Tuesday 7th July 2015
NEWS TICKER: MONDAY, JULY 6TH: Moody's Interfax Rating Agency (MIRA), which specialises in credit risk analysis in Russia, has withdrawn the Baa1.ru national scale rating of Petrocommerce Bank (OJSC) based in Russia (Ba1 negative). This action follows Petrocommerce Bank's reorganisation and merger with Bank Otkritie Financial Corporation PJSC (deposits/senior unsecured Ba3 negative, BCA b1). Moody's Interfax Rating Agency's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks, report Moody’s. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".ru" for Russia. - PEGAS, the pan-European gas trading platform operated by Powernext, today announced that a total volume of 68.9 TWh were traded in June 2015. This represents a year on year increase of 41% (June 2014: 48.8 TWhPEGAS, the pan-European gas trading platform operated by Powernext, today announced that a total volume of 68.9 TWh were traded in June 2015. This represents a year on year increase of 41% (June 2014: 48.8 TWh).Overall spot trading volumes amounted to 28.4 TWh which represents a year on year increase of 31%. PEGAS recorded volume increases in particular in the German, French and Dutch market areas. The June volume in the German GASPOOL and NCG areas increased to 12.0 TWh (+33%), including 3.6 TWh traded in quality-specific gas products. The volume in the French PEG Nord and TRS market area rose to 8.0 TWh (+40%). The Dutch TTF spot volume reached 8.1 TWh (+17%) while the Belgian ZTP spot market registered a volume of 222,715 MWh. The total volume of spread transactions amounted to 2.3 TWh. - Clearstream has issued an update to the Statement of Holdings report (MT535), covering both HTML and CSV formats: effective immediately the newly added column, “Pledged for Collateral” for non-available positions (introduced as part of the June release) will be renamed "Pledged for Collateral NAVL". This change applies to the Statement of Holdings report (MT535) in HTML format and when downloaded as a CSV file. Other reporting formats are not impacted, says Clearstream. In addition, when downloaded as an MT535 CSV file, the newly named column "Pledged for Collateral NAVL" will now appear as the final column. This allows a better reconciliation of positions, says Clearstream Banking - Christine Lagarde, managing director of the International Monetary Fund (IMF), made the following statement today: "The IMF has taken note of yesterday’s referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so.” - Morgan Lewis is enhancing its United Kingdom and global employment law capabilities with the addition of employment investigations and data privacy partner Pulina Whitaker, who joins the firm today from another global law firm. Her arrival, says the firm, strengthens the full suite of global client services offered from the Morgan Lewis London office, including those connected to finance, corporate, energy, funds, and litigation - Leading shares in European bourses will continue to struggle today as investors look for direction from European leaders over their response to the Greek referendum decision yesterday. In Asia, Japan’s Nikkei retreated -2.08% while Hong Kong’s Hang Seng went down by 4% and the Shenzhen Composite down by 4.69%. The Shanghai Composite stabilised around 3,709, up 0.61%, as China Security Finance Corp, the institution which managed short selling and margin trading, will receive a capital boost to 76bn “to maintain financial market stability and expand its business".; it is actually something of a turnaround, as Chinese equities have been under pressure for over a month now. In Australia, equity markets are trading into negative territory with the S&P/ASX down -1.14% while AUD/USD broke to the downside the strong support lying at 0.7533 (low from April 2) and is heading toward the following one at 0.7414 (low from October 2010). Tomorrow, the Reserve Bank of Australia will release its interest rate decision. The US dollar is broadly higher against G10 as only the Japanese yen is adding gains versus USD. German Chancellor Angela Merkel will meet French president François Hollande later today. Greece’s main creditors have more pressures on their shoulders; analysts suggest that they will be more willing to provide significant debt relief measures. The next payment is due to the ECB on July 20th.

