Dans un contexte d’évolution heurtée du pouvoir d’achat, l’Insee prévoit une hausse du PIB limitée à 0,1% sur chacun des deux prochains trimestres

Le programme de rachats d'actifs a été augmenté de 10.000 milliards de yens et l'autorité étudiera l'éventualité de relever l'objectif d'inflation à 2%

La France prévoit d'émettre pour 169 milliards d’euros de dette en 2013 soit 9 milliards de moins qu’en 2012 grâce à d’importants rachats anticipés.

L'Agence France Trésor prévoit d'émettre 169 milliards d'euros de dette. Pour diminuer les remboursements, elle a déjà racheté pour 23,5 milliards de titres

La société, issue du rapprochement entre Assya Capital et Global Equities en 2010, se voit infliger une sanction de 200.000 euros

Le FRR a lancé le 15 décembre 2011 un appel d’offres restreint portant sur la sélection de mandats de gestion active - Actions ISR. A l’issue du processus de sélection portant sur le lot 2 de ce marché (Actions Europe : nouvelle croissance durable), le FRR a décidé de sélectionner les offres suivantes : AXA Investment Managers Paris Financière de l’Echiquier Kempen Capital Management Ltd Les mandats seront attribués pour une durée de trois ans. Le montant global indicatif des fonds confiés à ces gestions pourrait s'élever à 200 millions d’euros.

Selon l’Agence France Trésor, la France envisage en 2013 la création d’une nouvelle obligation assimilable du Trésor (OAT) à 30 ans et d’une nouvelle OAT indexée sur l’inflation de la zone euro (OATei) à 10 ans. Comme les années précédentes, l’AFT, qui gère la dette de l’Etat, prévoit d'émettre 10% de son programme en obligations indexées sur l’inflation. Le programme d'émission de dette à moyen et long terme s’élèvera au total à 169 milliards d’euros (nets des rachats).

Le spécialiste de l’immobilier logistique met sur pied une coentreprise européenne de 2,4 milliards d’euros avec Norges Bank Investment, la société de gestion du fonds souverain norvégien. La structure sera détenue à parité par les deux partenaires. Elle aura pour première mission l’acquisition d’un portefeuille stabilisé de 195 biens immobiliers dans le giron de Prologis, représentant un total de 4,5 millions de mètres carrés.

L’indice des conditions d’activité industrielles locales de la Réserve fédérale de Philadelphie a progressé contre toute attente en décembre, après le creux du mois précédent, grâce à une accélération des commandes nouvelles. L’indice ressort à 8,1 contre -10,7 en novembre, au plus haut depuis avril, alors que les économistes interrogés par Reuters l’attendaient à -3. La composante des commandes nouvelles est montée à 10,7 contre -4,6.

Les parlementaires ont définitivement adopté le projet de loi de finances (PLF) pour 2013, l’Assemblée nationale ayant procédé à sa lecture définitive après le rejet du texte par le Sénat grâce à l’abstention des élus du Front de gauche. Après cette adoption, le groupe UMP de l’Assemblée a déposé deux recours auprès du Conseil constitutionnel, l’un sur le budget 2013, l’autre sur le «collectif» budgétaire 2012.

L’Allemagne compte émettre en 2013 le premier emprunt mixte fédéral-régional, plusieurs Länder s'étant montrés intéressés, une initiative qui pourrait contribuer à réduire globalement les coûts d’emprunt du pays, a révélé l’agence de gestion de la dette. Les «Deutschland-Bonds» auront sans doute des échéances à moyen et long termes et aucun volume d'émission n’a encore été déterminé.

Le PIB américain a crû de 3,1% en rythme annualisé au troisième trimestre, a fait savoir le département du Commerce, qui livrait sa dernière estimation de cet indicateur, contre 2,7% annoncé le mois dernier. Les dépenses publiques ont progressé de 3,9% (3,5% auparavant). Elles ont contribué à la croissance du PIB à hauteur de trois quarts de point. La croissance des dépenses de consommation a été relevée de 0,2 point à 1,6% mais cela reflète surtout une hausse des dépenses de santé.

