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04/06/2012

La Chine pourrait fortement réduire le prix du fuel

Les prix du diesel et du gasoil en Chine pourraient être réduits d’environ 700 yuans (88,6 euros) par tonne dès le 8 juin prochain, ce qui correspondrait à la plus importante baisse depuis l’introduction de ce système de prix par le gouvernement en 2008, selon le Shanghai Securities News qui se réfère au site spécialisé Chem99.com.
01/06/2012

Le budget des régions espagnoles à l'équilibre au premier trimestre

Le gouvernement espagnol a annoncé vendredi que les régions autonomes avaient réussi à maintenir leur budget à l'équilibre au premier trimestre, ce qui leur permet d’envisager de tenir leur objectif d’un déficit d'1,5% du PIB en 2012. «En terme de résultats consolidés, le résultat est zéro», a déclaré à la presse le ministre du Trésor, Cristobal Montoro, à l’issue du conseil des ministres hebdomadaire. Les 17 régions autonomes espagnoles ont enregistré un déficit budgétaire de 3,3% du PIB en 2011.
01/06/2012

Les créations d'emplois déçoivent aux Etats-Unis

Le marché américain du travail a créé nettement moins d’emplois que prévu au mois de mai et le taux de chômage est reparti à la hausse, a annoncé le département du Travail, confirmant le ralentissement de l'économie américaine. Celle-ci n’a créé que 69.000 emplois non agricoles le mois dernier et le taux de chômage a progressé à 8,2% (contre 8,1% en avril), le niveau qui était le sien au mois de mars. C’est la première fois depuis juin dernier qu’il remonte. Ce nombre de créations d’emplois est un plus bas depuis mai 2011. Il est surtout très inférieur aux prévisions - les économistes interrogés par Reuters prévoyaient en moyenne 150.000 créations de postes en mai.
01/06/2012

La demande extérieure freine le secteur manufacturier américain

La croissance du secteur manufacturier américain est tombée en mai à son rythme le plus faible en trois mois, en raison principalement de l’impact sur les exportations de l’affaiblissement de la demande extérieure, montrent vendredi les résultats définitifs de l’enquête mensuelle Markit auprès des directeurs d’achats. L’indice PMI Markit américain ressort à 54, légèrement au-dessus de la première estimation de 53,9 publiée la semaine dernière mais en retrait par rapport au chiffre de 56 d’avril. L’industrie manufacturière américaine affiche néanmoins sn 32e mois consécutif de croissance.
01/06/2012

Hausse moindre que prévu des dépenses de construction aux Etats-Unis

Les dépenses de construction aux Etats-Unis ont augmenté de 0,3% en avril, à 820,7 milliards de dollars en rythme annualisé, montrent les chiffres publiés vendredi par le département du Commerce. Celui-ci à revu à la hausse les chiffres de mars, qui montrent une progression de 0,3% contre 0,1% annoncé initialement.
01/06/2012

Le «oui» au Pacte budgétaire l'emporte avec 60% des voix en Irlande

Les électeurs irlandais ont ratifié le Pacte budgétaire européen à une large majorité de 60% des votants lors du référendum de jeudi, selon les résultats officiels proclamés vendredi après-midi. L’Irlande était le seul des 25 Etats membres de l’Union européenne signataires du traité à avoir opté pour une ratification par référendum.
01/06/2012

La directive fonds de pension prend du retard

Michel Barnier, le commissaire européen aux services financiers, a indiqué vendredi que le projet de révision de la directive Iorp sur les fonds de pension ne serait pas prêt avant l'été 2013. La date-butoir initiale était fixée à fin 2012. Bruxelles veut prendre le temps d'évaluer l'étude d’impact du nouveau texte.
01/06/2012

Les taux français et allemands touchent un nouveau plancher

L’aggravation de la crise des dettes souveraines en zone euro et l’attentisme des investisseurs a accentué le rallye obligataire des pays du coeur de la zone euro. Les rendements français à 10 ans se sont resserrés de 30 points de base en séance à 2,059%, et refluaient encore de 15 pb (à 2,20%) en fin d’après-midi. En Allemagne, les rendements à 2 ans sont brièvement rentrés en territoire négatif, tandis que le 10 ans atteint 1,16% et que les taux 30 ans sont inférieurs à ceux du Japon. Mais la baisse a profité à l’ensemble des dettes européennes, y compris à celle de l’Italie et de l’Espagne. En revanche, les investisseurs continuent à déserter les autres classes d’actifs, avec un plongeon d’environ 2,2% de l’Euro Stoxx 50 et la poursuite du repli du prix des matières premières.
Illustration: Fotolia
01/06/2012

