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Barclays predicts higher prices for copper, tin and lead
Barclays Capital research analysts anticipate the implied physical gold balance will improve this year and next due to a slower pace of mine supply growth.
July 20, 2010--Barclays Capital Commodities Research suggests "there is a clear fundamental signal for even higher prices" for copper, tin and lead, while Barclays analysts downgraded their price expectations for aluminum and zinc.
"In precious metals, we expect many of the dynamics that are currently in play to continue to take centre stage in 2011," Barclays analysts forecast in their most recent edition of Metals Magnifier.
"Although we expect gold's implied physical surplus to fall, excess supply will need to be met by investment demand, where for now, appetite is set to remain robust as fears of inflation and the desire to hold a hard asset supports interests," said analysts Gail Berry, Suki Cooper, Roxana Mohammadian Molina, Natalya Naqvi, Kevin Norrish, and Nicholas Snowdon.
NASDAQ OMX and the MICEX Group Announce Market Data Partnership
July 20, 2010-- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and the MICEX Group today announced that NASDAQ OMX® has been selected to provide market data audit services for the MICEX Group.
The market data compliance services will be performed by NASDAQ OMX Global Data Products, a premier market data operation, through its Global Access program. Global Access allows companies to utilize NASDAQ OMX's distribution network, sales, administrative and technical expertise to quickly realize and maximize profits for their market data content.
The NASDAQ OMX Global Data Products compliance team will provide on-site and off-site reviews to ensure customer use of MICEX's data product content is compliant with MICEX's data policies. MICEX selected NASDAQ OMX because of NASDAQ OMX's flexible partnership model, experienced staff and successful track record in helping market data clients achieve and maintain compliance. NASDAQ OMX's compliance services help data content owners such as MICEX preserve the value of their data offerings while providing consultative recommendations regarding compliance obligations and best practices for their vendors.
"Market data is one of an exchange's most important assets and ensuring compliance maintains the integrity of the data," said Randall Hopkins, Senior Vice President of Global Data Products, NASDAQ OMX. "Given MICEX's large, geographically diverse distribution of data and Russia's growing importance in the global economy, there are many synergies to this deal that will be quickly recognized through NASDAQ OMX's global presence and industry relationships."
Eugeny Ellinskiy, Vice President of MICEX, pointed out, "Information transparency is an important principle of MICEX exchange activities. I am sure that the rich experience of NASDAQ OMX will help MICEX improve the information services and products market."
Global Access provides partners with turn-key access to a premier global data business and also helps them reduce the technical and administrative costs of market data distribution. For more information about NASDAQ OMX's Global Access program, visit http://www.nasdaqtrader.com/globalaccessprogram.
Global Trends in Green Energy 2009
July 19, 2010--New Power Capacity from Renewable Sources
Tops Fossil Fuels Again in US, Europe
Clean energy investments show resilience in recession;
Share of renewable energy continues to grow
Growth of wind power in China a key feature of 2009
Renewables accounted for 60 per cent of newly installed capacity in Europe and more than 50 per cent in the USA in 2009. This year or next, experts predict, the world as a whole will add more capacity to the electricity supply from renewable than non-renewable sources.
The reports detail trends in the global green energy sector, including which sources attracted the greatest attention from investors and governments in different world regions.
They say investment in core clean energy (new renewables, biofuels and energy efficiency) decreased by 7% in 2009, to $162 billion. Many sub-sectors declined significantly in money invested, including large (utility) scale solar power and biofuels. However, there was record investment in wind power. If spending on solar water heaters, as well as total installation costs for rooftop solar PV, were included, total investment in 2009 actually increased in 2009, bucking the economic trend.
view Renewables 2010 Global Status Report
Credit spreads predicted to widen
July 19, 2010--Credit spreads for a broad range of companies in both the US and Europe are expected to widen over the next three months amid concern about the global economic recovery and the possibility of a sovereign default, according to a survey of credit portfolio managers at financial institutions around the world.
Some managers have also expressed worries about the possibility of a double-dip recession as G20 leaders try to cut deficits and stabilise debt, the group said.
