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Thread: Forex news from InstaForex

  1. #1251
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    Fitch: Systemically Important Mexican Banks Ready to Meet Additional Capital Requirements



    The seven systemically important Mexican banks (G-SIBs) recently selected by the local regulator (Comision Nacional Bancaria y de Valores), currently committed to the capital rules required by Basel III, are ready to meet the required additional capital buffer for G-SIBs, according to Fitch Ratings. The additional capital requirement established is intended to strengthen the bank's capitalization, given its characteristics of size, interconnectedness with the financial system, importance of services and infrastructure, and complexity of operations that in the event of insolvency could have an impact on the financial system in general. The seven Mexican G-SIBs, which represent 80% of total assets of the banking system, includes five foreign-owned banks (BBVA Bancomer, Banamex, Banco Santander Mexico, Scotiabank Mexico and HSBC Mexico) and two locally owned (Banorte and Banco Inbursa). Mexican banks have been characterized by being well capitalized for several years, complying with some leeway the minimum capitalization ratio required by regulation, currently 10.5%. At the end of February 2016, Mexican commercial banks showed a total regulatory capital ratio of 14.52% and a Tier I regulatory capital ratio of 12.99%. This is no exception for now systemic banks, which showed at the same date a total regulatory capital ratio and Tier I regulatory capital ratio of 14.20% and 12.48%, respectively. Therefore, the seven Mexican G-SIBs already meet at 100% with the additional capital buffer for G-SIBs, that is supplementary to the 10.5% minimum capitalization ratio required, which was set to be in compliance within a maximum four years (25% annually). Fitch believes that banks categorized as G-SIBs by the local regulator, five have a reasonable leeway to keep the ratio considering its growth plans; while two of them are somewhat closer to the limit. Although no the base line scenario, in all cases important increases on its portfolio over the next four years could make them migrate to higher grades, and therefore increase the capital requirements. Despite this, Fitch believes that the challenges to be in compliance in all cases are low because banks have a strong ability for internal capital generation and/or have the support of their parent companies or with a high propensity of its shareholders to inject capital, if required, to meet with the minimum regulatory requirements. According to its characteristics G-SIBs can be classified into five degrees or groups. BBVA Bancomer was classified in the Group IV, which considers a additional capital buffer for G-SIBs of 1.50 percentage points (p.p), with information as of February 2016 considering the new requirement its minimum capital regulatory ratio would be exceeded at 1.70 p.p. While Banamex and Banco Santander Mexico, classified in Group III with additional capital buffer for G-SIBs of 1.20 p.p., would exceed the new regulatory minimum at 1.97 p.p. and 3.73 p.p., respectively. In the case of Banorte, listed in Group II with an additional capital buffer for G-SIBs of 0.90 p.p., would exceed at 3.26 p.p. In the cases of Scotiabank Mexico, HSBC Mexico and Banco Inbursa which were classified in Group I with an additional capital buffer for G-SIBs of 0.60 p.p., would exceed at 1.12, 1.19 and 6.60 p.p. respectively, the regulatory minimums.

    News are provided byInstaForex.

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    Asian shares plummet as global economic growth woes remain



    Asian shares recorded its longest losing run in nearly five months as it declined for seventh consecutive days on escalating global economic growth anxieties. The MSCI Asia Pacific Index closed at 405.69, down 0.4%. The Shanghai Composite Index lost 0.2%. The Hang Seng China Enterprises Index lost 1.2%. Hong Kong's Hang Seng Index slipped 0.8%. Taiwan's Taiex index tumbled 0.5%. Global stock markets have hit its lowest troughs in nearly a month despite worries over disappointing corporate earnings and dim labor and manufacturing data. Meanwhile, China's measure services data will be released Thursday.

    News are provided byInstaForex.

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    Usd/jpy Trade up to 108.60 in Ny



    Stops at 108.00+, 108.25+ tripped
    Gotobi demand supportive
    Option expiries to help cap - USD884 mln 108.50, 505 mln 108.75, more above Daily Ichimoku tenkan-kijun converging at 108.71-72.

