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Britain starts work on post-Brexit asset management sector
January 26, 2021--Britain set out options on Tuesday for increasing the global attractiveness of its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit put European Union retail fund investors out of reach.
The finance ministry said in a public consultation paper that ideas for change include exempting authorised funds from tax and creating an unauthorised tax-exempt fund structure for investment in alternative assets.
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Source: reuters.com
New Amundi ETF on Xetra: Japanese equities with ESG focus and currency hedging
January 26, 2021--Since Tuesday, a new exchange traded fund issued by Amundi is tradable on Xetra and Börse Frankfurt.
The Amundi Index MSCI Japan SRI UCITS ETF DR-Hedged EUR (C) gives investors access to large and medium-sized Japanese companies that distinguish themselves from comparable companies through their sustainable profile in the environmental, social and corporate governance areas.
Companies with significant business activities in the areas of tobacco, alcohol, gambling, weapons, adult entertainment, nuclear energy and fossil fuels are excluded from the index.
The weighting of a stock is limited to a maximum of five per cent. Currency risks to the euro are minimised.
Name: Amundi Index MSCI Japan SRI UCITS ETF DR-Hedged EUR (C)
Asset class: Equity ETF
ISIN: LU2269164310
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Source: Xetra
UK government plans post-Brexit reform of investment industry
January 26, 2021--Tax changes and new alternative investment funds will help keep Britain's £9.9tn asset management sector competitive.
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Source: FT.com
Turkey: Staff Concluding Statement of the 2021 Article IV Mission
January 25, 2021--As in all other countries, the pandemic has inflicted a heavy human and economic toll on Turkey. The policy reaction, which focused on monetary and credit expansion, led to a strong rebound in growth after the initial shock, but at the same time exacerbated pre-existing vulnerabilities.
This left the economy more susceptible to domestic and external risks. The recent policy pivot away from rapid money and credit growth is welcome. Buffers could be rebuilt more quickly if this pivot persists, and is combined with additional pandemic-focused fiscal support that is temporary and targeted, a credible plan for medium-term fiscal consolidation, as well as focused financial sector and structural reforms. Structural reforms should focus on mitigating the risk of long-term adverse effects of the pandemic, and should include targeted measures to support the most vulnerable, encourage labor market flexibility and facilitate corporate debt relief.
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Source: IMF
ECB sets up climate change centre
January 25, 2021--New unit, operational as of early 2021, to strengthen and bring together ECB work on climate
Decision reflects growing importance of climate change for the economy and the ECB's policy
Climate change centre will shape and steer climate agenda
The European Central Bank (ECB) has decided to set up a climate change centre to bring together the work on climate issues in different parts of the bank.
This decision reflects the growing importance of climate change for the economy and the ECB's policy, as well as the need for a more structured approach to strategic planning and coordination.
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Source: ECB
Emerging markets attract $17bln of inflows in first three weeks of 2021
January 23, 2021--Investors have piled billions of dollars into emerging market assets at the start of 2021 after a banner end to last year, showing how the flood of central bank stimulus continues to drive a frantic hunt for returns.
A group of 30 major developing countries has attracted $17bn in inflows in the first three weeks of January alone, according to a Financial Times analysis of daily data from the Institute of International Finance.
Investors have piled billions of dollars into emerging market assets at the start of 2021 after a banner end to last year, showing how the flood of central bank stimulus continues to drive a frantic hunt for returns.
A group of 30 major developing countries has attracted $17bn in inflows in the first three weeks of January alone, according to a Financial Times analysis of daily data from the Institute of International Finance.
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Source: thenews.com
Water looms large for European thematic ETF providers
January 21, 2021--Survey shows more than 90% of issuers thought demand from clients was set to grow
The dazzling performance of the Invesco Solar ETF (TAN), which delivered a 231 per cent return in 2020, has had exchange traded funds providers casting around for the next big thing.
Cerulli, which undertakes research and strategic consulting for clients such as private banks and wealth managers, believes the climate theme will continue, but instead of solar energy, investors' attention will switch to water.
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Source: FT.com
Forecasts for the UK economy: January 2021
January 20, 20, 2021--A comparison of independent forecasts for the UK economy in January 2021.
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Source: gov.uk
New L&G ETFs on Xetra: Corporate Bonds with sustainability filter from industrial nations and emerging markets
January 20, 2021--Since Thursday, two new exchange traded funds issued by Legal & General Investment Management are tradable on Xetra and Börse Frankfurt.
The L&G ESG USD Corporate Bond UCITS ETF enables investors to invest in US dollar-denominated corporate bonds from industrial nations worldwide.
In addition to an investment grade rating, fixed and floating coupon bonds are included. For inclusion in the J.P. Morgan Global Credit Index (GCI) ESG Investment Grade USD Custom Maturity Index, bonds must have a minimum outstanding volume of 500 million US dollars and a minimum remaining maturity of six months.
With the L&G ESG Emerging Markets Corporate Bond (USD) UCITS ETF, investors focus on the performance of US dollar-denominated corporate bonds from emerging markets with both fixed and floating interest rates. Only bonds with a minimum outstanding volume of 500 million US dollars and a minimum residual term of six months are considered. However, the J.P. Morgan ESG CEMBI Broad Diversified Custom Maturity Index limits the remaining maturity to a maximum of five years for inclusion in the index.
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Source: Deutsche Börse
IMF Country Focus-Germany's Post-COVID-19 Recovery in Five Charts
January 19, 2021--Looking beyond the near term, emphasis should be on 'building better for the future' by supporting the transformation toward a smarter, greener economy.
Germany has to date been relatively successful at managing the pandemic, but the economic shock has still been profound.
The country's early and vigorous public health response has led to some of the lowest mortality rates in Europe. However, the containment measures caused a substantial drop in business activity, especially in contact-intensive sectors. Economic activity started recovering following the re-opening in late April, but a new wave of infections in the fall has triggered another round of lockdowns. Overall, the economy likely contracted by over 5 percent in 2020. Economic growth is expected to pick up in 2021 as vaccines become widely distributed, but output is not projected to return to its precrisis level before 2022.
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Source: IMF
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