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CBO-February 2016 Monthly Budget Review
March 7, 2016--The federal budget deficit was $352 billion for the first five months of fiscal year 2016, CBO estimates-$34 billion less than the shortfall recorded in the same span last year.
Receipts were 5 percent higher than they were at this time a year ago, and outlays were 2 percent higher. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the first five months of fiscal year 2016 would have been about the same as it was last year.
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Source: Source: Congressional Budget Office (CBO)
CBO-The 2016 Budget and Economic Outlook
March 7, 2016--Presentation by Keith Hall, CBO Director, to the National Association for Business Economics.
In 2016, the federal budget deficit will increase, in relation to the size of the economy, for the first time since 2009, according to the Congressional Budget Office's estimates.
If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years, CBO projects. Debt held by the public would also grow significantly from its already high level.
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Source: Congressional Budget Office (CBO)
Goldman Sachs Asset Management Launches ActiveBeta(R) Europe Equity and Japan Equity ETFs
March 4, 2016--GSAM Lowers Fees for its ActiveBeta(R)International Equity ETF
Goldman Sachs Asset Management ("GSAM") today announced the expansion of its ActiveBeta(R) suite of exchange-traded funds ("ETFs") with the launch of the Goldman Sachs ActiveBeta(R) Europe Equity ETF (Ticker: GSEU) and the Goldman Sachs ActiveBeta® Japan Equity ETF (Ticker: GSJY).
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Source: Goldman Sachs Asset Management
ICE for S&L Treasury bond ETFs
March 4, 2016--Short and leveraged (S&L) exchange-traded fund provider Direxion Investments has changed the underlying reference index on six of its triple-leveraged long and short US Treasury bond ETFs.
The move will see the ETFs switch from index provider NYSE to the Intercontinental Exchange.
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Source: etfstrategy.co.uk
State Street files with the SEC
March 4, 2016--State Stree has filed a post-effective amendment, registration statement with the SEC for the SPDR SSGA Gender Diversity Index ETF.
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Source: SEC.gov
Fed Proposes Limits on U.S. Banks' Dealings With One Another
March 4, 2016--Dodd-Frank measure would impose 15 percent limit on exposure
New rule would leave industry about $100 billion over the cap
Wall Street giants such as JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. would face new limits on credit exposure to other large financial firms under a Federal Reserve plan aimed at ensuring banks won't take others with them if they fail.
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Source: Bloomberg
Brazil's Economy Shrinks by Most in 25 Years
March 3, 2016--Last year's contraction of 3.8% is the biggest drop since 1990, with no relief in sight
Brazil's economy suffered its biggest contraction in 2½ decades last year as the country's recession stretched through the fourth quarter with little sign of abating.
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Source: Wall Street Journal
IMF Working paper-A Closer Look at Sector al Financial Linkages in Brazil I:Corporations' Financial Statements
March 2, 2016--Summary: Understanding the interplay between firms' balance sheets and the macro-economic environment is important for understanding of the Brazilian economy.
A close examination of developments in the nonfinancial corporate sector up to the early 2015 reveals weak equity growth, declining profitability, and rising leverage. The empirical work suggests that adverse shocks to financial variables lead to weaker real GDP growth in Brazil through their effect on corporate leverage, borrowing costs, and default frequencies. An estimation based on a DSGE model with financial frictions indicates that the recent economic downturn in Brazil is largely driven by a decrease in total factor productivity and by negative financial shocks.
Sprott Expands U.S. Team and Establishes a New York Office
March 2, 2016--Sprott Asset Management USA Inc. ("Sprott USA"), an alternative asset manager with deep expertise across asset classes, today announced the appointment of Edward Coyne as Executive Vice President and National Sales Manager.
Mr. Coyne will lead the firm's US sales team and focus on building relationships across both the institutional and advisor channels. In addition, Sprott USA announced the opening of a New York office, located at 100 Park Avenue.
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Source: Sprott USA
New York Stock Exchange Launches NYSE U.S. Pure Exposure Index Family
March 2, 2016--The New York Stock Exchange, a subsidiary of Intercontinental Exchange (NYSE: ICE), today announced the launch of the NYSE U.S. Pure Exposure Index Family, a new series of nine sector indices that aims to isolate pure sector returns by hedging market risk.
The NYSE U.S. Pure Exposure index strategies are based on Verus Analytics' quantitative testing and validation engine for index composition and on AlphaBetaWorks' proprietary statistical equity risk model, which estimates market beta for each index member individually and then aggregates these into the index market beta.
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Source: NYSE Group
