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08 January 2013
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News on the global financial markets

  Morning Bell 
  Industry News 
  • IMF economists say they underestimated austerity consequences
    International Monetary Fund economists Olivier Blanchard and Daniel Leigh say they incorrectly forecast how much austerity measures in Europe would affect the economy. "Forecasters significantly underestimated the increase in unemployment and the decline in domestic demand associated with fiscal consolidation," according to a paper by the economists. EUObserver (Brussels) (07 Jan.) LinkedInFacebookTwitterEmail this Story
  • Euro-zone ills cut into UK finance jobs
    The euro zone's extended woes, which have prompted banks globally to reduce staff, are reflected in an eight-year low of people registered to work in the UK financial-services industry. The total of 151,835 registered with the Financial Services Authority is a 10% decrease from a peak in February 2008. Reuters (07 Jan.) LinkedInFacebookTwitterEmail this Story
  • Low volume cited as top decision factor for buy side in 2012
    Lower volume because of the struggling global economy was the top influence on buy-side execution last year, more than half of respondents said in a poll by The Trade. In a distant second, with 22% of votes, was sell-side consolidation. "I believe we've seen the worst of it now and current levels will hold this year," said Mark Denny, head of trading at Investec Asset Management. "I don't anticipate a further fall or pickup in volumes." The Trade News (U.K.) (04 Jan.) LinkedInFacebookTwitterEmail this Story
  • German bunds attract buyers amid rebound
    German bunds regained some ground on higher-yielding euro-zone bonds Monday as investors stepped in, drawn in after a sell-off days before. "They're cheap, so you have to buy them while you can," a trader said. "The sell-off last week was very heavy ... and then there have been quite a few recommendations to buy them around the 1.50 [percent yield] level." Reuters (07 Jan.) LinkedInFacebookTwitterEmail this Story
  Regulatory Roundup 
  • Traders expect ECB to hold interest rates
    Market participants don't expect the European Central Bank to reduce interest rates this month, but they remain aware that cuts could come farther down the road. Traders' expectations have been tempered after being burned in December. "After the last meeting, we saw the market positioning themselves for one more rate cut into January," said Elwin de Groot, market economist at Rabobank. "Since then, the market has come away from this view, and now it is not so strongly positioned anymore for a near-term cut." Reuters (07 Jan.) LinkedInFacebookTwitterEmail this Story
  • Commentary: Great expectations for Carney at BoE might be deflated
    The appointment of Canada's Mark Carney to head the Bank of England has raised high hopes, but in the end, little change may be expected in the central bank's policy, David Cottle writes. The problem is that the kind of inflation needed to adequately stimulate the UK economy would prove intolerable to those with experience reining in past bouts of rising prices. The Wall Street Journal (07 Jan.) LinkedInFacebookTwitterEmail this Story
  Spotlight on China 
  • Chinese banks will turn to fees as asset growth slows, PwC says
    PricewaterhouseCoopers is predicting that in coming years, Chinese banks will depend more on fees than on increasing assets as competition heats up and as Basel III and interest-rate liberalisation constrain capital. "Banks ... are focusing more on higher-return loans, like those to small and micro enterprises, which were neglected in the past," said Raymond Yung, financial-services leader of China at PwC. Risk.net (subscription required) (07 Jan.) LinkedInFacebookTwitterEmail this Story
  AFME News 
  • IOSCO Secretary General David Wright and ECB Executive Board member Peter Praet will deliver keynote speeches at AFME's 2013 European Market Liquidity Conference
    The European Market Liquidity Conference is a high-profile, unique event on the European trading community's calendar that attracts 400-plus delegates from the buy and sell sides, fixed income and foreign exchange. The conference is scheduled on 13 February at Grange St Paul's Hotel in London. The content is designed and driven by market participants and therefore ensures that debates consist of genuine, in-depth discussion led by experienced, senior speakers.

    The conference programme will explore key topics on funding economic growth; structural changes of fixed income, currencies and commodities; and the impact of regulation on liquidity. Peter Praet, a member of the European Central Bank Executive Board, and David Wright, secretary general of the International Organisation of Securities Commissions, have confirmed that they will deliver keynote speeches at the conference.

    View the full programme and register. LinkedInFacebookTwitterEmail this Story
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As always, victory finds a hundred fathers but defeat is an orphan."
--Galeazzo Ciano,
Italian minister of foreign affairs


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