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ESMA sees high risk of decoupling of financial market performance and underlying economic activity
September 2, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its second Trends, Risks and Vulnerabilities (TRV) Report of 2020. A webinar open to the public will be held on 9 September to present the report.
The Report analyses the impact of COVID-19 on financial markets during the first half of 2020 and highlights the risk of a potential decoupling of financial market performance and underlying economic activity, which raises the question of the sustainability of the current market rebound.
The TRV also highlights specific risks for financial stability and investors in relation to Collateralised Loan Obligations (CLOs) model risk, EU fund industry interconnectedness and spill overs, research unbundling and closet index funds costs and performance.
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Source: ESMA
Europe's inflation plunge to raise red flags at ECB
September 1, 2020--Euro zone inflation turned negative last month for the first time since May 2016, raising chances that the European Central Bank will have to inject yet more stimulus to generate price growth which has undershot its target for over seven years.
Annual inflation in the 19 countries sharing the euro fell to minus 0.2% in August from 0.4% in July, underperforming analysts' expectations for a reading of 0.2% and a far cry from the ECB's target of just under 2%.
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Source: reuters.com
Vienna Stock Exchange Admits First Bitcoin Product (ETP) On Its Official Regulated Market
September 1, 2020--The 21Shares Bitcoin & Ethereum Product list on the official ‘Regulated’ Market of the Vienna Stock Exchange
Wiener Börse, the Vienna Stock Exchange, becomes the 3rd exchange venue globally to admit a Bitcoin Product on its official "regulated" market segment.
Following the admission to listing on Deutsche Boerse XETRA in July 2020, Swiss-based ETP issuer 21Shares AG has now brought the first Bitcoin and Ethereum Products to the official market on the Austrian exchange bringing more security, transparency and cost-effective access to investors seeking exposure to this alternative asset class. Starting effectively from 1st September 2020 the 21Shares Bitcoin ETP (ABTC- WKN A2T64E - Ticker 21XB) and the 21Shares Ethereum ETP (AETH- WKN A2T68Z- Ticker 21XE) can be traded on the official market of the Vienna Stock Exchange.
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Source: 21Shares
Active funds fail to outperform passive rivals despite Covid-19 opportunity
September 1, 2020--Research shows only 44% of active UK large-cap equity funds outdid passive peers in first 6 months.
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Source: FT.com
ECB-Monetary developments in the euro area: July 2020
August 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 13.5% in July from 12.6% in June
Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations stood at 7.0% in July, compared with 7.1% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June, averaging 9.5% in the three months up to July.
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Source: ECB
US short-termism on ESG investing will hurt growth
August 27, 2020--In Europe, the regulatory pressure on environmental, social and governance issues is strong and growing stronger, from new rules on reporting such data and integrating it into investment decisions to required disclosure of ESG risk analysis.
In the US, the regulatory momentum is going the other way. The Department of Labor has proposed amendments to its rules covering pension plans that would require administrators to prove that they are not sacrificing financial returns by taking ESG factors into account. US regulators have also shown little interest in providing guidance on which metrics might be most appropriate for companies to disclose.
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Source: technocodex.com
Direxion Launches Connected Consumer ETF
August 25, 2020--First ETF to Meet Demand for Exposure to Worldwide Shift to Online and Virtual Activities
Building upon the success of the Direxion Work From Home ETF (WFH), which recently surpassed $90 million in assets under management since launching on June 25, 2020, Direxion announced today the launch of the Direxion Connected Consumer ETF (Ticker: CCON).
This is the first ETF with a strategy designed to provide investors comprehensive exposure to firms at the forefront of an evolving world, where lifestyles are increasingly accessed through digital and virtual means. This change spans a wide array of areas: from how free time is spent and health is managed, to how new skills and education are obtained.
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Source: Direxion
Lack of trading data hits ETF growth in Europe
August 21, 2020--Exchange traded fund distribution in Europe is being hindered because market data providers have shown little interest in creating a shared database of equity prices and trading volumes, market participants say.
The comments come as a new report by PwC finds that the EU's Mifid II regime introduced in 2018 has had only a limited effect on improving transparency in market data in the region. The authors conclude that flaws in the availability, quality and consistency of trading data are impeding the distribution of ETFs in Europe.
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Source: technocodex.com
New iShares ETFs on Xetra: high-yield corporate bonds, bonds from development banks and a global low-variance equity portfolio
August 21, 2020--Since Friday, three new exchange traded funds issued by iShares have been tradable on Xetra and Börse Frankfurt.
The iShares Edge MSCI World Minimum Volatility UCITS ETF USD (Dist) enables investors to invest directly in large and medium-sized companies from 23 developed markets.
Using a minimum variance approach, companies with low volatility are selected to help reduce the risk profile of the overall portfolio.
The iShares USD Development Bank Bonds UCITS ETF EUR Hedged (Acc) enables investors to invest in fixed-interest corporate bonds denominated in US dollars issued by development banks worldwide. These state-established, supranational institutions promote sustainable projects to expand social and economic structures in developing countries.
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Source: Deutsche Börse
ECB-Meeting of 15-16 July 2020-Account of the monetary policy meeting of the Governing Council of the European Central Bank
Held in Frankfurt am Main on Wednesday and Thursday, 15-16 July 2020
August 20, 2020--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 3-4 June 2020.
In both advanced and emerging market economies, financial conditions were approaching pre-pandemic levels at a slowing but steady pace, as also reflected in the strong recovery in global stock markets.
In the euro area sovereign bond markets, pre-pandemic funding conditions had by and large been restored. Market-based measures of inflation expectations had also recovered further, albeit from very low levels, and risk premia on short-term funding for both banks and corporates had continued to decline.
Optimism in financial markets had, however, gone hand in hand with surging coronavirus (COVID-19) cases in the United States and many emerging market economies, raising fears of a broader relapse in containing the spread of the virus.
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Source: ECB
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