Wednesday 27th July 2016
NEWS TICKER: JULY 27TH 2016: Barclays Africa will announce its 2016 interim financial results on Friday 29 July at 07:00. Following the JSE SENS announcement, the results will be published along with the presentation and booklet on www.barclaysafrica.com thereafter. Maria Ramos, Barclays Africa Group Chief Executive, and David Hodnett, Barclays Africa Group Deputy Chief Executive, will host a Press Briefing at 10h45. The briefing will commence with introductory remarks, followed by a Q&A session - CACEIS is now depositary for the first two mutual ship funds under the German KAGB investment act. The two closed-end funds, “MS Marguerita” and “MS Tanja”, will both be managed by “MST AIFM Eins Fonds manager GmbH”, which is the investment management company of “MST Mineralien Schiffahrt Spedition und Transport GmbH.” Matthias M Ruttmann, managing director of MST explains: “We found CACEIS to be a flexible service provider, keen to seek out solutions for new asset types: Our ships will be the first of this asset type to be structured in a German AIF. We have put our trust in CACEIS`s experience in dealing with regulations and launching funds holding new asset types, so will have a solid framework for the launch of the funds.” Holger Sepp, Member of the Management Board at CACEIS in Germany added: “When entering the closed-end funds industry, we clearly committed ourselves to delivering depository service to all major asset types. We are very proud that MST has put its faith in CACEIS`s willingness and ability to service its ship AIFs. During the last couple of months, we have ensured we are fully prepared to handle all relevant requirements for the funds such as the depository function and relevant legal aspects.” -- Carillion, part of a 50:50 joint venture with Dutch Infrastructure Fund, have achieved financial closure on the Irish Schools Bundle 5 Public Private Partnership project that has been procured by the Department of Education & Skills alongside Ireland's National Treasury Management Agency. The joint venture will finance, build and operate five schools and an institute of further education located in counties Meath, Carlow, Wicklow and Wexford. The London-listed company said those construction activities alongside its equity interest will mean the project will generate around £190m of revenue for the business. Separately, EUS-Rokstad, a joint venture between Emera Utility Services and Rokstad Power, a business in which Carillion holds a 60% stake, has won a new contract in North America. The venture has been chosen by NSP Maritime Link Inc, a subsidiary of Emera Inc, as the transmission line contractor for its Maritime Link project that will transmit energy from Newfoundland to Nova Scotia and will connect Newfoundland to the North American grid for the first time in history. The joint venture will complete the high voltage direct current transmission line link under the contract, which is worth a total of £86m to the joint venture -

