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IMF Staff Country Report-Greece: Selected Issues
November 15, 2019--REFORMS, LABOR MARKET DYNAMICS, AND COMPETITIVENESS1
In the lead-up to the crisis, Greece's economy became increasingly uncompetitive. By 2009, the real exchange rate had appreciated significantly, and the current account deficit hit record highs. A series of program-era policies helped to partially reverse this trend, including labor market policies that cushioned the effect of the crisis on employment and brought unit labor costs broadly in line with trading partners.
However, the resulting more competitive wage structure only partly translated into
price adjustments due to product market rigidities (with firms retaining some profit margin) and rising
non-wage cost factors (e.g., taxes and financing costs). This incomplete internal devaluation and
subsequent low productivity gains reinforce the view that Greece has further to go to address its
external imbalances.
view the IMF Staff Country Report-Greece: Selected Issues
Source: IMF
Five New BNP Paribas Easy ETFs on Xetra: S&P 500, Euro-Zone Sustainable Equity and Corporate Bonds and Real Estate Companies
November 14, 2019--Five new Exchange Traded Funds from BNP Paribas Easy have been tradable via Xetra and four of them via Börse Frankfurt.
The BNP Paribas Easy S&P 500 UCITS ETF offers investors the opportunity to participate in the performance of the 500 largest listed US equity companies.
The S&P 500 Index represents the most important US industries and is regarded as an indicator for the development of the entire US stock market. The ETF is traded only via Xetra and in US dollars.
BNP Paribas Easy is also expanding its sustainability product portfolio with four additional ETFs.
The BNP Paribas Easy MSCI EMU SRI S-Series 5% Capped ETF is aimed at investors looking for a diversified portfolio of large and mid cap companies with a high minimum of ESG criteria. The securities from ten European countries are selected on the basis of the MSCI ESG ranking.
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Source: Deutsche Börse Cash Market
Swiss Stock Exchange SIX Lists Tezos-Based ETP With 'Baking'
November 14, 2019--Switzerland's main stock exchange SIX has listed a Tezos-based exchange-traded product (ETP) that enables investors to generate passive income.
Traded under the symbol AXTZ, the product is issued by fintech Amun AG in partnership with the Tezos Foundation. It went live for trading on Nov. 5.
Passive yield
According to an overview of the instrument, the ETP's investment objective is both to provide exposure to the performance of Tezos while generating additional yield for investors through so-called "baking rewards."
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Source: cointelegraph.com
Euro area securities issues statistics: September 2019
November 13, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.1% in September 2019, compared with 3.2% in August.
For the outstanding amount of listed shares issued by euro area residents, the annual rate of change was -0.1% in September 2019, the same as in August.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 670.5 billion in September 2019. Redemptions amounted to EUR 592.3 billion and net issues to EUR 78.2 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 3.1% in September 2019, compared with 3.2% in August.
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Source: ECB
Europe Must Focus on Creating Strong, Shared and Resilient Growth to Safeguard Against the Worst Impacts of Sudden Economic Shocks
November 13, 2019--European Union member states must strengthen their institutions for resilient growth to shield against economic crises, protect the most vulnerable and ensure incomes can rebound quickly, says a new World Bank report.
The latest European Union Regular Economic Report-entitled Including Institutions-outlines priorities for countries to most effectively respond in the event of an unexpected downturn.
Three critical factors are identified. First, countries must secure strong overall growth, both at the country level and in lagging regions. Second, the benefits of growth-jobs and incomes-must be shared among all citizens. Third, growth must be resilient so that incomes, if hit hard, can quickly rebound.
view the World Bank EU Regular Economic Report -Including Institutions: Boosting Resilience in Europe
Source: World Bank
GraniteShares enters the UK Market offering short and leveraged single stock daily ETPs with Solactive Indices
November 12, 2019--GraniteShares, the U.S. based ETF provider, has entered the European market with a platform of short and leveraged single stock daily Exchange Traded Products (ETPs) for major companies, all of which are listed on the London Stock Exchange. The ETPs track indices taken from Solactive’s new Single Stock Leverage Index Family exclusively.
Products on leveraged indices have been rising in popularity, growing from USD 2.4 bn in assets under management in 2006 to a substantial amount of USD 75.5 bn at the end of September 2019. Primarily, this development owes its popularity to the increasingly fast-changing nature of markets: a constantly growing interweaving of international stock markets in light of an ever more globalized world economy often results in higher market volatility, which sparks the necessity for more frequent tactical repositioning of portfolios and the ability to hedge stock risk in broad index and active funds exposures alike.
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Source: Solactive AG
Brexit 'Paralysis' Leads Moody's to Lower Outlook on U.K. Debt
November 9, 2019--The ratings company cited little prospect for reduction in government spending, though investors remain sanguine, with U.K. interest rates not far from record lows
Moody's Investors Service lowered its outlook on the U.K.'s debt rating, saying the country's handling of Brexit has shown its once robust public institutions are at risk of losing their predictability and cohesiveness.
The ratings company cited the "increasing inertia and, at times, paralysis that has characterized the Brexit-era policy-making process" in stamping a negative outlook on the country's rating.
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Source: Wall Street Journal
European Commission-Autumn 2019 Economic Forecast: A challenging road ahead
November 7, 2019--The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021. Labour markets remain strong and unemployment continues to fall. However, the external environment has become much less supportive and uncertainty is running high. This is particularly affecting the manufacturing sector, which is also experiencing structural shifts.
As a result, the European economy looks to be heading towards a protracted period of more subdued growth and muted inflation.
Euro area gross domestic product (GDP) is now forecast to expand by 1.1% in 2019 and by 1.2% in 2020 and 2021. Compared to the Summer 2019 Economic Forecast (published in July), the growth forecast has been downgraded by 0.1 percentage point in 2019 (from 1.2%) and 0.2 percentage points in 2020 (from 1.4%). For the EU as a whole, GDP is forecast to rise by 1.4% in 2019, 2020 and 2021. The forecast for 2020 was also revised down compared to the summer (from 1.6%).
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Source: European Commission
Italy surpasses Greece as euro area's riskiest borrower
November 7, 2019--Yield-hungry investors have snapped up debt from former euro area crisis spots
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Source: FT.com
BOE-Monetary Policy Report-November 2019
November 7, 2019--In a nutshell:
Growth has slowed in the UK and abroad
Inflation is a little below our 2% target
UK and EU flags
Brexit uncertainty has been high
If growth stays weak, interest rates could fall. If growth recovers as expected, rates may need to rise
The interest rate decision
We set interest rates to influence spending in the economy to ensure inflation (the pace of price rises) returns to our 2% target sustainably.
Low and stable inflation supports jobs and growth.
Over the past decade, our economy has needed interest rates to stay very low.
Recently, the UK economy has slowed as firms' uncertainties about Brexit have become entrenched and growth in the world economy has slowed. UK inflation has fallen back to just below our 2% target. This month we have kept interest rates unchanged.
view the Bank Of England-Monetary Policy Report-November 2019
Source: BOE (Bank Of England)
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