Source: Responsible Investor
Korea Exchange and Eurex Receive Strong Support from Major Market Participants for Their Link
Launch of Eurex/KRX Link on track for starting date 30 August 2010
July 15, 2010--Eurex, Europe’s largest derivatives exchange, and the Korea Exchange (KRX), a leading Asian exchange, have received strong commitment and support from major market participants for the launch of their joint Eurex/KRX Link on 30 August. This Link comprises a cooperation to trade and clear options on Korea’s blue-chip index KOSPI 200 on Eurex during European and North American trading hours.
Currently, Eurex and KRX are jointly preparing the launch of daily futures on KOSPI 200 Options (the Eurex KOSPI Product) at Eurex and have been in an extensive member consultation process since the beginning of 2010. Fifteen KRX members have indicated that they will be ready to trade the Eurex KOSPI Product during the course of 2010, thereof eight from day one.
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Source: Eurex
Deutsche Bank ETP Research: European equity investors remain on the sidelines
July 15, 2010--Weekly European ETP Market Roundup
Net Cash flows
Equity markets rose but the holiday season has probably kicked-in. Overall European ETP cash flows pottered along in positive territory but yet equity cash flows failed to make the big leap forward and return to the market. While overall ETP cash flows remained positive they were very subdued as equity investors continued to stay out of the market. This is despite improving market conditions, the Euro Stoxx 50 index rose 4.3% for the post Q2’10 end period that ended July 9. The US market saw similar gains with the S&P 500 rising by 4.6% for the same period.
The European ETP industry received €431 million in inflows in this week. Equity finished the week almost flat, it experienced slight outflows of €43 million, while fixed income and commodities saw inflows of €276 and €187 respectively.
While certain European indices (DAX, FTSE) saw limited inflows, the majority of the Euro zone indices continued to see net outflows. Numbness continued to characterize the equity ETP investment activity, following a dismal equity flows June (€3.2 billion outflows).
The mood was very different in the fixed income ETP sector of the European market as it received net inflows of €276 million. All fixed income sub-segments saw net inflows, with corporate benchmarks leading the flow activity (€102 million).
Commodity flows were positive (€187 million) and were once again defined by precious metals. Gold led inflows by receiving €155 million, while broad precious metals indices and crude oil followed with €21 and €20 million each. All other commodity sub-sectors oscillated around net overall flat flows.
New Listings
Six new products were launched this week, together with four other being cross-listed (See Fig. 8 for further details).
Comstage launched three new equity ETP products targeting European indices and one fixed income product targeting covered bonds.
Both RBS and UBS launched one commodity ETP each, targeting gold and oil respectively.
Turnover
Average daily on-exchange ETP turnover declined 6.2%, maintaining the downward trend seen in the previous weeks, totaling €1.9 billion.
Assets Under Management
The rise in the equity markets helped lift European ETP assets to €196.2 billion, finishing the week with a rise of 3.3%.
The equity ETP segment rose by 4.7%, fixed income by 0.7% and commodities by 1.4%. The equity component of the market was lifted by rising markets, while fixed income and gold were helped by inflows. Gold price (USD) declined by 2.5% between June 30 and July 9. Total European ETP assets are up 15.7% 2010 YTD.
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Source: DB Global Equity Index & ETF Research
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