Dans un récent rapport, l’agence estime que le statut de créancier privilégié est un élément important de la notation des institutions de crédit multilatérales. Pour S&P, si les emprunteurs souverains appliquaient aux créanciers privilégiés un traitement similaire à celui des créanciers commerciaux, cela pourrait entraîner des abaissements de notes.

Le gouvernement néerlandais a approuvé de nouvelles mesures budgétaires d’un montant de 6 milliards d’euros pour 2014, afin de ramener le déficit dans les normes fixées par l’Union européenne l’an prochain, a indiqué le ministre des Finances, Jeroen Dijsselbloem. Le CPB, organe de prospective du gouvernement, a relevé ce mois-ci sa prévision de déficit budgétaire en 2014 à 3,9% du PIB contre 3,7% précédemment.

Le Premier ministre Jean-Marc Ayrault a annoncé hier soir que son gouvernement financerait la réforme des retraites via une augmentation des cotisations des actifs et des entreprises, mais sans hausse de la CSG (cotisation sociale généralisée), une option encore privilégiée il y a quelques jours. Les cotisations des actifs et des entreprises seront augmentées de 0,15 point pour les actifs et les employeurs en 2014, puis 0,05 pour les trois années suivantes, soit une augmentation totale de 0,3 point en 2017. Afin d’apaiser les craintes du patronat qui redoute une perte de compétitivité, le gouvernement a annoncé une réforme du financement de la protection sociale qui pèsera moins sur le coût du travail. Excluant toute baisse ou gel de la revalorisation des pensions, il a choisi d’allonger la durée de cotisation qui sera progressivement portée à 43 ans à partir de 2035 pour obtenir une retraite pleine.

Le Congrès doit impérativement augmenter le plafond légal d’endettement de l’Etat américain afin qu’il puisse continuer à honorer ses engagements à temps, a déclaré hier Jack Lew, le secrétaire au Trésor. Il a également prévenu que l’administration Obama ne laisserait pas les hommes politiques utiliser le plafonnement de la dette comme argument électoraliste.

Le gouvernement argentin propose un échange de dette volontaire à ses créanciers internationaux, afin que les sommes dues leur soient payées dans le pays, si sa condamnation en appel par la justice américaine à rembourser plus d’un milliard de dollars à des prêteurs réfractaires ne peut être annulée. Cet échange permettrait à l’Argentine de continuer à honorer ses engagements vis-à-vis des créditeurs qui avaient accepté la restructuration de sa dette lorsque le pays avait fait défaut sur un montant record de 100 milliards de dollars d’emprunts souverains en 2002.

Selon les chiffres publiés hier soir par le ministère du Travail, le nombre de demandeurs d’emploi de catégorie A (sans emploi) a augmenté de 0,2% en juillet en France métropolitaine pour atteindre 3.285.700, un nouveau record. Sur un an, la hausse des chômeurs de catégorie A ralentit à 10%, contre 11,2% en juin, grâce au recul du nombre de jeunes inscrits à Pôle emploi.

La roupie indienne a touché hier un nouveau plus bas historique, en reculant jusqu’à 66,075 pour un dollar, tandis que la Bourse de Bombay chutait de plus de 3%, en réaction au vote par le Parlement d’un plan d’aide alimentaire aux pauvres qui jette un doute sur la détermination du gouvernement à contenir les déficits. Le vote de la loi sur les subventions alimentaires, à hauteur de 1.350 milliards de roupies (15,3 milliards d’euros), a éclipsé l’annonce du lancement de projets d’infrastructures totalisant 1.830 milliards de roupies.

Sur les trois mois à fin juillet et en données corrigées des variations saisonnières, le nombre de logements mis en chantier progresse de 1,1%. Il recule de 0,4% sur le mois par rapport au mois précédent, selon les données du ministère de l’Ecologie. Au deuxième trimestre 2013, le niveau des stocks atteint 101.100 logements neufs proposés à la vente, soit 9,9% de plus qu’un an auparavant. Les mises en vente sont en repli après la forte progression au premier trimestre (-21,8% par rapport au deuxième trimestre 2012).