Les reventes de logements ont progressé de 5,9% en novembre, soit leur rythme de croissance le plus marqué en trois ans, une donnée qui vient une nouvelle fois illustrer une reprise du marché immobilier aux Etats-Unis qui prend de l’ampleur. Selon la fédération nationale des agents immobiliers (NRA), le nombre annualisé de ventes de logements existants a été de 5,04 millions le mois dernier, contre 4,76 millions (chiffre révisé) en octobre et 4,87 millions attendus par les économistes.

Funds People reports that Schroders has registered the Euro High Yield sub-fund of its Luxembourg Sicav Schroder ISD (see Newsmanagers of 14 December), whose benchmark index is the Bank of America Merrill Lynch Euro High Yield Constrained Index.

On 18 December, Invesco Powershares Capital Management (USD74bn in assets) has announced, the board of trustees of PowerShares Funds approved the liquidation of 13 ETFs, whose assets represent less than 1% of total assets at the asset management firm. The last days of listing on NASDAQ and NYSE Arca will be 26 February 2013.The following funds will be affected:PowerShares Dynamic Insurance PortfolioPowerShares Morningstar StockInvestor Core PortfolioPowerShares Dynamic Banking PortfolioPowerShares Global Steel PortfolioPowerShares Active Low Duration PortfolioPowerShares Global Wind Energy PortfolioPowerShares Active Mega-Cap PortfolioPowerShares Global Coal PortfolioPowerShares Global Nuclear Energy PortfolioPowerShares Ibbotson Alternative Completion PortfolioPowerShares RiverFront Tactical Balanced Growth PortfolioPowerShares RiverFront Tactical Growth & Income PortfolioPowerShares Convertible Securities Portfolio

Apax has informed its investors in an email message that it anticipates a final close at the end of March even though it is only halfway through its target after 19 months marketing its new vehicle, the Financial Times, which has viewed the message, reports. The private equity firm had already warned that its objectives would not be met. This reflects fundraising difficulties in the private equity sector.

BlackRock and Federated Investors may close money market funds to protect them from a torrent of money coming in from US banks when Federal Deposit Insurance Corp. guarantees expire on about USD1.7trn in banking deposits, the Wall Street Journal reports. The major asset management firms are worried that this influx of money to the money market industry (totalling USD2.650trn) will bite into yields. If inflows are too high, BlackRock and Federated may therefore close some money market funds to new investors. Money market funds investing in US Treasury bonds are thought to have been the worst affected by inflows of new liquidity. They represent about USD399bn in assets, 15% of total assets in the money market fund industry.

NYSE Euronext has announced that it has admitted three ETFs from Lyxor Asset Management (Société Générale group) for trading in Paris. The European markets of NYSE Euronext now list 578 ETFs 668 times, compared with 590 funds 680 times at the end of November (see Newsmanagers of 11 December).The new products are as follows:Lyxor ETF BOT ITISIN code: FR0011360676Benchmark index: MTS Italy - Treasury BOT 6M IndexTER: 0.15%Lyxor ETF GOLD EURISIN code: LU0854423687Benchmark index: MSCI ACWI GOLD with EM DR 18% Group Entity CappedTER: 0.50%Lyxor ETF GOLD USDISIN code: LU0854423927Benchmark index: MSCI ACWI GOLD with EM DR 18% Group Entity CappedTER: 0.50%.

Mutual Fund Wire reports that State Street Global Advisors (SSgA) has submitted an application to the SEC for the SPDR Risk Aware ETF, SPDR SSgA Large Cap Risk Aware ETF and SPDR SSgA Small Cap Risk Aware ETF, all actively-managed ETFs which are expected to be admitted to trading on NYSE Arca, and which will be part of the SSgA Active ETF Trust, which already includes five other products.The three new ETFs will replicate Russell indices, and their portfolio will be adjusted according to the evolution of market risks expected by the managers, Gary Lowe, Simon Rowe and John O’Connell.

