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Composite Leading Indicators (CLIs), OECD, August 2010
August 6, 2010--OECD composite leading indicators (CLIs) for June 2010 point to a possible peak in expansion. The CLI for the OECD area decreased by 0.1 point in June 2010.
The CLIs for France, Italy, China and India all point to below trend growth in coming months, whilst the CLI for the United Kingdom points to a peak in the pace of expansion. Stronger signs of a peak in expansion have also emerged in Brazil and Canada, and in the United States the CLI has turned negative for the first time since February 2009.
The CLIs for Japan and Russia point to future slowdowns in the pace of expansion but for Germany the CLI remains relatively robust.
NYSE Euronext Announces Trading Volumes for July 2010
Global Derivatives Averaged 7.1 Million Contracts per Day in July, Up 17% vs. Prior Year;
August 6, 2010--European Derivatives ADV Up 11%; U.S. Equity Options ADV Up 27%;
European Cash Trading Volumes Increase 20%; U.S. Cash Decreases 7%
NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for July 2010(1). Trading volumes experienced double-digit growth across most venues in July 2010 compared to the prior year period, but declined from June 2010 levels.
Global derivatives average daily volume ("ADV") increased 17.5% to 7.1 million contracts traded per day in July 2010. The strong increase in derivatives ADV versus prior year levels was driven by an 11.1% increase in European derivatives ADV and a 26.8% increase in U.S. equity options ADV in July 2010. Cash equities ADV in July 2010 was mixed, with European cash trading volumes increasing 19.5%, but U.S. cash trading volumes decreasing 7.2% compared to prior year levels.
Highlights
NYSE Euronext global derivatives ADV in July 2010 of 7.1 million contracts increased 17.5% compared to June 2009, but decreased 13.6% from June 2010 levels.
NYSE Euronext European derivatives products ADV in July 2010 of 4.0 million contracts increased 11.1% compared to July 2009, but decreased 16.4% from June 2010 levels. Total European fixed income products ADV in July 2010 of 2.0 million contracts increased 25.2% compared to July 2009 and increased 4.8% from June 2010. Total equity products ADV of 1.9 million contracts in July 2010 decreased 2.3% compared to July 2009 and decreased 32.0% from June 2010.
NYSE Euronext U.S. equity options (NYSE Arca and NYSE Amex) ADV of 3.1 million contracts in July 2010 increased 26.8% compared to July 2009 levels, but decreased 9.7% from June 2010. NYSE Euronext's U.S. options exchanges accounted for 25.3% of the total consolidated equity options trading in July 2010, up from 18.8% in July 2009, but down from 26.5% recorded in June 2010.
Exchange Traded Products
NYSE Euronext U.S. matched exchange-traded products ADV (included in volumes for Tape B and Tape C) of 337 million shares in July 2010 decreased 5.2% compared to July 2009 and decreased 11.8% compared to June 2010. Year-to-date, NYSE Euronext U.S. matched exchange-traded products ADV of 367 million shares was 31.3% below prior year levels.
The Dow Jones Index Data Monthly Reports
August 5, 2010--The following Dow Jones Index Data Monthly Reports for July are now available:
Dow Jones Brookfield Infrastructure Indexes
Index Data Monthly Report: MENA
Dow Jones Islamic Market Indexes
Index Data Monthly Report: Europe Edition
Dow Jones-UBS Commodity Indexes
Latin America Edition
Index Data Monthly Report: U.S. Edition
Dow Jones Select Dividend Indexes
visit Dow Jones Indexes for more info.
Index Data Monthly Report: Asia Pacific Edition
August 4, 2010--The Dow Jones Index Data Monthly Report: Asia Pacific Edition is now available.
visit Dow Jones Indexes for more info.
Emerging Markets Private Equity Investment Totals Set to Beat 2009
Investment totals rise 55% year on year, propelled by more deals (up 44%)
China, India and Latin America drive the increase in deal volume
Improvement in fundraising supports prediction of future growth
Brazil deals appear in top five in 2010; region primed for significant deal flow
August 4, 2010--robust recovery is underway in emerging markets private equity
as investment pace is picking up significantly post-crisis and appears on track to beat 2009 totals. In the
first half of this year, investment totals stood at US$13 billion versus US$8 billion at this time last year, an
increase of 55%, according to Emerging Markets Private Equity Association (EMPEA).
