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ESMA updates its Q&As relating to the Prospectus Regulation
July 12, 2019--The European Securities and Markets Authority (ESMA) has today included twenty-five new Q&As relating to Regulation (EU) 2017/1129 (the 'Prospectus Regulation').
Three of these Q&As provide clarification on the following issues in relation to the Prospectus Regulation:
The application of Article 23(3) of the Prospectus Regulation in relation to issuers that qualify as financial intermediaries.
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Source: ESMA
ECB-Account of the monetary policy meeting
Of the Governing Council of the European Central Bank, held in Vilnius on Wednesday and Thursday, 5-6 June 2019
July 11, 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 9-10 April 2019, US trade negotiations with both China and Mexico had progressively deteriorated, negatively impacting global equity markets and pushing equity risk premia higher.
Bond yields had declined to multi-year lows. In foreign exchange markets, the euro and the US dollar had appreciated in nominal effective terms, reflecting mainly the weakness in emerging market currencies and, in particular, the Chinese renminbi. At the same time, the euro had continued its gradual depreciation against the US dollar, a trend observed since the start of 2018 that likely related to changes in the relative growth outlook.
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Source: ECB
ESMA updates its Q&As regarding the Benchmark Regulation
July 11, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the commodity benchmark definition; and
the contribution to the euro short-term rate (€STR).
The purpose of this document is to promote common supervisory approaches and practices in the application of the BMR.
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Source: ESMA
Bank of England warns no-deal Brexit could trigger economic shock
July 11, 2019--Governor says EU firms might also face lending crisis by being cut off from banks in London.
The Bank of England has warned that a no-deal Brexit could trigger a material shock to the UK economy while causing widespread disruption for EU companies by cutting them off from London-based banks.
Stating that the risk of Britain crashing out without a deal had risen, the Bank said the City of London was ready to withstand such a scenario and avoid banks failing, as they did in the financial crisis. However, there would still be major disruption for companies.
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Source: theguardian.com
ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries
July 11, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
The Q&As on MiFID II and MiFIR investor protection and intermediaries topics provide a new answer on:
Best execution-Classification of financial instruments under RTS 27 if
ESMA has not published any calibrated market sizes.
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Source: ESMA
New Lyxor ETF on Xetra: Focus on Emerging Markets
July 10, 2019--A new Exchange Traded Fund from Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Lyxor MSCI Emerging Markets Ex China UCITS ETF offers a global investment in the performance of listed companies in emerging markets, excluding the Republic of China.
The underlying benchmark index includes companies with high and medium market capitalisation, with the objective of representing 85 percent of the free float market capitalisation of each developing country depicted. The ETF provides an investment in an accumulating share class.
Name: Lyxor MSCI Emerging Markets Ex China UCITS ETF
Asset class: Equity ETF
ISIN: LU2009202107
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Source: Deutsche Börse Cash Market
European Commission-Summer 2019 Economic Forecast: Growth clouded by external factors
July 10, 2019--The European economy is set for its seventh consecutive year of growth in 2019, with all Member States' economies due to expand. Growth in the euro area was stronger than expected in the first quarter of the year due to a number of temporary factors such as mild winter conditions and a rebound in car sales.
It also benefited from fiscal policy measures, which boosted household disposable income in several Member States. The near-term outlook for the European economy, however, is clouded by external factors including global trade tensions and significant policy uncertainty. These have continued to weigh on confidence in the manufacturing sector, which is the most exposed to international trade, and are projected to weaken the growth outlook for the remainder of the year.
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Source: European Commission
IMF Staff Country Report-Germany: Selected Issues
July 10, 2019--WEALTH INEQUALITY AND PRIVATE SAVINGS IN
GERMANY1
Does the large current account surplus in Germany reflect export-driven income gains that are evenly
shared among the population? The evidence strongly suggests this is not the case and underscores the
important role of German business wealth concentration in this context.
As high corporate savings and underlying profits largely reflect capital income accruing to wealthy households and increasingly
retained in closely-held firms, the buildup of external imbalance has been accompanied by widening
top income inequality, rising private savings and compressed consumption rates.
A. Introduction
1. Germany is the world's leading exporter of high value-added manufacturing goods and, following the Euro adoption, has steadily increased its current account surplus and netforeign asset position.
view the IMF Staff Country Report-Germany : Selected Issues
Source: IMF
New Amundi ETC on Xetra: Commodity investment in physical gold
July 9, 2019--Since Tuesday a new Exchange Traded Commodity (ETC) of Amundi is tradable via Xetra and Börse Frankfurt.
The ETC gives investors the opportunity to participate in the performance of gold. The price development is based on the spot gold price of the London Metal Exchange (LME) less accruing fees.
The Amundi Physical Gold ETC is a debt security; the securitised gold is deposited. Holders of this security are entitled to receive the value in cash or gold.
Name: AMUNDI PHYSICAL GOLD ETC
Asset class: ETC
ISIN: FR0013416716
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Source: Deutsche Börse Cash Market
Debt-laden Italy seizes moment to borrow more 50-year funds
July 8, 2019--Italy's Treasury has hired investment banks to help sell more of its 50-year bonds to institutional investors, seizing on improved market confidence after the government avoided European Union disciplinary action for excessive debt.
Last week, Rome persuaded the European Commission that new budget measures it had submitted would help bring its growing debt in line with EU fiscal rules.
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Source: Reuters
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