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Bassanese Bites: On the brink
October 8, 2019--Global Markets
Last week provided further tangible signs that the trade-induced slowdown in the global economy was finally filtering through to the United States, which seemingly should make US President Trump more prepared to strike a deal with China sometime soon.
Adding to the trade angst last week was the World Trade Organisation’s decision to let the US impose tariffs on EU aircraft imports-owing to the latter's unlawful Airbus subsidies.
In my view, if these festering trade tensions are not resolved soon, a global recession-and ugly bear market-awaits us by early 2020. The stakes are now that high. The world's 4th largest economy-Germany-is now in recession, with factory orders slumping further overnight.
Global Value Chains Have Spurred Growth but Momentum Is Flagging
October 8, 2019--Report Shows Path for Developing Countries to Achieve Better Growth Outcomes
In an era of slowing trade and growth, developing countries can achieve better outcomes for their citizens through reforms that boost their participation in global value chains. These reforms can help them expand from commodity exports to basic manufacturing, while ensuring that economic benefits are shared more widely across society, a new World Bank Group report concludes
The World Development Report 2020: Trading for Development in the Age of Global Value Chains marks the World Bank Group's first trade'focused development report since the late 1980s. It finds that global value chains have powered an economic transformation ever since, allowing the poorest countries to quickly climb the development ladder. Such chains enable developing countries to specialize and grow wealthier without having to build whole industries from scratch.
DTCC Pushes Back Blockchain Project to Avoid Brexit Complications
October 4, 2019--The Depository Trust & Clearing Corporation (DTCC) has pushed back the release of its blockchain-based post-trade system for derivatives by several months, in part because of complications created by Brexit.
The official line from the U.S. central securities depository (CSD) is that the delay, which has not been previously reported, is to allow for additional testing of the revamped trade information warehouse (TIW).
Debt Stocks of Developing Countries Rose to $7.8 Trillion in 2018: World Bank International Debt Statistics
October 2, 2019--Net Debt Flows Fell 28% to $529 Billion; Debt Burdens Rising
Total external debt of low- and middle-income countries climbed 5.3 percent to $7.8 trillion last year, while net debt flows (gross disbursements minus principal payments) from external creditors tumbled 28 percent to $529 billion, the World Bank's International Debt Statistics 2020 shows.
Although on average the external debt burden of low- and middle-income countries was moderate, several countries have been on a deteriorating debt trajectory since 2009, the report indicates. The share of low- and middle-income countries with debt-to-GNI ratios below 30 percent has shrunk to 25 percent, down from 42 percent ten years ago. Similarly, the share of countries with high debt-to-export ratios has climbed.
IOSCO publishes Framework to help members enhance investor education initiatives
September 30, 2019--The Board of the International Organization of Securities Commissions today published the Core Competencies Framework on Financial Literacy to assist members, investor education providers and other stakeholders in their efforts to develop and implement investor education initiatives.
The Framework provides guidance to users on the content of investor education programs and indicates which areas could be assessed as part of an evaluation strategy.
The objective of the Framework is to better prepare investors to navigate an increasingly complex investing environment. It seeks to equip investors with core competencies that enable them to make informed decisions about how to diversify investments, reduce risk or choose suitable investments, among other things.
view The Core Competencies Framework on Financial Literacy
FTSE Russell scraps 'non-renewable energy' label
September 30, 2019--Move seen as step back in efforts to steer investment toward cleaner forms of energy.
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IOSCO reviews member efforts to deter mis-selling of complex financial products
September 26, 2019--IOSCO today published a Thematic Review report (Report) indicating that most of the participating jurisdictions have implemented the necessary rules aimed at preventing the mis-selling of complex financial products, consistent with IOSCO standards.
The Thematic Review was conducted by the IOSCO Assessment Committee (AC), with the participation of 29 IOSCO members from both developed and emerging market jurisdictions.
A Thematic Review offers a snapshot of implementation of IOSCO Principles, which enables the AC to identify gaps in implementation and examples of good practice.
Global debt surges to highest level in peacetime
September 24, 2019--World's major economies have debts on average of more than 70% of GDP.
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Markets swing on trade and monetary policy: BIS Quarterly Review
September 22, 2019--Trade and monetary policy dominated market developments during the last quarter, with the prices of risky assets falling on escalating trade tensions and rebounding on monetary easing.
The prospect of higher trade tariffs reversed the early-year rally in equity and credit markets. Central banks' willingness to loosen monetary policy contributed to a recovery, but this was short-lived as a renewed focus on trade and weakening economic activity kindled risk aversion. Amid this uncertainty, yield curves in major economies inverted in August, which was seen in some quarters as signalling a growing risk of recession. However, other indicators painted a more mixed picture.
