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  #1061 (permalink)  
Old 12-11-2015, 06:09 AM
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European Economics Preview: German Final Inflation Data Due



Final inflation data from Germany is due on Friday, headlining a light day for the European economic news. At 2.00 am ET, Destatis released Germany's final inflation figures for November. The statistical office is slated to confirm 0.4 percent annual inflation. In the meantime, Romania's consumer prices are due. Economists expect prices to decrease 1.2 percent annually in November following a 1.6 percent drop in October. At 2.45 am ET, the French current account figures are due for October. The current account surplus totaled EUR 0.5 billion in September. At 4.00 am ET, Italy's statistical office Istat is scheduled to release industrial output for October. Production is expected to rise 0.3 percent on a monthly basis in October after rising 0.2 percent in September. Half an hour later, U.K. construction output data for October is due. Output is seen rising 1 percent month-on-month, reversing a 0.2 percent drop in September. In the meantime, Bank of England/GfK Inflation Attitudes Survey results are due. At 5.30 am ET, Russia's central bank announces its interest rate decision. The bank is likely to keep its key rate unchanged at 11 percent. At 6.00 am ET, Portugal's consumer price figures are due. Inflation is seen unchanged at 0.6 percent in November.

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  #1062 (permalink)  
Old 12-14-2015, 03:54 AM
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UK regulator to humiliate inefficient asset managers



UK regulators are slated to name and shame asset management groups that fail to properly coordinate with entities over pay, succession, and other corporate governance matters. For the first time in July, the Financial Reporting Council will unveil the investment groups that are not pressuring firms enough in their roles as custodian of other people's money. Companies that fail to adhere to stewardship standards will be placed on six months' notice to step up their game. FRC Chair Sir Winfried Bischoff said the stewardship code has helped bolster the profile of stewardship and resulted in improvements in the engagement between investors and corporations.

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  #1063 (permalink)  
Old 12-15-2015, 02:30 AM
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ECB to hit inflation target without delay - Draghi



European Central Bank President Mario Draghi said the central bank should reach its inflation target without any delay and there were no limits to what it can implement to bolster price growth if needed. With inflation gliding above zero, the ECB has been easing its monetary policy this year to ignite price growth, fearing any delays in attaining the inflation rate of just below 2% could dent its credibility. Draghi justified the central bank's latest package of measures as well, which includes slashing deposit rate and extending its asset-buying program but fell short of market projections.

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  #1064 (permalink)  
Old 12-15-2015, 05:34 AM
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Mexico Leading Index Rises For Second Month



The leading index for Mexico, which measures the future economic activity, increased for the second straight month in October, figures from the Conference Board showed Monday. The Conference Board leading economic index climbed 0.7 percent in October, following a revised 0.5 percent rise in the prior month. In August, the index had fallen 1.6 percent. Out of the six components, five contributed positively to the index in October. The coincident index that reflects the current economic activity rose 0.3 percent in October, the same rate of increase as in September. All three components gained during the month. Despite the small improvements in both the LEI and CEI, the persistent weaknesses among the leading indicators over the last six months continue to suggest that Mexico's rate of economic expansion is unlikely to pick up in coming months, the Conference Board said.

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  #1065 (permalink)  
Old 12-16-2015, 03:49 AM
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Fitch: China, US Rates Pressures Build for Apac Banks in 2016



