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Monetary developments in the euro area: December 2019
January 29, 2020--Annual growth rate of broad monetary aggregate M3 decreased to 5.0% in December 2019 from 5.6% in November
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 8.0% in December from 8.3% in November.
Annual growth rate of adjusted loans to households increased to 3.7% in December from 3.5% in November
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.2% in December from 3.4% in November
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Source: ECB
ECB-Euro area economic and financial developments by institutional sector: third quarter of 2019
January 28, 2020--Euro area net saving increased to €847 billion in the four quarters to the third quarter of 2019, compared with €823 billion in the four quarters to the previous quarter.
Euro area net non-financial investment decreased slightly to €582 billion (from €585 billion previously), due to decreased investment by non-financial corporations, which was partly offset by increased investment by households and other sectors. Euro area net lending to the rest of the world increased to €277 billion (from €251 billion previously) in line with the higher net saving and lower net non-financial investment.
The household debt-to-income ratio[1] stood broadly unchanged, at 93.6% in the third quarter of 2019 compared with the third quarter of 2018.
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Source: ECB
Freetrade stakes claim in Europe's fee-free stock trading
January 23, 2020--European rollout of its low-cost trading platform, following its 2018 launch in the UK.
Low-fee investment platforms need to scale rapidly....
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Source: FT.com
Amun innovates with the issuance of the world first Inverse Bitcoin Tracker ETP
January 23, 2020--Amun AG innovates the crypto market by launching the 21Shares Short Bitcoin ETP (SBTC) by Amun on the Swiss Stock Exchange (SIX), which tracks the opposite performance of Bitcoin to give investors an easy, cost effective and convenient way to gain exposure in both directions of the Bitcoin price movements.
The SBTC tracker is the first short or inverse product of its kind using a digital asset as the underlying for an ETP structure (Exchange Traded Products-ETP). It enables investors to capture falling price movements in Bitcoin BTC via their traditional broker or bank. In contrast to shorting, which is usually associated with high lending costs (or margin calls), the inverse ETP is reset at the end of each day and the performance is not rolled over to the next day. Therefore, it is ideally suited to capture short term price movements of Bitcoin for a short recommended period.
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Source: Amun AG
New UBS ETF on Xetra: Carry trade on different maturities of commodity futures
January 22, 2020--Since Wednesday, a new Exchange Traded Fund from UBS Global Asset Management is tradable on Xetra and Börse Frankfurt.
The UBS ETF (IE) CMCI Commodity Carry SF UCITS ETF (USD) A-acc gives investors access to a commodity strategy that simultaneously takes a short and long position in two commodity indices.
Both indices contain the same commodities but with different future maturities. The aim is to maximise the roll returns. Net exposure to the commodity markets through excess short or long positions is nearly eliminated. Carry trades are trading strategies in which interest rate or, as in this case, fair value differences are exploited. The index uses a 2.5 leverage effect.
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Source: Deutsche Börse Cash Market
FCA blindsided by investment fund suspensions
January 18, 2020--Regulator admits it does not track frequency of funds that block investor withdrawals
The Financial Conduct Authority has conceded it has failed to keep track of investment fund suspensions, an admission that raises questions over the effectiveness of its oversight and its ability to protect investors.
The UK financial watchdog has been severely criticised for its lack of oversight of several funds that have run into difficulty in recent years, including the high-profile collapse of Neil Woodford's investment empire and a spate of property funds following the Brexit vote in 2016.
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Source: FT.com
Factors determining Russia's long-term growth rate
January 16, 2020--This paper's main conclusion is that Russia's economy cannot grow at the pace recorded in the early and mid-2000s because of the different external environment, the different stage of development and serious demographic headwinds.
In the decade of the 2010s, the pace of economic growth in Russia slowed down to an annual rate of below 2% and most forecasts suggest that this is will be the new "normal" for the Russian economy at least in the medium-term.
While politically and socially disappointing, such a growth slowdown is unavoidable due to adverse demographic trends.
A combination of a shrinking working-age population and population aging must lead to a lower growth pace as compared to the period when the working-age population was still increasing and the effects of population aging were limited (the decade of the 2000s).
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Source: bruegel.org
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 11-12 December 2019
January 16, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments. Since the Governing Council's previous monetary policy meeting on 23-24 October 2019, there had been signs of increased optimism among market participants.
Global bond yields had remained at some distance above the very low levels that had been observed towards the end of summer 2019. Global stock prices were at, or close to, historical highs. All in all, financial market participants were less pessimistic and were pricing in less additional accommodation by central banks than earlier in the year.
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Source: ECB
European green finance is expanding, a discount on bank capital would discredit it
January 15, 2020--If EU banks are to mobilise a greater share of loans for sustainable projects they will need a reliable policy framework, clear internal performance targets and the relevant skills. A discount on bank capital underlying such assets is neither justified nor likely effective.
A comprehensive review of how climate risks are reflected in prudential regulation is nevertheless in order
The Commission's 'European Green Deal' sets out massive investment needs in a variety of areas, amounting to potentially 1.5 per cent of the EU's annual GDP. If these targets are to be met it is clear that in addition to the various EU and European Investment Bank (EIB) instruments, European capital markets, banks and other financial institutions will need to significantly reallocate funding.
A review of how prudential regulation reflects climate risks, and how it treats green assets was mentioned in the Commission's December policy statement. This also seems a reference to the Commissioner's earlier statements that a 'green supporting factor' would be examined.
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Source: bruegel.org
A trillion reasons to scrutinise the Green Deal Investment Plan
January 15, 2020--The European Commission has revealed its €1 trillion investment plan for the European Green Deal. This will not be enough to unleash the expected "green investment wave". For that to happen, more must be done.
One month after unveiling its European Green Deal, the European Commission has revealed its first proposals on the investment pillar of the initiative.
The Commission's proposals have two main objectives. Firstly, to mobilise the sustainable investments required to reach the EU 2030 climate and energy targets. And secondly, to provide support to territories facing serious socio-economic challenges deriving from the transition towards climate-neutrality.
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Source: bruegel.org
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