Thursday 30th March 2017
MARCH 29th: BNP Paribas Securities Services has won a mandate to provide Italian banking group Banco di Desio e della Brianza with global custody services for €11bn worth of Italian and foreign assets - Axioma, provider of enterprise market risk and portfolio management solutions, has appointed Jacqueline Gaillard as managing director, People & Talent. Gaillard was previously senior vice president, Human Resources and Talent Management at International Securities Exchange (ISE) – There looks to have been an overnight recovery in investor sentiment in the Asian session, linked to Donald Trump’s revoking of several laws introduced by the Obama administration safeguarding workers’ rights and protections for the environment perhaps? Anyway, it seems that investors believe that the US president will deliver on his policy pledges; or better, are buoyed by positive macroeconomic data out of the US and Europe. Analysts Mike van Dulken & Henry Croft at Accendo Markets commented to clients this morning: “However, this time they want it to be growth-focused (tax reform, infrastructure spending, banking deregulation) rather than just wanting to give two fingers to Democrats by repealing Obamacare.” Whatever, the upshot is that by and large stock markets recovered early Tuesday, with higher oil prices and a rebound in the US dollar against the yen driving gains in Australia and Japan. Australia’s S&P/ASX 200 XJO, +1.30% added 1.1%, trading close to levels last seen on March 17. The benchmark Nikkei index NIK, +1.14% gained 1.1%, recouping most of its Monday losses. FTSE Bursa Malaysia added 0.54% to 1754,42 and the Hang Seng rose 0.63% to 23,345.87. However, elsewhere market performance was mixed. The Straits Times Index (STI) ended 16.02 points or 0.51% lower to 3126.88, taking the year-to-date performance to +8.54%. The top active stocks today were Singtel, which declined 0.77%, DBS, which declined 0.48%, Global Logistic, which declined 1.43%, OCBC Bank, which closed unchanged and UOB, with a 0.09% fall. The FTSE ST Mid Cap Index declined 0.36%, while the FTSE ST Small Cap Index declined 0.34%. The Shanghai Composite also took a beating, down 0.43% to 3252.99. The price for Brent LCOK7, +0.95%, the international crude oil benchmark, rose 16 cents to $50.91 a barrel in Asian trade, offsetting overnight declines, which helped drive gains – Accendo Markets reports the FTSE 100 Index called to open flat +30pts at 7325, after rebounding back above 7300 thanks to a bullish double-bottom from yesterday’s 7260 2-week lows. This revives hopes in a recovery towards last week’s 7360 highs, if not the prior week’s 7440 record. “However, the recent sell-off and breached support have left hurdles along the way. Bulls need a break above 7325 overnight highs; Bears want a breach of 7310.” Even so, US equity markets continued their sell-off on the back of a disappointing performance from the US administration, with the Dow Jones now in its longest losing streak since 2011. Nasdaq, however, continues its outperformance, closing higher once again, while the Dow, having pared early losses, remained hindered by energy and financial weakness while Telecoms were the biggest drag on the S&P 500.Crude Oil benchmarks have failed to break out of tight trading ranges as conflicting reports of OPEC production cut extension talks and rising US production are leaving prices in a state of flux. Brent Crude remains in a $50-51 sideways trading channel while its US counterpart remains in a $47-48 falling channel. Investor focus will be on this evening's API inventory data for this week’s first gauge of US production following Friday’s 10th consecutive Baker Hughes Rig Count increase. Today’s macro calendar is light, with major releases not coming until the US session this afternoon. These come in the form of US House Prices, expected to show continuing growth in the monthly reading while holding steady in the annual figure. US Consumer Confidence, forecast to cool slightly from February’s reading of 114.8. Market attention will, however, likely be on this evening’s raft of Fed speakers following the European close with the likes of George “U.S. Economy and Monetary Policy”; 5.45pm), Chair Yellen (Addressing Workforce Development Challenges in Low-Income Communities; 5.50pm), Kaplan (moderated discussion at the Dallas Committee on Foreign Relations; 6pm) and Powell (America's Central Bank: This History and Structure of the Federal Reserve; 9.30pm) -

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  • Tuesday, 28 March 2017 ESMA says more granular data needed to better qualify haircuts in SFTs
    The European Securities and Markets Authority (ESMA) has issued a research piece on shadow banking published in its recent report on trends, risks and vulnerabilities (TRV). The piece provides a stock-take of the multi-trillion euro-denominated large market for securities financing transactions (SFTs) in the European Union and firms’ use of collateral haircuts. ESMA’s research aims at understanding the level and the calculation methodologies of haircuts used in the EU by SFT market participants. Read more...
  • Tuesday, 28 March 2017 Global spend on financial market data & news tops $27bn in 2016
    Spend on market data, analysis and news has topped $27bn for the first time according to Burton-Taylor International Consulting’s latest report published today. The findings show a 3.45% increase in global spend for financial information last year, reaching $27.48bn. Read more...
  • Tuesday, 28 March 2017 KfW IPEX-Bank funds energy-efficient REWE logistics centre in Koblenz
    KfW IPEX-Bank is providing financing to build a new and modern logistics centre for the REWE retail group in Koblenz. The loan of up to EUR 58 million will fall under the KfW Energy Efficiency Programme. The total investment of the project is around €80m. Read more...
