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Monday Morning Memo: Market Overview-Factor-Investing ETFs
July 2, 2018--(May 31, 2018)
Factor-investing ETFs (the so-called smart beta ETFs) have been seen for a few years as one of the main drivers of future growth in the European ETF market, since they are innovative products that suit the needs of many investors.
These kinds of products get a lot of attention from market observers and are also a topic of many discussions and panels at numerous asset management conferences. But even though there is a lot of noise around factor-investing ETFs, the open question is whether investors will buy into these concepts. Here we attempt to shed light on the wider market structure of the European ETF segment and take a closer look at the assets under management in factor-investing ETFs to determine these products' relative success.
DAX turns 30-Frankfurt celebrates
July 2, 2018--DAX, Deutsche Börse's most important selection index, officially celebrated its 30th birthday on Monday.
Deutsche Börse marked the anniversary on the Frankfurt Stock Exchange trading floor together with DAX members, management board members of well known companies, representatives of the Frankfurt financial centre community and the founding fathers of the DAX index, including Frank Mella and Manfred Zass.
ETFGI reports 44th consecutiv ETFGI PRESS RELEASE: ETFGI reports 44th consecutive month of net inflows into ETFs and ETPs listed in Europe with US$2.89 billion in net new assets during May 2018
July 2, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported net inflows of US$2.89 billion into ETFs and ETPs listed in Europe during May 2018, marking the 44th consecutive month of net inflows into European-listed ETFs/ETPs. (All dollar values in USD unless otherwise noted.)
Highlights
May 2018 marked the 44th consecutive month of net inflows into ETFs/ETPs listed in Europe.
Net inflows of $2.89 Bn into ETFs and ETPs listed in Europe during May 2018.
At the end of May 2018, the European ETF/ETP industry had 2,324 ETFs/ETPs, with 7,684 listings, assets of $819.7 Bn, from 66 providers on 27 exchanges.
The Spanish exchange traded 60.3 billion Euro in June
July 2, 2018--The Spanish Exchange traded €60.3 billion in Equities in June, down 8.6% from the preceding month. The number of trades in June reached 3.9 million, in line with May.
The number of Warrants and Certificates admitted to trading in June came in at 3,291, up 27% year on year.
Trading of Financial Derivatives in June increased 55.5% from the previous month. There was growth in stock futures (106.4%), stock options (64.5%) and IBEX 35 Options (7.7%). The overall open interest increased 0.12% compared to June 2017. Worth of note was the heavy trading in stock futures (+24.4%) and in IBEX 35 options (+61.2%)
VanEck appoints European head
July 2, 2018--VanEck has appointed Martijn Rozemuller as European head to further expand its ETF business in the region.
Rozemuller was previously managing director of Dutch ETF provider Think ETFs, which was acquired by VanEck at the beginning of the year. The transaction is now complete and Think ETFs brand will continue for the time being.
New Invesco ETF launched on Xetra: US dollar-denominated CoCo bonds from companies in industrialised countries
June 29, 2019--A new exchange traded fund issued by Invesco Asset Management is tradable on Xetra and Börse Frankfurt since Thursday.
The Invesco AT1 Capital Bond UCITS ETF EUR Hdg Dist enables investors to participate in the performance of contingent convertible bonds issued worldwide by banks from industrialised countries and denominated in US dollars.
Contingent convertible bonds are long-term subordinated bonds that obligatorily convert from debt into equity if a pre-specified trigger event occurs. They are therefore a type of hybrid bond with equity-like features
Flow Traders NV: BinckBank and Flow Traders complete sale of Think ETF Asset Management B.V.
June 29, 2018--BinckBank N.V. (60%), Flow Traders N.V (24%) and Think ETF's management (16%) together announce that, further to the press release on January 19th 2018, the sale of their stakes in Think ETF Asset Management B.V. to Van Eck Associates Corporation has been completed.
Van Eck has received almost full ownership of Think ETF Asset Management B.V., only management of Think ETF Asset Management B.V. will retain a small stake.
Financial details of the transaction will not be disclosed at this stage.
Boerse Stuttgart offers bond settlement in foreign currencies
June 28, 2018--7,000 debt securities (bonds) in 20 different foreign currencies already tradeable without need for conversion into euros
New FXplus technical platform
Since April, Boerse Stuttgart has been offering trading participants the possibility to choose to settle foreign currency bond transactions not only in Euro but also in the currency of nominal value.
S&P Dow Jones Indices-Index Dashboard:Europe
June 28, 2018--Summary
As trade tensions soured sentiment across global equity markets, the S&P Europe 350 fell 0.57% this month. However, gains earlier in the quarter-particularly from the U.K.-meant the European equity benchmark posted a 4.42% quarterly total return.
A re-emergence of European political risk also contributed to the European equity
benchmark's decline this month. Eurosceptic rhetoric from the newly -formed Italian
coalition is expected to put it at odds with the E.U. Markets also reacted poorly to
growing speculation that Germany's coalition government may collapse over the issue
of migration; it remains to be seen if last night's deal among European leaders will be sufficient for Chancellor Angela Merkel to appease her Bavarian allies.
IMF-Ireland: Selected Issues
June 28, 2018--BUSINESS CYCLE IN IRELAND: ACCOUNTING FOR OPEN LABOR MARKET AND MULTINATIONALS1
Assessing the business cycle in Ireland is complicated by the open character of its labor market and
large presence of globally active multinationals. This chapter takes into account these features of
the Irish economy when estimating potential output and the cyclical position.
Results point to a strong recent rebound of potential growth as well as a currently advanced cyclical position, with a
positive and widening output gap.
A. Introduction
1. This chapter estimates the cyclical position of the Irish economy. The recent
publication of the GNI* and other related indicators, which help to identify the large global
activities of multinationals and provide a better measure of the size of the domestic economy,
has invited for a deeper analysis of the cyclical position of the Irish economy.2 A better understanding of the cyclical position is essential for macroeconomic diagnostics, including
assessing external sustainability and determining an appropriate fiscal policy stance.