Les prix des maisons individuelles ont augmenté en juin mais à un rythme légèrement ralenti, sans remettre en question l’hypothèse d’un redressement régulier du marché immobilier, suivant l’indice S&P/Case Shiller. Cet indice appliqué à 20 zones métropolitaines a augmenté de 0,9% CVS, après une hausse de 1% en mai, et une progression de 1% attendue par les économistes. Sur une base brute, la hausse des prix est de 2,2%. Par rapport à juin 2012, les prix ont augmenté de 12,1%, ce qui est conforme au consensus des économistes, après 12,2% en mai, la plus forte avancée en plus de sept ans.

La confiance du consommateur a augmenté contre toute attente en août aux Etats-Unis, avec des ménages plus optimistes sur les perspectives économiques et le marché du travail, selon l’enquête mensuelle du Conference Board. L’indice de confiance a progressé à 81,5 contre 81,0 (révisé) en juillet, alors que les économistes interrogés par Reuters prévoyaient en moyenne un chiffre de 79,0.

La croissance économique de l’Afrique du Sud s’est accélérée au deuxième trimestre, portée notamment par un secteur industriel dont la propre croissance a été de 11,5%, a annoncé Statistics South Africa mardi. D’un trimestre sur l’autre, la croissance a été de 3% pour la première économie africaine au deuxième trimestre, après 0,9% au premier trimestre. L’industrie représente 15% environ du PIB sud-africain.

Le Parti communiste chinois (PCC) tiendra une importante réunion en novembre destinée à discuter d’une accélération des réformes économiques, rapporte mardi l’agence Chine nouvelle. Ce troisième plénum du comité central du PCC depuis le changement de président en mars ne devrait pas en revanche mettre en avant les réformes politiques.

La roupie indienne a touché un nouveau plus bas record mardi et la Bourse de Bombay a chuté de plus de 3% en réaction au vote par le Parlement d’un plan d’aide sociale qui jette un doute sur la détermination du gouvernement à contenir les déficits. Le vote de la loi sur les subventions alimentaires, d’un montant de 1.350 milliards de roupies (15,3 milliards d’euros), a éclipsé l’annonce par le gouvernement du lancement de projets d’infrastructure totalisant 1.830 milliards de roupies et destinés à relancer la croissance. La roupie a reculé jusqu'à 66,075 pour un dollar, nouveau plus bas record après celui de 65,56 inscrit jeudi dernier.

Le Conseil de stabilité financière estime que des progrès ont été accomplis mais que la transparence des données est parfois virtuelle

BlackRock, State Streed and Vanguard control over 80% of the ETF market in the United States (USD1.260trn), which makes the job difficult for rivals, Financial Times Fund Management reports, citing a study by Morningstar.

Investors had virtually no opportunity to provide input on major European financial reforms, as regulators let them out of consultation panels, the European Federation of Financial Services Users (EuroFinuse) regrets. The federation accuses regulators in particular of adding institutional representatives to user panels as “users of financial services,” such as Peter De Proft, the head of EFAMA, and Xavier Rolet, CEO of the London Stock Exchange, Financial Times Fund Management relates. More retail users had been expected. Overall, only three to four of the 30 members of each committee were real defenders of consumers, according to Guillaume Prache, head of EuroFinuse.

A majority of European Union member states have failed to implement the Alternative Investment Fund Managers Directive directive in time. According to a KPMG research, 16 countries out of 28 were not able to hit the July 22 deadline for the roll-out of the directive. The only states which succeeded in complying with the terms of the new directive in time were Austria, Croatia, Cyprus, Denmark, Germany, Ireland, Latvia, Luxembourg, Malta, the Netherlands, Sweden, and the United Kingdom. However, Belgium, Finland, Spain and France missed the July 22 deadline. In France, the Alternative Investment Fund Management (AIFM) directive has recently been transposed into French law by an ordinance and a decree of the Council of State, passed by the Council of Ministers on 24 July 2013. However, the French market regulator, the Autorité des marchés financiers (AMF), is continuing to update its general rules as part of the transposition of the AIFM directive. In Belgium, Finland and Spain, planned legislation has been submitted, according to KPMG, but it will take until January 2014 in Belgium and first quarter 2014 in Spain to pass the bills into law. In Finland, the proposed laws still leave some important questions unanswered, KPMG reports. However, the European Securities Markets Authority (ESMA) has advised that funds which comply with the AIFM directive can now be sold in all member states, regardless of the state of compliance of the country in question.

