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02/06/2014

Le rouble devient la seule devise officielle de la Crimée

Le rouble est devenu depuis hier le seul moyen de paiement légal de la Crimée, a indiqué l’agence de presse russe ITAR-TASS. Toutes les mentions de prix en deux monnaies disparaîtront des étals de magasins et la hryvnia ukrainienne sera désormais inscrite comme devise étrangère. Depuis le 6 mai, tous les règlements bancaires se faisaient déjà en rouble dans la péninsule annexée.
02/06/2014

La dette française fait recette

«Les investisseurs non résidents apprécient la liquidité de la dette française», explique dans un entretien à L’Agefi Ambroise Fayolle, directeur général de l’AFT.
02/06/2014

Les exonérations de taxe d’habitation prolongées d’un an

Afin d’éviter à 3,3 millions de ménages de rentrer dans le champ d’application de la taxe d’habitation sous l’effet de la hausse du revenu fiscal de référence, le gouvernement songe à exonérer un an de plus ceux qui n’ont pas été soumis à cette taxe en 2013, même s’ils n’entrent plus strictement dans les critères requis, rapporte le quotidien. La mesure pourrait faire l’objet d’un amendement au projet de loi de finances rectificatives.
02/06/2014

Le Japon s’attaque à sa baisse démographique

Tokyo va mettre en place ce mois-ci un groupe de travail qui examinera pour la première fois les conséquences économiques et financières à long terme de sa baisse démographique, rapporte le journal. Il ajoute que la population de l’Archipel devrait chuter de 30% à 86,7 millions d’habitants en 2060, selon des prévisions gouvernementales.
02/06/2014

L’Allemagne va s’endetter davantage que prévu

La coalition allemande au pouvoir va avoir davantage recours à l’endettement qu’initialement prévu pour l’année budgétaire en cours, rapporte dans un article à paraître aujourd’hui le quotidien allemand. L’objectif serait de combler un écart d’environ un milliard d’euros par rapport au déficit de 6,5 milliards d’euros prévu en mars dernier pour l’Etat fédéral. L’endettement supplémentaire sera de toute façon limité à 8,3 milliards afin de respecter les engagements européens de Berlin. La décision devrait être prise d’ici au 5 juin, après des discussions entre le parti chrétien-démocrate, son allié social-démocrate et le ministère des Finances.
30/05/2014

La croissance brésilienne a ralenti au premier trimestre

La croissance de l'économie brésilienne a ralenti au premier trimestre, revenant à 0,2% par rapport aux trois mois précédents, a annoncé l’institut national de la statistique IBGE. Ce chiffre est conforme à la médiane des estimations de 39 économistes interrogés par Reuters. Sur le trimestre octobre-décembre, la croissance du produit intérieur brut (PIB) brésilien avait atteint 0,7%. En rythme annuel, la croissance brésilienne ressort à 1,9% pour janvier-mars, précise l’IBGE, alors que les économistes attendaient un chiffre de 2,1%.
30/05/2014

Les consommateurs américains réduisent leurs dépenses en avril

Les dépenses des consommateurs américains ont décliné en avril pour la première fois depuis un an. Elles ont plié de 0,1% après avoir augmenté de 1% le mois précédent, leur plus forte progression depuis août 2009 selon le taux révisé pour le mois de mars, montrent les données du Département du Commerce. Les dépenses des ménages, qui représentent les deux-tiers de l’activité économique aux Etats-Unis, n’avaient plus baissé depuis avril 2013. Mais, même si la demande a fléchi, les prix ont continué d’augmenter. L’une des mesures de l’inflation (l’indice des prix à la consommation PCE) a ainsi progressé de 0,2% le mois dernier, ce qui porte la hausse des prix sur un an à 1,6%, soit la plus forte augmentation depuis novembre 2012.
30/05/2014

