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The EU's fiscal stance, its recovery fund, and how they relate to the fiscal rules
March 4, 2021--Joint EU borrowing to boost the recovery, if not treated as national deficit and debt, will substantially ease rules-based fiscal adjustment needs in southern and eastern Europe, but not in western and northern Europe.
By now, the broad outlines of the European Union's post-coronavirus recovery fund, Next Generation EU, are well known.
Under NGEU, the European Commission will borrow up to €806 billion (current prices) and distribute it over six years to all EU countries. Most (€420 billion) will be distributed as grants while up to €386 billion could be distributed as credit. In addition, €90 billion (at current prices) in loans has already been granted to 18 EU countries from the temporary scheme, Support to mitigate Unemployment Risks in an Emergency (SURE), to help with the financing of short-time work schemes and similar measures.
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Source: bruegel.org
Invesco launches comprehensive China 'All Shares' ETF
March 3, 2021--Invesco has rolled out a new ETF in Europe providing exposure to the whole gamut of China share classes.
The Invesco MSCI China All Shares Stock Connect UCITS ETF has listed on LSE in US dollars (MCHN LN) and pound sterling (MCHS LN) and comes with an expense ratio of 0.35%.
The fund invests across all Chinese share classes-A-shares, B-shares, H-shares, Red-chips, P-chips, and foreign listings such as S-chips and N-shares-delivering a more complete representation of China's economy.
The fund is referenced to the MSCI China All Shares Stock Connect Select Index, which it tracks using direct physical replication.
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Source: etfstrategy.com
Carbon price floors: an addition to the European Green Deal arsenal
March 3, 2021--As the European Union sets out a more ambitious climate policy, carbon price floors provide an opportunity to place greater emphasis on altering expectations, so that market agents anticipate today higher future pay-offs from low-carbon investment.
This year will be decisive for Europe's climate policy, with a wide range of new legislation promised to align current EU climate and energy policies with a new emissions reduction target of 55% by 2030.
The reform of the backbone of the EU climate policy architecture, carbon pricing, will be of fundamental importance. This will entail reform of the emissions trading system (ETS) and the Energy Taxation Directive (ETD).
One tool currently missing from the European Green Deal arsenal is a carbon price floor, which can set a minimum carbon pricing in both ETS and non-ETS sectors. After years of discussions, the time for its introduction might now have come.
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Source: bruegel.org
New UBS ETF on Xetra: ESG companies worldwide with low CO2 emissions
March 2, 2021--A new exchange traded fund issued by UBS Global Asset Management has been tradable on Xetra and Börse Frankfurt since Tuesday.
The UBS (Irl) ETF plc-MSCI World Socially Responsible UCITS ETF (USD) A-acc gives investors access to a global selection of stocks from 23 industry sectors. Based on the MSCI World Index, companies with a high ESG rating are selected.
The Index (Ticker: ICLOUT) tracks the performance of companies that are in the Cloud Computing Industry. The Cloud Computing Industry is involved in the delivery of computing services- servers, storage, databases, networking, software, analytics and more over the Internet which is referred to as 'The Cloud'.
However, companies with significant business activities in the areas of nuclear energy, tobacco, coal from power plants, alcohol, gambling, weapons and genetically modified organisms are excluded. In addition, the companies are measured on the basis of their carbon footprint, whereby a reduction of 50 per cent compared to the MSCI World Index is targeted. The weighting of a stock is limited to a maximum of five per cent.
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Source: Xetra
Staying Afloat: New Measures to Support European Businesses
March 2, 2021--Much of Europe rang in the start of 2021 with new lockdowns and weak economic activity. This same period saw the roll out of effective vaccines. While the end of the pandemic will remain a race between the virus and vaccines, there is now light at the end of the tunnel.
At the same time, government programs aimed at supporting lives and livelihoods have been highly successful. Amid the pandemic's enormous human toll, these measures provided critical lifelines to people and have preserved the structure of the economy and the income of workers. The massive policy support saved millions of European firms, accounting for over 30 million jobs.
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Source: IMF
Northern Trust enters fast-growing European ETF market
March 1, 2021-Manager joins other heavyweight US competitors drawn by shift to low-cost trackers in Europe.
Northern Trust plans to break into Europe's fast expanding $1.3tn exchange traded fund market, marking the latest move by a big US competitor to tap into the growing shift among European investors into passively managed index trackers.
The Chicago-based asset manager, which oversees investor assets of $1.4tn, is launching two ETFs that combine smart beta strategies with climate metrics. Other sustainable ETFs will be launched later this year.
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Source: FT.com
The impact of COVID-19 on the Internal Market
March 1, 2021--Study assessing the impact of the COVID-19 crisis on the European Union's Internal Market and consumer protection prepared for the European Parliament.
This study assesses the impact of the COVID-19 crisis on the Internal Market and consumer protection,including the impact of measures introduced at national and EU level to mitigate the consequences of the pandemic. What further measures should be considered in order to reinforce the resilience of the EU's Internal Market in the face of future crises?
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Source: bruegel.org
The Kalifa Review of UK FinTech
February 26, 2021--At Budget 2020, the Chancellor asked Ron Kalifa OBE to conduct an independent review to identify priority areas to support the UK's fintech sector. The Review formally launched in July 2020 with objectives for supporting the growth and widespread adoption of UK fintech, and for maintaining the UK's global fintech reputation.
The Kalifa Review of UK Fintech highlights the opportunity to create highly skilled jobs across the UK, boost trade, and extend the UK's competitive edge over other leading fintech hubs. It sets out a series of proposals for how the UK can build on its existing strengths, create the right framework for continued innovation, and support UK firms to scale.
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Source: gov.uk
ESMA NEWSLETTER-N0. 21
February 26, 2021--During February, key publications have been ESMA's annual reports on waivers and deferrals for equity and non-equity instruments, the ESAs report on sustainability-related disclosures in the financial services sector (SFDR), ESMA's consultation paper and first Q&A on crowdfunding and calls for candidates to join Consultative Working Groups (CWGs).
In this month's newsletter, you can read about trading in GameStop shares and related phenomena. This is the second topic of an occasional series of articles focusing on specific areas of ESMA's work. Additionally, the newsletter contains information on next month's speaking appearances of ESMA staff, closing consultations and vacancies. A full overview of all publications in February can be found at the very end of this newsletter.
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Source: ESMA
Zero-commission trading in Europe faces scrutiny by EU markets watchdog
February 25, 2021--Esma chairman also expresses concern over 'gamification'’ of investing
The EU markets watchdog has said it will scrutinise the business models of platforms that have sprung up to offer commission-free trading after the GameStop debacle in the US.
Companies such as Trade Republic in Germany, Bux in the Netherlands, eToro in Israel and Trading 212 in the UK have attracted hundreds of thousands of customers in the EU by offering them a cheaper way to invest in the stock market.
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Source: FT.com
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