BlackRock names head of portfolio management, promotes COO
July 16, 2010--BlackRock, the world's biggest asset manager, with €2.3trn worth of assets under management, has promoted its former head of international business Rich Kushel to head of portfolio management.
In a leadership shake-up following the company's acquisition of Barclays Global Investors last year, which already saw the departure of head of EMEA institutional business Mike O'Brien, Charles Hallac has also been named as sole chief operating officer.
Hallac previously shared the position with Sue Wagner, who has moved to a new executive team led by company chief executive Laurence Fink and president Robert Kapito.
IEA predicts 1.6% rise in global oil demand in 2011
Juky 15, 2010--According to the International Energy Agency (IEA), non-industrialised countries outside of the OECD region are expected to drive growth of global demand for crude oil next year by 1.6%, or 1.3 million barrels per day (b/d), Kuna has reported.
Meanwhile, demand growth for crude in 2010 is still forecast to rise by 2.1% to 1.8 million b/d, as world economies bounce back from the economic recession a year earlier, IEA said in its Monthly Oil Market Report.
Prospects for Growth and Imbalances Beyond the Short Term
July 15, 2010--Introduction
The global financial and economic crisis and the ensuing recession left many OECD countries with a legacy of lower potential output, high unemployment and unsustainable government finances.
While long-term growth rates may well have been unaffected by the crisis, the level of potential output is expected to have fallen by close to 3% in the OECD area as a whole. At the same time, a combination of fiscal stimulus measures, a loss of previous extraordinary revenue buoyancy, and cyclical revenue losses and expenditure hikes, has led to sharp increases in budget deficits, which are projected at almost 8% of GDP in 2011 on average in OECD countries.
The global crisis has also contributed to a temporary narrowing of global current account imbalances. Having reached over 5% of world GDP in 2008, the combined current account surpluses and deficits of the world’s major countries and economic areas almost halved in 2009. These imbalances are beginning to widen again, with the notable exception of China’s current account surplus, which has continued to fall in relation to GDP.
Repairing the damage wrought by the downturn and getting economies back onto the path of strong, sustainable and balanced growth will require concerted efforts in a number of policy domains, including fiscal consolidation targeted at reducing government debt over the medium-to-longer term, some realignment of exchange rates and structural reforms that will boost growth and welfare while at the same time rebalancing the sources of world demand.
On the basis of policy simulations, this note reports different scenarios for the world economy to identify what combination of policies is likely to be most successful in delivering strong, balanced growth, sound public finances and sustainable current account positions.1
Scenarios for the world economy
view The OECD’s new global model paper
Highlights of the latest OMR
July 13, 2010--Highlights
Benchmark crude prices traded in a $71-79/bbl range in June, after a volatile May, as continued negative sentiment tempered upside price moves. Financial and equity markets remained the focus of attention, and by early July Atlantic basin benchmarks touched four-week lows, before rebounding to around $75.00/bbl by the 12th of the month
OECD industry stocks rose for a second consecutive month in May, across all regions and by a combined 35.0 mb, reaching 2 757 mb or 61.0 days of forward demand cover. Preliminary data point to a further 3.5 mb build in the OECD in June, while crude and products held in floating storage fell, albeit offshore volumes remain high.
Global oil demand for 2011 is expected to rise by 1.6% or 1.3 mb/d year-on-year to 87.8 mb/d, assuming consensus trends in the world economy, crude prices and efficiency gains. Growth will be driven entirely by non-OECD countries (+3.8% or +1.6 mb/d), while the OECD sees resumed decline (-0.5% or -0.2 mb/d). The 2010 outlook remains largely unchanged at 86.5 mb/d (+2.1% or +1.8 mb/d versus 2009).
OPEC crude oil supply averaged 28.9 mb/d in June, down by 65 kb/d from May. A lull in OPEC crude capacity expansion is expected between now and end-2011, although gas liquids output rises by 0.6 mb/d in both 2010 and 2011. The ‘call on OPEC crude and stock change’ for 2010 has been revised up by 100 kb/d, to 28.8 mb/d. It averages 29.2 mb/d in both 3Q10 and 2011.
