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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
ECB-Monetary developments in the euro area: June 2020
July 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 9.2% in June 2020 from 8.9% in May
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 12.6% in June, compared with 12.5% in May.
Annual growth rate of adjusted loans to households stood at 3.0% in June, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations decreased to 7.1% in June from 7.3% in May
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Source: ECB
Brussels to ease capital markets rules to aid business recovery
July 24, 2020--A Capital Markets Recovery Package, outlined by the EU Commission Friday, amends the Prospectus Regulation, MiFID II and securitisation rules to help businesses to raise capital on public markets.
The measures aim to make it easier for capital markets to support European businesses to recover from the crisis. The package proposes targeted changes to capital market rules, which will encourage greater investments in the economy, allow for the rapid re-capitalisation of companies and increase banks' capacity to finance the recovery.
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Source: eubusiness.com
ESMA publishes the MiFID/MiFIR Annual Review Report
July 23, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published today the MiFID/MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). This report lays down the thresholds for the liquidity criterion' average daily number of trades' for bonds, as well as the trade percentiles.
In the report, ESMA is suggesting to the European Commission to move to the next stage for:
the criterion 'average daily number of trades' used for the quarterly liquidity assessment of bonds; and
the trade percentiles that determine the pre-trade sizes specific to the financial instrument for bonds.
These measures are designed to increase the transparency available to market participants in the bond market.
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Source: ESMA
Two Solactive Fixed Income and Equity Indices underline Amundi's expansion of Prime ETF Range
July 22, 2020--In 2019, Europe's largest asset manager, Amundi, released its Amundi Prime ETF series, ensuing from a long-term trend of asset managers slashing fees for plain vanilla benchmark-tracking ETFs. Following the success of its then established Prime range, Amundi decided to once again engage Solactive for the expansion of the ETF series with a Fixed Income and Equity ETF tracking US treasury bonds and UK Small and Mid Caps (ex-investment trust), respectively.
The first new ETF released by Amundi is the Amundi Prime US Treasury Bond 0-1 Y UCITS ETF, tracking the Solactive US Treasury 0-1 Year Bond Index that aims to track the performance of US Treasury Bonds with a current maturity between one month and one year. By investing in the ETF, investors effectively gain access to a basket of securities, which provide a sufficient return on a very moderate risk-level, avoiding negative interest rates for investors' savings.
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Source: Solactive
New Lyxor ETFs on Xetra: First sustainable investments based on the Paris Climate Agreement
July 22, 2020--Since Wednesday, two new exchange traded funds issued by Lyxor International Asset Management are tradable on Xetra and Börse Frankfurt.
The Lyxor S&P Eurozone Paris-Aligned Climate (EU PAB) (DR) UCITS ETF-Acc and the Lyxor S&P 500 Paris-Aligned Climate (EU PAB) (DR) UCITS ETF -Acc offer investors for the first time the opportunity to invest in companies from the Eurozone and the US that have been selected based on the climate targets of the EU and the Paris Climate Convention.
From the universe of the S&P Eurozone LargeMidCap index or the S&P 500 index, equities are selected that are in line with the long-term goal of the United Nations' Paris Climate Convention to limit global warming to a maximum of 1.5°C. Both ETFs only allow investments in companies that make the highest contribution to carbon reduction. This involves the greenhouse gas emissions of the entire value chain of a company. Excluded are companies from the coal, arms or tobacco sectors that violate EU environmental targets or social standards.
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Source: Deutsche Börse
The impact of the crisis on smaller companies and new mechanisms for non-performing loans
July 22, 2020--The ongoing recession will result in a fresh surge in non-performing loans (NPLs) once payment holidays and moratoria end later this year. NPL investors played a valuable role in tackling the stock of problem loans from the last crisis, but in the aftermath of the current recession more complex financial restructuring will be needed. Governments should facilitate the refinancing of distressed but viable companies, possibly through a special regime for SMEs.
In November 2019, the European Banking Authority (EBA) and the Eurogroup reviewed progress in ‘risk reduction' in the euro-area banking system and highlighted the improvement in the management of non-performing loans (NPL). The NPL ratio in ECB-supervised banks had fallen to 3.1% of total loans at end-2019, from 7% in 2015, mirroring the ambitious NPL reduction targets set by the European Central Bank for about 30 high-risk banks. Several elements of the Council’s 2017 NPL Action plan had been implemented, including the ‘prudential backstops', which require early provisioning, thereby discouraging banks from holding on to questionable loans.
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Source: bruegel.org
EU reaches historic deal on pandemic recovery after fractious summit
July 20, 2020--European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.
The agreement paves the way for the European Commission, the EU's executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration.
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Source: reuters.com
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