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Monday Morning Memo: Have European fund investors started to change their asset allocation?
July 29, 2018--Looking at the headline figures, first half 2018 could be considered a business-as-usual period for the European fund industry, since the assets under management (+€10.7 tr) increased in the first and second quarters of the year. But a closer look at the underlying trends shows that the recent geopolitical uncertainty and discussions of possible new tariffs in the U.S., which may result in a trade war, caused investors to change their asset allocations.
Assets Under Management in the European Fund Industry
The assets under management in the European fund industry increased from €10.4 tr to €10.7 tr over first half 2018. This increase was mainly driven by the performance of the underlying markets (+€178.1 bn), while net sales contributed €59.8 bn.
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Source: Detlef Glow, Thomson Reuters
Euro area economic and financial developments by institutional sector: first quarter of 2018
July 27, 2018--Euro area economic and financial developments by institutional sector: first quarter of 2018
Euro area net saving was higher in the first quarter of 2018, compared to the first quarter of the previous year. Total euro area non-financial investment (net) increased to 4.3% of net disposable income (compared with 3.8% a year ago), as increased investment by households and non-financial corporations was only partly offset by negative net investment of government.
Euro area net lending to the rest of the world stayed broadly unchanged compared to a year ago.
Household debt was lower compared to a year ago, both with respect to GDP and disposable income (the respective ratios decreased to 58.0% and to 93.7%).
Non-financial corporation debt declined to 133.7% of GDP, from 136.6% one year ago.
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Source: ECB
New ETF Listing on Euronext-
July 27, 2018--Euronext is pleased to announce that Amundi Asset Management will list 1 new ETF on 31/07/2018 :
ISIN: LU1437017350
ETF Trading name: AMUNDI MSCI EM DR
ETF Symbol: AEME
Venue: Euronext Amsterdam
Underlying index: MSCI Emerging Markets
TER (%): 0,20
Euronext now offers 758 Trackers listed on the European markets.
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Source: euronext.com
FLow Traders Reports 2Q18 NTI 53.8M euro, On Target To Achieve Record Year
July 27, 2018-- Flow Traders N.V. (Euronext: FLOW) today released its unaudited 2Q18 results. The highlights for the period are as follows:
NTI reached €53.8m in 2Q18, against € 213.2m in 1Q18 and € 46.7m in 2Q17. 1H18 NTI reached €266.9m and is on track to lead to a record year
Fixed costs grew 0.8% Q-o-Q, leading to fixed cost growth in 1H18 of 4.1% Y-o-Y
2Q18 EBITDA margin was 36%, leading to a 1H18 EBITDA margin of 57%
Net Profit reached €17.2m in 2Q18, resulting in a 1H18 Net Profit of €126.8m, or a 1H18 EPS of € 2.73
Under the CRR (Capital Requirement Regulation), Flow Traders' own funds requirement was €179m as at 30 June 2018, resulting in excess capital of €111m
Interim dividend for 2018 is set at € 1.35
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Source: Flow Traders
IMF Staff Country Reports France: Selected Issues
July 26, 2018--CORPORATE DEBT IN FRANCE1
France's corporate debt has risen significantly since the global financial crisis and is among the highest in advanced economies, reflecting mainly an increase in intercompany loans and bonds. The increase in debt has financed real investments, as well as acquisition of financial assets and extension of intercompany loans.
The increase in debt (and its level) appear less worrisome when debt is consolidated among non-financial corporations. Despite the increase in the stock of debt, debt service has increased moderately. A cross-country regression analysis reveals that French publicly listed firms are on average not more indebted and have not increased their debt more than peers in other countries, after controlling for firm and sector characteristics as well as common time effects. However, the increase in debt is concentrated among large firms with sizeable leverage in a few industries, raising questions about these firms’ ability to service this debt when interest rates rise.
view the IMF Staff Country Reports France: Selected Issues
Source: IMF
ECB-Monetary policy decisions
July 26, 2018--At today's meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively.
The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019, and in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term.
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Source: ECB
Monetary developments in the euro area: June 2018
June 25, 2018--Annual growth rate of broad monetary aggregate M3 increased to 4.4% in June 2018 from 4.0% in May
Annual growth rate of narrower aggregate M1, comprising currency in circulation and overnight
deposits, stood at 7.4% in June, compared with 7.5% in May
Annual growth rate of adjusted loans to households stood at 2.9% in June, unchanged from
previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 4.1% in June
from 3.7% in May
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Source: ECB
EBA publishes its assessment of European Secured Notes
July 24, 2018--The European Banking Authority (EBA) published today a report presenting the outcome of its assessment to the European Commission's call for advice on the European Secured Notes (ESNs).
In addition, it puts forward recommendations on key aspects for the European Commission to consider when possibly designing the legislative framework for SME ESNs.
SME ESNs, similar to covered bonds, could be structured as a dual recourse instrument.
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Source: EBA
Monday Morning Memo: European Fund-Flow Trends June 2018-Negative market sentiment takes a toll on mutual funds
July 23, 2018--European investors pulled back further from long-term mutual funds as the market environment and general sentiment turned negative. As a consequence, June was the second month posting net outflows from long-term mutual funds after 16 consecutive months showing net inflows.
That said, European fund promoters still enjoyed net inflows into mixed-asset funds (+€3.4 bn), followed by real estate funds (+€1.1 bn) and commodity funds (+€0.2 bn). In contrast, bond funds (-€15.0 bn) were the asset type with the highest net outflows from long-term mutual funds for the second month in a row, bettered by equity funds (-€11.0 bn), “other” funds (-€0.6 bn), and alternative UCITS funds (-€0.1 bn).
These fund flows added up to overall net outflows of €22.0 bn from long-term investment funds for June. ETFs contributed €0.9 bn to these flows.
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Source: Detlef Glow, Thomson Reuters
Canada has high levels of well-being and solid growth but trade tensions and housing market pose risks while inclusiveness could be improved
July 23, 2018--Canada is one of the OECD economies delivering the best outcomes for its citizens, according to a new OECD report presented in Ottawa today by OECD Chief of Staff and G20/G7 Sherpa Gabriela Ramos. Canada scores highly in all dimensions of the OECD's Better Life Index, especially in regards to self-reported well-being, personal security and health status.
Canada is also undertaking several programmes to foster inclusive growth-with respect to childcare benefits, gender equality and social housing-in line with the OECD Framework for Policy Action for Inclusive Growth.
The 2018 OECD Economic Survey of Canada finds the macroeconomic situation to be broadly favorable, with low unemployment, inflation on target and growth expected to remain solid over 2018-19.
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Source: OECD
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