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European Semester Spring Package: Recommendations for a coordinated response to the coronavirus pandemic
May 20, 2020--The Commission has proposed today country-specific recommendations (CSRs) providing economic policy guidance to all EU Member States in the context of the coronavirus pandemic, focused on the most urgent challenges brought about by the pandemic and on relaunching sustainable growth.
The recommendations are structured around two objectives: in the short-term, mitigating the coronavirus pandemic's severe negative socio-economic consequences; and in the short to medium-term, achieving sustainable and inclusive growth which facilitates the green transition and the digital transformation.
A refocussed European Semester package
The Annual Sustainable Growth Strategy outlined the Commission's growth strategy, based on promoting competitive sustainability to build an economy that works for people and the planet. With the outbreak of the coronavirus crisis this remains of utmost importance. The recommendations cover the four dimensions of competitive sustainability-stability, fairness, environmental sustainability and competitiveness-and also place a specific emphasis on health.
St James's Place to launch first passive funds
May 17, 2020--Britain's largest wealth manager attempts to stave off competition from cheaper rivals
St James's Place, Britain's largest wealth manager, is planning to branch out into low-cost passive-style funds as the blue-blooded organisation modernises its offering to fight off competition from aggressive new entrant Vanguard.
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Source: FT.com
Coronavirus is strengthening the hand of ESG investors
May 16, 2020--Just a few months ago, it seemed as if the fight against climate change had built some real momentum. But now, with coronavirus bringing global commerce to a screeching halt, sustainability is feeling like an unaffordable luxury for some cash-strapped companies.
"I suspect an awful lot of the environmental agenda and targets will be put on the back burner for a number of years," said Michael O'Leary, chief executive of Ryanair, the Irish carrier, at an event hosted this week by the Financial Times. "[That is] not because we all care less about the environment. I think the much greater political issue is going to be massive unemployment across Europe [and] massive government indebtedness."
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Source: Technocodex.com
Vanguard overtakes Pimco and M&G in Europe
May 16, 2020--Vanguard, the disruptive US asset manager, has leapfrogged traditional active houses M&G and Pimco to become one of Europe's largest retail investment groups, underscoring its rapid growth just over a decade since entering the market.
Low-cost fund specialist Vanguard overtook Pimco, the bond giant made famous by its outspoken co-founder Bill Gross, to become the sixth-largest investment group in Europe by assets, according to data provider Morningstar.
The ranking, which applies only to retail and exchange traded funds, meaning it excludes the impact of institutional mandates, shows Vanguard managed €163bn in assets at the end of March, more than double the amount it managed five years ago. Pimco's European assets stood at €156bn.
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Source: technocodex.com
UK stockpicker Mark Barnett to leave Invesco
May 15, 2020--Fund manager Mark Barnett leaves Invesco after investor concern. Mark Barnett, one of the UK,s best-known fund managers and a former protege of Neil Woodford, has left City firm Invesco, a month after being sacked from another high-profile fund he ran.
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Source: FT.com
German economy sinks, but skirts worst of virus fallout
May 15, 2020--Germany’s economy slumped in the first quarter at its steepest rate since 2009 with worse expected by mid-year, but it is weathering fallout from the coronavirus better than other EU states where outbreaks have been more disruptive.
The 2.2% drop in quarter-on-quarter output was the widest since the financial crisis of a decade ago and the second biggest since German reunification in 1990, Friday's federal statistics office data showed.
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Source: reuters.com
New Sales and Marketing Hires Add to HANetf Distribution Firepower
May 14, 2020--HANetf, Europe's first 'white label' ETF issuer, is pleased to announce a significant expansion of its distribution and marketing capabilities with three new appointments. The hires have been added to bolster the firm's experienced distribution team and increase the firm's distribution footprint into new markets.
HANetf has added two new ETFs in 2020 and assets under management recently surpassed a $300m milestone. HANetf's white label asset management clients include companies from the US, Canada, UK and Kuwait, including The Royal Mint, Purpose Investments, Big Tree Capital, KMEFIC and Ginsberg Global.
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Source: HANetf
ESMA Risk Dashboard No. 1 2020-ESMA sees potential decoupling of financial market performance and underlying economic activity
May 14, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes the first complete risk dashboard for 2020, and highlights the very high risks in all areas of ESMA's remit. The assessment remains at the same level as the separate risk update published on 2 April.
During the first quarter of 2020, the equity markets saw very large corrections due to a combination of the Covid-19 pandemic and existing valuation risks. Since then, and despite the high uncertainty and worsening economic outlook, markets have seen a remarkable rebound. This should also be viewed in light of massive public policy interventions in the EU and elsewhere.
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Source: ESMA
ECB-Euro area securities issues statistics: March 2020
May 13, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 3.2% in February 2020 to 2.8% in March.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.0% in March 2020, the same as in February.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 637.1 billion in March 2020. Redemptions amounted to EUR 614.0 billion and net issues to EUR 23.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 3.2% in February 2020 to 2.8% in March.
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Source: ECB
The European Union's post-Brexit reckoning with financial markets
May 13, 2020--In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency.
In the negotiations between the European Union and the United Kingdom over their future relationship, we see a high probability of a weak contractual outcome, given the dominance of politics over considerations of market efficiency. The EU will thus face a great deal of readjustment and regulatory realignment of its market for financial and other services.
The future relationship will start out with closely aligned regulations which will allow equivalence, and therefore seamless transactions, to continue in many sectors for a number of years. As regulatory autonomy has been one of the main Brexit rationales, we expect divergence to increase after a couple of years
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Source: bruegel.org
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