Sunday 21st January 2018
January 19th 2018: The Deferred Action for Childhood Arrivals (DACA) programme looks to be a continuing stumbling block for Democrats who were expected to ink the US government spending bill, with an attendant effect on the US dollar. According to Miles Eakers, chief market analyst at Centtrip the dollar continues to show weakness ahead of possible US government shutdown. “Late last night the House of Representatives passed concessions on a major increase in defence spending and a hardline immigration bill. But Senate Democrats said they would likely block the measure unless President Donald Trump and Republicans include protection for young immigrants. An impasse could result in Trump celebrating his first anniversary in office with the first shutdown in four years, despite his party holding a majority in both houses. After reports of the vote, [the market] saw continued, but muted, dollar weakness, pushing the GBP/USD pair back above $1.39 and EUR/USD nearer the $1.23 resistance level.” The question is now whether a short=term patch will be agreed today, or whether the Republicans and the White House will be compelled to get serious about a longer-term solution. The last time a short-term bill was passed was December last year, which passed by a grand majority of 66 votes to 32. This time round it looks more difficult - Mike van Dulken, Head of Research at Accendo Markets commented to clients this afternoon: “Equities are positive to close out the week, rebounding from a negative US close and ahead of a key Senate vote to stave off a government shutdown tonight. Weaker than expected UK Retail Sales have seen the UK’s blue-chip index take a leg higher, benefiting from Sterling's retreat from fresh post-referendum highs earlier this morning. Interestingly, Germany’s DAX is the rank outperformer, this in spite of additional Euro strength after hawkish ECB comments, whilst US equities point towards a positive open this afternoon. The FTSE has climbed higher thanks to GBP weakness benefiting names such as ULVR, BATS, SHP, RELX, CCL and GSK, while Miners are embracing the weaker USD's fillip for metals. This is easily offsetting weakness for BP (Oil lower on IEA report), HSBC (US forex fine), BT (pension scheme deal) and KGF (Carpetright profits warning). Germany’s DAX outperforms with just Linde in the red, as Thyssenkrupp, Adidas, BASF and Fresenius lead the way higher. The FTSE 100 has broken back above 7715. The DAX 30 has broken above 13350 to flirt with a 13420 breakout. Dow Jones Futures have rebounded to re-test 26055. Gold has broken back above $1332.” --

