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New Credit Factors From Markit Create Trading Signals For CDS
May 14, 2012-- Markit, a leading, global financial information services company, today announced that it has created a new set of tools to help traders and risk managers identify the correlations between changes in the value of credit default swaps (CDS) and movements in stock and options markets.
The new data service, Markit Credit Factors, will provide customers with the first sentiment signals for CDS produced by an independent financial information firm.
Developed through extensive research by Markit, the Credit Factors can be used in evaluating the expected performance of CDS and include fundamental, technical and macroeconomic-based indicators. These Factors span nine categories, including measures of relative value, earnings momentum, earnings quality and price momentum. In total, the Markit Credit Factors library includes more than 80 measures and covers the global universe of more than 1,500 single name CDS.
Tim Sargent, Managing Director and Head of Markit Data Analytics & Research, said: “It is exciting for us to extend the sophisticated analytics we developed for equities to fixed income assets like CDS. While it is intuitive that there are relationships between asset classes, our research behind the new Credit Factors identifies the correlations between equities and CDS. We think that providing, for the first time, the ability for CDS traders and risk managers to systematically analyse signals from the equity and other markets is a significant advance.”
NYSE Euronext Rolls Out New Brand Identity
Logo Design and Color Palette Reflect Organization Built to Unlock the World's Potential
May 14, 2012--NYSE Euronext (NYX) today unveiled a new brand identity that underscores the company's growing role in unlocking the potential of its global community. The new look was unveiled today across its exchanges and other locations around the world as well as online.
“Our new branding evokes an organization with both a strong vision and rich heritage, positioned to pursue our growth strategy: empowering the world’s capital market community to innovate and collaborate,” said Marisa Ricciardi, Senior Vice President and Global Head of Marketing. “NYSE Euronext has transformed dramatically over the course of the last five years, and we sought to better represent our position today and direction for the future.”
Mirae BRICs Weekly-Global Markets Stumble due to Elections Uncertainty
May 14, 2012--Markets surprised by bad data.
Hong Kong and China stock markets fell last week when both elections in the euro area and economic data in China cast uncertainty to economic growth.
Consumer price index inflation eased to 3.4% year-on-year (YoY) in April from 3.6% YoY in March. Food price rise moderated by 7% YoY.
India
Rupee rebounds as RBI boosts the dollar supply.
The SENSEX index recorded a loss last week as industrial production contracted unexpectedly, which led to a drop in the Indian rupee against the USD. Indian rupee has been declining for six weeks, the longest losing streak since October 2008.
In reaction to the depreciating rupee, the Reserve Bank of India cut the amount of overseas income companies can hold in foreign currency to 50 percent from 100 percent, forcing them to convert earnings. As a result, the rupee gained yesterday.
Brazil
Single-digit interest rate will be maintained.
Brazilian equities fell 3.9% in BRL terms in the week ending May 10th, the market fast giving back its Q1 gains as a result of rising risk within the Eurozone and deteriorating earnings momentum for the large cap sectors.
An extended period of single-digit interest rates is now expected, an historical first for Brazil, though inflation expectations are gradually moving upwards as a result. Market direction will in part be dictated by the BCB’s success in managing inflation expectations, at the same time forcing nominal and real interest rates lower.
Russia
Dmitry Medvedev confirmed as prime minister by the Duma.
Greece is expected to remain the single most important near-term driver for global markets. The country’s political and social stability is necessary to achieve progress in reducing debt levels and returning towards positive growth.
The fragile Spanish banking system and victory for the Socialist candidate François Hollande in the French Presidential elections have also contributed to a heightened sense of nervousness across global equity markets. Eurozone stability and visibility are likely pre-requisites for a sustainable rally in risk assets.
Thomson Reuters Launches First Highly-Liquid, Investable, Real Estate Indices For ETF Market
May 14, 2012--Thomson Reuters, the world's leading supplier of intelligent information for businesses and professionals, and Global Property Research today announced the launch of the first highly-liquid, real estate indices.
Designed specifically to be tracked by ETFs looking to offer investors exposure to real estate markets globally, the TR/GPR indices provide a more investable and tradable solution than currently available elsewhere.
The new suite of real estate indices provides broad global diversification, including emerging markets. The TR/GPR Global 100 Index is composed of the 100 most liquid real estate stocks worldwide. Furthermore, three regional variants for increased focus are also available; the TR/GPR Americas 40 Index, TR/GPR APAC 30 Index and TR/GPR EMEA 30 Index. Customised indices to reflect a particular mandate or strategy can also be designed.
Kuwait Stock Exchange Launches NASDAQ OMX Powered Trading Platform
May 14, 2012--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced that the Kuwait Stock Exchange (KSE) has successfully rolled out its new NASDAQ OMX powered trading platform.
KSE's new trading platform is based on NASDAQ OMX's proven X-stream technology and will initially support trading of cash equities and forwards, with additional derivatives products and bonds to be added in the next phase. NASDAQ OMX has also provided KSE with index calculation technology and a SMARTS powered surveillance solution.
ETFs enter the next phase of growth
May 14, 2012--Volatile and in some cases stagnating equity markets over the past three years mean investors have increasingly put their hopes in the fixed-income market, and bond ETFs have benefited from this wider industry trend.
They accounted for almost a third of annual inflows into the ETF sector last year and, after a challenging start, the last two quarters saw record inflows.
