Friday 19th December 2014
NEWS TICKER: FRIDAY DECEMBER 19TH 2014: Scotiabank’s Commodity Price Index dropped -4.8% m/m in November (-6.1% yr/yr) and will end 2014 in a ‘deflationary’ mode, says economist Patricia Mohr. "Significant capacity expansion and the defence of market share by major oil and iron ore producers— against a backdrop of lacklustre world economic growth — account for the softness at the end of the year," she says. Mohr adds that the decision by Saudi Arabia not to reduce output to shore up international oil prices, but instead to allow prices to drop to levels curbing US shale development appears to be having a negative impact on confidence in a wide variety of other commodity as well as equity markets. She predicts prices will fall further this month, but will start to rebound in mid 201 - Jonathan Hill, the EU's financial-services commissioner, says he plans to pursue rules that separate a bank's proprietary trading from retail operations. "The sensible thing to do is to seek to make progress quickly" on the issue, Hill said. "There are still areas of risk in some of the biggest and most complicated banks,” reports Bloomberg- CME Group, said yesterday that it will change daily price limits in its CME Feeder Cattle futures effective today, pursuant to its emergency action authority. The current daily price limit for CME Feeder Cattle futures is $3.00 per hundredweight and will change to $4.50 per hundredweight effective on trade date December 18th Additionally, effective December 19th (tomorrow) these limits will have the ability to expand by 150% to $6.75 per hundredweight on any business day in the event that one of the first two contract months settles at limit on the previous trading day. CME Feeder Cattle futures have been locked limit for five consecutive days as a result of various factors. The change to daily price limits is necessary to ensure continued price discovery and risk transfer, says the CME. Daily price limits for CME Live Cattle futures will remain unchanged at $3.00 per hundredweight. Effective Friday, December 19th, these limits will have the ability to expand by 150 percent to $4.50 per hundredweight in the event that one of the first two contract months settles at limit on the previous trading day - The Straits Times Index (STI) ended +16.42 points higher or +0.51% to 3243.65, taking the year-to-date performance to +2.49%. The FTSE ST Mid Cap Index gained +0.29% while the FTSE ST Small Cap Index gained +0.71%. The top active stocks were Keppel Corp (+2.68%), SingTel (-1.02%), DBS (+2.36%), Global Logistic (-3.21%) and UOB (+0.30%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+3.13%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+6.38%) and Geo Energy Resources (unchanged). The underperforming sector was the FTSE ST Telecommunications Index, which declined -0.98% with SingTel’s share price declining -1.02% and StarHub’s share price declining-0.73%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+2.56%), DBXT CSI300 ETF (+0.42%), STI ETF (+0.61%). The three most active Real Estate Investment Trusts (REITs) by value were Ascendas REIT (-0.42%), Keppel DC REIT (unchanged), Suntec REIT (+0.26%). The most active index warrants by value today were HSI23400MBeCW150129 (+7.32%), HSI22600MBePW150129 (unchanged), HSI24000MBeCW150129 (+12.50%). The most active stock warrants by value today were KepCorp MBeCW150602 (+21.95%), DBS MB eCW150420 (+29.29%), DBS MB ePW150402 (-18.03%) - Spain’s Director of Public Prosecutions, Eduardo Torres Dulce, has resigned from the post for “personal reasons”, Spanish daily El Mundo reported this morning. A spokesman for the Public Prosecutor’s office confirmed the news by telephone to The Spain Report, saying that Mr. Torres Dulce had informed Justice Minister Rafael Catalá of his decision: “but that it perhaps would not come into effect until they find a replacement”. That decision is taken at cabinet level. The next cabinet meeting for Rajoy’s government is tomorrow morning - Hedge funds including Marshall Wace, Odey Asset Management and Lansdowne Partners are shorting OTP Bank Plc, a Hungarian lender with a Russian subsidiary whose shares have fallen almost 6% this month reports Albourne Village. All three London-based funds took or increased their position this month in OTP, Hungary’s largest lender, according to data compiled by Bloomberg. The ruble rose today in Moscow after plunging as much as 19%against the dollar yesterday, when Russia’s central bank increased interest rates to 17% percent from 10.5 percent in an attempt to stem the decline. The ruble is down 52% this year and has taken a disproportionate beating in the wake of sanctions and falling oil prices. The country still has the third largest currency reserves in the world and so is unlikely to default. According to Eric Chaney, Manolis Davradakis and Greg Venizelos from AXA IM’s Research and Investment Strategy team Russia will likely resort to fiscal stimulus to contain the risk of social and political unrest. Capital controls, political unrest and even default on private hard currency debts are possible outcomes they say. They credit default swaps market is pricing a one-third probability of sovereign default within five years - Indonesia is ramping up financing for its $439bn development program, planning an almost fivefold increase in sales of project sukuk. The government is seeking to raise IDR7.14trn rupiah (around $568m) from notes that will fund particular construction ventures next year, compared with IDR1.5trn this year, which say local press reports, will help finance its estimated spending of about IDR5,519trn from 2015 to 2019 to build roads, railways and power plants.
Europe

