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Monday Morning Memo: Review of the European ETF Market, September 2019
October 14, 2019--After outflows in August, the promoters of ETFs in Europe enjoyed above average inflows in September. These led, in combination with the positive performance of the underlying markets, to an increase in assets under management in the European ETF industry from €757.0 bn as of August 31, 2019, to €795.5 bn at the end of September.
The increase of €38.5 bn for September was driven by estimated net inflows (+€19.5 bn), while the performance of the underlying markets contributed €19.1 bn to the increase in assets under management.
It was not surprising equity funds (€536.2 bn) held the majority of assets, followed by bond funds (€225.5 bn), commodity products (€21.5 bn), alternative UCITS products (€6.3 bn), money market funds (€3.8 bn), mixed-assets funds (€2.0 bn), and "other" funds (€0.1 bn).
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Source: Refinitiv
New WisdomTree ETF on Xetra: Cloud technology companies
October 14, 2019--Since Monday, a new WisdomTree ETF is tradable via Xetra and Börse Frankfurt.
The WisdomTree Cloud Computing UCITS ETF-USD Acc gives investors the opportunity to invest in cloud technology companies. The ETF aims to track the price and return performance of the BVP Nasdaq Emerging Cloud Index before fees and expenses.
It invests in future-oriented listed companies that primarily provide cloud software and services to their customers.
A total of 49 companies from the USA, Canada, Australia and Israel were selected by Bessemer Venture Partners and included in the index. The individual stocks in the index are equally weighted and rebalanced every six months in February and August.
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Source: Deutsche Börse Cash Markets
LuxSE releases Guide to ESG Reporting
October 14, 2019--In line with its stated objective to promote transparent capital markets, the Luxembourg Stock Exchange (LuxSE) has published a set of comprehensive guidelines for reporting on Environmental, Social and Governance aspects (ESG).
Reflecting the unique diversity in its capital market ecosystem, LuxSE's ESG Guidelines address the specific scope and needs of its three main stakeholders: companies, issuers of sustainable debt instruments, and asset managers active in sustainable & responsible investment funds.
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Source: Luxembourg Stock Exchange (LuxSE)
LSE lays down tougher rules for green bond reporting
October 11, 2019--Exchanges push out series of initiatives aimed at facilitating sustainable investments
Bonds issued by companies with revenues dominated by green activities will be required to submit annual, verified reports about how the proceeds are being used, the exchange said on Friday, while the "Green Economy Mark" will identify equity issuers with at least half of their revenues coming from environmental...
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Source: FT.com
Euro area securities issues statistics: August 2019
October 11, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.2% in August 2019, compared with 3.0% in July.
For the outstanding amount of listed shares issued by euro area residents, the annual rate of change was-0.1% in August 2019, the same as in July.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 512.2 billion in August 2019. Redemptions amounted to EUR 479.5 billion and net issues to EUR 32.7 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 3.2% in August 2019, compared with 3.0% in July.
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Source: ECB
ECB-Account of the monetary policy meeting
October 10, 2019--of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 11-12 September 2019
October 10, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 24-25 July 2019. Global financial markets had undergone a strong correction over the summer, which bore a close resemblance to the episode observed during the spring.
The principal catalyst on both occasions was an intensification of global trade tensions
The yield on the ten-year German government bond had declined by around 35 basis points, compared with the day before the July meeting, to -71 basis points. The ten-year US Treasury yield had fallen by around 50 basis points.
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Source: ECB
New SPDR-ETF on Xetra: Global Bond Market
October 10, 2019--Since Thursday a new Exchange Traded Fund of State Street Global Advisors is tradable via Xetra and Börse Frankfurt.
SPDR Bloomberg Barclays Global Aggregate Bond USD Hdg UCITS ETF (Acc) offers investors the opportunity to invest in the global bond market.
The objective of the ETF is to replicate the performance of the global fixed income markets with investment grade ratings by investing in government and corporate bonds and asset-backed securities (ABS).
These are securities whose value and income payments are derived from a specific portfolio of underlying securities and which are thus covered.
The benchmark index is the Bloomberg Barclays Global Aggregate Bond Index, which covers securities from industrialised and emerging countries. To counter currency fluctuations, the index is hedged against the US dollar
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Source: Deutsche Börse Cash Market
Growth Slows Across Europe and Central Asia Amid Weakening Trade and Flagging Industrial Activity
October 9, 2019--Economic growth across Europe and Central Asia is slowing, with regional growth estimated at 1.8% for 2019, according to the latest World Bank Economic Update for Europe and Central Asia.
This estimate, the lowest in four years, reflects slowing growth in both the Russian Federation and Turkey, the region's two largest economies. The report also notes robust growth in other parts of the region, including countries in Central Europe, Central Asia and the South Caucasus.
Slower growth in the region parallels a global downward trend and underlines the need to boost productivity growth and increase investment - which has been declining over the past decade.
view the World Bank-Europe and Central Asia Economic Update Fall 2019- Migration and Brain Drain
Source: World Bank
Long term real interest rates fell below zero in all euro area countries
October 8, 2019--The 10-year real government bond yield, which is the nominal yield deflated by expected inflation, has fallen below zero in Italy and Greece, boosted by increased market confidence for their new governments.
Romania is the only remaining EU country with a positive real interest rate. Negative real interest rates vastly help fiscal sustainability and provide a great opportunity to invest in much needed infrastructure and the transition to a carbon-neutral economy.
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Source: bruegel.org
European Commission-Blockchain now and tomorrow: assessing the impact of distributed ledger technologies
October 8, 2019--It's the technology behind bitcoin and other cryptocurrency, but blockchain has the potential to transform the way we exchange a much wider range of assets.
It could enable the secure transfer of money, contracts, land titles, data, services and other assets digitally, with few or no intermediaries.
However, applying the technology in this way is still in its infancy, with complex challenges. For example, the processing power required to run a blockchain raises questions over its energy efficiency.
view the European Commission report-Blockchain Now And Tomorrow
Source: European Commission