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    ​HTC Revenue Falls for the 4th Quarter in a Row



    HTC Corporation reported a 64 percent dive in revenue for the first quarter, contracting from $1.3 billion in 2015 to a dismal $456 million. Q1 profit also plunged by a staggering 78 percent from last year's $250 million to $60 million. HTC is struggling to restore its share in the cut throat Android market, which has now shriveled to 1 percent. Its net loss totaled to $80 million in three months. Sales results of its new smartphone HTC 10 and virtual reality device Vive were not yet counted. However, 11 days after the pre-sales opened in China, only 251 units of HTC 10 were pre-ordered. This shows that HTC is losing against major competitors Apple and Samsung in the world's the largest smartphone market.

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    Fxwirepro: Usd/jpy Fails to Sustain Above Key Resistance 109.32, Intraday Bias Remains Neutral



    USD/JPY is currently trading around 109.10 marks.
    It made intraday high at 109.36 and low at 109.04 levels.
    Intraday bias remains neutral for the moment.
    A daily close above 109.32 will drag the parity up towards 111.23, 112.60 and 113.42 levels respectively.
    Alternatively, reversal from key resistance will drag the parity down towards key supports at 108.27, 106.15, 105.71, 105.45 and 104.55 levels respectively. Japan will release leading indicator data at 0500 GMT. Market anticipates reading around 96.4 vs 96.8 previous release.

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    Japan's Topix wipes out previous advance as yen surges



    Japan's Topix index erased its early ascension as the Japanese yen fortified after recording losses for two straight days.

    Against the US dollar, the yen traded at 108.66, up 0.6%. The Topix index closed at 1,332.42,m down 0.2%, while the Nikkei 225 Stock Average settled at 16,575.65. Machinery shares advanced but consumer finance and drugmakers spearheaded declines.

    Around 180 entities listed on the Topix are scheduled to report their earnings Wednesday, while 700 others will post results Thursday and Friday. Mitsubishi Estate Co. and Toyota Motor Corp. post earnings today.

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    Fxwirepro: Usd/krw Trading in Tight Range, Intraday Bias Remains Neutral



    USD/KRW is currently trading around 1164 levels.
    Intraday bias remains neutral till the time pair holds key support at 1162 marks.
    Pair is trading in tight range from 1162 to 1172 marks.
    A break of either side will provide further direction to the parity.
    A daily close above 1172 will drag the parity up towards key resistances at 1176/1180/1193 (20, 30 and 55D EMA crossover)/1211 marks.
    A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
    Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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    Cameron unveils UK property rule amendments



    Seeking to topple corruption worldwide, Prime Minister David Cameron announced foreign entities with properties in the United Kingdom are mandated to publicly declare their assets, saying they need to be on a new register. The British premier made the announcement as world leaders are heading to a the Lancaster House summit in London aimed at bolstering measures to eradicate money laundering. Cameron is hosting the gathering. No list of participants has been released. But Afghan President Ashraf Ghani and US State Secretary John Kerry are awaited to join the convention. Also, the details of the event are not yet published. However, organizers disclosed the event will find ways to unmask corruption.

    News are provided byInstaForex.[/I]

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    Fxwirepro: Kiwi falls on the Back of Lower Than expected Retail Sales Data



    AUD/NZD is trading around 1.0726 marks.
    Pair made intraday high at 1.0743 and low at 1.0717 marks.
    Today New Zealand released retail sales data with negative numbers at 0.8% q/q vs 1.1% q/q previous release.
    In addition, core retail sales falls to 1.0% q/q vs 1.1% q/q previous release. Intraday bias remains neutral for the moment.
    A daily close below 1.0725 will take the parity down towards 1.0670 (February 26, 2016 low) and 1.0574 (February 12, 2016 low) marks.
    On the other side, reversal from key support will drag the parity higher towards 1.0886, 1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 (March 23, 2016 high) levels respectively.
    We prefer to take short position in AUD/NZD only below 1.0725, stop loss 1.0823 and target 1.0651/1.0574 marks.

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    Brazil's Temer assures integrity of Petrobras investigation



    New Brazilian President Michel Temer vowed to protect probes into state oil company Petrobras corruption scandal from any political intervention. In his first address as the country's new leader, Temer also pledged to curb increasing budget deficit and retain social welfare spending for the poor by scaling down government jobs. Temer said Lava Jato must continue and safeguard its integrity by thwarting any attempts to weaken the probe. Lava Jato is a Portuguese term for the ongoing investigation, which means Car Wash. The PMDB party is greatly implicated in the scandal encompassing the state-owned firm, with some of its significant party officials and Temer's allies accused of receiving bribes.

    News are provided byInstaForex.[/I]

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