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New active ETF from J.P. Morgan on Xetra: active investment strategy with a focus on climate-conscious US companies
September 13, 2023--Since Wednesday, a new exchange-traded fund issued by J.P. Morgan Asset Management has been tradable on Xetra and via Börse Frankfurt.
The JPM US Research Enhanced Index Equity SRI Paris Aligned UCITS ETF pursues an active investment strategy and invests primarily in companies that are domiciled in the United States or conduct most of their business activities there.
The MSCI USA SRI EU PAB Overlay ESG Custom Index serves as the benchmark index.
The aim of the fund is to generate higher additional returns compared to the benchmark index while maintaining the index characteristics in terms of regions and sectors. The investment manager can overweight companies with higher potential. The fund is part of the J.P. Morgan Research Enhanced Index series.
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Source: Xetra
Capital.com Data: One Directional Traders Were Less Profitable than Traders Who Executed Both Long and Short Trades in 1H 2023
September 12, 2023--According to data compiled by high-growth global retail trading platform Capital.com, UK-based traders who opened a combination of both long and short trading positions were more profitable than those who executed long or short-only strategies in 1H 2023.
Just 42% of all positions opened by short-only traders were profit-making in 1H 2023, while 46% of all positions opened by long-only traders were profit-making over the same period. By comparison, more than 50% of all trades opened by traders using a mix of both long and short positions at various points during the first half of 2023, resulted in profits.
The data-based on an analysis of 4,965 UK traders who were actively trading on the Capital.com platform between 1 January 2023 and 31 June 2023 -found that clients who executed trades with a 100% long ratio had a -13% return on their investment (ROI) , the lowest ROI for the period. While short-only traders -traders who opened 0% long positions-achieved a -8% return on their investments, on average.
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Source: financialit.net
Virtune AB (Publ) is launching Virtune Sustainable Bitcoin ETP on Nasdaq Stockholm
September 12, 2023--Virtune, a Swedish regulated asset manager of digital assets in Sweden, is launching an innovative Bitcoin ETP ("Exchange Traded Product") on Nasdaq Stockholm in the race to reduce emissions, consumption, and environmental impacts.
Today, Virtune is introducing Virtune Sustainable Bitcoin ETP, offering sustainable exposure to Bitcoin through carbon offsetting to achieve carbon neutrality.
The ETP is 100% and fully physically backed and is listed in SEK for the purpose of Swedish investors, available on trading platforms such as Avanza and Nordnet.
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Source: Virtune AB (Publ)
European Commission-Summer 2023 Economic Forecast: Easing growth momentum amid declining inflation and robust labour market
September 11, 2023--The European Commission has today presented the Summer 2023 Economic Forecast.
The EU economy continues to grow, albeit with reduced momentum. The forecast revises growth in the EU economy down to 0.8% in 2023, from 1% projected in the Spring Forecast, and 1.4% in 2024, from 1.7%.
It also revises growth in the euro area down to 0.8% in 2023 (from 1.1%) and 1.3% in 2024 (from 1.6%).
Inflation is expected to continue to decline over the forecast horizon. Harmonised index of consumer prices (HICP) inflation is now projected to reach 6.5% in 2023 (compared to 6.7% in the spring) and 3.2% in 2024 (compared to 3.1%) in the EU. In the euro area, inflation is forecast to be 5.6% in 2023 (compared to 5.8%) and 2.9% in 2024 (compared to 2.8%).
A reduced growth momentum
Latest data confirm that economic activity in the EU was subdued in the first half of 2023 on the back of the formidable shocks that the EU has endured. Weakness in domestic demand, in particular consumption, shows that high and still increasing consumer prices for most goods and services are taking a heavier toll than expected in the Spring Forecast.
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Source: European Commission
Amundi increases sustainable investments levels on 46 ETFs
September 7, 2023--Some funds managed by Europe's largest listed asset manager will rise from 1% to 35%
Amundi is increasing the minimum proportion of sustainable investments on 46 of its exchange traded funds following some clarifications of EU sustainability disclosure rules.
The biggest increases will see the percentage of sustainable investments in some ETFs go from 1 per cent to 35 per cent and from 10 per cent to 40 per cent, according to Europe's largest listed asset manager.
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Source: ft.com
New fixed income ETF from VanEck on Xetra: investment in high yield fallen angels corporate bonds
September 6, 2023--Since Wednesday, a new exchange-traded fund issued by VanEck has been tradable on Xetra and via the trading venue Börse Frankfurt.
The VanEck US Fallen Angel High Yield Bond UCITS ETF invests in a portfolio of high-yield corporate bonds known as fallen angels.
The U.S. dollar-denominated fixed-rate bonds issued on the U.S. market are characterised by the fact that they had an investment grade rating at the time of issuance, but no longer have it at the time of inclusion in the fund. Bonds with a residual maturity of at least one year and an outstanding volume of at least 250 million US dollars will be included.
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Source: Xetra
Research: UK official holdings of international reserves: August 2023
September 5, 2023--This release details movements in the international reserves of gold and assets held by the UK Government.
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Source: gov.uk
ESMA sees prevailing market uncertainty as downside risks rise
August 31, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today publishes the second Trends, Risks and Vulnerabilities (TRV) Report of 2023.
ESMA sees that financial markets are adapting to the new economic environment of durably higher inflation and interest rates, however risks remain high in ESMA's remit. Markets are set to remain very sensitive to potential deteriorations in economic fundamentals or risks in the financial sector.
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Source: ESMA
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank
August 31, 2023-- Held in Frankfurt am Main on Wednesday and Thursday, 26-27 July 2023
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 14-15 June 2023, the narrative in global financial markets had shifted from a "higher-for-longer" scenario for inflation to growing optimism on a disinflation scenario.
The increasing divergence of economic data between the euro area and the United States and the elevated sensitivity of euro area asset prices, especially to US data surprises, made the interpretation of market data challenging and could cause rapid shifts in market narratives.
Following the previous monetary policy meeting, central bank communication, high UK inflation releases and strong US economic data had initially driven the euro short-term rate (€STR) forward curve higher. This upward shift had then been partly reversed in the euro area in response to the release of the US Consumer Price Index (CPI) on 12 July as well as lower than expected Purchasing Managers' Indices (PMIs) for the euro area.
Looking through this volatility, the latest €STR forward curve still stood above the levels observed before the Governing Council's previous monetary policy meeting. The market was pricing in one more 25 basis point rate hike at the present meeting, a 56% probability of an additional 25 basis point hike in September 2023 and a peak deposit facility rate of 3.94% by the end of the year.
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Source: ECB
The dangers of leveraged ETFs
August 31, 2023--The BoE is taking an interest
Most ETFs are big, broad, boring and cheap beta. But there's now probably close to $200bn in leveraged and inverse ETFs, and their market impact is growing.
Leveraged and inverse ETFs use derivatives and margin loans to either deliver extra juice to investors - say, three times the daily return of the underlying index-or the opposite of what the index does.
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Source: ft.com
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