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Banks in BRICs Signaling Credit Crisis With Loans Showing Increasing Risks
August 2, 2011--Banks in the biggest emerging markets are losing the confidence of investors as loans turn sour after a two-year credit binge.
Brazil’s financial shares have lost more this year than counterparts in crisis-stricken Europe as consumer defaults hit a 12-month high in June and borrowing costs climbed to 46 percent. Bank stocks in China are trading at lower valuations than global emerging-market indexes for the first time since 2006. The country faces a financial crisis with bad debt that may jump to 30 percent of total loans, Fitch Ratings said.
Dow Jones-UBS Commodity Indexes - July 2011 Performance Report
August 2, 2011--The Dow Jones-UBS Commodity Index was up 2.96% for the month of July. The Dow Jones-UBS Single Commodity Indexes for silver, sugar and wheat had the strongest gains with month-to-date returns of 15.14%, 13.17% and 9.48%, respectively.
The three most significant downside performing single commodity indexes were cotton, coffee and natural gas, which were down 14.18%, 9.81% and 5.65% respectively, in July.
Year to date, the Dow Jones-UBS Commodity Index is up 0.26% with the Dow Jones-UBS Silver Sub-Index posting the highest gain of 29.37% so far in 2011. Dow Jones-UBS Wheat Sub-Index has the most significant downside YTD performance, down 25.56%.
ETFS Precious Metals Weekly: Gold price hits record high on US growth, debt downgrade worries despite US debt deal
August 2, 2011--Gold spot price hits record high above $1640/oz as US growth and debt downgrade fears offset news of debt compromise. Weak US GDP data and a
drop in the July manufacturing ISM highlight the fragility of the US recovery, and the potential need for a third round of quantitative easing later this year. S&P have
highlighted that $4tr of cuts are necessary to stabilize US debt, well above the $2.4tr in the government compromise, indicating continued risk of the US losing its AAA rating.
Exchange traded product (ETP) gold holdings hit new high, speculative gold
futures longs highest in 9 months. Global gold ETP holdings hit 2,150 tons
($113bn) last week according to Bloomberg. This rebound in interest has been accompanied by a 39% rise COMEX speculative futures positioning in July – to the highest level in 9 months. COMEX silver, platinum and palladium speculative futures
holdings are also up between 30% and 48%over the past month.
Platinum, palladium prices up on South Africa mining labour disruptions and rising nationalisation fears. Palladium prices have seen the second strongest price gains behind silver over the past month as industrial action in South Africa threatens to exacerbate the market supply deficit in 2011. A market risk report released last week also highlighted rising risk of South African mine nationalization.
Gold price rallies to record level as weak US growth and continued debt downgrade concerns offset the risk-positive news a compromise has been reached to raise the US debt ceiling.
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OIC Announces Options Trading Volume Increased 26% In July
August 1, 2011--The Options Industry Council (OIC) announced today that total options trading volume for July was 348,218,171 contracts, up 25.54 percent from July 2010 volume of 277,370,315 contracts.
Average daily trading volume in July was 17,410,909 contracts, 31.82 percent higher than average daily volume in July 2010. Furthermore, year-to-date volume stood at 2,565,767,148 contracts at the end of July, 12.62 percent higher than the same point last year when 2,278,247,433 contracts were traded. Average daily trading volume for 2011 was 17,694,946 contracts, up 12.62 percent over the 15,712,051 contracts traded in the same period last year.
OIC also reported that equity options volume (options on individual stocks and ETFs) in July came in at 320,787,641 contracts, up 24.80 percent compared to the same period last year. Daily equity options volume had an average of 16,039,382 contracts per day in July, which is 31.03 percent higher than the year-ago level of 12,240,994. Year-to-date equity options volume was 2,386,558,555 contracts, which is 13.64 percent higher than the same point last year when 2,100,073,623 contracts were traded.
Fears rise as global output stalls
August 1, 2011--The recovery in global manufacturing is running out of steam, a series of indicators showed on Monday, raising fears that there is little momentum left in the world economy.
Across Asia, Europe and in the US, purchasing managers reported activity in the manufacturing sector in July growing at its most feeble rate since countries clawed their way out of recession in 2009, while new orders appeared to be contracting and the growth of employment was also slowing.
Dollar hits all-time low against Swiss franc
August 1, 2011--The dollar and euro fell to a fresh record low against the Swiss franc on Monday, spooked by the prospect of a U.S. credit rating downgrade.
The dollar fell as low as 0.78020 franc currencies/quote?srcCurr=CHF&destCurr=USD">CHF=EBS on trading platform EBS, while the euro dropped to 1.11990 francs EURCHF=EBS. Traders said investors took out options barrier at the 1.1250 level.
Traders cautious on exchanges tie-up
July 31, 2011--Some of the largest electronic trading companies have given a qualified welcome to the proposed combination of Deutsche Börse and NYSE Euronext, warning that while it could “create market efficiencies” regulators had to “mitigate its increased market power”.
Their response to the deal, which would create the world’s largest exchange by market capitalisation and number of company listings, highlights divisions among market participants over the merits of the combination.
July Statistics Report From The NASDAQ OMX Nordic Exchanges
August 1, 2011--The value of average daily share trading amounted to EUR 2.2 billion, as compared to EUR2.6 billion during the past 12-month period. The average number of trades per business day amounted to 310,098 as compared to 303,284 during the past 12-month period.
The total market cap of listed companies at NASDAQ OMX Nordic Exchange amounted to EUR 723 billion, compared to EUR 705 billion in July 2010.
Collateral will be key in shake-up for derivatives Northern Trust-Monthly Market Review: Irish Government launches five-year strategy
July 31, 2011--The $600,000bn OTC derivatives market is about to undergo the most significant change in its history. Regulatory changes, which will have considerable legal, operational and commercial impact on dealers, users and processors of OTC derivatives are set to be implemented over the next 12-18 months.
Through Title VII of the Dodd Frank Act in the US, and the European Market Infrastructure Regulation (Emir) in the European Union, the use of collateral for what have been bilateral agreements will be altered permanently.
July 31, 2011--This month's highlights include:
Irish Government launches five-year strategy for financial services industry
Global net inflows into exchange traded products reported to have risen by more than a quarter in first half of 2011
Data indicates new European hedge funds are starting life with more client capital than ever
2011 European private equity buyout market reportedly on course to match 2010 deal activity
Pension funds increasingly deserting equities in favour of alternative investments according to new study
European fund industry body EFAMA concerned about the implementation of UCITS IV Directive