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  • Friday, 19 January 2018 Bank of Baroda’s adopts iGTB’s digital supply chain finance solution
    India’s Bank of Baroda says it now offers its extensive client base a host of automated supply chain finance products via iGTB’s platform, aiming to reduce transaction costs and risks, as well as open up new avenues of finance as the country deals with remonetisation and its $418bn SME finance gap Read more...
  • Friday, 19 January 2018 Baillie Gifford appoints five new partners
    Independent investment partnership Baillie Gifford & Co says t has appointed five news partners who will come into play at the start of May this year. Read more...
  • Friday, 19 January 2018 Russia’s NSD upgrades channel for client interactions
    Russia’s National Settlement Depository (NSD) says it has upgraded its channel for client interactions by implementing the Application Programming Interface (API) for online banking services. Clients can now connect their software directly with NSD payment services in real time without using a special procedure to transmit messages from the automated banking system to the Online Bank. Read more...
  • Friday, 19 January 2018 DMO to reopen syndication of 0⅛% index-linked gilt 2048 in early Feb
    The United Kingdom Debt Management Office (DMO) says it expects the re-opening by syndication of 0⅛% Index-linked Treasury Gilt 2048 will take place in the week commencing February 5th, subject to market and demand conditions. Read more...
  • Friday, 19 January 2018 Periphery revival spearheaded by Greece
    A continued benign backdrop and looming credit rating upgrades has pushed eurozone spreads tighter with new issues meeting strong investor demand. Mark Dowding, co-head of investment grade at BlueBay Asset Management, explains why he thinks that Greece’s credit rating will improve this year. Read more...
  • Friday, 19 January 2018 RPMI investment director Ciarán Barr resigns
    Investment director Ciarán Barr investment director at UK rail pension fund RPMI will leave his post this side of June after some eight years at the pension fund. RPMI runs the Railways Pension Scheme, which is one of the UK's largest pension funds, with some $28bn in assets under management. Read more...
  • Thursday, 18 January 2018 Implications of Europe’s new securitisation framework
    Yesterday, Europe’s new securitisation framework came into force, backed by two regulations (STS Regulation and Securitisation Prudential Regulation, SPR). Both comprise elements of the EU’s mega Capital Markets Union (CMU) reform initiative and are intended to promote a safe and liquid market for securitisation transactions. In broad brush strokes, what will the new rules mean for investors, issuers and arrangers? Read more...
  • Thursday, 18 January 2018 AxiomSL hires new head of EMEA business and partnership strategy
    Risk management and reporting maven AxiomSL says Patrick Ward has been hired to head up the firm’s Europe, Middle East and Africa (EMEA) Business and Partnership Strategy. Read more...
  • Thursday, 18 January 2018 BlackRock study says market risk and active investment high on investor agendas
    Faced with low interest rates and relatively high valuations for risk assets, large global institutional investors are looking to protect themselves against downturn risks through maintaining their cash levels and selectively increasing allocations to active strategies, according to a new survey by BlackRock. Read more...
  • Thursday, 18 January 2018 Natixis Investment Managers acquires stake air financing specialist
    Natixis Investment Managers, the asset management arm of French bank Group BPCE, has acquired a minority stake in specialist aircraft lease and asset management firm Airborne Capital. The stake was acquired for an undisclosed sum from the existing shareholders, comprising Airborne’s founding management team and FEXCO, Ireland’s largest privately owned financial services company. Read more...
  • Thursday, 18 January 2018 Petra Lugones Targarona to head up German business at PineBridge
    Private asset manager PineBridge Investments, has appointed Petra Lugones Targarona as head of German business. Lugones Targarona will oversee PineBridge’s expansion into the German institutional and intermediaries market. The firm plans to open a new Munich office. Read more...
  • Thursday, 18 January 2018 Turkish economy to grow 4.8% a year for five years says Fitch
    Turkey’s economy is expected to grow 4.8% annually on average over the next five years, according to analysis in a report from global ratings agency Fitch. In its report, titled “Investment and Demographics Key to EM Growth Potential”, Fitch also provided a list of the 10 largest emerging markets in the world, in which Turkey ranked third in its forecast economic growth rate. Read more...
  • Thursday, 18 January 2018 Goldman Sachs helps Visible Alpha raise $38m in funding round
    Visible Alpha, an investment research technology firm founded by leading investment banks, says it has secured an additional $38m of equity financing. Visible Alpha will use the money to fuel growth and meet research valuation and budgeting requirements of MiFID II. Read more...
  • Thursday, 18 January 2018 MSCI launches MSCI FaCS and MSCI Factor Box
    MSCI Inc has launched MSCI FaCS, a factor classification standard and MSCI Factor Box, an updated style box designed to reflect a modern approach to investing. The firm says factor investing is gaining traction; changing the way investors construct and manage portfolios. Moreover, the firm says there is a clear gap in the market for a new framework from which to think about factors. Read more...
  • Thursday, 18 January 2018 Peru’s franchise market on the up, billing $2.4bn this year
    Peru’s new Exports of Services law and accompanying regulation (Supreme Decree N ° 067-2017) that has liberalised the country’s capital repatriation regime is expected to help the country’s already buoyant franchise market, which is expected to generate over $2.4bn in revenues this year, according to the Lima Chamber of Commerce. Read more...

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Key Stories from FTSE Global Markets

Although long standing, in 2016 the country’s privatisation programme was harnessed by the government to encourage foreign investment in minority stakes in a gamut of state-owned firms, include the country’s flagship National Company KazMunaiGas. Since then, the programme has sometimes been mired in questions around governance. Partners, Carter Brod and Aset Shyngyssov of global law firm Morgan Lewis examine the viability of Kazakhstan’s privatisation plans.

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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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