Banking sectors within the Asia-Pacific (APAC) region are likely to face a more challenging year ahead as financial systems adjust to slowing growth in China and the prospect of higher US interest rates, says Fitch Ratings in the agency's 2016 Outlook Report for the region. Earnings and capital buffers built up in recent years mean that most banking systems start from a position of strength going into this weaker economic backdrop. The exceptions are the large markets of China and India, and the frontier markets of Mongolia and Vietnam, although the outlook for banks in India and Vietnam is balanced by a more favourable economic environment. We have a higher proportion of banking systems on negative sector outlooks for 2016 than was the case in 2015. This is driven by the prospect of deteriorating asset quality, a more cautious risk appetite from most banks contributing to weaker credit growth, and margin pressures - all of which is likely to lead to slower profit growth. Fitch views lower credit growth as a positive development from the perspective of financial sector stability. With respect to the outlook on ratings, we have a stable outlook on the overwhelming majority except Mongolia and the Philippines (negative and positive, respectively). The predominantly stable outlook reflects two factors: first, that there is some tolerance in the ratings to slowing growth, given the buffers; and second, the rating outlooks reflect sovereign support in the cases where the Viability Ratings are lower than Issuer Default Ratings. Support from the authorities still matters in APAC. Key downside risks are Chinese growth and US interest rates, as rapid credit growth and the accumulation of high private-sector debt since 2008 has made some countries across the region sensitive to a major change in economic conditions. Fitch expects Chinese GDP growth to slow to 6.3% in 2016 and 6% in 2017, and for US interest rates to rise gradually in 2016. However, a more severe China slowdown and/or a sharper-than-expected increase in US rates could lead to greater economic headwinds, weaker APAC currencies, and possibly higher domestic interest rates - raising the cost of debt servicing. For the Chinese banks, this would compound asset-quality and earnings pressures which are already mounting. For the rest of APAC, the more open economies such as Japan, Singapore, Hong Kong, Korea and Taiwan would be affected, especially those financial systems with the largest direct exposure to China (Singapore, Hong Kong, and Taiwan), while further weakness in commodity prices would also be likely - exposing Indonesia, Malaysia and Australia. Unhedged lending in hard currency that has been built up in some markets may also be tested, which would in turn have a knock-on impact for sectors in the supply chain - affecting asset quality more broadly in the local domestic banking system. That said, currency risks appear to be less than for other emerging market regions. On a positive note, Fitch sees capital levels improving as global regulatory pressures begin to influence capital trends across the region, with the Australian banks continuing to lead the market. With the Total Loss Absorbing Capacity (TLAC) rules having been finalised, we could see this beginning to influence regulatory capital and TLAC-qualifying instruments issuance trends - as local regulators clarify their thinking in response to the measures announced by the Financial Stability Board in November 2015. The report "2016 Outlook: Asia-Pacific Banks" is available at www.fitchratings.com or by clicking on the links in this media release.

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  #1066 (permalink)  
Old 12-16-2015, 06:23 AM
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EU officials agree on new digital privacy law



European Union officials sealed a deal on a pan-European digital privacy law, forming a new legal framework which will have ripple effects around the world on how firms can utilize people's personal details. EU officials said negotiators agreed on a final text of the union-wide bill following almost four years of haggling and lobbying, replacing a patchwork of 28 different sets of national privacy laws and bolstering their privacy penalties to perhaps billions of euros. Under the agreement, fines would be increased to a maximum of 4% of a company's overall global revenue. The new text needs to be approved by the European Parliament and EU governments before enacting it in two years' time.

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  #1067 (permalink)  
Old 12-17-2015, 02:01 AM
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Argentina to ease currency control



Argentina announced it would alleviate its foreign exchange control, with President Mauricio Macri hoping the move will bolster exports and fuel economic growth. Farmers in the country have been waiting for the Argentinian peso to decline before selling stockpiles of soybeans. The official exchange rate of 10 pesos per US dollar is not matched by a firmer black market rate. Analysts noted the official rate to decline between 13.5 and 15.00 to the dollar. Also, Finance Minister Alfonso Prat-Gay expected the rate to weaken near 14.2 per greenback.

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  #1068 (permalink)  
Old 12-17-2015, 04:10 AM
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Japan Nov Trade Deficit Narrows More Than Forecast



Japan's merchandise trade deficit narrowed more-than-expected in November from a year ago, as imports fell faster than exports, the Ministry of Finance said on Thursday. The trade deficit decreased notably to JPY 379.7 billion in November from JPY 898.8 billion in the corresponding month last year. Economists had expected the deficit to narrow to JPY 449.7 billion. Exports dropped 3.3 percent year-over-year in November, exceeding economists' expectations for a 1.6 percent decline. Similarly, imports plunged 10.2 percent in November from a year ago. The expected rate of fall was 7.3 percent.

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  #1069 (permalink)  
Old 12-18-2015, 03:54 AM
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Canadian Dollar Falls Against Majors



Japan's merchandise trade deficit narrowed more-than-expected in November from a year ago, as imports fell faster than exports, the Ministry of Finance said on Thursday. The trade deficit decreased notably to JPY 379.7 billion in November from JPY 898.8 billion in the corresponding month last year. Economists had expected the deficit to narrow to JPY 449.7 billion. Exports dropped 3.3 percent year-over-year in November, exceeding economists' expectations for a 1.6 percent decline. Similarly, imports plunged 10.2 percent in November from a year ago. The expected rate of fall was 7.3 percent.

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  #1070 (permalink)  
Old 12-18-2015, 05:48 AM
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Carney open to serve 8-year term as BOE Governor



Mark Carney has hinted at serving a full eight-year term as Bank of England Governor, three years longer than he initially pledged, saying he needs to do more at the central bank. He refused to rule out staying longer than the five years he committed himself to when he was appointed in 2012, following George Osborne wooed the previous Bank of Canada Governor for nearly a year. Carney was formally appointed for eight years, but the Treasury previously said he had indicated he wanted to serve for only five years. To extend his term, Carney needs to express his intention to continue.

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