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  • Tuesday, 26 July 2016 Yuan's year-long depreciation grinds to a halt in July
    The yuan started July by continuing its decline against the US dollar, eventually hitting its lowest level since October 2010 at 6.70, accelerated by Brexit-led turmoil. However, the currency was promptly defended as PBOC twice strengthened its daily fixing during the week. Although China's GDP growth of 6.7% in June was slightly better than expectations of 6.6%, export data [for the month of June] remained weak causing investors to be wary of further currency depreciation. The services sector remains a bright spot in China's economy as the Caixin China PMI Services figure came in at 52.7 for June, higher than the 51.2 for May as China continues to reduce its dependence on the manufacturing and export sectors. ​​ Global events that may impact the Yuan this week will include Bank of Japan's Monetary Policy Statement, FOCM rate decision and Euro-zone and UK 2Q GDP print suggests Geoff Howie, director of equities & fixed income at SGX. Read more...
  • Tuesday, 26 July 2016 ESMA issues draft technical standards on MAR
    European market regulator ESMA has issued draft Technical Standards (ITS) on how competent authorities should notify ESMA annually of the investigations they conduct and the sanctions and measures they impose on local market participants under Article 33 of the Market Abuse Regulation (MAR). The ITS prescribe how national competent authorities (NCAs) should notify ESMA annually of the investigations they conduct and the sanctions and measures imposed in their Member States under MAR. The Regulation provides for two types of submission of information, which are as follows: NCAs must provide ESMA annually with aggregated information regarding all administrative and criminal sanctions and other administrative measures imposed in accordance with Articles 30, 31 and 32 of MAR as well as regarding administrative and criminal investigations undertaken in accordance with those articles; as well as administrative and criminal sanctions and other administrative measures that are disclosed to the public by the NCAs should also be reported to ESMA at the same time Read more...
  • Tuesday, 26 July 2016 Q2 green bond issuance shows quarterly high; market to touch $75bn this year
    Moody's says global green bond issuance in Q2 this year touched a new quarterly high of $20.3bn ($16.9bn in Q1). The total value of green bonds issued so far this year is now $37.2 bn, up 89% from $19.7bn for the first half of 2015, though clearly this is a still nascent market. Henry Shilling, a Moody's senior vice president says, "Issuance during Q2 also exhibited a more balanced profile as to issuers, sectors and countries of origin when compared with Q1, when China, due to issuance by its financial institutions, accounted for 46.7% of volume. During Q2, the US led --- helped by municipal sector activity -- with 22.8% of issuance, followed by supranationals and development banks at 16.7%, and the Netherlands at 14.3%." Read more...
  • Monday, 25 July 2016 China's AgBank to sell RMB3bn of bad loan-backed securities
    According to local press reports, Agricultural Bank of China Ltd (AgBank), China's third-biggest lender, plans to sell a record RMB3.06bn ($464m) worth of bad loan-backed securities this week under a government pilot scheme to quickly liquidate non performing debt that involves as much as RMB11bn of non-performing loans (NPLs). The assets include 1,199 secured loans to 204 borrowers operating in industries mainly including wholesale, manufacturing, real estate and transportation, the bank said in a prospectus filed with China’s bond clearing house. Earlier this year, the government allowed six large lenders to issue a maximum of RMB50bn worth of asset-backed securities (ABS) with non-performing loans as underlying assets, adding a new way for the banks to offload bad debt. AgBank will sell RMB2.06bn in a triple-A-rated senior tranche and RMB1bn in an unrated sub-prime tranche. Payments from the troubled loans would service these securities. Bank of China and China Merchants Bank sold a much smaller amount of NPL-backed securities in May. Read more...
  • Monday, 25 July 2016 Baker & McKenzie counts the mounting cost of Brexit on UK, European and global M&A
    UK M&A levels will take four years to recover parity with 'No Brexit' predictions as the vote will cost the UK economy at least $240bn in lost M&A is the bold statement of a new report from legal eagle Baker & McKenzie. Moreover, it avers, there will be a significant short term impact on European activity if further political uncertainty persists. The post UK referendum global M&A market could face a deficit of up to $1.6trn in lost merger and acquisition activity unless an orderly and swift Brexit process is followed. Baker & McKenzie's Global Transactions Forecast, based on financial modelling by Oxford Economics (OE), suggests the potential scale of the damage both an orderly and disorderly exit by the UK from the EU could do to markets and deal making activity. Unsurprisingly, the impact is disproportionately felt in the UK and rest of Europe says the firm. Michael DeFranco, Global Chair of M&A, says: An active M&A market is all about confidence and credibility. To restore that confidence, the UK government will need to get to grips with the enormous challenge of negotiating a new trading relationship with the EU as quickly as practically possible. Otherwise we move into more dangerous territory.” Read more...
  • Monday, 25 July 2016 Abu Dhabi Securities Exchange and Abu Dhabi Global Market sign MOU on bilateral cooperation
    Abu Dhabi Securities Market (ADX) and Abu Dhabi Global Market (ADGM) have entered into an agreement to foster bilateral cooperation. With the MoU, ADX and ADGM can jointly explore and develop financial products and services that will further boost the economic growth and investment sector of Abu Dhabi. Both entities will set up a working group to develop strategic objectives and cooperation initiatives. The MoU will also enable both organisations to work on key areas such as provision and exchange of expertise, financial markets assistance and cooperation, training and others. Read more...
  • Monday, 25 July 2016 Alternatives managers split on the benefits of ESG, finds Unigestion survey
    Boutique asset manager Unigestion’s latest survey of the hedge fund and private equity managers it invests in tracks their attitudes to ESG and its findings suggest an increase in number of hedge funds and private equity managers showing an interest in ESG, though most remain underwhelmed by it. Nearly half of hedge funds surveyed are now showing some interest – up from 40% last year, while 30% of managers are actively incorporating ESG in their investments processes. However, private equity managers surveyed look to be more advanced in ESG adoption than hedge funds and larger firms are more likely to implement ESG policies than smaller firms, and European managers are ahead of US managers. Read more...
