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FTSE Russell launches 2018 STEP Change Initiative
May 30, 2018--Stewardship, Transition and Engagement Program (STEP) for Change initiative issued today alongside new detailed analysis on the size and scale of the Green Economy
STEP Change to help drive better global standards in sustainable investment
New tool for listed companies launched today to enable ESG comparisons against their peers
Growing numbers of investors now routinely considering stewardship and sustainability themes as core investment priorities
Green economy now represents 6% of the market capitalisation of global listed companies – approximately US$4 trillion
Reaffirms FTSE Russell's 15+ year commitment to promoting sustainable investment
FTSE Russell, the global index, analytics and data provider, today launches STEP Change, its Stewardship, Transition and Engagement Program initiative, which aims to help drive better global standards in sustainable investment.
IMF Working Papers-On the Macroeconomic Consequences of Over-Optimism
May 30, 2018--Summary:
Is over-optimism about a country's future growth perspective good for an economy, or does over-optimism also come with costs? In this paper we provide evidence that recessions, fiscal problems, as well as Balance of Payment-difficulties are more likely to arise in countries where past growth expectations have been overly optimistic.
To examine this question, we look at the medium-run effects of instances of over-optimism or caution in IMF forecasts. To isolate the causal effect of over-optimism we take an instrumental variables approach, where we exploit variation provided by the allocation of IMF Mission Chiefs across countries. As a necessary first step, we document that IMF Mission Chiefs tend to systematically differ in their individual degrees of forecast-optimism or caution. The mechanism that transforms over-optimism into a later recession seems to run through higher debt accumulation, both public and private. Our findings illustrate the potency of unjustified optimism and underline the importance of basing economic forecasts upon realistic medium-term prospects.
view the IMF Working Papers-On the Macroeconomic Consequences of Over-Optimism
DECPG Global Monthly-May 2018
May 29, 2018--Overview
Growth stumbled in many countries in 18Q1. The deceleration was most noticeable in advanced economies, but emerging market and developing economies (EMDEs) were also affected.
The rise in the U.S. dollar has been accompanied by financial market pressure on a few emerging markets, but the stress remains contained at present.
Oil prices rose amid heightened geopolitical concerns.
Special Focus: Drivers of the rise in oil prices
Oil prices have more than doubled since their trough in 2016, reflecting strong global demand and production restraint, as well as, more recently, geopolitical factors such as sanctions on Iran and Venezuela.
The outlook for oil prices in 2018 is uncertain, and depends on the reach of the sanctions on Iran, the prospects for production in Venezuela, and a possible supply response from OPEC. By 2019 the removal of capacity constraints should facilitate increases in U.S. shale oil production, which is likely to weigh on prices.
Time to Move from FAANGs to SEPTICS?
May 28, 2018--A half-century ago, when investors fell in love with the "Nifty Fifty," the darling U.S. mega-caps of the era that many advised to buy and hold forever, they at least had the ability to choose from among companies spanning numerous industries (companies like PepsiCo, Schlumberger, Pfizer, etc., were in completely different businesses).
Not so with today's "nifty" group, the FAANGs: Facebook, Amazon, Apple, Netflix and Google's parent, Alphabet. And being in or out of them will be critical for U.S. equity success in coming years.
New Alliance to Enhance Legal Protection along China's Belt and Road
May 28, 2018--Dubai International Financial Centre Courts (DIFC Courts) in tie-up with University of Oxford's China Centre to protect global business along the $5 trillion Belt and Road Initiative (BRI)
Half of Chinese companies trading on BRI face legal woes, according to recent survey.
The Dubai International Financial Centre's Dispute Resolution Authority (DRA), which incorporates the DIFC Courts, signed a unique memorandum with the University of Oxford's China Centre to pool expertise on the legal certainty, protection and contract enforcement needed for Chinese and international investors to secure participation in China's five trillion-dollar Belt and Road Initiative.
DECPG Global Weekly
May 25, 2018--TAKING STOCK
The U.S. composite PMI rose to a 3-month high in May; the Federal Reserve minutes signaled a June rate hike
The Euro Area composite PMI hit an 18-month low in May
Japan export growth accelerated in April; while the manufacturing PMI fell
China and the United States reached a temporarily deal to ease trade tensions
Most EMDE currencies stabilized, but Argentina’s peso and Turkey's lira continued to fall
IMF Policy Papers-The Core Principles for Islamic Finance Regulations and Assessment Methodology
May 24, 2018--This paper provides a proposal to incorporate the Core Principles for Islamic Finance Regulation (Banking Sector) (CPIFR) issued by the Islamic Financial Services Board (IFSB), as part of the standards used in assessing the banking regulatory and supervisory regimes of relevant member jurisdictions under the Financial Sector Assessment Program (FSAP) and the Reports on Observance of Standards and Codes (ROSCs).
The CPIFR largely reflects the order of the Basel Core Principles on Effective Banking Supervision (BCP), with five additional principles that are specific to Islamic banking operations. Thus, for countries that have systemically significant Islamic banking sector, the assessment of the banking regulation and supervision regime of the jurisdiction would be against the CPIFR (for fully Islamic banking systems) or BCP and the five additional core principles under the CPIFR (for dual banking systems). The Fund staff is seeking the endorsement of the Executive Board on this proposal.
Deutsche Bank Says It Will Cut at Least 7,000 Jobs in Revamp
May 24, 2018--Lender to reduce headcount by a quarter at equities business
Bank says results this year affected by restructuring charge.
The reductions will take the number of jobs at the Frankfurt-based lender to well below 90,000 and lead to a restructuring charge of as much as 800 million euros ($935 million) this year, it said in a statement on Thursday ahead of its annual shareholder meeting.
Top banks' first quarter commodities revenue jumps 48 percent: report
May 23, 2018--Commodities-related revenue at the 12 biggest investment banks in the first quarter jumped 48 percent year on year driven by the U.S. energy sector and commodity indices, consultancy Coalition said on Thursday.
Revenue from commodity trading, selling derivatives to investors and other activities in the sector climbed to $1.2 billion, the financial industry analytics firm said in a report.
Cryptocurrency prices are all in the mind
May 23, 2018--Research suggests investor mood swings only factor in fluctuating prices
The volatility of cryptocurrencies has become something of a joke. The fact its value bounces around like a kangaroo in a clown car has given rise to countless memes about the emotional toll of being an investor.
A cryptocurrency's price depends on a number of factors, at least according to the exchanges they are traded on. There's supply and demand, the energy required to secure the blockchain...
n Or maybe it's all just perception. According to new research from the UK's University of Warwick Business School cryptocurrency prices are not influenced by any economic factors and are instead "driven purely by the mood swing of investors".