The total value of
private equity investments made in the first two quarters of 2010 was US$4.5 billion more than that
invested through the same period last year, led by an investment surge in Latin America and continued
strong activity levels in China and India.
“Investment conditions in emerging markets private equity are revitalizing. There are more and better quality deals in the pipelines; the continued easing of price expectations among sellers means managers have been more successful in closing transactions. Emerging market fund managers are increasingly bullish in light of stabilizing markets and lower valuations,” said Sarah Alexander, President and CEO of EMPEA.
“We expect this confidence will play right through the cycle the rest of this year. Investors remain cautious in their allocation to new funds, but we anticipate that fundraising levels will continue to pick up on the back of this more active investment environment. Prospective and undecided investors are looking for indications of improved liquidity, to support the promise of managers’ ability to generate cash flow,” said Ms. Alexander.
Indeed, fundraising levels are showing signs of rebounding, with US$11 billion raised in the first half of 2010 versus US$9 billion raised in the same period last year. Asian funds continue to account for more than half of the total (55%), with China continuing as the leading destination for new capital. China dedicated funds accounted for two-thirds of the 46 Asian funds that raised capital through mid-year, 60% of total capital raised for Asia, and one-third of the total capital raised for emerging markets during that period.
Beyond Asia, notable upticks in Sub-Saharan Africa and Latin America accounted for a significant portion of the overall increase in capital raised. “African funds raised through June already exceeded the full year 2009 total, and some sizeable funds being raised point to a return to pre-crisis levels,” observed Ms. Alexander.
Annual inflation in OECD area falls to 1.5% in June 2010
August 3, 2010--Excluding food and energy, the annual inflation rate held steady at 1.3 % in June for the third consecutive month. Food prices rose by 0.6% in the year to June 2010 compared with 0.5% in May.
Deflation continued in Japan, albeit at a slower rate: consumer prices fell by 0.7% in the year to June, compared with a decline of 0.9% in May. Lower energy prices caused annual inflation to slow in all other G7 countries. Annual inflation in June was 1.1% in the United States, down from 2.0% in May. In Canada, consumer prices rose 1.0% in the year to June, compared with an annual 1.4% in May. In Germany, prices rose 0.9% in the year to June, down from an annual 1.2% in May. In France, annual inflation was 1.5% in June, down from 1.6% in May. Consumer prices rose an annual 1.3% in Italy, down from 1.4% in May. In the United Kingdom annual inflation was 3.2%, down from 3.3% the previous month. Euro area annual inflation (HICP) was 1.4% in June 2010 compared with 1.6% in May.
BATS Reports 11.1% July US Market Share, Also Sets Overall Europe Record With 5.6%
August 2, 2010--BATS Exchange earned 11.1% US matched market share for the month and awaits approval from the US Securities and Exchange Commission for its second equities exchange, BYX (BATS Y-Exchange). In Tape B securities, BATS set a third straight monthly record in July with 18.1% matched market share.
The fast-growing BATS Europe multilateral trading facility (MTF), which offers trading in 15 European markets, earned a new monthly overall European market share record with 5.6%. BATS Europe also set new monthly market share records in Frankfurt's DAX (5.2%), Milan's FTSE MIB (7.0%), Amsterdam's AEX (6.1%), Helsinki's OMXH25 (7.8%), Stockholm's OMXS30 (5.5%) and the STOXX50 (6.3%).
BATS Europe also reports continued strong FTSE 100 and FTSE 250 market share with 8.6% and 6.2% respectively and its second best month to date in the SMI with 7.5%.
Among top global equities market operators in June, BATS Exchange remained in third place after NYSE and NASDAQ and well ahead of exchanges in Tokyo, China, Paris, Germany and London in terms of value of shares traded.
"We are pleased with July's results and expect market share to continue to grow significantly in all of our current businesses," said Joe Ratterman, CEO of BATS Global Markets and BATS Exchange. "We are also looking forward to the launch of our second US exchange, BYX, later this year, pending SEC approval, giving customers greater flexibility in pricing."
