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.
North America
Wednesday, 03 December 2014

LGIMA launches US index fund business

[Legal & General Investment Management America Inc (LGIMA), a Chicago-based registered investment advisor, has launched its US index fund management business, which builds on the firm’s core fixed-income and liability-driven offerings.


The Fixed Income Clearing Corporation (FICC) has filed a rule change application with the US Securities and Exchange Commission (SEC). The proposed rule change consists of amendments to the rules of the Government Securities Division (GSD Rules) and the Mortgage-Backed Securities Division (MBSD Rules) of FICC should the corporation ever default and provides clarity to member firms 


European companies are showing a greater appetite for US, versus EU, companies for acquisitions, given the country's stronger growth prospects and cost competitiveness, says Moody's in a special Comment report.


Mariano Rajoy, presidente del Gobierno español, al término de la Cumbre del G-20, ha explicado que las reformas estructurales han sido el centro de los compromisos respaldados en este foro, "muy en línea con el programa de reformas de España que he presentado a petición de la presidencia en la primera sesión de esta reunión".

In recent years there has been a clear upward trend in fund managers successfully attracting more capital for West Coast-focused vehicles, reports Preqin, with the aggregate capital raised by these funds increasing year on year from $0.8bn raised by 11 funds closed in 2011 to $2.7bn raised by 18 funds closed in 2013. 2014 so far has seen 11 West Coast-focused private real estate funds reach a final close, having raised an aggregate $1.6bn in capital commitments. Read more...

El Premio Nobel de Economía de 2010, Peter Diamond, visitó el Banco Central de Reserva del Perú (BCRP), donde fue recibido por su presidente, Julio Velarde, antes de dictar una conferencia sobre “Perspectivas de la economía mundial y los desafíos del empleo”, auspiciado por el Consorcio de Investigación Económica y Social (CIES).


4sight Financial Software, a leading provider of software and consultancy to the Securities Finance, Swaps and Collateral Management markets, has hired Edward Cockram as North American Product Consulting director. Cockram will be based in New York and will provide client consultation and business analysis services to 4sight’s North American clients. 

Wednesday, 29 October 2014

NASDAQ and Shenzhen exchange sign MoU

NASDAQ and the Shenzhen Stock Exchange (SZSE) signed a memorandum of understanding (MOU) at the World Federation of Exchanges' annual General Assembly in Seoul to strengthen cooperation and promote mutual development between the two exchange companies. According to the MOU, SZSE and Nasdaq will explore extensive collaborative opportunities regarding information sharing, market link-up (including potential cross listing of index products), mutual assistance, link-up of IT systems and R&D initiatives. "This paves the way for in-depth cooperation between the exchanges in areas including linking-up IT systems and index-based products. As we connect and leverage the advantages of both markets, we look forward to constructive development through our mutual cooperation." says Wu Lijun, who took over as chairman of the SZCE in September this year. 

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