La France proposera à nouveau des titres à 50 ans jeudi

La France prévoit d’emprunter entre 7 et 8 milliards d’euros à moyen et long terme jeudi, a annoncé l’Agence France Trésor (AFT) , qui proposera à nouveau des titres à 50 ans, au moment où le taux des obligations à 10 ans bat des records de faiblesse sur le marché. Elle prévoit aussi de lever entre 6,8 et 8 milliards d’euros sur les marchés lors d’un emprunt de court terme sur les marchés lundi.
01/06/2012

Les Bourses européennes en nette baisse à la mi-séance

Les Bourses européennes évoluaient en nette baisse vendredi à mi-séance, et Wall Street est attendu également en repli, alors que de nouvelles inquiétudes sur un ralentissement de l'économie mondiale se sont ajoutées aux craintes persistantes sur la situation financière de l’Espagne. Les marchés d’actions européens sont retombés à des plus bas de cinq mois. À Paris à 13h, le CAC 40 reculait de 1,53% à 2.970,94 points. À Francfort, le Dax perdait 2,54% et à Londres, le FTSE cédait 0,82%. L’indice paneuropéen Eurostoxx 50 se repliait de 1,57%.
01/06/2012

Les rendements des Bunds à des plus bas record

Les rendements des obligations souveraines allemandes ont touché des plus bas record vendredi, celui sur les titres à deux ans passant même pour la première fois sous le niveau de zéro. Le rendement des obligations souveraines allemandes à deux ans est tombé à -0,001% et celui des titres à dix ans a touché un plus bas de 1,164%.Les rendements des obligations à cinq et 30 ans ont également touché des plus bas record tandis que le future sur Bund a établi un nouveau plus haut historique à 146,52.
01/06/2012

Le secteur manufacturier en Espagne se contracte encore davantage

Sous le coup d’une baisse de la demande aussi bien intérieure que celle en provenance de l'étranger, le secteur manufacturier espagnol s’est contracté encore davantage en mai, selon l’enquête Markit. L’indice PMI pour le mois qui vient de se terminer est tombé à 42,0, au plus bas depuis mai 2009, contre 43,5 en avril. Cet indice n’a pas dépassé la barre de 50 séparant croissance et contraction de l’activité depuis avril 2011.
01/06/2012

Axa IM launches a global bond fund

Axa Investment Managers announced on Thursday the launch of Axa WF Global Strategic Bonds, a diversified and flexible global bond fund. The manager, Nick Hayes, will capitalise on what he considers to be the best alpha-generating opportunities available, throughout the macroeconomic cycle. «The fund will have a well diversified portfolio, leveraging from the best ideas from across the highly experienced AXA Fixed Income team and positioned as to where the fund manager sees value rather than benchmark lead», according to a press release.AXA WF Strategic Global Bonds Fund which launched on 11 May 2012 is UCITS III compliant and domiciled in Luxembourg. The Fund has both retail and institutional share classes with no minimum investment into the retail share class and EUR5 million into the institutional share class. The fund is not currently registered for sale in any other jurisdiction other than Luxembourg and AXA IM is considering registration across a number of countries in Europe.
01/06/2012

Nordea closes funds

Nordea will be restructuring its Swedish “generations” range of funds, which will be reduced from 10 products to four, Privata Affärer reports. Eight funds, with 180,000 savings investors, will be merged in October. The funds affected are those aimed at savers born between 1950 and 1985.
01/06/2012

DWS releases High Income Bond Fund in Spain

On 25 May, DWS Investments (Spain) registered the German-domiciled bond fund DWS High Income Bond Fund (DE0008490913, EUR92.9bn in assets as of 30 May) with the CNMV. The fund invests in investment grade corporate debt from developed and emerging countries.
01/06/2012

