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IMF Survey-U.K. Should Restore Growth, Rebalance Economy
May 22, 2013--Some signs of an uptick in growth, but still far from strong, sustainable recovery
Financial policies should ensure monetary easing reaches broader economy
Fiscal, structural policies to boost expectations of incomes and investment returns
The United Kingdom could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job skills, the International Monetary Fund said as it wrapped up its annual check of Europe's third largest economy.
Despite recent improvements in some indicators of economic growth, the economy is still a long way from a strong and sustainable recovery. The economy also needs to rebalance, the IMF said, and make the transition to a high-investment and more export-oriented economy.
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Source: IMF
IMF-United Kingdom-2013 Article IV Consultation Concluding Statement of the Mission
May 22, 2013--Activity appears to be improving, but a slow recovery remains likely
1. Recent data suggest some improvement in economic and financial conditions. Purchasing indicators, demand for vehicles, and consumer and business sentiment surveys indicate an uptick in activity. Moreover, the drag from construction and trade might prove to be less than last year.
And private sector employment growth has been notably strong. Coming after disappointing growth in 2012, such promising news is encouraging.
2. The UK is, however, still a long way from a strong and sustainable recovery. Notwithstanding the recent uptick in activity, per capita income remains 6 percent below its pre-crisis peak, making this the weakest recovery in recent history. Of particular concern is that capital investment (as a share of GDP) is at a postwar low, and that youth unemployment is high.
3. The prospect remains for weak growth. Given ongoing domestic deleveraging pressures and weak external demand, activity is expected to pick up only gradually. Similar to the view of the Office for Budget Responsibility, the most likely scenario is a prolonged period in which output is below potential.
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Source: IMF
Once-Sturdy Swiss Franc Continues to Slide
Currency Hits a Two-Year Low Versus the Euro as Switzerland's Leaders Guard Economy and Franc's Haven Allure Fades
May 22, 2013--The Swiss franc sank to a two-year low against the euro Wednesday, as the country's central bank signaled it was willing to go on the offensive to protect its economy.
The move in the Swiss franc highlights how the combination of increased vigilance on the part of central banks and the waning investor appeal of some safe-haven assets has transformed those currencies into poor performers.
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Source: FT.com
Vanguard boosts ETF range with low-cost product suite
Vanguard Asset Management has launched four exchange traded funds (ETFs) providing low-cost exposure to global equity markets.
May 22, 2013-- Vanguard Asset Management has launched four exchange traded funds (ETFs) providing low-cost exposure to global equity markets.
The new products, which add to the firm’s inaugural range of five Irish-domiciled ETFs launched last year, have total expense ratios ranging from 0.15% to 0.29%.
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Source: CityWire
New ETFs on NYSE Euronext
May 22, 2013--NYSE Euronext is pleased to announce that Lyxor has listed two new ETFs on NYSE Euronext Paris on
May 22, 2013:
ETF Symbol: ULVO
Listing date: 22/05/2013
ETF Trading name:LYX Unlev VIX EUR
Underlying index: S&P VIX Futures Enhanced Roll
TER: 0.40%
ETF Symbol:ULVX
Listing date: 22/05/2013
ETF Trading name:LYX Unlev VIX USD
Underlying index:S&P VIX Futures Enhanced Roll
TER: 0.40%
Source: NYSE Euronext
NYSE Euronext announces new ETF on European markets
May 21, 2013--NYSE Euronext is pleased to announce that iShares has listed one new ETF on NYSE Euronext Amsterdam on
21 May, 2013:
ETF Symbol: IRCP
Listing date:21/05/2013
ETF Trading name: iShares Barclays Euro Corporate Bond Interest Rate Hedged
Underlying index: Barclays EUR Corporate Interest Rate Hedged Index
TER:0.25%
NYSE Euronext now has 660 listings of 576 ETFs listed on its European markets.
Source: NYSE Euronext
EMIR standards could push European firms to U.S, experts warn
May 21, 2013--Central-counterparty standards under the European Market Infrastructure Regulation could create regulatory arbitrage and prompt some European commodity traders to move their business to the U.S., market participants say.
"This is not an arcane discussion -- this is about actual access to markets," said Mike Davis of ICE Futures Europe. "There are serious differences when you compare margining requirements, with the U.S. on a one-day scenario, while Europe is stuck on two."
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Source: SmartBrief
Euro area investment fund statistics
May 21, 2013--In March 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €327 billion higher than one quarter earlier in December 2012.
This increase was due almost equally to increases in share/unit prices and to net issues of shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €6,888 billion in March 2013, from €6,561 billion in December 2012. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to €908 billion from €911 billion.
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Source: ECB
Moscow Exchange Starts Trading The First Ever Russian Mortgage Certificates
May 21, 2013--Today the Moscow Exchange welcomes mortgage-backed participation certificates* "ISU-1" managed by GFT CAPITAL Asset Management Company on its quotation list A1 intended for top securities.
The securities represent a new instrument on the Russian financial market. On May 22, 2013 they will start to be traded on the Moscow Exchange's Securities market.
The mortgage participation certificates "ISU-1" are the first securities of such type ever registered in Russia and admitted to on-exchange trading. They are popular among different types of investors, from insurance companies to non-government pension funds, as they provide regular income generated by payments made by bank borrowers under mortgage contracts.
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Source: Moscow Exchange
Single banking supervision system on right track but one step remains
May 21, 2013--MEPs on Tuesday broadly welcomed the package of rules setting up a single EU bank supervisor but also pointed out that important steps had yet to be taken to ensure the supervisor's accountability before the deal could be fully ratified by the house.
Whilst acknowledging that the system may not be perfect, many members stressed that it was a step towards truly addressing the causes of the crisis.
The key concerns for MEPs were to ensure that the system is properly accountable and to attract non-Eurozone countries to join it.
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Source: European Parliament
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