  • Monday, 25 July 2016 G20: Brexit, the middle class and globalisation under fire?
    In a somewhat bleak G20 meeting, the now familiar ghosts in the machine (Brexit, geopolitical conflicts, terrorism and refugee flows) stalked the corridors of Chengdu with more noise than Marley’s spectre. However, few if any ministers had the same awakening that revitalised the life of Ebenezeer Scrooge. Either the finance ministers are inured to the chronic horrors that have beset the world since 2008 or more likely than not, have run out of ideas to banish them into the ether. Global growth then looks likely to splutter on at an all too low growth rate (now expected to range between 2.5% and 2.9%); or if you are the IMF, between 3.2% to 3.1%. Read more...
  • Monday, 25 July 2016 ESMA issues warning and best practices reminder on sale of speculative products to retail investors
    The European Securities and Markets Authority (ESMA) has today issued a warning about the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors, which it says are unaware of the risks associated with these products. The regulator also highlights the regulatory action taken in relation to several Cyprus-based investment firms. The warning comes as ESMA and a number of national supervisors say they have observed an increase in the marketing of these products, often through aggressive practices, and at the same time, a rise in the number of complaints from retail investors who have suffered significant losses. Read more...
  • Monday, 25 July 2016 BlackRock launches strategic global bond fund as investors seek diversified fixed income exposure
    BlackRock has launched a fixed income fund that invests in global macroeconomic strategies with exposure to regions where interest rates are attractive and markets with supportive monetary policy. The BlackRock Global Funds (BGF) Strategic Global Bond Fund is an actively managed multi-currency global bond fund with a focus on delivering alpha via macro-driven fixed income opportunities worldwide, including rates and foreign exchange across emerging and developed markets. Allocations to different securities are evaluated and sized relative to a customised benchmark, which consists of 80% Barclays Global Aggregate Index (unhedged) and 20% emerging markets exposure. Read more...
  • Monday, 25 July 2016 Baltic Exchange issues new panellist agreement
    A new agreement has been sent out by the Baltic Exchange today to its 48 shipbroking panellists for signature. The move is set against the backdrop of the Baltic Exchange’s potential acquisition by Singapore Exchange (SGX). The agreement documents and reinforces existing processes established by the Baltic Exchange and its panellists. The Baltic Exchange in a statement issued today says: “The proposed agreement, which will become effective on and subject to completion of the acquisition, formalises the relationship between the Baltic Exchange and its panellists which has been developed over more than 30 years”. Read more...
  • Friday, 22 July 2016 Brexit: Markit’s business sentiment index and sterling tank
    It was never going to be easy once the UK electorate decided to leave the European Union. Whatever the pros and cons of leaving, the country is now facing the consequences of its decision and the reality is that while things won’t be as bad as everyone thinks; they won’t be as good as the optimistic Leavers want us to believe. The reality is that the true extent of the implications of leaving the Union won’t be clear for many months if not years and what the market is seeing now is simply a foretaste of much of what is to come. It all hangs on leadership and the rapid articulation of a viable vision for the UK in a post EU world, as well as the contractual securing of an advantageous relationship with mainland Europe. Those are all in the future and until there is an indication of the road travelled, markets will be subject to any and all indications of shifts in investors and business sentiment in the UK. The Markit Flash UK Composite Output Index – which is compiled using the same methodology as Flash PMI data published for the euro area, the United States and Japan – fell to 47.7 in July, its lowest reading since April 2009. No surprise that sterling tanked on the publication of the data this morning. Read more...
  • Friday, 22 July 2016 Moody's says global issuance dipped in second quarter, while global asset prices rose
    Global private debt issuance by financial institutions and non-financial corporations (NFCs) dipped slightly in the second quarter as lower volumes in China pulled emerging market issuance lower and uncertainty around the UK's vote on its EU membership weighed on June volumes, Moody's Investors Service said in a report today. A second report showed that Moody's Global Asset Price index edged up in Q2, driven by a rebound in bond markets and a modest recovery in equities. Moody's quarterly issuance report, entitled "North American Issuance Picks Up in Second Quarter, but Chinese Placements Fall", and the rating agency's quarterly Asset Price Monitor, entitled "Asset Price Recovery in Global Markets Driven by Strong Bond Markets and Pickup in Equities", are both available through the links at the end of this press release. Read more...
  • Friday, 22 July 2016 Global corporate default tally rises to 104 says S&P
    The global corporate default tally climbed up to 104 so far in 2016 with the addition of four US-based defaulters (one confidential) this week, said an article published today by S&P Global Fixed Income Research. "Of the 104 defaulters, the energy and natural resources sector saw the highest concentration--with 57 issuers or 55% of the total defaults this year," explains Diane Vazza, head of S&P Global Fixed Income Research. Read more...
  • Friday, 22 July 2016 IMF warns G20 of need for broad based policies to ignite global growth
    There has been a small but discernible shift in policy outlook in recent months, with governments and central banks (Taiwan, ECB, UK et al) shifting focus on structural investment rather than unilateral quantitative easing. Now the IMF has drunk the latest coolaid and now warns that the global economy is likely to suffer from an extended period of "stubbornly weak growth" if the Group of 20 nations fails to back broad-based policies to reinvigorate growth and contain risk. The IMF report comes ahead of this weekend's meeting of G-20 finance ministers in China. "Strong global growth will not return without decisive policy action," according to the IMF. Read more...