Go-ahead for two hydroelectric funds from DWS

According to reports in Fondsprofessionell, DWS has reached the minimal subscription level required for institutional (beta) and retail (alpha) share classes in its hydroelectric fund, DWS Access Wasserkraft (see Newsmanagers of 3 November 2011 and 10 April 2012). The Deutsche Bank affiliate is reported to have seen inflows of EUR30m in investment pledges for beta shares, and over EUR5m for alpha shares. The closure of subscriptions, which has already been postponed twice, is now set for 28 June.
01/06/2012

Global Wealth Report: wealth managers have to be inventive

The 12th issue of the Global Wealth Report from Boston Consulting Group (BCG) has found that the global financial wealth of retail investors in 2011 increased by only 1.9%, to USD122,800, after increases of 6.8% in 2010 and 9.6% in 2009. BCG suggest that wealth managers have to proactively find new ways to combat adverse trends if they want to improve their performance. Globally, the asset bases of 130 institutions (private banks or wealth management units of large universal banking groups) analysed by BCG remained flat in 2011, compared with a gain of 11% in 2010. The lack of growth was mainly attributable to the deterioration in market values, which was not offset by net new inflows.“But wealth managers will still need to continue their cost-cutting and pricing initiatives, refocus on client discovery, master the ever-shifting regulatory environment, bolster risk management, and find ways to use alternative business models to their advantage», the report says.The report finds that wealth managers will need to continue to reduce their costs and the price of their services, refocus on the identification of new clients, master a perpetually changing regulatory environment, build risk management, and find means to use different business models to their advantage.
01/06/2012

Pimco launches a substitute for money markets with higher yields

With the Pimco Short Asset Investment Fund (acronym PAIDX), Pimco (Allianz group) on Wednesday launched a fund which uses a short-term strategy aiming to function as a substitute for money market products, offering higher returns with lower risk. The portfolio, managed by Jerome Schneider, will invest at least 65% of its assets in fixed income products, with a duration not to exceed one and a half years. The fund may use derivatives without restriction.Management commission ranges from 0.24% for institutional shares to 0.59% for D-class shares on sale from distributors.
01/06/2012

CMA, Coudrée and CIF hedge funds sanctioned by AMF

The sanctions commission of the French financial market regulator, the Autorité des marchés financiers (AMF), on 31 May announced that it has issued fines totalling EUR6.2m to three hedge funds, CMA, Coudrée and CIF, which short-sold shares in Natixis. The three funds which issued the orders in September 2008 decided to short-sell Natixis shares, two weeks after the announcement by the French bank of a capital increase of EUR3.7bn. The transactions were complicated by turbulence on the markets provoked by the bankruptcy of Lehman Brothers, and the funds were not in a position to deliver the equities it had short-sold within the agreed time periods, which led to a suspension from trading and also contributed to a fall in the value of Natixis shares. The three major banks implicated in the affair, however, were not found guilty. The commission found that Goldman Sachs, UBS and Citibank had correctly fulfilled their duties as clearing members, while the AMF college had accused them of failing to prevent delays in the delivery of Natixis shares.
01/06/2012

Asset management industry remains highly dynamic

Despite the crisis, the asset management sector remains alive and well in France. “We have reached a fast pace of growth, with 40 new companies created already in 2012,” Xavier Parain deputy director of asset management at the French financial regulator, the Autorité des marchés financiers (AMF), commented on 31 May at a conference held jointly by the French financial management association (AFG), the French institutional investor association (AF2I) and the international association of risk management professionals (PRMIA).Parain also stated that since the beginning of the year, the AMF has had to withdraw one license, compared with 2 licenses withdrawn during 2011. The AMF exec says that the unique French ecosystem includes 600 asset management firms and offers a very rich selection of types of management. In this environment, the AMF is continuing to promote asset management firms which are “innovative and robust” and subject to a highly rigorous licensing process and very regular controls, including one routine control 12 to 18 months after licenses are issued, and more detailed controls over the life of the company.At the conference, which dealt with analysis of risks related to outsourcing of financial management, Parain defended the French approach, which is far from the “empty shell” that other European regulators accept. “We are probably the most rigorous regulator in Europe,” said Parain. Wholesale outsourcing of funds, which makes empty shells of asset management firms, is forbidden in France. “We will accept outsourcing up to 50%. And this outsourcing must clearly be justified as cases of a niche expertise which the asset management firm does not have. However, expertise has to remain internal,” Parain explains.
01/06/2012

