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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
Treasury units out stark UK choices to chop estimated 337bn pounds deficit
May 13, 2020--Ministers should elevate taxes sharply within the coming months to cope with an estimated £s;337bn deficit within the present monetary 12 months within the wake of the coronavirus pandemic, in accordance with a leaked Treasury doc.
The paper, revealed within the Every day Telegraph, units out a proposed "coverage package deal" of tax rises and spending cuts which may need to be introduced quickly as a way to "improve credibility and enhance investor confidence".
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Source: biz.blogdady.com
LSE Seeks EU Antitrust Approval for $27 Billion Refinitiv Bid
May 13, 2020--London Stock Exchange Group Plc finally sought European Union approval of its $27 billion bid for data provider Refinitiv, kick-starting one of the most closely watched deal reviews of the year.
The EU's merger control authority set an initial June 22 deadline for regulators to examine the deal, according to a website filing on Wednesday. The date is often extended if companies offer concessions or if the EU opens an in-depth probe, common for complicated data-heavy deals.
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Source: bnnbloomberg.ca
Germany's shock court ruling against the ECB challenges the stability of the euro zone
May 12, 2020--The European Central Bank was quick to react, arguing that it follows decisions taken by the European Court of Justice- not national courts.
However, the German ruling has sparked an unprecedented legal minefield and has led to new questions about the future of the euro zone.
The stability of the euro zone is once again under scrutiny after the German Constitutional Court issued a decision last week that surprised financial markets and policymakers in Europe.
The highest court in Germany said last Tuesday that parts of the European Central Bank's (ECB) actions were illegal under German law. The court said one of the ECB's tools-its quantitative easing program-did not respect "the principle of proportionality" and that the German central bank and government should have challenged the central bank in this regard.
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Source: cnbc.com
Rize ETF expands offering to Northern Europe
May 11, 2020--Thematic ETF specialist Rize ETF has registered its two products for sale in four more countries in Northern Europe.
The Rize Cybersecurity and Data Privacy UCITS ETF (CYBR) and the Rize Medical Cannabis and Life Sciences UCITS ETF (FLWR) are listed on the London Stock Exchange and the Frankfurt Stock Exchange.
CYBR and FLWR can be passported into the Netherlands, Denmark, Sweden and Finland as a result of the expansion.
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Source: etfstream.com
ETF Money Monitor-March 2020
April 9, 2020--Key takeaways:
Fixed Income funds suffered their largest outflows on record in March 2020 (€-128.7bn). Equities recorded their second-largest-ever outflow amid the Covid-19 crisis (€-53bn).
ETF flows: ETFs had large outflows (€-25.6bn) over the month, with Fixed Income and Equity ETFs losing €-13.3bn and €-13.0bn respectively. Money Market was the only asset class were ETFs recorded positive flows (€1.3bn).
ESG ETFsremained a bright spot in March despite the challenging market context, gathering €1.0bn.
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Source: Lyxor
German Foreign Minister Maas warns of hard Brexit as talks stall
May 9, 2020--Heiko Maas voiced his concern amid floundering trade talks between the EU and UK. The two sides have also not agreed on whether to extend the negotiation period, if an agreement is not made by the end of the year.
A hard Brexit is becoming increasingly likely, as negotiations between Britain and the European Union have stalled, German Foreign Minister Heiko Maas told the Augsburger Allgemeine newspaper.
Talks on the future trade relationship and 2021 trade terms between the two blocs have hardly made any progress since the negotiations resumed last month, according to officials.
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Source: dw.com
Two months before the cliff-millions of Europeans cannot afford food and lodging after two months without income
May 7, 2020--Nearly 100 million people in 21 EU countries do not have enough savings in their bank accounts to meet two months of basic expenses: food, utilities, rent or mortgage.
Those born outside the EU are especially at risk. Government support is thus fundamental to help individuals withstand the COVID-19 crisis.
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Source: bruegel.org
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