La bonne série des fonds actions européens prend fin

La bonne série des fonds actions européens vient de prendre fin. Selon les statistiques hebdomadaires de BoA Merrill Lynch, 200 millions d’euros ont été retirés des fonds actions européens lors de la semaine achevée le 28 mai. Auparavant, ils avaient enchaîné 47 semaines consécutives de collecte positive. Les investisseurs ont eu tendance à se reporter vers les fonds actions des autres régions. Au total, la collecte des fonds actions a atteint 1 milliard d’euros la semaine dernière, après une décollecte de 7 milliards la semaine précédente. Les fonds obligataires ont collecté 6,3 milliards de dollars, signant ainsi leur douzième semaine de hausse consécutive.
Photo : Fotolia
30/05/2014

Eastspring recruits a head of insurer relations

p { margin-bottom: 0.1in; line-height: 120%; } Eastspring Investments, the Asian asset management affiliate of the British insurance group Prudential, has recruited Andy Yang as head of relationships with insurers, International Adviser reports. In this role, he will oversee all aspects of the relationship between the asset management firm and insurance companies of the Prudential group on the Asian continent. Prudential operates as an insurer in 13 Asian countries. Yang had previously worked at FWD Group, where he was head of investments for the group, responsible for active-passive management for investment teams in four countries. Eastspring Investments has nearly USD105bn in assets under management as of March 2013.
30/05/2014

Rabobank offers a soft commodity fund

p { margin-bottom: 0.1in; line-height: 120%; } The Rabobank group is launching a soft commodity fund reserved for institutional investors, the Rabo Farm Europe Fund II, which will be managed by Bouwfonds Investment Management, Das Investment reports. The fund, which aims for an asset volume fo over EUR300m, will be invested in countries of central and eastern Europe, with the objective of inciting farmers to sustainability.
30/05/2014

Carmignac Gestion appoints three directors for German-speaking countries

p { margin-bottom: 0.1in; line-height: 120%; } Confirming report in the German-language press last week, Carmignac Gestion on Wednesday, 28 May announced the appointment of Michael Schütt as head of country for Germany and Austria, replacing Kai Volkmann, who is leaving the firm. The new recruit will begin in his role from 1 September. The asset management firm is also recruiting for its customer service department in Germany, with the appointment of two directors, one dedicated to Wholesale activities, and the other to Retail clients. Both will report to Schütt. From 1 july, Roland Schmidt will serve as head of Wholesale Business Development for Germany and Austria, and Frank Rüttenauer is promoted to head of Retail Business Development. Schütt previously served as Head of Wholesale Germany at Bank of New York Mellon, Head of Sales German Banks at Invesco Asset Management, and in various other key roles at Citibank AG, Morgan Stanley, Merrill Lynch International Bank and Deutsche Bank. Schmidt, for his part, before joining Carmignac served as Head of Sales at M&G International. Before that, he worked at Baring Asset Management and Fidelity Investments. Rüttenauer had worked at Carmignac Gestion for seven years. Carmignac Gestion explains that the recruitments are a result of growth in Germany and Austria, the establishment of a division dedicated to the Wholesale and Retail segments, which will “aim to strengthen its presence serving distributors and local partners,” a statement says.
30/05/2014

Qatar and United Arab Emirates change indices

p { margin-bottom: 0.1in; line-height: 120%; } From 2 June, Qatar and the United Arab Emirates will be leaving the MSCI Frontier Markets index, to join the MSCI Emerging Markets index. The consequences of this change will be increased attention to these markets. Evolving along with these econoimies is one of the characteristics of the frontier markets universe, which, in our opinion, makes this asset class particularly attractive,” Baring Asset Management says in a statement. The changes come as part of a second round of annual examinations of MSCI market classifications, after a first round last November in which Greece was moved from developed markets to emerging markets, and Morocco was moved from emerging to frontier markets.
30/05/2014