Publicadas hoy por el Banco Central Europeo (BCE), las estadísticas muestran que en octubre de 2014, el saldo vivo de las participaciones emitidas por los fondos de inversión de la zona del euro distintos de los fondos del mercado monetario se situó 54 mm de euros por encima del nivel registrado en septiembre de 2014. Este aumento se debió principalmente a las emisiones netas de participaciones. 

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The ultimate owners of companies will have to be listed in central registers in EU countries, accessible to people with a "legitimate interest", such as investigative journalists and other concerned citizens, under a deal struck by the EU Parliament and European Council negotiators on a draft EU anti-money laundering directive yesterday. The rules will also require banks, auditors, lawyers, real estate agents and casinos, among others, to be more vigilant about suspicious transactions made by their clients.

 

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The European Parliament yesterday approved the draft EU budget for 2015 and a top-up of the 2014. The budget foresees €145.32bn in commitments and €141.21bn in payments for 2015, and an extra €4.25bn to settle unpaid bills in 2014. Parliament’s negotiators secured extra resources to pay bills from EU contractors such as local collectives, non-government organisations, and small firms. The 2015 budget compromise safeguards the payments to beneficiaries in areas that were most hit by delayed payments. ˮIt is clear that the amounts that we are to accept will at best only stabilise the level of European debt. What gives me hope is the payment plan aimed at decreasing the amount of unpaid billsˮ, notes a negotiation weary Budgets Committee chair Jean Arthuis (ALDE, FR), in the final debate on the budgets yesterday. ˮGovernments had accepted the political commitments but then they failed to pay what they owed. Do we have to recall yet again that payments are only technical consequences of commitments?ˮ, he added.

 

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Despite half a decade of  macroeconomic adjustment and recalibration, the imbalances within the eurozone remain significant, Standard & Poor's Ratings Services notes in a report published today.

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Al justificar la decisión del Partido Popular (PP) al negarse a abrir una comisión de investigación por el caso Bankia y a raíz de una pregunta del portavoz socialista de economía, Juan Moscoso del Prado, el actual ministro de economía del Gobierno español, Luis de Guindos, cargó ayer miércoles contra el Banco de España (BDE) y la Comisión Nacional del Mercado de Valores (CNMV).

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El Banco Central Europeo (BCE) publica hoy el estado financiero consolidado del Eurosistema a 5 de diciembre de 2014. Principalmente se destaca que la partida 1 del
activo, oro y derechos en oro, se redujo en 1 millón de euros debido a la venta
de ese metal efectuada por un banco central del Eurosistema. Por otro lado la
posición neta del Eurosistema en moneda extranjera se incrementó en 1,8 mm de
euros hasta situarse en la cifra de 231,9 mm de euros, como consecuencia de las
operaciones de cartera y por cuenta de clientes. 

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BME, a través   de su filial tecnológica Visual Trader, abrirá en Londres un nuevo centro de   acceso al mercado bursátil español a finales de enero de 2015, dotado de   la  infraestructura de comunicaciones   necesaria para que los inversores se conecten con las plataformas de   contratación españolas de los mercados de acciones (SIBE) y de derivados (SMART).

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After a promising beginning, trading volumes on European exchanges dipped slightly in the third quarter of the year. Even so, Europe’s exchanges generate turnover of €26.2bin Q3 2014.  Moreover, the volume of leveraged products continued to rise and by the end of the quarter volumes were double that of the same period in 2013.

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