Gold-Buying Central Bankers May Extend Record Rally
By Pham-Duy Nguyen, Bloomberg
Central banks that were net sellers of gold a decade ago are buying the precious metal to reduce their reliance on the dollar as a reserve currency, signaling demand that may extend a record rally in prices.
http://jlne.ws/jRmr5u
Chicago Fed Annual Report
http://jlne.ws/mPZ14D
Ireland cuts growth forecasts
Reuters/FT.com
Ireland cut its growth forecasts sharply on Friday, following similar downgrades by analysts, and said its debt would peak at 118 per cent of gross domestic product in 2013 rather than the 102.5 per cent forecast four months ago. Ireland’s finance ministry said it expected gross domestic product growth of 0.8 per cent in 2011, down from the 1.7 per cent forecast in December.
http://jlne.ws/me8qNx
Regulatory newbies may be eased into US swaps reforms-CFTC
By Christopher Doering, Reuters
Market participants not used to strict regulatory oversight may be given more time to comply with new swaps rules, but those with ties to big banks could be hit sooner, under rough guidelines the Commodity Futures Trading Commission is considering.
http://jlne.ws/jac0HR
Markit Statement on European Commission CDS Inquiry
Markit is aware of the European Commission’s statement that it will open investigations relating to the Credit Default Swaps information and clearing markets. Markit has no exclusive arrangements with any data provider and makes its data and related products widely available to global market participants. Markit has created new and innovative products and services in a competitive marketplace since its inception, bringing greater transparency and information to the CDS market. Markit is unaware of any collusion by other market participants as described by the Commission. Markit does not believe it has engaged in any inappropriate conduct and looks forward to demonstrating that to the Commission.
http://jlne.ws/joZmZP
Ghana Commercial Bank Q1 profit falls
Ghana Commercial Bank (GCB.GH) reported a 7.1 percent fall in first-quarter net profit to 19.76 mln cedis ($13.08 mln) on Friday as interest income slipped and operating expenses ticked higher.
http://jlne.ws/m40PaE
ECB Move Adding New Ratings to Some Older MBS
By Bonnie Sinnock, IDD
Recent collateral requirements from the ECB appear to be creating, among other things, some demand for new second ratings of older MBS and potentially other deals.
http://jlne.ws/kTdW5T
Federal Reserve Bank Of Dallas: Trimmed Mean PCE Inflation Rate FRB Dallas
The trimmed mean PCE inflation rate is an alternative measure of core inflation in the price index for personal consumption expenditures (PCE). It is calculated by staff at the Dallas Fed, using data from the Bureau of Economic Analysis (BEA).
http://jlne.ws/fdBaqC
Spain’s jobless total nears 5m
By Miles Johnson, FT.com
Spanish unemployment climbed to almost 5m in the first quarter of the year, hitting the highest level in 14 years as the consequences of an imploded construction bubble continued to depress the eurozone’s fourth-largest economy. The proportion of adults out of work rose to 21.3 per cent, up from 20.3 per cent in the previous quarter as the Spanish government this week embarked on measures to clamp down on unofficial work in the black market.
http://jlne.ws/imYuOl
Bernanke: Economy Improving But Far From Where We Would Like
Market News International
Federal Reserve Chairman Ben Bernanke Friday reemphasized his concern about high unemployment and home foreclosures, while making no mention of inflation, in a speech on "community development."
http://jlne.ws/jpPbv5
For International Investors, Non-Dollar Bonds More Popular
Fixed income fund managers piled into local currency debt of the big emerging markets for the third straight week, according to fund trackers at EPFR Global in Cambridge, Mass. Overall, fund managers are buying up emerging market government and corporate bonds as it appears clear the US has no intention on raising interest rates anytime soon. But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.
http://jlne.ws/mbPBMV
MERS names CitiMortgage chief new CEO
Mortgage Electronic Registration Systems announced the appointment of former chairman and CEO of CitiMortgage, Bill Beckmann, as president and chief executive officer of MERSCORP. MERS provides a national national, real-time database that tracks mortgages.
http://jlne.ws/k4EAqt
PMI surveys in focus before BoE meeting
Reuters
Manufacturing growth is likely to have held at a healthy pace in April, albeit below peaks hit at the start of the year.
The March survey pointed to rising cost pressures and economists will be keen to see if these intensify. The sector has been one of the few bright spots during the recovery of the British economy, growing by 1.1 percent in the first quarter.
http://jlne.ws/jTD4mX
Time to trim bond strategy
FT.com
Peter Harrison, chief executive of RWC Partners, says in the current inflationary environment, trustees must urgently reassess the risky strategy of investing heavily in bonds. Inflation will undermine the capital value of the bonds and if they are holding corporate bonds, there is an additional risk of default. While the obvious thing to do in the past was to buy more index linked gilts, yields are now so low that it would be better to look at alternative investments.
http://jlne.ws/kOuana
Banks Set Sights on Islamic Bond Market
VTB Group and Gazprombank are vying to become the first Russian borrowers to sell Islamic debt in a bid to attract Middle Eastern investment. VTB, Russia’s second-largest bank, aims this year to raise about $200 million selling sukuk, debt that complies with Islam’s ban on interest, Herbert Moos, the lender’s deputy chairman, said in an interview Wednesday. Gazprombank, the lending arm of gas export monopoly Gazprom, is in talks with at least 10 Moscow-based companies on arranging a sale and will meet investors in the Persian Gulf in September, said Alexander Kazakov, director of structured and syndicated finance.
