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ECB-Monetary developments in the euro area: April 2023
May 30, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 1.9% in April 2023 from 2.5% in March
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -5.2% in April, compared with -4.2% in March
Annual growth rate of adjusted loans to households decreased to 2.5% in April from 2.9% in March
Annual growth rate of adjusted loans to non-financial corporations decreased to 4.6% in April from 5.2% in March
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 1.9% in April 2023 from 2.5% in March, averaging 2.4% in the three months up to April. As regards the components of M3, the annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -5.2% in April, compared with -4.2% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 21.1% in April from 20.0% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 21.9% in April from 23.9% in March.
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Source: ECB
Euro area financial vehicle corporation statistics: first quarter of 2023
May 24, 2023--In first quarter of 2023 outstanding amount of debt securities issued by euro area FVCs engaged in securitisation decreased to €1,738 billion, from €1,742 billion in previous quarter
Net redemptions of debt securities by FVCs during first quarter of 2023 amounted to €2 billion
Euro area FVCs disposed €8 billion of securitised loans in first quarter of 2023, with outstanding amounts totalling €1,288 billion he outstanding amount of debt securities issued by euro area FVCs was €1,738 billion at the end of the first quarter of 2023, €4 billion lower than at the end of the previous quarter. Over the same period, transactions amounted to a net redemption of €2 billion.
The annual growth rate of debt securities issued, calculated on the basis of transactions, increased to 2.3% in the first quarter of 2023, from 2.1% in the previous quarter.
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Source: ECB
ECB-Euro area investment fund statistics: first quarter of 2023
May 24, 2023-- In first quarter of 2023, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,959 billion, up €430 billion on previous quarter
Net issues in quarter amounted to €64 billion, with €1,037 billion in gross issues and €973 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds rose to €1,489 billion, up €3 billion on previous quarter
In the first quarter of 2023, the outstanding amount of shares/units issued by investment funds other than money market funds stood at €14,959 billion. Net issues during this period were €64 billion, with gross issues amounting to €1,037 billion and gross redemptions to €973 billion. The annual growth rate of shares/units issued by investment funds other than money market funds, calculated on the basis of transactions, was -0.8% in the first quarter of 2023.
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Source: ECB
BlackRock spies rapid growth in European retail ETF market
May 18, 2023--Spain and Portugal expected to see fastest growth as digital platforms proliferate
A "new generation of European investors" are increasingly investing in exchange traded funds, according to new research from BlackRock.
A YouGov survey commissioned by the world’s largest asset manager, incorporating more than 16,500 retail investors in 14 European countries, suggested that investors aged between 18 and 34 were likely to replace those aged 35-plus as the dominant group of retail ETF investors.
The number of ETF investors in Europe is likely to rise 32 per cent over the next 12 months, suggested the poll, which was conducted between August 2022 and February this year.
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Source: ft.com
EU Regular Economic Report: Energizing Europe-Inclusive Growth: Inflation Chipping Away Income Gains
May 18, 2023--Following a strong recovery after the onset of the COVID-19 pandemic, growth in the EU is expected to sharply decelerate in 2023 as high inflation and increasingly tight monetary policy dampen economic activity.
Despite considerable resilience, the EU economy is in a weakened spot following the string of overlapping crises since 2020, which have eroded macroeconomic buffers and left the economy vulnerable to additional negative shocks.
Although the labor market remains strong, with unemployment rates near record-lows in the EU, the recovery in employment remains uneven, leaving some populations behind.
High inflation has eroded real incomes, with the sharp rise in food prices hitting the poorest households the hardest-chipping away earlier gains in inclusion.
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Source: worldbank.org
ESAs draw consumers' attention to how rises in inflation and interest rates might affect their finances
May 15, 2023--The three European Supervisory Authorities (EBA, EIOPA and ESMA -ESAs) today published an interactive factsheet to help consumers understand how the recent increases in inflation and interest rates can affect their money.
This includes the financial products and services that consumers currently hold or plan to buy, such as loans, savings, financial investments, insurance and pensions.
In particular, the factsheet sets out five key points consumers should bear in mind:
know how much you are spending and on what;
prioritise your spending and plan your budget;
pay attention to different fees;
seek advice to adapt your financial plan;
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Source: ESMA
ECB-Monetary developments in the euro area: March 2023
May 2, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 2.5% in March 2023 from 2.9% in February
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -4.2% in March, compared with -2.7% in February
Annual growth rate of adjusted loans to households decreased to 2.9% in March from 3.2% in February
Annual growth rate of adjusted loans to non-financial corporations decreased to 5.2% in March from 5.7% in February
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 2.5% in March 2023 from 2.9% in February, averaging 2.9% in the three months up to March.
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Source: ECB
Europe's Knife-Edge Path Toward Beating Inflation Without a Recession
April 28, 2023--Success will require tighter macroeconomic policies tailored to changing financial conditions, strong financial supervision and regulation, and bold supply-side reforms
Following a strong exit from the pandemic, Europe was hit hard by the economic impact of Russia's invasion of Ukraine.
Growth slowed drastically, inflation shot up, and episodes of financial stress materialized. But as a result of decisive policy action, most economies narrowly avoided a recession this winter. Europe now faces the difficult task of sustaining the recovery, defeating inflation, and safeguarding financial stability.
Growth in Europe's advanced economies will slow to 0.7 percent this year from 3.6 percent last year, while emerging economies (excluding Türkiye, Belarus, Russia, and Ukraine) will also see a sharp decline to 1.1 percent from 4.4 percent.
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Source: imf.org
New iShares ETFs on Xetra: access to companies in line with Sharia principles and to sustainable government and corporate bonds
April 28, 2023--Since Friday, two new exchange-traded funds issued by iShares have been tradable on Xetra and via Börse Frankfurt.
The iShares MSCI World Islamic UCITS ETF invests in large and mid-cap companies from developed markets that are suitable for Islamic investors.
Strict criteria based on Sharia principles are applied for the exclusion of companies. That means businesses related to alcohol, tobacco, pork-related products, conventional financial services, gambling or adult entertainment are excluded.
The iShares EUR Aggregate Bond ESG UCITS ETF enables investors to invest in euro-denominated fixed-rate government and corporate bonds with an investment grade rating from developed countries.
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Source: Xetra
HSBC's Vanguard-style ETFs open door to potential wave of imitators
April 28, 2023--Launch in Ireland of four funds will be first to take advantage of rule change allowing umbrella structure
The impending launch in Europe of a quartet of exchange traded funds could pave the way for a rapid expansion of Vanguard-style umbrella structures offering both ETFs and mutual funds.
The May launches from HSBC Asset Management will come in the same month that Vanguard loses its nationwide patent for the same structure in the US, potentially opening the floodgates to a range of imitators there- if regulators do not intervene.
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Source: ft.com