As of 19 December, the XTF segment of the Xetra electronic platform (Deutsche Börse) set a record, with 1,011 ETFs admitted for trading, following the arrival of the first physical replication equity ETFs from db x-trackers, three of which were released on the London Stock Exchange on 14 December (see Newsmanagers of 17 December). In addition to these products, db x-trackers has launched a physical replication ETF on the Dax, and a synthetic replication bond ETF on the Markit iBoxx EUR Liquid Covered Bond index.Physical replication ETFs are indicated by the suffix DR. The issuer now offers both physical and synthetic replication ETFs, based on the three major lines of indices, Dax, Euro Stoxx 50 and FTSE 100.Name: db x-trackers DAX UCITS ETF (DR)ISIN: LU0838782315TER: 0.15%Benchmark: DaxName: db x-trackers EURO STOXX 50 UCITS ETF (DR)ISIN: LU0846194776TER: 0.15%Benchmark: Euro Stoxx 50Name: db x-trackers FTSE 100 UCITS ETF (DR)ISIN: LU0838780707TER: 0.30%Benchmark: FTSE 100Name: db x-trackers EURO STOXX 50 ex Financials UCITS ETF (DR)ISIN: LU0835262626TER: 0.20%Benchmark: Euro Stoxx 50 ex FinancialsName: db x-trackers II iBOXX EUR Liquid Covered Index UCITS ETFISIN: LU0820950128TER: 0.20%Benchmark: Markit iBoxx EUR Liquid Covered Index

In December 2012, assets in the open-ended real estate fund KanAm grundinvest represent only EUR3.4bn of owners’ equity, compared with EUR3.9bn one year previously. Since then, the fund has distributed EUR200m (EUR2.80 per share) in April, then EUR94m (EUR1.30 per share) on 8 October, and EUR72m (EUR1 per share) on 26 November. That corresponds to a total fo EUR366m.The fund, whose liquidation by 31 December 2016 was resolved on 29 February 2012, still holds a real estate portfolio valued at EUR4.5bn, compared with EUR6.4bn at the end of 2011. Asset sales totalled about EUR1.9bn.Credit volume has meanwhile been reduced to EUR1.5bn, from EUR2.3bn at the end of last year, through sales of assets.

finews.ch relays reports in Reuters that State Street Global Advisors (SSgA) is rumoured to have pulled out of the running to acquire the ETF unit of Credit Suisse, which has total assets of about USD17bn. BlackRock would then be the only remaining declared candidate for the acquisition.

Ossiam, the asset management firm specialised in the development of smart beta ETFs, will after 18 months in existence reach EUR600m in assets, after posting net inflows in 2012 of over EUR300m. The asset management firm is planning to rapidly increase its assets under management in 2013. From first quarter, its product range will grow, with the release of a Commodities ETF.

The US firm John Hancock Funds (USD77.8bn in assets), an affiliate of the Canadian firm Manulife, has announced the recruitment of Karen A. McCafferty as senior vice president and head of marketing. McCafferty joined the firm on 10 December from Sovereign Bank, an affiliate of the Spanish firm Santander, where she had been senior vice president, director, marketing, communications & corporate affairs.McCafferty will report to Andrew G. Arnott, president & CEO of John Hancock Funds.She replaces Carey Foran Hoch, who left the business in November to work at Fidelity.

