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Germany's shock court ruling against the ECB challenges the stability of the euro zone
May 12, 2020--The European Central Bank was quick to react, arguing that it follows decisions taken by the European Court of Justice- not national courts.
However, the German ruling has sparked an unprecedented legal minefield and has led to new questions about the future of the euro zone.
The stability of the euro zone is once again under scrutiny after the German Constitutional Court issued a decision last week that surprised financial markets and policymakers in Europe.
The highest court in Germany said last Tuesday that parts of the European Central Bank's (ECB) actions were illegal under German law. The court said one of the ECB's tools-its quantitative easing program-did not respect "the principle of proportionality" and that the German central bank and government should have challenged the central bank in this regard.
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Source: cnbc.com
Rize ETF expands offering to Northern Europe
May 11, 2020--Thematic ETF specialist Rize ETF has registered its two products for sale in four more countries in Northern Europe.
The Rize Cybersecurity and Data Privacy UCITS ETF (CYBR) and the Rize Medical Cannabis and Life Sciences UCITS ETF (FLWR) are listed on the London Stock Exchange and the Frankfurt Stock Exchange.
CYBR and FLWR can be passported into the Netherlands, Denmark, Sweden and Finland as a result of the expansion.
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Source: etfstream.com
ETF Money Monitor-March 2020
April 9, 2020--Key takeaways:
Fixed Income funds suffered their largest outflows on record in March 2020 (€-128.7bn). Equities recorded their second-largest-ever outflow amid the Covid-19 crisis (€-53bn).
ETF flows: ETFs had large outflows (€-25.6bn) over the month, with Fixed Income and Equity ETFs losing €-13.3bn and €-13.0bn respectively. Money Market was the only asset class were ETFs recorded positive flows (€1.3bn).
ESG ETFsremained a bright spot in March despite the challenging market context, gathering €1.0bn.
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Source: Lyxor
German Foreign Minister Maas warns of hard Brexit as talks stall
May 9, 2020--Heiko Maas voiced his concern amid floundering trade talks between the EU and UK. The two sides have also not agreed on whether to extend the negotiation period, if an agreement is not made by the end of the year.
A hard Brexit is becoming increasingly likely, as negotiations between Britain and the European Union have stalled, German Foreign Minister Heiko Maas told the Augsburger Allgemeine newspaper.
Talks on the future trade relationship and 2021 trade terms between the two blocs have hardly made any progress since the negotiations resumed last month, according to officials.
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Source: dw.com
Two months before the cliff-millions of Europeans cannot afford food and lodging after two months without income
May 7, 2020--Nearly 100 million people in 21 EU countries do not have enough savings in their bank accounts to meet two months of basic expenses: food, utilities, rent or mortgage.
Those born outside the EU are especially at risk. Government support is thus fundamental to help individuals withstand the COVID-19 crisis.
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Source: bruegel.org
Bank of England warns UK faces deepest recession for centuries
May 7, 2020--The UK is facing the deepest recession not just in living memory but for centuries, the Bank of England has warned-predicting that the economy could shrink by 14 per cent over the course of this year.
The impact of coronavirus and the global shutdowns will see investment and household spending plummeting while unemployment soars.
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Source: channel4.com
HANetf Announces TER Reduction on 3 ETFs
May 7, 2020--As of 1st May, 2020 HANetf has reduced fees on the following ETFs from 75bps to 59bps:
HAN-GINS Cloud Computing UCITS ETF (SKYY)-exposure to the world's 50 largest cloud computing companies, many of which are enabling the world to remain productive and entertained as the world finds itself in lockdown.
HAN-GINS Innovative Technologies UCITS ETF (ITEK)-exposure to eight innovative technology megathemes from cyber security to future cars.
HAN-GINS Indxx Healthcare Innovation UCITS ETF (WELL)-exposure to companies at the confluence of healthcare and technology, many of which are at the forefront of developing solutions to defeat coronavirus.
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Source: HANetf
Blown-up Trades at Heart of French Banks Erase $1.5 Billion
May 7, 2020--Stock-trading revenue wiped out for BNP, SocGen, Natixis
Banks struggled with hedging costs and canceled dividends
A key money maker for French investment banks has blown up just as they prepare to deal with the fallout from the coronavirus crisis.
BNP Paribas SA, Societe Generale SA and Natixis SA all saw revenue from equities trading wiped out in the first quarter by heavy losses on complex derivatives, an area of traditional strength. Most of their rivals navigated the market panic more successfully in the wake of the outbreak, posting double-digits gains from the same business.
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Source: blommberg.com
Banking regulation in the Euro Area: Germany is different
May 7, 2020--Despite progress in recent years towards a single banking policy framework in the euro area-a banking union-much of the German banking system has remained partly sheltered from uniform rules and disciplines that now apply to nearly all the area's other banks.
The resulting differences in regulatory regimes could generate vulnerabilities in the still-incomplete banking union, which is being tested in the context of the COVID-19 pandemic.
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Source: bruegel.org
Qontigo Expands Factor-Based Index Suite To Include Sustainable Indices
May 6, 2020-- Qontigo, an investment intelligence leader and provider of best-of-breed analytics and world-class indices, has announced the expansion of the STOXX Factor Index suite to include a family of ESG-screened indices.
The STOXX ESG-X Factor Indices provide sustainability-driven investors with ESG-screened indices that can target similar levels of factor exposures as the STOXX Factor Indices, while controlling for unintended exposures. These factor exposures are derived from the institutionally tested analytics of Axioma Factor Risk Models.
With the addition of the STOXX ESG-X Factor Indices, the STOXX index portfolio now includes ESG-screened versions of more than 50 benchmarks that meet the responsible-investing criteria of leading asset owners. The suite offers ESG-X versions of global, regional and emerging markets benchmarks, including ESG-X versions of the EURO STOXX 50(R) and the STOXX(R) Europe 600.
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Source: Qontigo
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