iShares on 22 August submitted applications to the Securities and Exchange Commission (SEC) to launch two new ETFs, the iShares Interest Rate Hedged Corporate Bond ETF and the iShares Interest Rate Hedged High Yield Bond ETF. The funds will be advised by BlackRock Fund Advisors and managed by James Maure and Scott Radell.

The emerging countries of Europe, which have been boosted by the recovery in the euro zone, have avoided the troubles that have stricken developing economies, the Wall Street Journal considers. The stock markets of Central and Eastern Europe are up 1.2% in the past three months, compared with a fall of 7.5% for global emerging markets, according to MSCI. Excluding Russia, these markets have gained 2.3%. “Central and Eastern Europe have become a relatively safe haven in the emerging region.” says Javier Corominas, head of research and forex strategies at Record Currency Management.

The Financial Stability Board (FSB) published on August 26 the second progress report on the implementation of the FSB Principles for Sound Compensation Practices and their Implementation Standards (P&S) by FSB jurisdictions. The report finds that, while good progress continues to be made, more work needs to be done by national authorities and firms to ensure that implementation of the P&S is effectively leading to more prudent risk-taking behaviour. All FSB member jurisdictions except two have now completed the implementation of the P&S in national regulation or supervisory guidance: Argentina and Indonesia.

The Macroeconomic Assessment Group on Derivatives (MAGD) on August 26 published a report on the macroeconomic effects of OTC derivatives regulatory reforms. In this report, the MAGD focuses on the effects of mandatory central clearing of standardised OTC derivatives, margin requirements for non-centrally cleared OTC derivatives and bank capital requirements for derivatives-related exposures.In its preferred scenario, the group found economic benefits worth 0.16% of GDP per year from avoiding financial crises. It also found economic costs of 0.04% of GDP per year from institutions passing on the expense of holding more capital and collateral to the broader economy. This results in net benefits of 0.12% of GDP per year. The MAGD was set up by the OTC Derivatives Coordination Group (ODCG), comprised of the Chairs of the Basel Committee on Banking Supervision (BCBS), the Committee on the Global Financial System (CGFS), the Committee on Payment and Settlement Systems (CPSS), the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO).

The financial ratings agency Moody’s has noted progress in the peripheral countries of the euro zone (Greece, Spain, Italy,..), while also continuing to assert that these countries will not return to “sustainable” growth before 2016-2017, according to a report released on 26 August (“Update on Structural Reforms in the Euro Area Periphery.”) “The peripheral countries of the euro zone have achieved progress in confronting their internal and external imbalances and their loss of competitiveness,” the agency claims. This group of countries, in which Moody’s also includes Cyprus, Portugal and Ireland, has implemented drastic austerity policies to varying extends to confront massive debts in a context of economic recession. Four of these countries (Greece, Portugal, Ireland, and Cyprus) have also had to rely on international financing from the IMF and the European Union to avoid defaulting on payments. Progress which is driven primarily by commercial trading “does not in itself represent a sufficient condition to return to sustainable growth,” the financial ratings agency points out, adding that it is maintaining a negative outlook for all of these countries. Moody’s adds that it may lower the solvency rating for these countries next month, depending on the way the situation develops. According to the agency, the economic outlooks in these countries remains “morose.” “Moody’s does not predict a return to pre-crisis growth levels in the periphery of the euro zone before 2016-2017,” the agency writes. According to the agency, the slow return to growth is largely related to the fact that the European currency is “preventing” member countries from devaluing their currencies in order to increase the competitiveness of their exports. The Euro zone returned to growth in second quarter, after six consecutive quarters of recession, but this improvement was driven by Germany and France.

