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New iShares ETFs on Xetra: Worldwide investment in government and corporate bonds with hedging against currency fluctuations
April 30, 2019--Three new iShares Exchange Traded Funds have been available for trading on Xetra and Börse Frankfurt since Tuesday.
The three bond ETFs offer a broadly diversified investment in corporate or government bonds, either from emerging and/or industrialised countries and with investment grade or as high-yield exposure.
The iShares J.P. Morgan $ EM Bond UCITS ETF EUR Hedged (Acc) offers an investment in emerging market government and quasi government bonds denominated in US dollars. The bonds have a fixed interest rate and a maturity of at least two years with a minimum outstanding amount of 1 billion US dollars. Dividends are reinvested. The iShares Global Corp Bond UCITS ETF EUR Hedged (Dis) allows investors to participate in bonds issued by companies from emerging and developed countries worldwide that have an investment grade rating. The bonds have a maturity of at least one year and a fixed coupon. The iShares Global High Yield Corp Bond UCITS ETF EUR Hedged (Dis) provides access to a high-yield exposure that reflects the performance of the globally developed market for liquid corporate bonds with a rating below investment grade status. Bonds in the index have a maximum original maturity of 15 years, bonds newly included in the index have a minimum maturity of 1.5 years. The index currently includes corporate bonds denominated in US dollars, euros, pounds sterling and Canadian dollars. All three ETF products use a hedging strategy to minimize the exchange rate risk between the base currency of the index components and the euro.
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Source: Deutsche Börse Cash Market
New Templeton ETF on Xetra: Active investment in European Green Bonds
April 30, 2019--A new Franklin Templeton Exchange Traded Fund has been tradable on Xetra and Börse Frankfurt since Tuesday.
The Franklin Liberty Euro Green Bond UCITS ETF enables an engagement in Green Bonds, which serve to finance projects for climate and environmental protection and have been awarded as sustainable by the International Capital Market Association.
The bonds must be issued in euros or another European currency, whereby the currency risk is hedged in the case of non-euro currencies. Included are corporate, government or quasi government bonds with different maturities and variable or fixed interest rates.
The investment pursues an active investment strategy that regularly restructures the portfolio to maximise returns and adapts it to market developments. Interest income is accumulated.
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Source: Deutsche Börse Cash Market
Eurostat-Preliminary flash estimate for the first quarter of 2019-GDP up by 0.4% in the euro area and by 0.5% in the EU28
+1.2% and +1.5% respectively compared with the first quarter of 2018
April 30, 2019-Seasonally adjusted GDP rose by 0.4% in the euro area (EA19) and by 0.5% in the EU28 during the first quarter of 2019, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.
In the fourth quarter of 2018, GDP had grown by 0.2% in the euro area and by 0.3% in the EU28.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and by 1.5% in the EU28 in the first quarter of 2019, as in the previous quarter.
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Source: Eurostat
S&P Dow Jones Indices-Index Dashboard: Europe
April 30, 2019--With first quarter earnings coming in better than feared for Europe's blue chips, and with further promises of stimulus from the European Central Bank, Financials rebounded in April after a weak March, gaining 8% along with Industrials and Information Technology. Health Care lagged, declining 2%.
Another Brexit delay was welcomed by the U.K.'s equity markets: the S&P United Kingdom gained 2% in April. Politicians now have until October 31st to plan a spooky departure, or give up the ghost.
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Source: S&P Dow Jones Indices
ECB-Euro area economic and financial developments by institutional sector: fourth quarter of 2018
April 29, 2019--Euro area net saving increased to €797 billion in the four quarters to the fourth quarter of 2018, compared with €788 billion in the four quarters to the previous quarter. Euro area net non-financial investment increased to €478 billion (from €433 billion previously), owing to increased investments by households and non-financial corporations.
Euro area net lending to the rest of the world decreased to €329 billion (from €363 billion previously).
Household debt was lower at the end of the fourth quarter of 2018 compared with a year earlier, in relation to both GDP and gross disposable income (the corresponding ratios decreased to 57.9% and to 93.5%, from 58.2% and to 94.0% respectively). Non-financial corporation debt decreased to 136.2% of GDP, from 136.9% one year earlier.
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Source: ECB
Monday Morning Memo: European Fund Industry Review Q1 2019
April 29, 2019--The European fund industry faced estimated net outflows of €58.3 bn in Q1 2019. These outflows came after the first year with estimated net outflows since 2012.
The flows were mainly driven by the discussions about a possible trade war between the U.S. and China, a possible return of the Euro crisis caused by developments in Italy and France, an environment of rising interest rates in the U.S., and a general economic slowdown with decreasing earnings at the company level.
Nevertheless, since the equity markets showed a rebound over the course of Q1 2019, one would have expected to see net inflows into mutual funds. That said, even as the general environment was negative, some fund promoters still enjoyed significant inflows. It was also not surprising to witness that the European fund industry experienced further mergers and acquisitions on the asset manager side, as well as in the service provider segment.
Assets Under Management in the European Fund Industry
The assets under management in the European fund industry increased from €9.9 tr to €10.4 tr in 2019 year to date. This increase was driven by the performance of the underlying markets (-€542.2 bn), while net sales contributed outflows of €58.3 bn.
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Source: Refinitiv
Moex Eleven ETFs to migrate to settlement on T+2
April 29, 2019--On 6 May 2019, trading in Exchange Traded Funds (ETFs) under the Finex ETF and ITI Funds brands will migrate to a T+2 settlement cycle in USD without full collateral required. Nine FinEx ETFs will be transferred from the order book with same day settlement in USD (board ID: EQTD) to the order book with settlement on T+2 in USD (board ID: TQTD); trading in the ETFs in EQTD board will be terminated;ยท
Two ITI Funds ETFs will be admitted to trading with settlement on T+2 in USD.
Investors will then be able to trade ETFs both in RUB and USD with a unified T+2 settlement cycle.
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Source: Moscow Stock Exchange
Vienna Stock Exchange expands ATX index offering with new leverage indices
April 26, 2019--(Vienna) The Vienna Stock Exchange launches new leverage indices on the leading Austrian index ATX, thus expanding its existing range of indices. The new indices with a leverage of 12 and 15 are based on the ATX Net Total Return.
The benchmarks take into account the net dividends of the index members. With this expanded offer, the Vienna Stock Exchange is responding to the demand of international market participants.
Leverage indices refer to an existing index (reference index) and represent its performance with a leverage fixed at the start of the index. This leverage function allows the leverage index to participate disproportionately in the daily performance of the benchmark index, both in positive and negative movements.
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Source: Wiener Börse AG
Deutsche Bank and Commerzbank abandon merger talks
April 25, 2019--Deutsche Bank and Commerzbank have abandoned merger talks, saying the deal would have been too risky.
Both banks said the deal would not have generated "sufficient benefits" to offset the costs of the deal.
The German banks only entered formal merger talks last month.
The German government had been supporting the tie-up, with reports saying Finance Minister Olaf Sholz wanted a national champion in the banking industry.
The government still owns a 15.5% stake in Commerzbank, acquired after the bank was bailed out following the financial crisis.
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Source: BBC.com
New US exchange MEMX could come to Europe, backer hints
April 25, 2019--One of the backers of MEMX, the new US exchange set up to challenge Nasdaq and the New York Stock Exchange, has hinted that the model could be exported to Europe.
Doug Cifu, the chief executive of Virtu Financial, a proprietary trading firm and broker, said: "The mandate of the MEMX Exchange is not limited to the United States."
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Source: fnlondon.com
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