Non-OPEC supply could rise by 0.4 mb/d in 2011 to 52.8 mb/d, following 0.8 mb/d growth in 2010. Consolidated annual data and recent monthly estimates boost 2008-2010 production by 0.1 mb/d. Increases from Brazil, global biofuels, Azerbaijan, Colombia, Ghana and Oman offset decline from Mexico and the North Sea during 2011.
Global refinery crude throughputs are estimated at 73.5 mb/d for 2Q10, 1.3 mb/d above year ago and 0.7 mb/d higher than in 1Q10. A year-on-year recovery in US runs, plus continued expansions in non-OECD Asia, drive growth. OECD Europe, Pacific and Latin American runs remained weak due to maintenance and operational problems, though a rebound is expected in 3Q10.
view highlights of the Oil Market Report
ETF Landscape Industry Highlights, End of Q2 2010-BlackRock
July 12, 2010-- United States ETF and ETP Industry end Q2 2010:
The US ETF industry had 846 ETFs, assets of US$693.2 Bn, from 30 providers on two exchanges.
In June 2010 US domiciled ETFs/ETPs experienced net inflows totalling US$12.4 Bn. Fixed Income ETFs/ETPs saw positive flows with US$4.8 Bn net new assets, followed by North American equities with US$4.4 Bn net inflows, while Asia Pacific equities experienced US$0.5 Bn net outflows in June 2010.
YTD US domiciled ETFs/ETPs experienced net inflows totalling US$40.4 Bn. Fixed Income ETFs/ETPs saw positive flows with US$20.6 Bn net new assets, followed by Commodities with US$9.1 Bn net inflows, while Alternative asset classes experienced US$1.7 Bn net outflows YTD.
Global ETF and ETP Industry end Q2 2010:
The global ETF industry had 2,252 ETFs with 4,637 listings, assets of US$1,025.9 Bn, from 130 providers on 42 exchanges around the world.
The global ETF and ETP industry combined had 3,075 products with 5,811 listings, assets of US$1,158.6 Bn from 156 providers on 44 exchanges around the world.
European ETF and ETP Industry end Q2 2010:
The European ETF industry had 961 ETFs with 2,979 listings, assets of US$218.0 Bn, from 35 providers on 18 exchanges.
In June 2010, net new assets into European domiciled ETFs/ETPs totalled US$2.6 Bn, with Fixed Income receiving US$1.5 Bn net inflows, followed by Emerging Markets equities with US$1.3 Bn, while European equities experienced US$1.5 Bn net outflows in June 2010.
YTD net new assets into European domiciled ETFs/ETPs totalled US$24.4 Bn, with Fixed Income receiving US$5.8 Bn new inflows, followed by Commodities with US$5.7 Bn and European equities with US$1.5 Bn net new assets YTD.
Canada ETF and ETP Industry end Q2 2010:
The Canadian ETF industry had 145 ETFs, assets of US$30.4 Bn, from four providers on one exchange.
Asia Pacific ex-Japan ETF and ETP Industry end Q2 2010:
The Asia Pacific ex-Japan ETF industry had 183 ETFs with 286 listings, and assets of US$48.7 Bn from 60 providers on 13 exchanges.
Japan ETF and ETP Industry end Q2 2010:
The Japanese ETF industry had 71 ETFs with 74 listings, and assets of US$25.4 Bn from six providers on two exchanges.
Latin America ETF and ETP Industry end Q2 2010:
The Latin American ETF industry had 21 ETFs with 257 listings, and assets of US$8.4 Bn from three providers on three exchanges. to request report
State Street updating study on ESG data
July 9, 2010--Project getting lots of interest from clients
Global banking, asset management and custody group State Street is in the process of updating its own 2008 study which looked at the environmental, social and governance ratings offered by 11 commercial suppliers. It says the original study found that ESG-related issues have gradually exerted a stronger influence on economic performance over time
The update, taking in the financial crisis, is being conducted with the Sydney Advanced Research Center in response to demand from Australian investors.
“We have experienced a high level of interest in the findings from Canadian and European clients as well as some US clients,” State Street said.
