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ETFs struggle to adapt to EU's new SFDR sustainable fund rules
September 9, 2021--Actively managed vehicles have been able to tweak their strategies but passive funds face tougher challenges
Index-tracking and exchange traded funds are at risk of missing out on demand for sustainable funds as they struggle to adapt to new EU disclosure rules.
The EU's Sustainable Finance Disclosure Regulation, which came into force in March, classifies funds that promote environmental or social characteristics among other objectives as article eight, and funds that have sustainable investment as their objective as article nine.
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Source: ft.com
IMF-Austria: Selected Issues-The COVID-19 Impacts On Austria
September 9, 2021--The COVID-19 pandemic adversely affected the Austrian economy. Evidence from previous crises suggests that economic scarring is common and driven by labor market hysteresis, impaired corporate balance sheets, and deteriorating productivity. As the recovery takes hold, policies aiming at preventing potential rise in long-term unemployment, as well as addressing skills and regional mismatches can foster job creation and promote efficient reallocation of labor.
Targeted equity-like instruments and an effective insolvency framework can help rehabilitate corporate balance sheets while allowing nonviable to efficiently exit the market. A. Introduction 1. The COVID-19 Pandemic led to a severe recession in Austria. Measures aiming at containing the health crisis-including social distancing, lockdowns, and closures-significantly disrupted the economy. Austria's real GDP growth plummeted by 6.3 percent in 2020. Unemployment surged, firms' production and services were severely disrupted, especially in contact intensive sectors such as tourism, and productivity dwindled. On the demand side, private consumption and investment plunged.
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Source: IMF
ESAs highlight risks in phasing out of crisis measures and call on financial institutions to adapt to increasing cyber risks
September 8, 2021--The three European Supervisory Authorities (EBA, EIOPA and ESMA-ESAs) issued today their second joint risk assessment report for 2021. The report highlights the increasing vulnerabilities across the financial sector, the rise seen in terms of cyber risk and the materialisation of event-driven risks.
As the recovery begins, the appropriate phasing out of exceptional crisis measures plays a key role. Despite the positive outlook, the expectations for economic recovery remain uncertain and uneven across member states.
Vulnerabilities in the financial sector are increasing, not least because of side effects of the crisis measures, such as increasing debt levels and upward pressure on asset prices. Expectations of inflation- and yield growth, as well as increased investor risk-taking and financial interconnectedness issues, might put additional pressure on the financial system.
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Source: ESMA
NextGeneration EU: European Commission gearing up for issuing 250 billion Euros of Next Generation EU green bonds
September 7, 2021--The European Commission has today adopted an independently evaluated Green Bond framework, thus taking a step forward towards the issuance of up to €250 billion green bonds, or 30% of NextGenerationEU's total issuance.
The framework provides investors in these bonds with confidence that the funds mobilised will be allocated to green projects and that the Commission will report on its environmental impact.
Now that the framework has been adopted, the Commission will soon proceed with the first green bond issuance in the month of October, subject to market conditions.
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Source: ec.europa.eu
ETFGI reports ETFs listed in Europe reached record assets and net inflows at the end of August have surpassed the prior full year record
September 7, 2021--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reports ETFs listed in Europe reached record assets and net inflows at the end of August have surpassed the prior full year record. The net inflows into ETFs and ETPs listed in Europe were US$12.07 billion during August, bringing year-to-date net inflows to US$139.42 Bn which is US$19 Bn greater than the full year 2020 net inflows of US$119.93 Bn and $14 Bn more than the record $125.18 Bn net inflows gathered in 2019.
Assets invested in the European ETFs/ETPs industry have increased by 2.1%, from US$1.51 trillion at the end of July, to a record US$1.54 trillion, according to ETFGI's August 2021 European ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Record $1.54 trillion invested in ETFs and ETPs listed in Europe at the end of August 2021.
Record YTD 2021 net inflows of $139.42 Bn beating the prior record of $78.11 Bn gathered in YTD 2017.
$139.42 Bn YTD net inflows are $19 Bn greater than the $119.93 Bn full year 2020 net inflows and $14 Bn more than the record $125.18 Bn net inflows gathered in 2019.
$199.3 billion in net inflows gathered in the past 12 months.
Assets increased 20.2% YTD in 2021, going from US$1.28 trillion at end of 2020, to US$1.54 trillion.
17th month of consecutive net inflows
Equity ETFs and ETPs listed in Europe gathered a record $101.35 Bn in YTD net inflows 2021.
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Source: ETFGI
Haitong International Debuts the World's First Asia High Yield Corporate USD Bond ESG ETF in Tie-In with Tabula
September 6, 2021-Haitong International Asset
Management (HK) Limited ("Haitong International Asset Management"), a
subsidiary of Haitong International Securities Group Limited ("Haitong
International" or "the Group"; 665.HK), today announced the launch of the
world's first ESG focused Asia ex Japan high yield corporate USD bond ETF.
This ETF was jointly developed by Haitong International Asset Management and Tabula Investment Management Limited ("Tabula"), a UK-based asset manager and
ETF provider.
This ETF is also Haitong International's first listed fund in Europe. The ETF tracks an Asia high yield USD bond index jointly developed by Haitong International Asset Management, Tabula and IHS Markit, and also utilizes MSCI ESG data which allows the ETF to provide professional investors with broad exposure to Asia ex Japan USD High Yield bonds while aiming to deliver enhanced liquidity and ESG profile.
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Source: bloomberg.com
UK official holdings of international reserves: August 2021
September 3, 2021--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: www.gov.uk
DAX welcomes ten new members
September 3, 2021--German flagship index expanded to 40 constituents
Most comprehensive index reform in the history of the DAX concluded
Changes will become effective on 20 September
Qontigo's global index provider STOXX Ltd. today announced the new composition of the DAX index family.
The German flagship index DAX is being increased to 40 constituents, marking a significant evolution of the index and of the German capital market. Simultaneously, the MDAX will be reduced from 60 to 50 members.
Changes in DAX
Additions (from MDAX)
Airbus SE
Zalando SE
Siemens Healthineers AG
Symrise AG
HelloFresh SE
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Source: Xetra
BlackRock ETF helps drive jump in Europe-based China bond fund flows
September 2, 2021--Investment manager iShares China CNY Bond UCITSETF was the best-selling Chinese fund during the period, with a net flow of € 4.5 billion.
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Source: ft.com
New WisdomTree ETC on Xetra: first-time access to trading of EU CO2 Emission Allowances
September 2, 2021--Since Thursday, a new exchange traded commodity from the issuer WisdomTree has been tradable via Xetra and Börse Frankfurt.
With WisdomTree Carbon, investors have access to trading in EU emission certificates for the first time.
Emissions trading is an instrument of environmental policy to reduce greenhouse gas emissions. Companies that emit carbon dioxide (CO2) must have so-called emission rights in the form of certificates issued by the EU. If a company wants to emit more carbon dioxide than it has certificates for, it can buy the emission rights from other companies. Emissions trading in Europe was introduced in 2005 as part of the Kyoto climate change agreement.
The WisdomTree Carbon tracks the performance of futures contracts on European Union CO2 Emission Allowances. The futures contracts held in the index are rolled into the next futures contracts over a ten-day period each November.
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Source: Xetra
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