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Profits at European fund managers forecast to fall 6%
August 10, 2019--Profits at European fund managers look likely to fall by almost 6 per cent this year, adding to pressure on investment companies to cut costs and reduce staff.
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Source: FT.com
Unscheduled free float adjustment of Axel Springer SE in MDAX
August 8, 2019--Changes to be effective as of 13 August 2019
On Thursday, Deutsche Börse announced an unscheduled change to the MDAX index. Due to the acquisition of Axel Springer SE (DE0005501357) by Traviata II S.à.r.l. the free float of Axel Springer changed by more than 10 percentage points.
According to the Guide to the Equity Indices of Deutsche Börse AG, section 5.1.5., the company's free float will be adjusted in the index from the current 48.16 percent to 19.35 percent.
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Source: Deutsche Börse Group
New HSBC ETF on Xetra: Access to companies from Saudi Arabia
August 7, 2019--A new Exchange Traded Fund from HSBC Global Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The HSBC MSCI Saudi Arabia 20/35 Capped UCITS ETF enables investors to participate in the performance of the 30 largest companies in Saudi Arabia.
The weighting of the largest group unit in the benchmark index is limited to 35 per cent and that of all other units to a maximum of 20 per cent.
With 30 components, the ETF covers around 85 per cent of the free float-adjusted market capitalisation in Saudi Arabia. Name Asset class ISIN Ongoing charges Distribution policy Reference index HSBC MSCI Saudi Arabia 20/35 Capped UCITS ETF Equity ETF DE000A2PMZG1 0.5 per cent Distributing MSCI Saudi Arabia 20/35 Capped Index The product range in Deutsche Börse's XTF segment currently comprises a total of 1,475 ETFs. With this selection and an average monthly trading volume of around EUR 11 billion, Xetra is the leading trading platform for ETFs in Europe.
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Source: Deutsche Börse Cash Market
STOXX launches EURO STOXX 50 ESG Index
August 6, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has launched an ESG version of its flagship index EURO STOXX 50(R).
The index was licensed to UBS Asset Management as an underlying for an ETF, which was listed in Frankfurt today. Clemens Reuter, Head of ETF & Passive Investment Specialists, UBS Asset Management, said: "The demand for sustainable investments is accelerating, and the EURO STOXX 50 ESG helps us expand into new markets and segments, widening ESG investment opportunities.
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Source: Deutsche Börse Group
New Active ETFs from Invesco on Xetra: Sustainable investments in combination with multi-factor strategy
August 5, 2019--Since Monday, two new Exchange Traded Funds from Invesco are tradable via Xetra and Börse Frankfurt.
The two new actively managed ETFs give investors the opportunity to combine sustainability criteria with a factor approach.
The ETFs cover shares worldwide that meet the ESG environmental, social and corporate governance criteria. Eligible shares are checked for compliance with the fund's ESG criteria and then are rated on the basis of three investment factors: Substance (i.e. companies perceived as "cheap" compared to the market average), quality (i.e. companies with higher earnings compared to the market average) and dynamism (i.e. companies whose historical share price performance or earnings growth was above the market average).
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Source: Deutsche Börse Cash Market
New iShares ETF on Xetra: Access to European government bonds
August 5, 2019--Since Monday a new Exchange Traded Fund of iShares is tradable via Xetra and Börse Frankfurt.
The iShares EUR Govt Bond 20yr Target Duration UCITS ETF enables investors to participate in the performance of European government bonds with an aggregate maturity of 20 years.
The bonds are selected from the Markit iBoxx EUR Eurozone 15+ Index. This index comprises fixed-income and zero coupon bonds with a maturity of at least 15 years issued by a central government of a member of the euro zone denominated in euro or a pre-euro currency. Only bonds with a minimum rating of AA- or better from Fitch, Moody's and Standard & Poor's Ratings Services will be included in the ETF.
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Source: Deutsche Börse Cash Market
Germany's Whole Yield Curve Dives Below 0% for the First Time
August 2, 2019--Nation becomes the largest economy to have all negative yields
Trump's threat of new tariffs has fueled the latest rally
German 30-year bonds rallied to send yields across the whole of its debt market below 0% for the first time after President Donald Trump ratcheted up the U.S. trade war with China.
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Source: Bloomberg
IMF Staff Country Report-Russian Federation: Selected Issues
August 2, 2019--FURTHER IMPROVING FISCAL TRANSPARENCY IN RUSSIA TO RAISE GOVERNMENT EFFICIENCY AND REDUCE VULNERABILITIES TO CORRUPTION1
Fiscal transparency has acquired a central role in IMF surveillance since the wave of crises that struck
emerging markets in the late 1990s. Budget openness is important because it increases investor confidence, facilitates the efficient allocation of resources by the public sector, and reduces opportunities
for corruption.
Cross-country evidence from European countries confirms that fiscal transparency is broadly and robustly correlated with better outcomes, including lower borrowing costs, higher efficiency of public investment and revenue collection, and improved corruption perceptions. Russia scores relatively well on fiscal transparency and has made significant progress in improving its practices over the last
5 years. However, there remains room for further improvement. Fiscal statistics should be compiled by an
independent statistics agency and expanded to include sub-soil assets, public private partnerships, and
pension liabilities.
view the IMF Staff Country Report-Russian Federation: Selected Issues
Source: IMF
MiFID II: ESMA makes new bond liquidity data available
August 1, 2019--The European Securities and Markets Authority (ESMA) has started today to make available new data for bonds subject to the pre-and post-trade requirements of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) through its data register.
ESMA has started today to make available the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 594 liquid bonds subject to MiFID II transparency requirements.
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Source: ESMA
The Coming Clash Between Climate and Trade
August 1, 2019--The new leaders of the European Union, who have relentlessly championed open markets, will, ironically, likely trigger a conflict between climate preservation and free trade. But this clash is unavoidable, and how Europe and the world manage it will help to determine the fate of globalisation, if not that of the climate.
The incoming president of the European Commission, Ursula von der Leyen, has laid out a highly ambitious climate agenda. In her first 100 days in office, she intends to propose a European Green Deal, as well as legislation that would commit the European Union to becoming carbon neutral by 2050. Her immediate priority will be to step up efforts to reduce the EU’s greenhouse-gas emissions, with the aggressive new goal of halving them (relative to 1990 levels) by 2030. The issue now is how to make this huge transition politically and economically sustainable.
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Source: bruegel.org
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