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Emerging Market ETFs Show Leadership in U.S. Trading: Technical Analysis
September 9, 2010--Exchange-traded funds focused on Latin America and Asia have solidified their leadership position among global equity markets by rising to 52-week highs in recent weeks, according to Vermilion Technical Research.
ETFs listed in the U.S. that track the stock markets of Colombia, Chile and Thailand have closed at records in the past week, while funds linked to India, Singapore and Malaysia are trading at their highest levels in at least a year.
Their gains are in contract to equity benchmarks for the U.S. and Europe,...
Economy: Recovery slowing amid increased uncertainty, says Interim Economic Assessment
September 9, 2010--The world economic recovery may be slowing faster than previously anticipated, according the OECD’s latest Interim Economic Assessment. Growth in the Group of Seven countries is expected to be around 1½ per cent on an annualized basis in the second half of 2010 compared with the previous estimate of around 2½ per cent in the OECD’s May Economic Outlook.
The OECD says the loss of momentum in the recovery is temporary although uncertainty has increased.
“The uncertainty is caused by a combination of both positive and negative factors,” said OECD Chief Economist Pier Carlo Padoan. “But it is unlikely that we are heading into another downturn.”
While consumer spending is set to remain weak, a combination of robust corporate profits and low business investment suggest that capital spending is unlikely to weaken further. Because inventories are now close to desired levels, a renewed depletion of stocks is also unlikely.
Overall financial conditions have stabilised, the report notes, and growth remains strong in the major emerging-market economies.
NYSE Euronext Announces Trading Volumes for August 2010
September 7, 2010--Global Derivatives Averaged 6.3 Million Contracts per Day in August, Up 8% vs. Prior Year;
Global Derivatives Open Interest of 89 Million Contracts, Up 2%;
U.S. Cash ADV Down 22%, Tape A Market Share Increases to 38%; European Cash ADV Down 2%
NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for August 20101. Global derivatives average daily volume ("ADV") increased 8.4% to 6.3 million contracts traded per day in August 2010. The increase in global derivatives ADV versus prior year levels was driven by a 30.3% increase in U.S. equity options ADV, partially offset by a 6.0% decrease in European derivatives ADV during the seasonally slower summer period. Cash equities ADV in August 2010 were down, with European and U.S. cash trading volumes decreasing 1.9% and 21.8%, respectively, compared to prior year levels.
Highlights
NYSE Euronext global derivatives ADV in August 2010 of 6.3 million contracts increased 8.4% compared to August 2009, but decreased 10.7% from July 2010 levels. Open interest across all global derivatives businesses at the end of August 2010 was 89.0 million contracts, an increase of 1.8% compared to August 2009, but a decrease of 1.2% compared to July 2010. Global derivatives fixed income open interest of 29.5 million contracts was up 19.1% compared to August 2009 and up 4.3% compared to July 2010.
Education: Governments should expand tertiary studies to boost jobs and tax revenues
September 7, 2010--Governments need to go for world-class quality in their education systems to ensure long-term economic growth, according to the latest edition of the OECD’s annual Education at a Glance.
“In a global economy, it is no longer improvement by national standards alone. The best performing education systems internationally provide the benchmark for success,” said OECD Secretary-General Angel Gurría launching the report in Paris.
“With the worldwide recession continuing to weigh on employment levels, education is an essential investment for responding to the changes in technology and demographics that are re-shaping labour markets.”
Recent experience demonstrates the value of investing in education. During the economic downturn, young people with low levels of education were hard hit, with unemployment rates for those that had not completed high school rising by almost five percentage points in OECD countries between 2008 and 2009.
view Education at a Glance 2010: OECD Indicators
Diamond to be new head of Barclays
September 7, 2010--Barclays on Tuesday confirmed Bob Diamond, head of its fast-growing investment bank, as its next chief executive.
Mr Diamond, who runs BarCap from New York but will move back to London to take up his new post, will be paid an annual salary of £1.35m, up from the current £250,000. His annual bonus will be two and a half times his salary – £3.37m – and he will also receive a long-term incentive plan of five times his salary.