East Capital, an independent asset management firm specialised in emerging markets of Eastern Europe and China, on December 19th announced that it has registered two Chinese equity funds: East Capital (Lux) China East Asia Fund and East Capital (Lux) China Fund. The two funds are part of the UCITS IV-compliant Luxembourg fund range from East Capital, and have been managed since their creation by Gustav Rhenman, with the assistance of a team of four analysts based in Stockholm and Shanghai.Characteristics:East Capital (Lux) China East Asia Fund A (EUR) (ISIN code: LU0212839673)East Capital (Lux) China Fund A (EUR) (ISIN code: LU0289591256)

72% of fund managers believe there is a link between a company’s ESG performance (environment, social and governance) and total returns for investors, an Aviva Investors survey of global equity and fixed income managers with combined assets under management of circa EUR5trillion shows.Potentially material factors cited include: the alignment of interest between management and investors in the company; the operational savings that can be achieved by managing companies with a long-term view and including ESG considerations; sector specific reasons – eg. safety performance in mining as key to smooth running of operations; reputation and brand protection, and revenue opportunities for companies with high ESG performance. 84% consider environmental, social and governance factors as part of their investment process and actively vote on holdings. 61% also publicly disclose their voting record.The survey revealed that a staggering 90% of managers consider ESG issues to be important to clients and consultants, with 79% saying these are likely to be incorporated in all mainstream funds in the future. However, despite these resounding statement, the survey results showed that 68% of asset managers do not have a board member who is responsible for ESG. Of those who have, only 19% have ESG goals tied to their remuneration. 52% of respondents also aren’t signatories to the UN PRI.

Assets in securities issued by non-money market mutual funds of the euro zone in October 2012 were EUR32bn higher than those recorded one month earlier, according to statistics from the European Central Bank. Assets under management increased from EUR6.340trn in September to EUR6.372trn in October 2012.In the same period, assets in securities issued by euro zone money market mutual funds increased by EUR3bn, from EUR942bn to EUR945bn.Net subscriptions to euro zone non-money market mutual funds totalled EUR30bn in October 2012, while net subscriptions to money market mutual funds totalled EUR6bn.“The annual rate of growth for securities issued by bond funds totalled 9.8% in October 2012, and net subscriptions totalled EUR24bn, while for equity funds, the annual growth rate was 1.3%, and net subscriptions totalled EUR1bn. For mixed funds, the growth rate was 2.1%, and net subscriptions totalled EUR6bn, a statement from the ECB says.

In the absence of any guidance by the regulator, the Investment Management Association (IMA) o 19 December recommended that its member asset management firms use the performance of existing retail shares for the new RDR shares which will be released on 1 January 2013. This will harmonise practices.

Over three-quarters of Italian pension funds polled by RBC Investor Services agree that new regulations soon to impact the EUR94bn Italian pension fund market will mean depositary banks will play a more important role for them.New regulations from state pension regulator “Commissione Di Vigilanza Sui Fondi Pensione” (COVIP) will give custodians even greater responsibility as schemes will require their support to produce more transparent financial reporting and control systems and to alleviate the additional administrative burden on their own internal processes.Due to come into force by the start of 2013 for larger schemes, the new regulations require pensions providers to give greater information on their stated investment principles and the instruments they wish to invest in. They will also be asked to provide added detail on expected returns, performance appraisals and the control systems, assessment measures and procedures in place designed to achieve financial targets and safeguard existing holdings.All respondents agreed that the new regulations have a positive impact on financial governance models of pension funds, with 43% in strong agreement. A full 83% of those polled agreed that pension funds will require a partial structural reorganisation to comply with the new regulations, whilst 17% believed significant organisational changes would be required.Most respondents (74%) believed costs from the added administrative burden of the reforms were unlikely to rise above EUR100K. Only 17% thought the figure would be higher and almost 10% of our respondents saw no cost impact at all from the new regulations. For the future, mandatory subscription for new employees was rated as the most important factor which could help stimulate growth in Italian pension funds by 57% of respondents

Christoph Braun, 48, a founding member of Lupus alpha in 2000, has decided to free up some time, and has resigned from operational duties as a managing board member at the Frankfurt-based independent asset management firm from 31 December. He will remain a partner and adviser to the business.The investor services activities for which Braun is responsible will be taken over by Ralph Lochmüller, also a founding member, who is chairman of the managing board.