Thursday 30th October 2014
THURSDAY TICKER: OCTOBER 30TH 2014: - In ConvergEx’s survey of financial market professional, released today, uust 17% of respondents say they approve of the job Barack Obama is doing as president, while 73% said they disapprove. (This compares with a 41% approval/54% disapproval rating for the President in the RealClearPolitics average, 10/8-10/23/2014) Half (50%) of those surveyed give the President a “D” or “F” grade on handling issues of concern to the financial services industry. Opinions of Congress are even lower, with just 8% approving of the job being done by Congress and 81% disapproving. (This compares with a 13% approval/79% disapproval rating for Congress in the RealClearPolitics average, 10/3-10/20/2014. Almost half (46%) give Congress a “D” or “F” grade on handling issues of concern to the financial services industry. 69% of respondents say they would like Republicans to be in control of the Senate following the elections, a figure above even the 65% who say they plan to vote Republican in their own House districts. By 61% to 14%, Republicans are trusted over Democrats on issues impacting the financial services industry. For 8 of 9 market sectors, a higher percentage of respondents said equities would respond positively to a GOP win than to a Democratic win. Only for the Heath Care sector do more investors expect a positive outcome in response to Democrats holding the Senate - The Commercial Bank of Qatar (CBQ) posted a net profit (before deducting minority interest) of QAR503m in 3Q2014, flat QoQ, but 79% higher than a particularly weak 3Q2013. CBQ’s operating income in 3Q2014 increased 16% YoY but dropped 10% QoQ, driven by lower-than-expected results at subsidiary ABank. ABank’s operating income tumbled around 23% QoQ as non-interest income plummeted. For CBQ excluding ABank, operating income stood at around QR 764 million in 3Q2014, up 12% YoY, down 6% QoQ - Moody's has today assigned a provisional (P)B1 corporate family rating (CFR) to Kompania Weglowa SA, the parent company of the group. This provisional rating is subject to the successful completion of the issuance of new notes as currently contemplated by management. Concurrently, Moody's has assigned a provisional (P)B1 rating with a loss-given default (LGD) assessment of 3 (46%) to the senior unsecured notes to be issued by Kompania Weglowa Finance AB (publ), a financing vehicle owned by the company. The outlook on all ratings is stable - ING Group will release its 3Q 2014 results on Wednesday November 5th around 7:00 am CET - AIMCo, Allianz Capital Partners, EDF Invest andHastings have closed its buy of Porterbrook, a UK-based rolling stock leasing company. orterbrook is one of three main rolling stock companies (ROSCOs) in the UK that owns and leases a fleet of passenger and freight rolling stock to Train Operating Companies and Freight Operating Companies under long term contracts. It owns 32 per cent of total passenger rolling stock in the UK. No financial terms were disclosed - Fixed-income markets remain volatile: Europe is challenged, Brazil might struggle, and China is dealing with a potential property bubble. Opportunities nonetheless remain rife for savvy investors, particularly in the high-yield markets. Western Asset believes high-yield should be a key component of any successfully diversified bond portfolio. "We are pretty bullish on credit in general, and high-yield in particular," says Michael Buchanan, head of Global Credit at Western Asset. "Credit is less about the overall economic environment and more about strong corporate fundamentals. Corporations can do well in a mediocre economy, and that seems to be what's happening. Three factors are important right now: the overall economic environment is supportive; strong active management allows us to identify the right opportunities; and valuations are as compelling as they have been in months. This is a good time to take a fresh look at high-yield." Western Asset also believes high-yield products will offer price appreciation as spreads should tighten. On the global economic environment, Mr. Buchanan echoed Western Asset views that interest rates are poised to rise – albeit slowly, and via a process that will be carefully measured. Rates will not be meaningfully higher in the near future, or at least the moves will be gradual – According to Moody’s while the US government's current fiscal position remains relatively healthy, mandatory social spending will begin weakening the current fiscal profile of the US government at the end of the decade. For the next few years, barring another shock like the global financial crisis, the US budget deficit is expected to remain well within historical norms with Federal government debt ratios stable. However, the fiscal implications of the US government's healthcare-related programs likely will put pressure on its credit profile before the end of the decade, absent unexpected and sustained growth in revenue due to higher than expected GDP growth, additional tax increases, or reductions in planned expenditures, says Moody’s.
North America
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. 


The New York Stock Exchange says Stacey Cunningham has been named president of NYSE Governance Services. Cunningham will oversee codes of conduct and ethics training, while promoting collaboration and sharing of best-practices to support clients’ governance, risk and compliance (GRC) requirements. “The conversation around today’s governance, risk and compliance landscape has become a significant focus in the boardroom and is increasingly a core focus for organizations of all size, maturity and geography,” says Cunningham. “I look forward to supporting the continued growth of our business based on the evolving GRC requirements of our clients around the world.” 


El Comité de Coordinación e Incorporaciones del Mercado Alternativo Bursátil (MAB) ha remitido al Consejo de Administración del mismo un informe de evaluación favorable sobre el cumplimiento de los requisitos de incorporación de la compañía EUROCONSULT GROUP, S.A. al segmento de empresas en expansión, una vez estudiada toda la información presentada por la compañía.


Slower growth in the advanced economies implies that demand for Asia’s exports will not be as robust as before the Global Financial Crisis (GFC). Therefore, the medium-term prospects for this region will hinge on the success of structural reforms to lift productivity growth and rebalance demand towards domestic  sources, says the Monetary Authority of Singapore (MAS) in its latest bi-annual macroeconomic review.

The CME has expanded its centrally cleared, over-the-counter (OTC) agricultural swap offering with the introduction of a new US dollar (USD)-denominated Malaysian Palm Olein Calendar Swap. Pending CFTC review, the new Calendar Swap will be available for clearing on CME ClearPort on November 3rd. "For end users currently trading the Port Klang/Pasir Gudang (PK/PG) paper olein market, this palm olein calendar swap now provides a new approach to mitigate the default risk element, which has been a concern for many industry participants over the years,"explains Nelson Low, executive director, Commodity Products, CME Group. "The palm oil refining industry can now use this swap to lock in their refining margin, especially in the far forward months where physical forward sales might not be secure." Read more...
"Many mass affluent Americans feel they didn’t do enough this year to put themselves in a good place for the financial future they desire," says the new Merrill Edge Report. The report says that feelings of guilt over not investing enough this year outpace common year-end regrets such as poor eating and drinking choices, not sharing enough time with loved ones or spending too much money on oneself. The bi-annual survey conducted among 1,046 mass affluent Americans (individuals with $50,000-$250,000 in investable assets) found more than half (51%) of respondents did not save for retirement at all in 2014. However, a majority of this group plans to take action in 2015, with nearly six out of 10 (59%) making retirement savings and investing a goal for the upcoming year. This is a more popular goal than losing weight, which was cited by 42% of the people. Read more...

The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios that will be used in the next round of stress tests for major US banks.


US money manager Federated Investors saw its revenue rise 2% to $216.92m in this year’s third quarter thanks to a rise in equity assets under management.

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