Fidelity offers new bond funds

Fidelity Investments has announced the launch of two bond funds which are directly available to investors, the Fidelity Global Bond Fund and Fidelity International Bond Fund, and two other funds which are available via independent financial advisers, Fidelity Advisor Global Bond Fund and Fidelity Advisor International Bond Fund. Fidelity has also published a study of the bond environment worldwide, “Transformations in Country Dynamics and the Implications for Global Bond Markets,” which analysts structural changes now underway in the international bond markets.
01/06/2012

Appointment at Credit Suisse Banque Privée

Britta Häberling, who had previously been managing director and head of investment solutions at Clariden Leu, will no 1 June begin as head of ultra-high net worth individuals in the Zurich region at the Credit Suisse private bank, according to reports in Finews. Initially, Mike Baur had agreed to take the position, before deciding to leave the company.
01/06/2012

UBS receives a banking license in China

The Chinese banking sector regulatory commission (CBRC) has authorised UBS to transform its Beijing office into a Chinese-registered bank under the name UBS (China) Ltd. The new entity, which is 100% controlled by the Swiss group, will begin its activities in third quarter, Z-Ben Advisors reports. UBS has now launched an “aggressive” campaign to promote its wealth management activities, which will be a strategic area in China, alongside asset management and investment banking.
01/06/2012

European Commission rejects restructuring plan at Dexia

The European Commission has refused to approve a resolution plan at the banking group Dexia, which was submitted to it in late March by the Belgian, French and Luxembourg governments, Les Echos reports. Unlike its precedents at WestLB and Anglo Irish Bank, the plan was too eclectic in its mix of restructuring and orderly resolution, the European antitrust authority has found.
01/06/2012

SWIP merges several equity funds

Following the departure of Peter Cockburn, head of UK equities, a victim of resizing of the equity team, (which has been reduced from 38 to 15 people; see Newsmanagers of 16 April 2012), Scottish Widows Investment Partnership will be merging the UK Select Growth Fund (GBP371m) with the UK Opportunities fund (GBP124m) managed by James Clunie, Investment Week reports. Five other mandates managed by Cockburn will also be merged into the UK Opportunities fund.
01/06/2012

SSgA wins a GBP1.5bn mandate

State Street Global Advisors (SSgA) has won at GBP1.5bn mandate from the British asset management firm Family Investments, Investment Europe reports. The mandate is for passive bond and equity strategies, and a tactical allocation overlay strategy. Assets under management at Family Investments total slightly over GBP3bn.
01/06/2012

JPMorgan AM scales up presence in Brazil

Richard Titherington, CIO for emerging market equities at JPMorgan Asset Management in London, on Thursday announced at a presentation in Paris that the US asset management firm is planning to scale up its presence in Brazil, where it already has a small affiliate (USD50m) specialised in local bonds. The firm is now planning to build its holdings in Brazilian equities, which currently represent 15.2% of the portfolio of the Emerging Market Opportunities fund, compared with 14% in the MSCI Emerging Markets TR index. The product currently has USD437m in assets, in 61 holdings, and has seen inflows of about USD150m since the beginning of this year.
01/06/2012

Berkshire Hathaway enters DJ Global Titans 50 Index

The BASF SE, Berkshire Hathaway, Commonwealth Bank of Australia, MacDonald’s and Qualcomm companies have joined the Dow Jones Global Titans 50 index, the index provider Dow Jones Indexes has announced. However, the five companies leaving the index include the German firm Allianz and the French BNP Paribas. The other three outgoing companies are E.ON, Hewlett-Packard and Petroleo.
01/06/2012

Fund launches to decline

The number of new funds launched will fall 30% in the next few years in Europe, according to a study by Cerulli Associates, cited by Citywire. This comes at a time when the region is suffering from an overabundance of funds, which are either too small, or of too poor quality. In 2011, the pace of new fund launches had already slowed, but fund closures have not yet returned to 2009 levels.
01/06/2012

Man Group to leave FTSE 100

Man Group is expected to be removed from the FTSE 100 at the next update of the index in June, Investment Week reports. The firm will reportedly be replaced by Babcock. Man Group, which has a market capitalisation of GBP1.305bn, has seen a fall in its share price during a difficult first quarter in which its AHL strategy underperformed.

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