Tuesday 22nd July 2014
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TUESDAY TICKER: JULY 22nd 2014 - The Zimbabwe Stock Exchange (ZSE) has been transformed into a company from a mutual society, opening the way for a public listing on the bourse it operates. The ZSE has been owned and run by stock brokers since 1946, but after demutualisation the brokers now hold 68% while the government owns the remaining shares. The Dubai Financial Services Authority (DFSA) alerts the financial services community and members of the public to misuse of the DFSA's name. It has come to the DFSA's attention that a fraudulent email purporting to be from the DFSA has been sent to a number of firms both inside and outside the Dubai International Financial Centre (DIFC). The false email: purports to be about a "DFSA Anti-Money Laundering Violation"; appears to come from "Amina Alshehi" from "Audit & Compliance"; attaches a "non-compliance notice"; and uses legitimate DFSA contact details. The email is fake, warns the DFSA. - Surecomp, the provider of trade finance solutions for banks and corporations, says Nordea has gone live in Frankfurt and London with the stand-alone version of allNETT, Surecomp's Web-based trade finance front-end solution – Saudi’s Kingdom Holding Company announced a net income for the second quarter this year of SAR211.7m up 16.8% on the previous quarter. The gross operating profit was SAR420.3m up 26.2% on the same quarter in 2013. Mohammed Fahmy CFO, says: “The second payment of dividends has been deposited in shareholders’ accounts. The outlook for the company’s profitability remains strong.” - Northern Trust has reported a 20 percent rise in assets under custody and a 15% rise in assets under management for Q2 2014 compared to Q2 2013.The Corporate and Institutional Services (C&IS) and wealth management businesses also report a 9% rise in custody and fund administration services, investment management and securities lending. Frederick Waddell, the bank’s chief executive officer, says, “Our business continued to expand in the second quarter as trust, investment and other servicing fees, which represent 65% of revenue, increased 8% compared to last year and assets under custody and under management increased 20% and 15%, respectively.” - In the latest Investment Quarterly for Q3 2014, Renee Chen, Macro and Investment Strategist at HSBC Global Asset Management, looks at the investment prospects throughout the Asia region. Chen identifies macro trends that are likely to shape investment themes in Asian markets, such as economic policy reforms, economic rebalancing and regional cooperation and integration that will provide a wide diversity of investment opportunities in relevant sectors. Financial deepening, in terms of financial system reform and deregulation and capital market developments, is another macro theme. HSBC continues to see opportunities in various sectors that could potentially benefit from structural reforms in several Asian countries. In particular, effective implementation of reforms could lead to a sustainable improvement in economic fundamentals and the growth prospects of China and India, prompting a reform-led re-rating of Chinese and Indian stocks. The continued search for yield resulted in decent H1 performance in Asian credit markets and there has been continued investor appetite for emerging Asian bonds, but Chen cautions that valuations could become a constraint, with limited room for further spread compression in some sectors and markets. However, the still-low default rates and overall healthy level of leverage among Asian companies on the back of overall sound Asian economic fundamentals provide a solid base for Asian credit market in the medium-to-long term.

BlackRock report highlights a record month for fixed income ETPs

Friday, 15 June 2012
BlackRock report highlights a record month for fixed income ETPs Economic uncertainty sparks a flight to safety that yielded a record setting month with ETPs attracting $11bn in net flow http://www.ftseglobalmarkets.com/

Economic uncertainty sparks a flight to safety that yielded a record setting month with ETPs attracting $11bn in net flow

Government bond ETPs attracted record breaking inflows of $5.6bn driven by flows of $4.4bn into US Treasury bond products. The previous monthly high for government ETPs of $3.6bn was set in June 2010. Broad/aggregate and investment grade corporate bond products attracted $1.6bn and $1.7bn respectively. Meanwhile, high yield bond ETPs saw monthly outflows of $1.3bn, the first month of redemptions since November 2011.

Emerging markets equity ETPs drew $3.3bn, with flows of $8.3bn into two new Chinese equity funds outweighing outflows of $5bn from a broad range of other emerging markets products. The two new Chinese equity funds seek to replicate the performance of the China Securities Index 300 which tracks 300 stocks traded on the Shanghai and Shenzhen stock exchanges. These are the first cross-market ETFs to be listed in China.

In developed markets equities, DAX German equity funds swung back with strong flows of $4.3bn in May on the heels of ($5.1bn) outflows last month.  Japanese equity ETPs also had a strong showing in May, garnering $3.6bn.

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