Harvest fears push up global grain prices
September 3, 2010--Much has been written about the Great Moderation and the Great Depression over recent years but much less attention has been paid to the Great De-Rating. That could be about to change. An increasing number of market professionals are asking themselves if the brutal de-rating suffered by equities during the past decade means the cult of equity is dying.
Certainly investors have fallen out of love with equities. Since the dotcom bubble burst, the trailing price earnings ratio for the London stock market has dropped from more than 25 to about 10. Dividend yields on a trailing and prospective basis are now higher than 10-year UK gilts, something that has rarely happened in the past 50 years, while the weighting of equities in UK private pension funds has fallen sharply, by 37 percentage points on some measures.
Dow Jones Index Data Monthly Reports
August 2, 2010--The following Dow Jones Index Data Monthly Reports for August 20,2010 are now available:
Index Data Monthly Report: Asia Pacific Edition
Index Data Monthly Report: MENA Edition
Index Data Monthly Report: Dow Jones Islamic Market Indexes
Index Data Monthly Report: Europe Edition
Index Data Monthly Report: Dow Jones-UBS Commodity Indexes
Index Data Monthly Report: Latin America Edition
Index Data Monthly Report: U.S. Edition
Index Data Monthly Report: Dow Jones Brookfield Infrastructure Indexes
visit Dow Jones Indexes for more info.
Moving Public Debt onto a Sustainable Path
Debt problems began before crisis, will take years to fix
Detailed long-term plans to reduce debt would help protect fragile recovery
Credible action by countries essential to manage risks
September 2, 2010--The global economic crisis has eroded the government coffers of advanced economies and countries will need to return debt levels to a sustainable path to manage fiscal risks, foster long-term growth, and create jobs in the coming years.
The IMF said governments need to develop credible fiscal plans that focus on longer-term solutions, rather than on quick fixes, to protect the fragile recovery and reassure financial markets. In some cases, a marked departure from the normal historical pattern of adjustment to rising public debt is needed to manage fiscal risks.
The research is part of the IMF’s ongoing analysis to help countries emerge out of the crisis and return to economic growth and more sustainable debt levels.
Long-Term Trends in Public Finances in the G-7 Economies, Fiscal Space, and Default in Today’s Advanced Economies: Unnecessary, Undesirable and Unlikely provide a comprehensive analysis of the fiscal challenges faced by different countries in the coming years.
Emerging market dollar-issues soar
September 1, 2010--Companies and governments in emerging markets can borrow more cheaply in the dollar than in their own currencies for the first time in two years – in a further boost to buoyant dollar-denominated bond markets.
Issuance of emerging market dollar-denominated bonds has surged to record levels this year as the cost of borrowing in the US currency has fallen.
In August, according to JPMorgan indices, yields on emerging market dollar-enominated debt averaged 5.7 per cent against comparable yields in local currencies of 6.5 per cent
Average Daily Volume of 7.8 million Contracts at Eurex and ISE in August
Eurex Repo continues to grow
September 1, 2010--At the international derivatives markets of Eurex, an average daily volume of 7.8 million contracts was traded in August (August 2009: 9.1 million). Thereof, 5.4 million contracts were traded at Eurex (August 2009: 5.4 million) and 2.4 million contracts were traded at the International Securities Exchange (August 2009: 3.7 million).
In total, 171.2 million contracts were traded on both exchanges compared with 191.5 million contracts in August 2009.
At Eurex, the equity index derivatives segment was the most active segment, totaling 55.5 million contracts, compared with 55.7 million contracts in August 2009. Futures on the EURO STOXX 50 reached 24.8 million contracts and options recorded another 21.2 million contracts. The futures and options on the DAX index reached a combined turnover of 7.9 million contracts.
The Eurex segment of equity-based derivatives (equity options and single stock futures) recorded 25.0 million contracts (August 2009: 25.1 million). Thereof, equity options totaled at 21.4 million contracts. Single stock futures totaled 3.6 million contracts.
Eurex’s interest rate derivatives segment reached 38.5 million contracts, compared with 32.0 million in August 2009. Approximately 16.7 million contracts were traded in the Euro-Bund-Future, 8.6 million contracts in the Euro-Schatz Future, 8.5 million contracts in the Euro-Bobl-Future and nearly 69,000 contracts in the Euro-BTP-Future.