Assets in funds on sale in Europe top EUR10trn

p { margin-bottom: 0.1in; line-height: 120%; } Assets in funds on sale in Europe in first quarter rose 3.8% to a total of over EUR10trn, with EUR10.156trn, according to the most recent statistics released by the European fund and asset management association (EFAMA). During the quarter under review, assets in UCITS funds increased 3.5%, to a total of EUR7.106trn as of the end of March, while non-UCITS funds showed growth in their assets of 4.4%, to EUR3.05trn. The quarter under review was characterised by strong demand for UCITS funds, which posted inflow of EUR148bn, a level not seen since first quarter 2006. In fourth quarter 2013, inflows to UCITS funds totalled only USD51bn. Long-term funds, meaning funds not including money markets, finished the quarter with net inflows of EUR134bn, compared with only EUR72bn in fourth quarter 2013. The cause of this increase is an inflow of EUR61bn to bond funds, compared with only EUR3bn one quarter previously. Diversified funds posted inflows of EUR45bn, compared with EUR30bn in first quarter, but equity funds attracted only EUR27bn, compared with EUR40bn. For the first time since the beginning of 2012, money market funds finished the quarter in positive territory with net inflows of EUR14bn, after outflows of EUR21bn in fourth quarter 2013.
30/05/2014

Real estate and commercial investment at highest since 2012

p { margin-bottom: 0.1in; line-height: 120%; } According to the most recent statistic from Cushman & Wakefield, EUR10.8bn have been invested in commercial real estate in Europe, the Middle East and Africa (EMEA) In first quarter 2014, the higest level since 2012. This is a 27% increase compared with first quarter 2013, when they totalled EUR8.5bn. The sums invested in commercial real estate represent 26.2% of all sums invested in commercial real estate, compared with 24.5% in 2013. For the first time since 2012, Germany is the most popular market for commercial investments, overtaking the United Kingdom. For the year 2014 overall, volumes invested in commercial real estate are expecteed to increase 15%, to EUR47bn, Cushman & Wakefield predict.
30/05/2014

DeAWM launches an ETF exposed to US market

p { margin-bottom: 0.1in; line-height: 120%; } Deutsche Asset & Wealth Management (DeAWM) has announced the launch of a direct replication ETF tracking the MSCI USA index, with fees of 0.09% per year. The db x-trackers MSCI USA Index UCITS ETF (DR) offers exposure to large and midcaps on the US market, replicating the performance of over 600 underlying equities. The product has been listed on Deutsche Börse since Wednesday, 28 May, and has already posted over USD200m in inflows.
30/05/2014

State Street launches a new FX product dedicated to institutionals

p { margin-bottom: 0.1in; line-height: 120%; } State Street Global Markets has in a statement announced the launch of TruCross/FX, a benchmark product for spot trades on currency markets, dedicated exclusively to buy-side institutionals who trade in currencies. “TruCross/FX is based on the expertise of State Street in technology and trading on the currency markets. Our objective is to give our clients a solution which finally results in a more transparent and efficient currency market,” says Mark Snyder, executive vice president and head of State Street Global Markets Sales & Trading and Research. TruCross/FX will first be available only via FX Connect, the multi-bank electronic trading system from State Street.
30/05/2014

IOSCO publishes an evaluation of market infrastructure

p { margin-bottom: 0.1in; line-height: 120%; } The Committee on Payment and Settlement Systems (CPSS) of the International Organization of Securities Commissions (IOSCO) on 28 May published an update to their evaluation of the implementation of principles for financial market infrastructure (PFMI). The evaluation takes the form of a self-evaluation by various jurisdictions of the implementation of 24 principles and 5 responsibilities which are incumben on market infrastructure. Since the first evaluation in August 2013, the 28 participating jurisdictions have made significatn progress, a joint CPSS-IOSCO statement says. However, the progress made continues to vary depending on the type of infrastructure. Implementation is fairly advanced for settlement chambers (CCP), central transaction databases (TR), and payment systems (PS), but less advanced for central depositories (CSD) and settlement systems (SSS). Over the 24 principles and 5 responsibilities which are widely detailed and commented, the The Committee on Payment and Settlement Systems (CPSS) of the International Organization of Securities Commissions (IOSCO) have taken it upon themselves to cover risks which financial market infrastructures (FMI) may confront. Alongside these evaluations, CPSS and IOSCO will implement a second level of evaluation in the next few months.

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