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The ECB will swallow up more debt than governments can sell next year
October 29, 2020--According to analysts who forecast the European Central Bank will buy a larger amount of debt than any new bond coming onto the market, investors will not have to contribute a single euro over the next year to finance the huge budget deficits of the eurozone governments.
The draft budget plans released by EU member states earlier this month showed that deficits are expected to remain high even as economies recover from the effects of the Covid-19 pandemic.
According to Citigroup calculations, however, the ECB's purchases will more than cover the additional cash that governments need in 2021 -even if the central bank does not increase its emergency purchase program for bonds worth EUR 1.35 billion in December as usual EUR 500 billion higher expected.
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Source: de24.news
Euro area economic and financial developments by institutional sector: second quarter of 2020
October 29, 2020--Euro area net saving decreased to €625 billion in four quarters to second quarter of 2020, from €775 billion one quarter earlier.
The household debt-to-income ratio increased to 94.9% in second quarter of 2020, from 93.4% one year earlier.
Non-financial corporations' debt-to-GDP ratio (consolidated measure) increased to 83.3% in second quarter of 2020, from 78.7% one year earlier.
Total euro area economy
Euro area net saving decreased to €625 billion (6.8% of euro area net disposable income) in the four quarters to the second quarter of 2020 compared with €775 billion in the four quarters to the previous quarter. This reflected strongly increasing net saving by households, and an even stronger decline of net saving by general government. Euro area net non-financial investment decreased to €394 billion (4.3% of net disposable income), from €565 billion, mainly due to decreased investment by non-financial corporations and households.
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Source: ECB
ETFGI reports ETFGI reports ETFs and ETPs listed in Europe gathered net inflows of US$8.93 billion during September 2020
October 28, 2020--ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs and ETPs ecosystem, reported today that ETFs and ETPs listed in Europe gathered net inflows of US$8.93 billion during September, bringing year-to-date net inflows to US$69.50 billion which is less than the US$75.37 billion gathered through Q3 in 2019.
Assets invested in the European ETFs and ETPs industry have decreased by 2.5%, from US$1.14 billion at the end of August, to US$1.11 trillion, according to ETFGI's September 2020 European ETFs and ETPs industry landscape insights report, the monthly report which is part of annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
ETFs and ETPs listed in Europe gathered net inflows of $8.93 Bn during September, bringing YTD net inflows to $69.50 Bn which is less than the $75.37 Bn gathered through Q3 in 2019.
Assets invested in ETFs and ETPs listed in Europe are $1.11 trillion at the end of Q3 which is the second highest on record.
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Source: ETFGI
Monetary developments in the euro area: September 2020
October 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 10.4% in September 2020 from 9.5% in August
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 13.8% in September from 13.2% in August
Annual growth rate of adjusted loans to households stood at 3.1% in September, compared with 3.0% in August
Annual growth rate of adjusted loans to non-financial corporations stood at 7.1% in September, unchanged from previous month
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 10.4% in September 2020 from 9.5% in August, averaging 10.0% in the three months up to September.
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Source: ECB
ESMA sets out final position on Share Trading Obligation
October 26, 2020---The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has released a public statement that clarifies the application of the European Union's (EU) trading obligation for shares (STO) following the end of the UK's transition from the EU on 31 December 2020.
The statement outlines that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue in UK pound sterling (GBP) by EU investment firms will not be subject to the EU STO. This currency approach supplements the EEA-ISIN approach outlined in a previous ESMA statement of May 2019.
view France broadens retail investor access to private equity view more Will the ECB signal a step up in bond buying is on the horizon?
Add to this the potential for monetary markets to take successful if the US election results in a disputed consequence subsequent month, and it means there are a rocky few months forward for Europe's central bankers.
view more Vanguard active fund closure highlights challenge in Europe It was "in the interests of the shareholders of the fund" to redeem the remaining investors in the fund and to wind it up on October 8, the directors said. view more Forecasts for the UK economy: October 2020 IMF-Regional Economic Outlook: Europe
The pandemic's toll on Europe could have been much larger without the unprecedentedly strong and multifaceted response to the crisis. Across Europe, governments deployed large fiscal packages to support households and firms, with job retention programs preserving at least 54 million jobs. view the IMF-Regional Economic Outlook: Europe If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: ESMA
October 25, 2020--France's state-backed investment bank BPI has launched an innovative fund to provide access for retail investors to private equity strategies as part of a government plan to encourage greater participation in long-term investments.
France's push to open-private equity to retail investors follows similar moves in the US and comes amid a growing debate over whether these costly and illiquid strategies offer a fair deal to investors.
Source: technocodex.com
October 25, 2020--How will the ECB tackle mounting financial challenges?
When European Central Financial institution president Christine Lagarde and different high policymakers meet on Thursday, they are going to be uncomfortably conscious of the mounting challenges to the eurozone financial system.
Deflation has tightened its grip on the bloc, the second wave of coronavirus infections threatens to tug it right into a double-dip recession, talks on the EU's restoration fund have stalled and time is working out for a post-Brexit commerce deal.
Source: universalpersonality.com
October 22, 2020--The closure of Vanguard's Irish-domiciled actively managed US Fundamental Value fund highlights how the growth in its active business in Europe is lagging behind that of its passive offering.
The directors of Vanguard's US Fundamental Value fund said the institutionally oriented product's low level of assets meant it was generating insufficient fees. It had £15m in assets at the end of August 2020.
Source: technocodex.com
October 21, 2020--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: www.gov.uk
October 21, 2020--The coronavirus disease (COVID-19) pandemic is exacting a severe social and economic toll on Europe. By mid-October 2020, more than 240,000 people have lost their lives in Europe, while nearly 7 million people are estimated to have been infected with the virus. Early spring lockdowns, voluntary social distancing, and associated disruptions in supply chains and lower demand led to a record collapse in economic activity.
Real GDP fell by about 40 percent in the second quarter of 2020 (annualized quarter-over-quarter), with deeper contraction in advanced Europe, where the virus spread first, relative to emerging Europe.
Source: IMF
