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ESMA publishes latest edition of its newsletter
November 8, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in October on the preparations for a smooth transition to the Markets in Crypto-Assets Regulation (MiCA) and the expectations from entities providing cryptos and from national authorities.
ESMA Chair, Verena Ross, called on Member States to designate without delay the competent authorities responsible for carrying out the functions and duties provided for under MiCA, and to consider limiting the optional grand-fathering period to 12-months should they choose to offer it in their jurisdictions.
In addition, ESMA, together with the European Banking Authority, published a Consultation Paper on two sets of joint guidelines under MiCA.
New Xtrackers ETFs from DWS reduce investment risks caused by the loss of biodiversity
November 6, 2023--DWS is expanding its range of sustainable investment products with three new Xtrackers ETFs. The listed index funds offer investors the opportunity to invest in companies in Europe, the US and worldwide that have a lower negative impact on the earth's ecosystems than the market average.
The Xtrackers Biodiversity Focus SRI UCITS ETFs for the US investment region and the global equity market were listed on the London Stock Exchange today, following the listing of all three ETFs on the Frankfurt Stock Exchange on 3 November.
Biodiversity, the diversity of life on earth, is of great importance not only from an ecological but also from an economic perspective. Studies estimate the global value of ecosystem services- i.e. the benefits that people derive from nature-at between USD 125 and 140 trillion per year.[1] The World Economic Forum predicts that the loss of biodiversity will have the third largest negative impact on humanity in the next ten years after climate change and extreme weather.[2]
ECB-Euro area bank interest rate statistics: September 2023
November 2, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 10 basis points to 5.09%; indicator for new loans to households for house purchase increased by 4 basis points to 3.89%, both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 15 basis points to 3.58%; interest rate for overnight deposits from corporations increased by 10 basis points to 0.75%, both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 4 basis points to 3.08%, driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.33%
ECB-Monetary developments in the euro area: September 2023
October 25, 2023--Annual growth rate of broad monetary aggregate M3 stood at -1.2% in September 2023, after -1.3% in August 2023
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -9.9% in September, compared with -10.4% in August
Annual growth rate of adjusted loans to households decreased to 0.8% in September from 1.0% in August
Annual growth rate of adjusted loans to non-financial corporations decreased to 0.2% in September from 0.7% in August
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Source: ECB
London Stock Exchange Incident Halts Trading in Many Stocks
October 19, 203--The 80-minute outage hit hundreds of smaller-cap equities
Stocks on the FTSE 100 and FTSE 250 indexes weren't affected
A system "incident" halted trading in hundreds of shares on the London Stock Exchange for the final 80 minutes of Thursday's session.
The outage affected mostly smaller-cap equities, but included several high-profile names such as Asos Plc, Deliveroo Plc and Metro Bank Holdings Plc, according to data compiled by Bloomberg. Stocks on the FTSE 100 Index, FTSE 250 and international orderbook weren't affected, London Stock Exchange Group Plc said on its website.
Official Statistics: Forecasts for the UK economy: October 2023
October 18, 2023--A comparison of independent forecasts for the UK economy in October 2023.
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ESMA encourages preparations for a smooth transition to MiCA
October 17, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes a letter and a statement to encourage preparations for a smooth transition to MiCA.
In the letter addressed to the Economic and Financial Affairs Council (ECOFIN), ESMA Chair, Verena Ross, calls on Member States to designate without delay the competent authorities responsible for carrying out the functions and duties provided for under MiCA, and to consider limiting the optional grand-fathering period to 12-months should they choose to offer it in their jurisdictions.
ESMA has also published a statement addressed to entities providing crypto-asset services and the national competent authorities that will be responsible for their supervision, which lists expectations for each from now until the end of the MiCA transitional period.
Europe Must Succeed in Restoring Price Stability
October 13, 2023--Tighter monetary policy is starting to work. Alternatives would be more costly.
So far so good. These words are probably a fair assessment of Europe's progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signaled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year.
Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items. Bringing it back to target, durably, remains a matter of urgency. Entrenched high inflation is distortionary. Moreover, prolonged inflation means prolonged high real interest rates, which would hurt private and public investment and therefore future growth.
ECB-Meeting of 13-14 September 2023
October 12, 2023--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel noted that, since the Governing Council's previous monetary policy meeting on 26-27 July 2023, investors' growth outlook for the euro area and for the United States had continued to diverge, widening the gap in both nominal and real yields between the two economies and driving the euro lower against the dollar.
Despite the expected deceleration in the euro area's growth momentum, market expectations for inflation in the medium and longer term had edged up further. Torn between the perception of a weakening euro area economy and stubborn inflation, expectations for the peak deposit facility rate and the shape of the forward rate curve had remained broadly unchanged.