http://jlne.ws/ldP4cb
Fed Chairman Ben S. Bernanke Speech: Community Development in Challenging Times
As always, I'm pleased to join you at the Federal Reserve's biennial Community Affairs Research Conference. This meeting brings together researchers, community development professionals, and public-sector officials to explore how best to strengthen struggling communities. Needless to say, that endeavor is more crucial than ever. The past few years have been very difficult. Weak economic conditions at the national level have translated into hardships in many communities at the same time that communities have fewer resources available for stabilization and revitalization. Considerable good work is going on nonetheless, and I will offer a few examples of that today.
http://jlne.ws/jWCwkf
The Inflation Project: Longer-Term Deflation Probabilities Down To 8 Percent
Prices of Treasury Inflation-Protected Securities (TIPS) with similar maturity dates in 2015 can be used to measure probabilities of a net decline in the consumer price index over the five-year period starting in early 2010.One measure of this deflation probability decreased from 11 percent on April 20 to 8 percent on April 27. An alternative lower bound on this deflation probability declined from 1 percent on April 20 to 0 percent on April 27.
http://jlne.ws/iCtEFk
Failed-Trade Charge for Mortgage Bonds Proposed, Pimco Balks
By Jody Shenn, Bloomberg
Dealers and investors in agency debt and government-backed mortgage bonds should face penalties for failing to complete trades at agreed times, according to an industry group that guides market rules.
http://jlne.ws/lDbX1t
Fears over Dodd-Frank spur action
By Beagan Wilcox, FT.com
The US mutual fund industry’s lobbyist, the Investment Company Institute, is tracking more than 100 rule-makings, studies and reports mandated by the Dodd-Frank Act, the sweeping financial reform law passed last July. But the issue of “broadest and deepest concern” to the industry, says Paul Schott Stevens, ICI president and chief executive, is the Financial Stability Oversight Council’s plan to designate non-bank financial institutions as systemically important, and thus subject to heightened oversight by the Federal Reserve.
http://jlne.ws/knfrDy
Citadel to Start Quant Business With Nazarali, Cushman From Knight Capital
By Saijel Kishan, Bloomberg
Citadel LLC, the $11 billion hedge fund run by Ken Griffin, hired Jamil Nazarali and Matt Cushman, former executives at Knight Capital Group Inc. (KCG), to lead a new effort in quantitative trading.
http://jlne.ws/mgTmde
Consumer Sentiment in U.S. Increased in April on Jobs
By Shobhana Chandra and Timothy R. Homan, Bloomberg
Confidence among U.S. consumers climbed in April from the lowest level in more than a year as job growth helped Americans withstand rising fuel costs.
http://jlne.ws/kTPYE8
Promises, Promises. Better Measuring the Effect of Pension Reform – The IMF Blog
By Benedict Clements, IMF Direct
We all hope to retire one day. Our pensions hold the promise of that. But when that promise is a public pension, it’s also a lot like debt the government has to pay at some point in the future.
http://jlne.ws/kESVBm
CFTC Provides Concepts And Questions Document Ahead Of Joint CFTC-SEC Public Discussion On Dodd-Frank Implementation
Press Release
Staff of the Commodity Futures Trading Commission (CFTC) today released a document setting forth concepts that it is considering with regard to the effective dates of final rules for swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The document, which is being provided to panelists participating in the May 2-3, 2011, public roundtable being hosted by the CFTC and the Securities and Exchange Commission (SEC), also presents a series of relevant questions concerning how to phase the implementation of new rules.
http://jlne.ws/lg8GOo
The Problem With the F.D.I.C.’s Powers
By SIMON JOHNSON, Today's Economist
Under the Dodd-Frank financial regulation legislation (in Title II of that act), the Federal Deposit Insurance Corporation is granted expanded powers to intervene and manage the closure of any failing bank or other financial institution. There are two strongly held views of this legal authority: that it substantially solves the problem of how to handle failing megabanks and therefore serves as an effective constraint on their future behavior, and that it is largely irrelevant.
http://jlne.ws/m5Z5Jz
NYSE Euronext CEO Looks To Asian Exchanges In Long-Term
By Kristina Peterson and Jacob Bunge Of DOW JONES NEWSWIRES
The NYSE Euronext (NYX) chief executive said the company considered partnerships with Asian exchanges prior to moving forward with the Deutsche Boerse (DB1.XE, DBOEF) merger, but decided such tie-ups would only be feasible in the long-term future.
http://jlne.ws/lPmzMW
Reflections on Bernanke
Gavyn Davies, Financial Times
Following yesterday’s live blog on FT Alphaville, here are some quick final reflections on the Bernanke press conference:
1. It was a success. After a hesitant start, the Fed chairman spoke calmly and authoritatively, explaining the Fed’s exit strategy much more clearly than the FOMC statement had managed to do. In fact, in the absence of the press conference, there would have been considerable uncertainty about what the statement actually meant.
http://jlne.ws/kpBEAN
Remarks By U.S. Treasury Secretary Tim Geithner At The Detroit Economic Club
Press Release
http://jlne.ws/mCr2yY
ECB examines covered bond sector
By Jennifer Hughes, Financial Times
Covered bond experts have been called to Frankfurt to discuss the health of their market with the European Central Bank. The ECB bought E60bn of the bonds, an ultra-safe form of securitisation, during the financial crisis and has since taken a strong line on improving the transparency and investor-friendliness of the products.
http://jlne.ws/miHI7Z
Lehman Hires Morgan Stanley to Sell as Much as $675 Million of Muni Bonds
Bloomberg
Lehman Brothers Holdings Inc. hired Morgan Stanley (MS) to market a portfolio of municipal securities valued at as much as $675 million to "monetize" the assets for creditors, the bankrupt securities firm said.
http://jlne.ws/jze5pj
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