The Norwegian asset management firm Skagen is seeking to recruit an “international business developer, as an addition to its international team, following growing acceptance in the European markets . The new recruit will be based in Stavanger in Norway. Skagen has recently registered three funds in Belgium. In addition to the Nordic countries, the Norwegian asset manager sells its products in Luxembourg, the Netherlands, the United Kingdom and Switzerland.

The ETF activities of Credit Suisse have seen redemptions of over EUR1bn since BlackRock announced its acquisition of the structure earlier this year, Financial Times Fund Management reports, relaying an article in Ignites Europe. According to Detlef Glow, head of research for Europe, the Middle East and Africa at Lipper, “in terms of assets under management, the acquisition was not a success.” But he adds that assets were probably not the driver for this operation. The reason was more to prevent the competition from gaining market share and to acquire an operation registered in Switzerland.

The Netherlands-based banking and insurance group ING on 26 August announced that it has sold its South Korean life insurance affiliate ING Life Korea to the investment fund MBK Partners, based in Seoul, for EUR1.24bn. “ING today announced that it has reached an agreement over the sale of ING Life Korea,” the group announced in a statement, adding that it will retain a 10% stake in its former affiliate. By the terms of the agreement, MBK Partners will continue to operate ING Life Korea under the brand ING for a duration of up to five years, and will receive technical support and advising from ING for one year. “This transaction is a major step in the process of selling our Asian life insurance and investment management activities,” says the executive director of ING, Jan Hommen, cited in a statement. ING points out that it has already sold off its affiliates in Canada, Australia, New Zealand, Latin America and Asia. The banking and insurance group has also begun its disengagement from its US insurance affiliate, with an IPO on the New York Stock Exchange in May, and is preparing a similar operation for its European insurance activities in 2014.

The British firm Hargreave Hale has recruited Jean Roche as a portfolio manager who will be based in London. Roche had previously worked at Panmure Gordon as a senior equity analyst, specialised in the retail sector. Assets under management at Hargreave Hale total GBP2.5bn.

Fidelity Worldwide Investments has launched a high yield version of its bond fund MoneyBuilder Reduced Duration, which will be launched this year at the earliest, and which, as its name indicates, offers investors a shorter duration than the MoneyBuilder Income fund, managed by Ian Spreadbury, Investment Week reports. The reduced-duration fund, however, only offers accumulation shares. The new fund offers retursn of 3.09%, compared with returns of 3.7% for the MoneyBuilder Income fund, whose assets under management total about GBP3.3bn.

Goldman Sachs Asset Management is preparing a global multi-asset class range, which will come in addition to its range aimed at retail and smaller institutional investors, Asian Investor reports. The new range will probably not be available before the end of the year, Asian Investor estimates. Goldman Sachs AM will probably centralise its multi-asset class management capacities in London, where most of its macro expertise is located, and where the group has a team of 10 experts dedicated to multi-asset class solutions for European and Asian clients.

German Chancellor Angela Merkel has announced at an electoral rally that she will push for stricter regulation of hedge funds at the next G20 summit in Saint Pertersburg on 5 and 6 September. “Regulating banks and not hedge funds and parallel financing is not enough, and I will fight for that,” said the Chancellor, who is standing as the conservative party (CDU) candidate in legislative elections on 22 September for a third term as the German head of state.

BATS Global Markets and its rival Direct Edge Holdings on 26 August announced that they would be merging in order to create the second-largest market operator in the United States. The financial terms of the operation have not been disclosed. The effective merger of the two groups will come during first half 2014, subject to approval from the regulatory authorities. BATS and Direct Edge currently operate two market platforms in the United States, which will be taken over by the new entity, whichw ill operate with BATS technologies. BATS also manages an equity options platform, as well as Chi-X Europe, the European alternative market launched in 2007. Direct Edge will continue its work to open a stock market in Brazil. The future business, whose headquarters will be located near Kansas City, will be the second-largest stock market operator in the United States, after NYSE Euronext, in terms of trades, and ahead of Nadsaq OMX Group.