Wednesday 23rd 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 index update reveals global market moves

Wednesday, 16 January 2013
BlackRock index update reveals global market moves BlackRock has released its quarterly update of the BlackRock Sovereign Risk Index (BSRI), showing key movements by Australia, China, India, Japan, New Zealand, South Africa and the United States. The BSRI provides investors with a framework for tracking sovereign credit risk in 48 countries, drawing on a pool of financial data, surveys and political insights. http://www.ftseglobalmarkets.com/

BlackRock has released its quarterly update of the BlackRock Sovereign Risk Index (BSRI), showing key movements by Australia, China, India, Japan, New Zealand, South Africa and the United States. The BSRI provides investors with a framework for tracking sovereign credit risk in 48 countries, drawing on a pool of financial data, surveys and political insights.

The update also contacts the newly created interactive BSRI, which allows for viewing individual country scores, comparing two countries and sorting overall rankings by index components. The BSRI was developed through the BlackRock Investment Institute (BII) in June 2011, in recognition of the growing focus by investors around world on sovereign risk debt. The BSRI uses more than 30 quantitative measures, complemented by qualitative insights from third-party sources.

Highlights of the report include Japan’s fall in the rankings as a result of its sharply deteriorating fiscal balance – a space worth monitoring in 2013 as a new government and central bank governor settle in. “The fiscal profile of Japan worsened enough to cause it to slip two spots to 35th place, even as its other BSRI components improved. Japan now ranks just ahead of South Africa but below the likes of Turkey, Indonesia and Slovakia,” according to the BII.

The US remained at 15th place even as it teetered on the edge of the “fiscal cliff” of automatic tax hikes and spending cuts. "The last-minute deal was better than nothing, we think, but its limited scope means more tortured budget talks – and market volatility – ahead,” BII strategists said.

China, Australia and New Zealand moved up in the rankings, with Australia jumping three spots due to an improved primary budget balance. “China rose two spots to 16th place on the back of higher government revenues as a percentage of GDP. China’s ‘Willingness to Pay score’ improved due to the relatively smooth once-a-decade leadership change,” according to the report.

India remained at 39th place, but the country’s profile improved on most fronts, according to the BII: “India’s ‘Fiscal Space’ improved on a lower debt-to-GDP level and an improving primary balance. Among major BSRI movements, the BII also noted that South Africa dropped two notches to 36th place: “South Africa slid two spots to 36th place mainly due to a rapidly worsening current account deficit. Anecdotal evidence has money fleeing the country at a rapid pace, and the BSRI appears to reflect this.”

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