  • Tuesday, 28 March 2017 Esprow releases ETP C-Box update for automated MiFID II compliance certification
    Esprow Pte Ltd, a global provider of enterprise testing technology for the financial markets, says it has released a MiFID II adaptation of its ETP C-Box RegTech platform. The update will automate MiFID II certification of exchange members and counterparties and allow any regulated firm to streamline inbound connectivity fast and accurately. Read more...
  • Tuesday, 28 March 2017 BCS Global Markets thinks two heads are better than one in London
    BCS Global Markets, the Russian investment bank and largest securities broker on the Moscow exchange, has appointed Bradley Duke and Tim Bevan as co-chief executives of its UK entity, BCS Prime Brokerage Ltd (BCS UK). Read more...
  • Tuesday, 28 March 2017 IFAs decline to provide DB pension transfer advice
    Two thirds of advisers expect client enquiries about transfers from Defined Benefit to Defined Contribution schemes to increase over the next 12 months. However, the top reason given for declining to give such DB-DC advice is that the risks associated with challenges to historic advice are just too high Read more...
  • Tuesday, 28 March 2017 EU political group leaders to meet after UK’s declaration of Article 50
    The European Parliament's Conference of Presidents will meet to prepare for the April plenary session tomorrow afternoon, including a response to the expected notification by the UK government that it intends to leave the EU. Parliament’s President Antonio Tajani, political group leaders, point man for the negotiations with the UK Guy Verhofstadt, and Constitutional Affairs Committee chair Danuta Hübner, will discuss the consequences of the UK government’s triggering of Article 50. Read more...
  • Monday, 27 March 2017 European M3 at 4.7% in Feb, down from 4.8% in January
    The annual growth rate of the broad monetary aggregate M3 stood at 4.7% in February 2017, after 4.8% in January 2017 (revised from 4.9%). The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, stood at 8.4% in February, unchanged from the previous month. The annual growth rate of adjusted loans to households stood at 2.3% in February, compared with 2.2% in January. The annual growth rate of adjusted loans to non-financial corporations decreased to 2.0% in February, from 2.3% in January. Read more...
  • Monday, 27 March 2017 Monte dei Paschi rescue moves closer
    It has been some time in coming, but Daniele Nouy, supervisor at the European Central Bank, told Reuters today that European authorities are about to finalise a public rescue plan for Monte dei Paschi di Siena and other smaller banks. The bank asked for state support in December after failing to raise €5bn on the market to shore up its capital. Since then, the European Commission and the ECB have been discussing ways to keep the bank afloat. Read more...
  • Monday, 27 March 2017 Daman Securities joins Nasdaq Dubai as a Member to trade equities
    UAE brokerage Daman Securities has joined Nasdaq Dubai as a member to trade equities and provide its clients in the GCC and beyond with access to shares of regional and international companies listed on the exchange. Read more...
  • Monday, 27 March 2017 ASIC releases guidance on risk management systems of responsible entities
    ASIC has released Regulatory Guide RG 259 Risk Management systems of responsible entities to provide additional guidance to responsible entities on the Australian market regulator’s expectations for compliance with their existing obligation under the Corporations Act 2001 (Corporations Act) to maintain adequate risk management systems. Read more...
  • Monday, 27 March 2017 MSCI assesses the impact of Brexit on institutional portfolios
    Using stress-testing, MSCI examined three hypothetical scenarios: rough Brexit; a smooth Brexit and a Brexit that benefits the UK. The scenarios produce possible outcomes that range from globally diversified portfolios (60% equity, 40% fixed income) losing nearly 8% of their value to the same portfolios gaining 3.5%. Each scenario imagines a series of shocks that are applied to globally diversified portfolio, based on the understanding that markets price in new perceptions in a short period of time. Read more...
  • Monday, 27 March 2017 Henley purchases Dutch site in Utrecht
    Henley360 has completed its fifth mainland European acquisition, with the off-market purchase of a 17,400 sq m (187,300 sq ft) light industrial property in Vianen, in the Province of Utrecht, the Netherlands. Read more...
  • Monday, 27 March 2017 FundRock hires Irish funds lawyer
    FundRock Management Company has appointed Irish funds lawyer Louise Harris to head up the Legal and Compliance function at its Irish branch. FundRock, the independent UCITS and AIF investment management company, has made the appointment as part of its long term strategy to become a leading provider of investment management services to Irish domiciled funds. Read more...
  • Monday, 27 March 2017 The EBA’s new capital requirements: proportionate doesn’t always mean lower
    The European Banking Authority’s (EBA) prudential framework is changing. The idea behind this is to move away from bank-like prudential regulation for investment firms that don’t require it, instead simplifying the rules and making capital requirements more proportionate. For an industry fretting about the looming MiFID II, this seems to provide welcome respite. However, though ‘proportionate’ may sound like ‘lower’ to some, it’s likely to mean just the opposite for many. By Michael Chambers, head of Prudential at Cordium 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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