FTSE Group Invest in Growing Custom Index Business
August 2, 2010--: FTSE Group (“FTSE”), the award winning global index provider, today announces the appointment of Sudir Raju as Managing Director for its custom index business.
Increasingly, clients want a customised solution when setting their performance benchmark or for creating a tailored strategy index on which to base an index fund, ETF or structured product.
“FTSE continues to expand its custom services in response to growing demand from our clients worldwide” said Donald Keith, Deputy Chief Executive. “I am delighted to have Sudir join our team. He brings with him a wealth of experience in index design and is widely respected in the industry.”
Sudir Raju comments, “I am delighted to be joining the custom team at FTSE and look forward to servicing FTSE’s global client base with an increasingly wide range of custom solutions.”
Sudir has worked for Dow Jones and Stoxx Indexes since 2004, and since 2007 been responsible for the Stoxx custom index business, in addition to leading their product development initiatives. He has a strong technical background with experience extending across index design, production, reviews and operations, as well as sales and marketing of custom indices.
Average Daily Volume of 8.1 Million Contracts at Eurex and ISE in July
Eurex Repo continues to grow
August 2, 2010--At the international derivatives markets of Eurex, an average daily volume of 8.1 million contracts was traded in July (July 2009: 9.5 million). Thereof, 5.6 million contracts were traded at Eurex (July 2009: 5.4 million); another 2.5 million contracts (July 2009: 4.1 million) were traded at the International Securities Exchange (ISE). In total, 176.4 million contracts were traded on both exchanges compared with 214.6 million contracts in July 2009.
At Eurex, the equity index derivatives segment was the most successful segment, totaling 56.4 million contracts, compared with 65.0 million contracts in July 2009. Futures on the EURO STOXX 50 reached 26.1 million contracts; the options recorded another 20.5 million contracts. The DAX future reached a turnover of 2.9 million contracts while the DAX option achieved 5.0 million contracts.
The Eurex segment of equity-based derivatives (equity options and single stock futures) grew by 22 percent and recorded 30.1 million contracts (July 2009: 24.7 million). Thereof, equity options totaled at 21.6 million contracts. Single stock futures totaled 8.5 million contracts.
Eurex’s interest rate derivatives segment reached 36.4 million contracts, compared with 34.0 million in July 2009. Approximately 15.1 million contracts were traded in the Euro-Bund-Future, 9.0 million contracts in the Euro-Schatz Future, 9.0 million contracts in the Euro-Bobl-Future and almost 73,000 contracts in the Euro-BTP-Future.
Dividend derivatives traded roughly 377,000 contracts, an increase of 20 percent compared with June 2010 and 46 percent y-o-y. Volatility derivatives recorded almost 28,000 contracts for both VSTOXX futures and options. Commodities derivatives totaled at 71,000 contracts, compared with almost 30,000 in July 2009.
Eurex Repo, which operates CHF- and EUR repo markets, grew by 12 percent y-o-y and both repo markets combined reached an average outstanding volume of 219.8 billion euros (July 2009: 196.1 billion euros). The secured money market segment GC Pooling achieved the strongest growth with 21 percent, totaling an average outstanding volume of 92.3 billion euros (July 2009: 76.1 billion euros).
The electronic trading platform Eurex Bonds, which rounds out Eurex’s fixed-income product range, saw a volume of 6.8 billion euros (single counting) in July. In June 2010, the figure was 7.9 billion euros, and in July 2009 volume was 8.1 billion euros.
Financial crisis has forced rethink on portfolio risk, says State Street
August 2, 2010-- The financial crisis has forced investors to take a more nuanced approach to portfolio risk management, according to State Street.
In its latest Vision Focus report on asset-allocation trends, State Street said the extreme market volatility of 2007-09 made many investors question a number of "long-held tenets" of asset allocation"
Dan Farley, global head of Multi-Asset Class Solutions at State Street Global Advisors, said the crisis exposed the need to "understand the limitations of traditional practices", such as Modern Portfolio Theory, and "heightened the need for new approaches" to strategic and tactical asset allocation.