ETFS Precious Metals Weekly: Gold Speculative Long Positions Drop to 2008 Lows as Investors Flee to Cash and G-3 Bonds
May 14, 2012--Investors sell gold along with risky assets in normal initial reaction to a risk-off event. As fears Greece may leave the Eurozone have increased, investors have been reducing positions in most liquid "risk" assets and have been moving into G-3 bonds and cash.
The selling of gold is a normal initial reaction to a risk-off event, as gold is
generally held as part of investors’ risky asset pool and often sees selling
along with other risky assets during the initial phase of a sharp market
sell-off (e.g. 3Q 2008). However, with some form of break-up of the
current configuration of the Euro increasingly likely, once this initial
phase of selling ends, investors will likely re-focus on finding alternative
stores of value, with gold standing out as the ultimate alternative hard
currency. With central banks remaining strong net buyers of gold so far
in 2012, monetary policy expected to remain highly expansionary, China
gold imports through Hong Kong at an all time high in March, and India
removing its gold excise tax, medium-term fundamental support for gold
appears strong. Net speculative longs in the futures market dropped to
the lowest level since December 2008 last week (see page 4), indicating
gold may be approaching levels attractive to longer-term investors.
South African platinum group metals production down 25% compared to last year. Despite the strong month-on-month increase in South Africa’s mining output in March following rioting and strikes in February, platinum group metal (PGM) production was 25% below yearago levels and 14% below the five year average. Overall mining activity in South Africa dropped by 10% in March from a year earlier. With US auto sales rising at the highest pace in four years and China sales growth also strong palladium’s supply-demand balance is expected to fall into deficit this year according to GFMS.
The week ahead. Markets are likely to remain volatile this week and remain in risk-off mode, with uncertainty over the future of the Eurozone prevailing despite the EFSF agreeing to provide another billion dollar payment to Greece.
visit www.etfsecurities.com for more info
Semi-Annual Changes to the NASDAQ Biotechnology Index
May 14, 2012--The NASDAQ OMX Group, Inc. announced today the results of the semiannual re-ranking of the NASDAQ Biotechnology Index(R) , which will become effective prior to market open on Monday, May 21, 2012.
The following ten securities will be added to the Index: Cerus, Celldex Therapeutics,, Amicus Therapeutics, Inc., Infinity Pharmaceuticals, Inc., Jazz Pharmaceuticals plc, Orexigen Therapeutics, Pacira Pharmaceuticals, Inc., Raptor Pharmaceutical Corp.and Trius Therapeutics, Inc.
Dubai Gold & Commodities Exchange Weekly Market Commentary
May 13, 2012--Economic Data Overview
The risk-on, risk-off plays were lost for a while during April as euro/dollar traded sideways in what looked like an endless consolidation pattern, but the market is now obsessed by risk as the outlook for Greece's membership of the euro currency trading bloc continues to deteriorate.
Even the German finance minister has attempted to reassure the market that the Eurozone will have no problem surviving Greece's departure from the euru, but this point ignores the pressure on the other dominos in the chain, Spain and Italy. Gold has always been seen as a defensive play. In the past, when the euro looked to be under unbearable pressure, gold was a beneficiary. However, the market has re-categorised the commodity and now sees gold more as a risk play. It is significant that last week's losses were posted as US and German benchmark bonds touched record low yields. Australia, which had been one of the brightest spots in the global economy has lowered interest rates and is ready to make further rate reductions. The global rate environment is dovish as the world's economy continues to struggle to grow. The prospect of increased liquidity would have boosted gold in the past, but if the dollar is to benefit as the investment of last resort, gold is set to fall further. Next week we expect a test on crucial support at $1550.
Oil has fallen over ten dollars in the last two weeks, its largest decline over this time frame since the middle of 2011. The market has been caught in a supply trap, as production was all that investors were concerned about when geopolitical risk in Iran was the main focus earlier this year, and OPEC responded accordingly. This supply boost was done at a time when US growth prospects were much healthier and the European situation much more benign. The market has prepared for the wrong set of circumstances and oil prices are now suffering as a result. The news that Chinese industrial output was lower than anticipated also hurt the market last week. This week we expect oil to be sold once again and test pivotal support at $94.30.
Intervention in the dollar/rupee last week saw the RBI attempt to keep the decline of the currency at bay. So far, authorities have defended the 54.00 level effectively, but a combination of growth concerns prompting additional interest rate cuts and the twin deficits are weighing on the rupee. In addition, global dollar safe haven buying against all major currencies has made the environment a difficult one in which to short dollars. This week continued rupee selling is anticipated, with a break above 54.00 expected to see the all-time low at 54.30 exceeded. The market will then look to 55.00 and longer term towards 56.60/65.
On Monday investors will look to see if the Greek parties can resolve their differences and come up with a working solution to create a new government, which will allow the country to remain in the euro. The market will focus closely on the Spanish banking situation and for developments in forming a possible bad bank to deal with unrealistically valued property assets resting on balance sheets of all institutions. It is a busy week in terms of data with European, Japanese and German growth numbers scheduled. US CPI and minutes from the FOMC and the Bank of England are also expected. European growth will be of particular importance while the market is anticipating that the German economy may not be as strong as initially perceived and inflation pressures may be building. This will reassert the need for more aggressive growth policies and a move away from the austerity dogma that the German leadership and central bank have been stressing over the past three years. .
Egypt, Italy sign debt swap deal
May 13, 2012--Egypt's Minster of International Cooperation and Planning Fayza Abul-Naga has signed an agreement with the Italian government to swap a third tranche of debts worth $100m,
Ahram has reported. The agreement outlined several Italian projects in Egypt such as food safety, agriculture, education and environment.