June 18, 2013
June 17, 2013
June 14, 2013
June 05, 2013
June 05, 2013
May 22, 2013
January 22, 2013
Euro Briefing: Looking for Traction
Prior to the recent shift in market sentiment, abundant liquidity and renewed efforts by the ECB to support growth (including a rate cut on May 2) had helped peripheral Euro Area sovereign yields drop to their lowest level since Q1 2011. Market appetite for Greek financial assets improved, contagion from Cyprus is under control, and Portugal held a 10-year bond auction—the first since its 2011 bailout. However, the selloff in risk assets and focus on Fed “tapering” since May 22 have shifted the focus to the potentially volatile corrections attendant on further increases in U.S. bond yields.
IIF Weekly Wrap - June 14, 2013
Felix Huefner, Deputy Director of the IIF Global Macro team, discusses this week’s macro data patterns, including Euro Area and UK industrial production and the mixed U.S. data flow, and looks forward to Monday’s release of the next IIF Euro Briefing.
2013 June Capital Markets Monitor
A Taste of Exit
Recent statements by Fed officials have led market participants to expect a tapering off of the current $85 billion a month bond purchases—probably at the end of the third or fourth quarter. Since these statements appears to be more definitive in suggesting an earlier moderation than had been expected, market reactions were swift and widespread.
In May, especially during the last ten days, U.S. Treasuries led global bond yield increases—climbing to 2.18% from 1.6% at the beginning of the month, amid significant volatility. Credit spreads have widened for Euro Area weak sovereigns, emerging market hard currency sovereign debt as well as corporate debt, and equities declined across the globe.
IIF Calls For Renewed Efforts To Promote Greater International Regulatory Consistency
June 5, 2013 — The Institute of International Finance today released a report encouraging national and global policymakers to promote greater consistency between national regulations. The report reviews current consistency efforts underway and contains sixteen specific recommendations for action. The report, Promoting Greater International Regulatory Consistency, responds to mounting concern in both the financial services industry and regulatory community that the determination to achieve global cooperation and coordination is waning, with jurisdictions tempted towards exceptions and purely national approaches—despite considerable efforts since the financial crisis to agree on and implement international standards.
June 2013 Global Regulatory Update
June 5, 2013 — This month’s IIF Global Regulatory Update features a recently released report on International Consistency, reviews recent CRO fora, and provides updates on current work streams.
IIF Market Monitoring Group highlights risks of a liquidity-fueled rally: while fundamentals remain weak, parts of corporate sectors exposed
Warns of potential ripple effects as the U.S. moves closer to exit from accommodative monetary policyJune 4, 2013 — Following their recent meeting in Rome, members of the IIF’s Market Monitoring Group agreed today to release the following statement, noting: a lack of fundamental support for financial market rallies; risks associated with exit strategies and a potential rise in U.S. bond yields; a need to reconsider zero risk-weighting of domestic government bonds for members of a currency union; potential vulnerabilities exist in parts of the corporate sector; and restrictions on trading “naked” sovereign CDS might impair market efficiency.
May/June 2013 Global Economic Chartbook Update
The May/June edition of the Global Economic Chartbook updates our global forecasts, providing charts on the global business cycle, global inflation, world trade and external imbalances, and emerging economies, economic policy, and financial conditions. Special features include the Euro Area crisis, U.S. fiscal events, and Japanese monetary policy. This Chartbook is also available in PowerPoint format—to access the underlying spreadsheets please double-click on each chart. You are encouraged to use the charts and data in your own work.
IIF Teleconference: Macroeconomic Outlook for Brazil
May 23, 2013 — In this members-only teleconference, Ramón Aracena, IIF Chief Economist for Latin America, shares his insights gained through his recent visit to Brazil, discussing the macroeconomic outlook, the business community’s pessimism towards medium-term prospects, and the sustainability of the economic recovery.
May 2013 Global Economic Monitor
The recent data flow has been marked by two notable contrasts. First, GDP growth has disappointed in emerging markets, but not in mature economies. Second, the global outlook has deteriorated as measured by business sentiment surveys, but has brightened according to financial markets. What do we make of these conflicting signals? On balance, we believe the moderate global economic expansion remains on track even as the outlook for emerging markets has deteriorated somewhat. Emerging market policy easing and more supportive financial conditions in mature economies provide welcome support.
June 25-26, 2013
The 2013 IIF Spring Membership Meeting will focus on the challenges and opportunities in Europe as well as other key issues in global finance. We look forward to sharing further details in the coming weeks.
June 17-20, 2013
Offered in cooperation with UBS, this four-day program, focusing on ’Strategic Considerations for Evolving Wealth Transformation’, addresses how industry leaders are approaching the unprecedented transformation affecting current business practices, particularly with growing wealth in emerging markets and growing flow of funds to the East. This program is designed to be both practical and interactive with group discussions and case studies, allowing participants and expert speakers to freely share insights.