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S&P Dow Jones Indices: Europe Dashboard
July 31, 2020--European equities ended July in negative territory following an earnings season which included worse than expected results from many of Europe’s largest banks.
From a sectoral perspective, Utilities and Materials led the way up in Europe.
Materials benefitted from a boost in the prices of both precious and industrial metals, particularly gold which posted a new all-time high price during the month and flirted with $2000/ounce.
The S&P Europe 350(R) Low Volatility lead the way among S&P Europe 350 factors, while Momentum also ended in the black. Value continued to struggle.
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Source: S&P Dow Jones Indices
London Stock Exchange may sell Milan bourse to secure Refinitiv deal
July 31, 2020--The London Stock Exchange (LSE) said on Friday it may sell all or part of Borsa Italiana to help get its $27 billion takeover of Refinitiv over the line, a move that could trigger a bidding war among European exchanges for the Milan assets.
The London exchange operator said that it had begun "exploratory discussions" which could result in MTS, Borsa Italiana's bond trading platform, or its entire Italian arm being sold.
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Source: reuters.com
ECB-Euro area bank interest rate statistics: June 2020
July 31, 2020--The composite cost-of-borrowing indicator for new loans to corporations remained broadly unchanged at 1.49% in June 2020, and the one for new loans to households for house purchase showed no change at 1.42%
In the same month, the euro area composite interest rate for new deposits with agreed maturity from corporations and the interest rate for overnight deposits from corporations showed no change at -0.10% and 0.00%, respectively.
The euro area composite interest rate for new deposits with agreed maturity from households and the interest rate for overnight deposits from households showed also no change in June 2020, at 0.27% and at 0.02%, respectively.
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Source: ECB
FESE-The Evolution of EU Equity Market Structure
July 30, 2020--Thirty months after the implementation of MiFID II, it is clear that policymakers' ambition to increase equity trading transparency by bringing more flow to lit venues has not been realised.
This is to the detriment of end-investors and issuers.
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Source: fese.eu
Tabula reveals plans for first ESG fixed income ETF
July 29, 2020--Tabula IM research found investors are looking for more innovation and transparency in ESG fixed income ETFs
A report by Tabula Investment Management has revealed that European professional investors are looking for more innovation and transparency in ESG fixed income ETFs, an insight the firm intends to use to build its first ESG product
Some 82% of respondents said they want to see more innovation in the fixed income ETF space when it comes to ESG, with many also looking for their providers to go above and beyond the simple exclusion of controversial companies.
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Source: esgclarity.com
UK pension scheme invests 5.5bn Euro into green strategies
July 29, 2020--Britain's largest pension scheme Nest has pledged to tighten its climate change policy with an investment of €5.5bn into environmentally friendly strategies.
The government-backed scheme said it would decarbonise its £€12bn investment portfolio in a bid to tackle climate change. Nest said it aims to be "net-zero" across its investments by 2050 or earlier, with the expectation that carbon emissions in its portfolio will halve by 2030.
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Source: cityam.com
Tabula insights: What investors really want from ESG
July 29, 2020--Tabula asked 120 European professional investors* for their views on fixed income ESG ETFs. They found that, overwhelmingly, they want more innovation. The survey also revealed an interesting preference for outperformance potential over benchmark tracking.
Tabula found that 96% of investors we surveyed are already using ESG ETFs, which is a remarkable level of penetration in only a few years. However, in fixed income specifically, the vast majority of respondents want to see more innovation and better coverage of some segments of the market.
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Source: Tabula
ECB-Euro area economic and financial developments by institutional sector: first quarter of 2020
July 28, 2020--Euro area net saving decreased to €832 billion in the four quarters to the first quarter of 2020, compared with €871 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €573 billion (from €584 billion previously), due to decreased investments by households and non-financial corporations. Euro area net lending to the rest of the world decreased to €267 billion (from €295 billion previously) reflecting the decrease in net saving.
The household debt-to-income ratio[1] increased to 93.6% in the first quarter of 2020 compared with 93.3% in the first quarter of 2019. Non-financial corporations' debt-to-GDP ratio (consolidated measure) increased to 79.0% in the first quarter of 2020, from 77.5% in the first quarter of 2019; the non-consolidated, wider debt measure increased to 139.4% from 138.5%
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Source: ECB
New Credit Suisse ETF on Xetra: Sustainable investments combined with low volatility
July 27, 2020--A new exchange traded fund issued by Credit Suisse Asset Management has been tradable on Xetra and Börse Frankfurt since Monday.
With the CSIF (IE) MSCI World ESG Leaders Minimum Volatility Blue UCITS ETF-B USD, investors invest in large and medium-sized companies from 23 Developed Markets countries around the world in line with sustainability criteria.
Companies are selected on the basis of the minimum variance approach, choosing companies with low volatility that contribute to reducing the overall risk profile of the portfolio.
Companies with significant business activities in the fields of nuclear energy, tobacco, alcohol, gambling or weapons are excluded from the index.
Any dividends received are reinvested. The annual costs are 0.25 per cent.
Name: CSIF (IE) MSCI World ESG Leaders Minimum Volatility Blue UCITS ETF- B USD
Asset class: Equity ETF
ISIN: IE00BMDX0M10
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Source: Deutsche Börse
EU fund managers back fee changes to Mifid II trading rules
July 27, 2020--Exemption on bonds and small companies research aimed at boosting economic recovery
European fund managers have welcomed plans from Brussels to exempt them from paying a fee for research on bonds and small companies.
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Source: FT.com
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