Thursday 30th October 2014
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THURSDAY TICKER: OCTOBER 30TH 2014: - In ConvergEx’s survey of financial market professional, released today, uust 17% of respondents say they approve of the job Barack Obama is doing as president, while 73% said they disapprove. (This compares with a 41% approval/54% disapproval rating for the President in the RealClearPolitics average, 10/8-10/23/2014) Half (50%) of those surveyed give the President a “D” or “F” grade on handling issues of concern to the financial services industry. Opinions of Congress are even lower, with just 8% approving of the job being done by Congress and 81% disapproving. (This compares with a 13% approval/79% disapproval rating for Congress in the RealClearPolitics average, 10/3-10/20/2014. Almost half (46%) give Congress a “D” or “F” grade on handling issues of concern to the financial services industry. 69% of respondents say they would like Republicans to be in control of the Senate following the elections, a figure above even the 65% who say they plan to vote Republican in their own House districts. By 61% to 14%, Republicans are trusted over Democrats on issues impacting the financial services industry. For 8 of 9 market sectors, a higher percentage of respondents said equities would respond positively to a GOP win than to a Democratic win. Only for the Heath Care sector do more investors expect a positive outcome in response to Democrats holding the Senate - The Commercial Bank of Qatar (CBQ) posted a net profit (before deducting minority interest) of QAR503m in 3Q2014, flat QoQ, but 79% higher than a particularly weak 3Q2013. CBQ’s operating income in 3Q2014 increased 16% YoY but dropped 10% QoQ, driven by lower-than-expected results at subsidiary ABank. ABank’s operating income tumbled around 23% QoQ as non-interest income plummeted. For CBQ excluding ABank, operating income stood at around QR 764 million in 3Q2014, up 12% YoY, down 6% QoQ - Moody's has today assigned a provisional (P)B1 corporate family rating (CFR) to Kompania Weglowa SA, the parent company of the group. This provisional rating is subject to the successful completion of the issuance of new notes as currently contemplated by management. Concurrently, Moody's has assigned a provisional (P)B1 rating with a loss-given default (LGD) assessment of 3 (46%) to the senior unsecured notes to be issued by Kompania Weglowa Finance AB (publ), a financing vehicle owned by the company. The outlook on all ratings is stable - ING Group will release its 3Q 2014 results on Wednesday November 5th around 7:00 am CET - AIMCo, Allianz Capital Partners, EDF Invest andHastings have closed its buy of Porterbrook, a UK-based rolling stock leasing company. orterbrook is one of three main rolling stock companies (ROSCOs) in the UK that owns and leases a fleet of passenger and freight rolling stock to Train Operating Companies and Freight Operating Companies under long term contracts. It owns 32 per cent of total passenger rolling stock in the UK. No financial terms were disclosed - Fixed-income markets remain volatile: Europe is challenged, Brazil might struggle, and China is dealing with a potential property bubble. Opportunities nonetheless remain rife for savvy investors, particularly in the high-yield markets. Western Asset believes high-yield should be a key component of any successfully diversified bond portfolio. "We are pretty bullish on credit in general, and high-yield in particular," says Michael Buchanan, head of Global Credit at Western Asset. "Credit is less about the overall economic environment and more about strong corporate fundamentals. Corporations can do well in a mediocre economy, and that seems to be what's happening. Three factors are important right now: the overall economic environment is supportive; strong active management allows us to identify the right opportunities; and valuations are as compelling as they have been in months. This is a good time to take a fresh look at high-yield." Western Asset also believes high-yield products will offer price appreciation as spreads should tighten. On the global economic environment, Mr. Buchanan echoed Western Asset views that interest rates are poised to rise – albeit slowly, and via a process that will be carefully measured. Rates will not be meaningfully higher in the near future, or at least the moves will be gradual – According to Moody’s while the US government's current fiscal position remains relatively healthy, mandatory social spending will begin weakening the current fiscal profile of the US government at the end of the decade. For the next few years, barring another shock like the global financial crisis, the US budget deficit is expected to remain well within historical norms with Federal government debt ratios stable. However, the fiscal implications of the US government's healthcare-related programs likely will put pressure on its credit profile before the end of the decade, absent unexpected and sustained growth in revenue due to higher than expected GDP growth, additional tax increases, or reductions in planned expenditures, says Moody’s.

FundForum Asia 2012

FundForum Asia 2012 24th – 27th April 2012Kowloon Shangri-La, Hong Kong http://www.ftseglobalmarkets.com/

Whether you are an established member of the Asian investment management community or just setting up business in the region, FundForum Asia is an unmissable opportunity for you to showcase your expertise, learn from the industry leaders and make vital new contacts.

For the latest information, and to register, visit: http://www.informaglobalevents.com/FKN2326FGMWL

NEW PROGRAMME & NETWORKING FEATURES FOR 2012 INCLUDE

Here are some of the new features we will be pioneering next year at FundForum Asia:

  • CEO Question Time: Your opportunity to put your burning questions to a top panel of CEOs - you choose what’s on the agenda, not the moderator!
  • The Portfolio Managers Showcase: Present you newest fund before a committee of fund selectors
  • Closed Door “On The Ground” Sessions: Debate those sensitive issues affecting your business
  • A Brand New Emerging Markets Summit Day: An entire day dedicated to the most attractive investment destination at the moment
  • Back By Popular Demand – The China Summit: An in-depth learning opportunity on the most significant market for the region
  • Back By Popular Demand  - The Global Fund Distribution Summit: Meet with leading fund selectors, plus local and global asset managers, and find out the very latest distribution trends

What Makes FundForum Asia The Biggest And Most Prestigious Asset Management Conference In The Region?

  • Over 450 attendees in 2011!
  • Over 30 Leading Asian and International CEO
  • 100+ Fund Selectors To Meet And Do Business With
  • Over 50 Hours Of Potential Networking
  • More Than 70 Key Learning Sessions
  • 3 Special Focus Summit Days






    PROGRAMME HIGHLIGHTS FOR 2012
  • As always, our focus has been on bringing the FundForum audience the most relevant and cutting edge topics in Asian Investment & Wealth Management. Here are a few of the new topics we will be covering this year

    • Assessing The Globalisation Of The Asian Investment Management Industry
    • The Regionalisation Of Domestic Asset Management
    • Creating The Business Model For The Future
    • From Shelf-Space to Mind-Space: Creating A Winning Product Proposition For The Asian Investor
    • Addressing The Retirement Needs Of An Ageing Asian Population
    • Lifting The Lid on RMB Funds

    NOT TO BE MISSED!

    The FundForum Asia Distribution Summit
    23rd April 2012

    2011 was the best year yet for the pre-conference Distribution Summit. This is now recognised as the foremost meeting point for Asset Managers and Fund Selectors for the region – topics for this year include:

    • How To Overcome Volatility-Driven Inertia Amongst Investors?
    • What Does It Take To Get On The Strategic Partner List Of Major Asian Fund Platforms?
    • Understanding What Makes A Good Manager In The Eyes Of A Fund Selector?
    • What Are Private Banking Advisors Advising Their Clients?

    And much much more…….

    PLUS!

    China Summit – 27 April 2012

    Everything you need to know about doing business in China from the development in QDII & QFII, to investor appetite and the future for RMB Funds, with some of the mainland’s key managers & distributors

    Emerging markets Summit -23rd April 2012

    Get to grips with the crucial issues to consider when investing in Emerging and Frontier markets from the leading experts in this field.

    For the latest information, and to register, visit: http://www.informaglobalevents.com/FKN2326FGMWL

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