July Newsletter - Issue 29/2021
Launches discussion on proportionality assessment methodology
22 July 2021
The European Banking Authority (EBA) publishes a Discussion Paper aiming at gathering some preliminary input on how to standardise the proportionality assessment methodology for credit institutions and investment firms. The discussion paper invites all market participants affected by the proportional treatment in the application of EBA regulatory products to provide their input. The consultation runs until 22 October 2021. For more information please press 
Market News
Futures, Stocks Rise on Earnings Boost; Bonds Slip: Markets Wrap
23 July 2021
"U.S. equity futures climbed Friday amid earnings optimism that’s pushing global stocks back toward all-time highs despite mixed economic data and concern about the spread of coronavirus variants. Contracts on the S&P 500 and Nasdaq 100 were higher after the S&P 500 advanced closer to a new peak on Thursday and the Nasdaq 100 reached a record. Twitter Inc. climbed more than 5% in pre-market trading after strong results, which also buoyed shares of Facebook Inc. and Alphabet Inc.. Intel Corp. slipped as supply constraints overshadowed robust earnings. The 10-year Treasury yield ticked higher and the dollar strengthened marginally against a basket of major peers, on track for a second straight weekly gain.
" For more information please press here.
Euro zone bond yields unfazed by mixed PMIs, weigh ECB's stance
23 July 2021
"Euro zone bond yields sought direction on Friday and were little moved by mixed business activity readings from the region’s largest economies, while investors continued to digest Thursday’s ECB policy decision. Flash Purchasing Managers’ Index (PMI) data from IHS Markit, seen as a good gauge of economic health, is expected to show a combined reading of the bloc’s services and manufacturing service growth accelerated further in July. Data from France showed business activity growth slowing more than expected in July on the back of materials shortages and transportation delays, while Germany saw both manufacturing and services sector activity grow faster than expected. The data had little impact on the bond market, and the euro zone wide data is due at 0800 GMT." For more information please press 
Financial Times
Thermal coal prices soar as demand for electricity rebounds
23 July 2021
"Supply disruptions, a drought in China and rebounding electricity demand have fired up the market for thermal coal, making the world’s least liked commodity one of this year’s best-performing assets. Since the start of the year, the price of high energy Australia coal — the benchmark for the vast Asian market — has climbed 80 per cent to almost $146 a tonne, its highest level in more than a decade. 
Its South African equivalent is also trading at its highest level in more than 10 years, rising 44 per cent in 2021, according to the latest weekly assessment by commodity price provider Argus. That puts the coal benchmarks ahead of two of this year’s best-performing asset classes: real estate, which is up 28 per cent, and financial stocks, up 25 per cent. Only Brent crude, up 44 per cent, boasts comparable gains." For more information please press here.
Financial Times
BNY Mellon joins State Street in crypto trading push
21 June 2021
"Two of the world’s largest custody banks have publicly backed cryptocurrency trading platform Pure Digital, in a move that points to growing demand from traditional asset managers for bitcoin and other digital tokens. Bank of New York Mellon has joined the consortium of six banks behind the launch of London-based Pure Digital, three months after State Street became the first to announce its support for the planned exchange. The step suggested that normally staid and conservative custodians, which safeguard assets for some of the world’s largest asset managers, are fielding increasing interest from clients about trading digital currencies." For more information please press here.
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