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ECB-Monetary developments in the euro area: June 2024
July 25, 2024--Annual growth rate of broad monetary aggregate M3 increased to 2.2% in June 2024 from 1.5% in May (revised from 1.6%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -3.4% in June, compared with -5.0% in May
Annual growth rate of adjusted loans to households stood at 0.3% in June, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 0.7% in June from 0.3% in May
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 2.2% in June 2024 from 1.5% in May, averaging 1.7% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -3.4% in June, compared with -5.0% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 12.7% in June from 14.7% in May. The annual growth rate of marketable instruments (M3-M2) increased to 18.6% in June from 17.5% in May.
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Source: ECB
ESMA publishes 2023 data on cross-border investment activity of firms
July 15, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, together with the National Competent Authorities (NCAs), completed an analysis of the cross-border provision of investment services during 2023.
The data sets were collected from investment firms across 30 jurisdictions in the EU/EEA.
The main findings include:
A total of around 386 firms provided services to retail clients on a cross-border basis in 2023;
Approximately 8 million clients in the EU/EEA received investment services from firms located in other EU/EEA Member States in 2023;
Compared to 2022, the cross-border market for investment services grew by 1.6% in terms of firm numbers, and by 5% in terms of retail clients, while the number of complaints increased by 31%;
Cyprus is the primary location for firms providing cross-border investment services in the EU/EEA, accounting for 20% of the total firms passporting investment services. Luxembourg and Germany follow with 15% and 14% of all firms, respectively; and
Germany, France, Spain, and Italy are the most significant destinations (in terms of number of retail clients) for investment firms providing cross-border services in other Member States.
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Source: ESMA
ESMA publishes latest edition of its newsletter view more New bond ETF from L&G on Xetra: access to the fixed income market for sustainable corporate bonds with currency hedging view more New equity ETF from AXA on Xetra: access to companies from developed countries around the world in line with the Paris Climate Agreement
The fund tracks the MSCI World Climate Paris Aligned Index and currently holds over 600 companies across a range of sectors. Information technology, financials, and health care account for over 58 per cent.
view more DWS plans to boost active ETF business view more New MiCA rules increase transparency for retail investors view more ECB-Households and non-financial corporations in the euro area: first quarter of 2024 view more ECB-Meeting of 5-6 June 2024-Account of the monetary policy meeting of the Governing Council of the European Central Bank
The key drivers of financial market developments had been a stronger euro area economy, signs of a cooling US economy and strong investor risk appetite.
Euro area macroeconomic data had continued to turn out better than expected over the past four months, strengthening investors' view that the economic recovery was on track. By contrast, macroeconomic data surprises in the United States had become less favourable. Tentative signs of the US labour market cooling and inflation in line with expectations had eased investors' concerns that the Federal Reserve System might have to hike interest rates again. view more Deutsche Boerse welcomes ETF Willow as a new ETF issuer on Xetra
The upside potential of the companies is determined using the expected returns based on a holistic AI-based model. Risk factors are derived from a global fundamental risk model.
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July 10, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in June on ESMA's Final Report on Greenwashing, the 2023 Annual Report and other important updates in the realm of the Regulation on the Markets in Crypto-Assets or MiCA.
business continuity measures for crypto-asset service providers (CASPs);
trade transparency;
content and format of orderbooks and record-keeping by CASPs;
machine readability of white papers and the register of white papers; and
Source: ESMA
July 10, 2024--A new exchange-traded fund from Legal & General Investment Management has been tradable on Xetra and Börse Frankfurt since today.
The L&G ESG USD Corporate Bond UCITS ETF EUR Hedged Acc offers investors access to US dollar-denominated corporate bonds from developed countries worldwide.
The bonds have an investment grade rating and a fixed or variable coupon. To be included in the benchmark index, the J.P. Morgan ESG Global Credit (GCI) Investment Grade USD Custom Maturity Index, bonds must have an outstanding amount of at least USD 500 million and a remaining maturity of at least six months.
Source: Xetra
July 10, 2024--Since today, new exchange-traded fund from AXA Investment Managers has been tradable on Xetra and Börse.
The AXA IM MSCI World Equity PAB UCITS ETF allows investors to invest in large and mid-cap companies from 23 developed markets around the world. The ETF aligns with the objectives of the Paris Climate Agreement.
Companies are selected and weighted to mitigate climate-related physical and transition risks on the path to a lower-carbon economy, while capturing the opportunities arising from this transition.
Source: Xetra
July 9, 2024--Manager says it plans to capitalise on growing European demand for the products.
DWS is looking to expand its active exchange traded funds business in Europe to stay "ahead of the curve" as a number of asset managers enter the space seeking to capitalise on demand.
Dirk Goergen, global head of client coverage, said active ETFs had not been a big focus area for the company in Europe, but there was increasing demand from clients for such products that they wanted to take advantage of.
Source: ft.com
July 4, 2024--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published the second Final Report under the Markets in Crypto-Assets Regulation (MiCA) covering eight draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities (NCAs).
business continuity measures for crypto-asset service providers (CASPs);
trade transparency;
content and format of orderbooks and record-keeping by CASPs;
machine readability of white papers and the register of white papers; and
Source: ESMA
July 4, 2024--Households' financial investment increased at unchanged annual rate of 2.0% in first quarter of 2024
Non-financial corporations' financing grew at broadly unchanged annual rate of 0.7%
Non-financial corporations' gross operating surplus decreased at annual rate of -3.0%, after increasing (2.4%) in previous quarter
Households
Household gross disposable income increased in the first quarter of 2024 at an annual rate of 5.8%, after 5.6% in the previous quarter. The compensation of employees grew at a broadly unchanged rate of 5.9%, and gross operating surplus and mixed income of the self-employed increased at a lower rate of 5.0% (after 5.3%). Household consumption expenditure grew at a lower rate of 3.5% (after 4.1%).
Source: ECB
July 4, 2024--Held in Frankfurt am Main on Wednesday and Thursday, 5-6 June 2024
1. Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 10-11 April 2024, the narrative in financial markets had converged across major advanced economies.
It had moved towards a more gradual easing cycle and high-for-longer interest rates, owing to a more protracted "last mile" of disinflation.
Source: ECB
June 27, 2024--Actively managed ETF with AI-based model and focus on Eurozone companies
ETF Willow's first Active Exchange Traded Fund has been tradable on Xetra and Börse Frankfurt since Thursday.
The investment objective of the AI-Enhanced Eurozone Equities UCITS ETF is to outperform the MSCI EMU Index through stock selection.
This involves identifying companies with upside potential that are not closely correlated to systematic risk factors. These include risks related to individual countries' fiscal policies, regulatory changes within sectors or sensitivity to global market movements.
Source: Xetra