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US and Europe facing separate growth tracks, says OECD

Thursday, 29 March 2012
US and Europe facing separate growth tracks, says OECD Economic growth in the G7 countries is expected to be firmer through the first half of 2012, but the recovery remains fragile and will likely proceed at different speeds in North America and Europe, the OECD said in its latest interim economic assessment. The assessment, presented in Paris by OECD chief economist Pier Carlo Padoan, says the G7 economies are projected to grow by 1.9%  in both the first and second quarters of 2012, although a strong variance in outcomes is expected across this group of countries. http://www.ftseglobalmarkets.com/

Economic growth in the G7 countries is expected to be firmer through the first half of 2012, but the recovery remains fragile and will likely proceed at different speeds in North America and Europe, the OECD said in its latest interim economic assessment. The assessment, presented in Paris by OECD chief economist Pier Carlo Padoan, says the G7 economies are projected to grow by 1.9%  in both the first and second quarters of 2012, although a strong variance in outcomes is expected across this group of countries.

“Our forecast for the first half of 2012 points to robust growth in the United States and Canada, but much weaker activity in Europe, where the outlook remains fragile,” says Padoan. “We may have stepped back from the edge of the cliff, but there’s still no room for complacency,” he adds.



 

In the United States, the ongoing rebound in employment, stronger consumer confidence, higher equity prices and credit growth are underpinning the recovery, with growth projected at 2.9%  in the first quarter and 2.8% in the second. Canada is projected to grow by 2.5% during each of the first two quarters

 

The optimistic view on North America contrasts with the much more fragile outlook in Europe, where weak consumer confidence, climbing unemployment and tight credit all point to further  falls in activity.

 

The OECD projects that the euro area’s three largest economies—Germany, France and Italy—will shrink by 0.4% on average during the first quarter, before a moderate 0.9% growth recovery in the second quarter.

 

Seen individually, the German economy is expected to accelerate through the first half of the year, with growth of 0.1% in the first quarter and 1.5% in the second. The French outlook is more muted, with a -0.2 percent reduction in the first quarter followed by 0.9%  growth in the second. In Italy, weak industrial production and household sentiment suggest recession for the first two quarters of the year, but the most recent indicators have been more positive, resulting in slightly better projected growth for the second quarter, the OECD says.

 

In the United Kingdom, the economy is expected to contract by 0.4% and grow by 0.5% in the second quarter.

 

Growth in Japan is projected to rebound strongly in the first quarter to 3.4%, before easing to 1.4%  in the second quarter. A number of factors threaten the recovery, including rising oil prices, weakening activity in emerging market economies, notably China, and a slowdown in world trade growth that reflects weakening global demand. “Government action will continue to be critical, particularly in the euro area, where unfinished policy business on fiscal frameworks, financial firewalls and fundamental structural reforms must move ahead,” Padoan adds.

 

Economic growth in the G7 countries is expected to be firmer through the first half of 2012, but the recovery remains fragile and will likely proceed at different speeds in North America and Europe, the OECD said in its latest Interim Economic Assessment.

The Assessment, presented in Paris by Chief Economist Pier Carlo Padoan, says the G7 economies are projected to grow by 1.9 percent in both the first and second quarters of 2012, although a strong variance in outcomes is expected across this group of countries. (
See the Chief Economist’s presentation)

“Our forecast for the first half of 2012 points to robust growth in the United States and Canada, but much weaker activity in Europe, where the outlook remains fragile,” Mr Padoan said. “We may have stepped back from the edge of the cliff, but there’s still no room for complacency.”
In the United States, the ongoing rebound in employment, stronger consumer confidence, higher equity prices and credit growth are underpinning the recovery, with growth projected at 2.9 percent in the first quarter and 2.8 percent in the second. Canada is projected to grow by 2.5 percent during each of the first two quarters
http://mcmbo1.oecd.org/vgn/images/portal/cit_731/13/63/50008626unemployment.PNG
 
The optimistic view on North America contrasts with the much more fragile outlook in Europe, where weak consumer confidence, climbing unemployment and tight credit all point to further     falls in activity. The OECD projects that the euro area’s three largest economies -  Germany, France and Italy - will shrink by 0.4 percent on average during the first quarter, before a moderate 0.9 percent growth recovery in the second quarter.

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