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Deutsche faces big hits on US leveraged- loan losses
German bank forced to accept discounts on a pair of risky loans it had underwritten
June 25, 2019--Deutsche Bank is facing multimillion-dollar losses within its US investment banking unit after the German lender struggled to offload two risky corporate loans.
The losses will turn up the heat on Christian Sewing, Deutsche boss, and his management team. They are working on plans to boost meagre returns, including through the creation of a so-called "bad bank" to hive off troubled assets.
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Source: FT.com
Retail Derivatives That Pay Out With Bitcoins Approved by CFTC
June 25, 2019--Small U.S. retail investors will soon be able to buy derivatives that pay out with Bitcoins.
LedgerX, a U.S.=regulated Bitcoin derivatives exchange and clearinghouse, won approval from the Commodity Futures Trading Commission to serve as a designated contract market that will offer Bitcoin spot and physically settled derivatives contracts, including options and futures, to retail clients of any size.
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Source: Bloomberg
ProShares Names ETF Industry Veteran Alex Depetris Managing Director, Operations & Technology
June 25, 2019--ProShares, a premier provider of ETFs, today announced that Alex Depetris has been named to the newly created role of managing director, operations & technology. He will report to ProShares CEO Michael L. Sapir.
Mr. Depetris' principal responsibilities will include overseeing the portfolio group, portfolio operations, financial administration, shareholder services and technology.
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Source: ProShares
Six Charts on Canada's Economic Outlook for 2019
June 25, 2019--Canada's economy is growing at a more sustainable rate following the stellar pace set in 2017-the fastest among G7 economies. Growth is projected to decline to 1.5 percent in 2019 due to a disappointing first quarter for exports, more subdued global growth, and slower pace of consumer spending.
To sustain long-term growth, Canada will need to continue preserving financial stability, as well as focus on policies that boost productivity through export diversification, lower internal trade barriers, and higher infrastructure investment, the IMF stated in its latest annual economic assessment.
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Source: IMF
BMO Global Asset Management Special ETF Report: 10 Years of Progress
June 24, 2019--BMO Global Asset Management (BMO GAM) has released a special edition ETF Report to mark 10 years since launching Exchange Traded Funds (ETFs) in 2009. The report highlights the top 10 trends in the Canadian ETF industry over the past decade, as well as what will shape it moving forward.
"The industry has seen tremendous progress over the last decade, prompting innovative investment products and tools," said Kristi Mitchem, Chief Executive Officer, BMO Global Asset Management.
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Source: BMO Financial Group
IMF Executive Board Concludes Article IV Consultation with the United States
June 24, 2019--June 24, 2019--On June 21, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the United States. [1]
The U.S. economy is in the longest expansion in recorded history. Unemployment is at levels not seen since the late 1960s, and economic activity is growing above potential, aided by a fiscal stimulus and supportive financial conditions.
Real wages are rising, including for those at the lower end of the income distribution, and productivity growth appears to be recovering. Against this backdrop, inflationary pressures remain remarkably subdued.
Despite these positive macroeconomic outcomes, the benefits from this decade-long expansion have not been shared as widely as they could. Average life expectancy is falling, income and wealth polarization have increased, poverty has fallen but remains higher than in other advanced economies, and social mobility has steadily eroded.
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Source: IMF
Lipper U.S. Weekly FundFlows Insight Report: Taxable Bond Funds Drive Overall Net Inflows for the Week
June 22, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $3.6 billion for the fund-flows trading week ended Wednesday, June 19. Taxable bond funds paced the weekly intake with positive net inflows of $7.2 billion.
his marked the group's second straight weekly net inflow of greater than $7.0 billion-the last two weeks have been the taxable bond fund group's largest weekly net inflows since taking in $8.4 billion for the fund-flows week ended January 9, 2019. Municipal bond funds also contributed to the net inflows with a net positive flow of $856 million (the groups' twenty-fourth consecutive weekly net inflow), while equity funds (-$3.7 billion) and money market funds (-$798 million) both saw money leave their coffers.
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Source: Refinitiv
SEC Adopts Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Amends the Capital and Segregation Requirements for Broker-Dealers
June 21, 2019--The Securities and Exchange Commission took another significant step toward establishing the regulatory regime for security-based swap dealers today by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.
These and other rules previously adopted by the Commission are designed to enhance the risk mitigation practices of firms that stand at the center of our security-based swap market, thereby protecting their counterparties and reducing risk to the market as a whole.
Federal Reserve issues FOMC statement
June 19, 2019--Information received since the Federal Open Market Committee met in May indicates that the labor market remains strong and that economic activity is rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Although growth of household spending appears to have picked up from earlier in the year, indicators of business fixed investment have been soft. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.
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Source: federalreserve.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting
June 19, 2019--June 19, 2019--The Federal Open Market Committee participants have released the economic projections and the target federal funds rate projections from the June 18-19 meeting.
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Source: federalreserve.gov
