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Euro Area-IMF Staff Concluding Statement of the 2019 Article IV Mission
June 13, 2019-- The euro area is at a challenging juncture. Growth is expected to firm-up later this year but there are significant risks to this outlook. Greater structural reforms efforts at the national level would enhance the region's resilience. In the event of a sharp downturn additional policy support will be needed. While there is some progress on euro area reforms, in many cases political consensus on the path forward is missing.
The incoming European Parliament and European Commission should use the opportunity to forge a renewed consensus around strengthening the foundations of the monetary union.
Outlook and Risks
Euro area growth has slowed and inflation continues to disappoint. Growth decelerated sharply in the second half of 2018, due to a combination of slowing external demand and mostly temporary domestic factors
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Source: IMF
ESMA updates register of derivatives to be traded on-venue under MiFIR
June 13, 2019--The European Securities and Markets Authority (ESMA) has updated today the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).
Today's update consists of adding to the list several UK venues where some of the classes of derivatives subject to the trading obligation are available for trading.
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Source: ESMA
Euro area securities issues statistics: April 2019
June 13, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 2.3% in April 2019, compared with 2.4% in March.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate decreased from 0.4% in March 2019 to 0.0% in April.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 634.5 billion in April 2019. Redemptions amounted to EUR 650.8 billion and net redemptions to EUR 16.2 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 2.3% in April 2019, compared with 2.4% in March.
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Source: ECB
New UBS ETF on Xetra: Emerging market companies with focus on sustainability
June 13, 2019--Since Thursday, a new Exchange Traded Fund from UBS Global Asset Management has been tradable via Xetra and Börse Frankfurt.
With the UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF, investors can participate in the performance of emerging market companies that are rated high in terms of environmental, social and entrepreneurial good conduct. Companies that violate moral, religious and ethical criteria are excluded. In the benchmark index, individual shares are limited to a maximum share of 5 per cent.
Inflows into the ETF are reinvested. Name: UBS ETF-MSCI Emerging Markets Socially Responsible UCITS ETF
Asset class: Equity ETF
ISIN: LU1048313974
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Source: Deutsche Börse
New Vanguard ETF on Xetra: US corporate bond with investment grade rating
June 13, 2019--Since Thursday a new Vanguard Exchange Traded Fund is tradable via Xetra and Börse Frankfurt.
The Vanguard USD Corporate Bond UCITS ETF-(USD) offers an investment in the performance of US corporate bonds.
The underlying Bloomberg Barclays Global Aggregate Corporate-United States Dollar Index contains bonds from various sectors with a minimum maturity of one year and an investment grade rating. Inflows to the ETF are reinvested.
Name: Vanguard USD Corporate Bond UCITS ETF-(USD)
Asset class:Bond ETF
ISIN: IE00BGYWFK87
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Source: Deutsche Börse Cash Market
U.S. politics gives euro's global use a boost: ECB
June 13, 2019--The global use of the euro currency surged from record lows last year, mostly on a flight from the dollar due to the volatility of American politics and concerns about rising U.S. interest rates, the European Central Bank said on Thursday.
Demand for the euro, the world's second most widely used currency after the dollar, fell to historic lows over the past decade. Its rebound suggests both concerns about U.S. politics and growing confidence about view more
Source: Reuters
CryptoCompare Launches Exchange Benchmark in Response to Concerns Over False Volume Reporting
June 12, 2019--London-based crypto data provider CryptoCompare has launched an Exchange Benchmark product that ranks over 100 crypto spot exchanges worldwide. The news was revealed in a press release shared with Cointelegraph on June 12.
According to CryptoCompare, the new product has been launched in response to growing industry concern sparked by research indicating that a significant number of crypto exchanges globally have been using wash trading and other strategies-including spoofing and incentivized trading schemes-to artificially inflate trade volumes.
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Source: cointelegraph.com
IMF Executive Board Concludes 2019 Article IV Consultation with Norway
June 12, 2019--On June 10, 2019, the Executive Board of the International Monetary Fund (IMF) concluded its 2019 Article IV consultation [1] with Norway.
Norway's economic momentum remains strong, supported by higher oil prices, competitiveness gains stemming from the weaker krone, and a robust labor market.
After growing by 2.2 percent in 2018, mainland economic activity is expected to accelerate further and rise by about 2.5 percent this year, before growth slows to 2.1 percent in 2020.view more
Source: IMF
IMF Departmental Papers/Policy Papers-Trade Tensions, Global Value Chains, and Spillovers: Insights for Europe
June 12, 2019--Summary:
Europe is deeply integrated into global value chains and recent trade tensions raise the question of how European economies would be affected by the introduction of tariffs or other trade barriers.
This paper estimates the impact of trade shocks and growth spillovers using value added measures to better gauge the associated costs across European countries.
Norway's Economic Outlook in Seven Charts
June 12, 2019--Norway's economy has performed well over the past year, especially compared to its neighbors. It is enjoying low unemployment and a broadly neutral budget, while its economy continues to grow. Given its strong momentum, now would be the ideal time for the country to address long-term challenges, suggests the IMF in its latest assessment of the Norwegian economy.
Here are seven charts that tell the story.
Growth in many advanced economies has slowed, but Norway's economy continues to expand strongly. The weaker krone is helping exporters, low unemployment is boosting incomes, and oil prices remain materially above break even levels, supporting investment. Although global trade tensions and uncertainty about European growth cloud the horizon, Norway's outlook remains positive.
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Source: IMF