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Key Stories from FTSE Global Markets

Set against a dynamic business backdrop in its own backyard, the European Energy Exchange (EEX) has adopted a confident and bold strategy to establish its global footprint within the exchange industry. Last year’s move into new commodity focused asset classes marks a new dimension in EEX’s growth and its continued transition from Europe’s leading energy exchange towards a global, multi-commodity exchange group. It has provided EEX and its parent company, Deutsche Börse Group, a growing competitive edge, given that it can also provide the vertical post trade support infrastructure required to back its expansion plans. Why has EEX been so successful in Europe, and how does that translate into its plans for global growth?

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Wednesday, 21 October 2015

Egypt opts for development funds

For the third time this year, the Central Bank of Egypt (CBE) has depreciated the Egyptian pound against the dollar in a foreign exchange auction in mid-October, taking the currency's decline for the year to 9.8%. The pound fell 1.3%(10 piasters) to 7.93 per dollar sell side and 7.88 buy side according to a report by the state-owned Middle East News Agency, which announced that the CBE offered $40m at a regular dollar sale to local lenders. Can the country pick its way out of the blues?

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The make-up of shareholders in Turkey’s banking segment has always been a touchstone of wider market change. The country has always been a swing market and the banking system has remained vulnerable, even with an improved capital base, as it has an ultra-high dependency on foreign funding of lending. That vulnerability has resulted in some significant changes in the investment in the country’s banking segment by foreign financial firms who have shown little stickiness in the country when the going gets tougher.

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Wednesday, 21 October 2015

Political uncertainty weighs on Turkey

A survey of 947 respondents in Turkey by Washington think tank PewCentre Research suggests Turks are dissatisfied with the direction of their country. Rising prices, crime and inequality are concerns. Moreover after years of quasi-Islamic rule that has been antipathetic to the military; survey respondents say the military is the only group with a “good influence on the country”. Opinions of the police, national government, religious leaders and the courts are mixed, while views of the media tilt to the negative. More pertinently perhaps, 52% of Turks think their children will be worse off financially in the future. The findings come as voters are scheduled to revisit national government elections on November 1st after the AKP party failed to form a coalition government in June. The upcoming elections will be closely watched, both as a bellwether of wider change in the eastern Mediterranean and as an indicator of the near term prospects for a lynchpin emerging market.

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In September, FTSE Group announced that Qatar will be upgraded from frontier to secondary emerging markets within the FTSE Global Equity Index Series in two equal tranches in September 2016 and March 2017, after the index provider confirmed that the country had now passed its key liquidity criteria for Secondary Emerging Market inclusion. Despite the plunge in oil prices, Qatar has held up relatively well in the current rout in emerging market stocks. Although with the exception of the FTSE upgrade, there remains a lack of immediate catalysts for Qatari stocks, even so Qatar maintains its edge as the government continues to spend freely, even as energy prices remain depressed. Does positive thinking about the kingdom’s prospects have legs?

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