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ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank
November 22, 2018--Held in Frankfurt am Main on Wednesday and Thursday, 24-25 October 2018
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 meeting on 12-13 September 2018, a continued rise in ten-year US Treasury yields had been observed. While US Treasury yields had initially also pulled euro area risk-free rates higher, the spillovers had remained relatively contained overall.
A decomposition of the increase in nominal ten-year US Treasury yields into the break-even rate and the real component indicated that the recent rise reflected, by and large, a rise in real yields.
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Source: ECB
he Juncker Plan at work: bringing investment back on track in Europe
November 22, 2018--In a Communication published today, the Commission reveals how the Investment Plan for Europe-the Juncker Plan-has helped bring investment back to a sustainable level in Europe, four years after its launch.
The Investment Plan has exceeded its initial target and expectations and has now mobilised €360 billion worth of investments, two-thirds of which come from private resources
Thanks to the backing of the European Fund for Strategic Investments (EFSI), 850,000 small and medium businesses are set to benefit from improved access to finance. Estimates show that the EFSI has already supported more than 750,000 jobs, while 1.4 million jobs are set to be created by 2020, generating positive impact in millions of European homes.
The Juncker Plan has already increased EU GDP by 0.6%, a figure set to reach 1.3% by 2020.
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Source: European Commission
STOXX Introduces ESG-X Version of STOXX Europe 600 Index
November 21, 2018--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has launched the STOXX(R) Europe 600 ESG-X Index. The index was developed based on feedback of asset owners, in order to accommodate their need for a version of Europe's key benchmark that is in line with the exclusion criteria of their responsible-investing policy.
The STOXX Europe 600 ESG-X includes a product involvement screening for controversial weapons, tobacco and thermal coal as well as a norm-based screening that follows the United Nations Global Compact principles of human and labor rights, the environment, business ethics and anti-corruption. STOXX cooperates with the ESG data provider Sustainalytics for the screening.
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Source: Deutsche Börse Group
Unscheduled free-float adjustment of VTG AG in SDAX
November 21, 201--On Wednesday, Deutsche Börse announced an unscheduled change to the SDAX index. Due to the acquisition of VTG AG (DE000VTG9999) by Warwick Holding GmbH the free float of VTG AG 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 35.51 percent to 23.83 percent. These changes will become effective on 26 November 2018. The next scheduled index review is 5 December 2018.
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Source: Deutsche Börse Group
European Semester Autumn Package: Bolstering inclusive and sustainable growth
November 21, 2018--Commission sets out EU's economic and social priorities for 2019, presents Opinions on Draft Budgetary Plans and confirms the existence of particularly serious non-compliance with the Stability and Growth Pact in the case of Italy; Greece is integrated into the European Semester for the first time.
The 2019 European Semester cycle of economic and social policy coordination begins against a backdrop of sustained but less dynamic growth in a climate of high uncertainty. A lot has been achieved since 2014 but more must be done to support inclusive and sustainable growth and job creation while enhancing the resilience of Member States' economies. At EU level, this demands taking the decisions required to further strengthen the Economic and Monetary Union. At national level, there is a pressing need to use the current growth momentum to build up fiscal buffers and reduce debt. Investment and structural reforms need to focus even more on boosting productivity and growth potential.
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Source: European Commission
Official Statistics: Forecasts for the UK economy: November 2018
November 21, 2018--A comparison of independent forecasts for the UK economy in November 2018.
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Source: HM Treasury
IMF Country Report-Spain: Selected Issues
November 21, 2018--DIFFERENCES IN REGIONAL PRODUCTIVITY: WHAT IS BEHIND IT?1, 2
Recent studies of income convergence among Spanish regions suggest that the convergence has been
slow since 1980 reflecting persistent regional disparities in total factor productivity. Our empirical
analysis-employing stochastic frontier models-finds that, among other factors, differences in
regions' skills mismatch and technology absorption capacity could be behind the disparities.
A benchmarking exercise demonstrates significant potential growth benefits from policy measures that
would bring regions closer to the frontier.
A. Introduction 1. Despite improved post-crisis productivity growth, Spain's productivity is still considerably below that of advanced European peers. The latest estimates suggest that Spain's productivity gap relative to Germany is above 10 percent.
view the IMF Country Report-Spain: Selected Issues
Source: IMF
Monday Morning Memo: Review of the European ETF Market, October 2018
October 19, 2018--The promoters of ETFs in Europe enjoyed net inflows for October. Since the inflows were rather small, they couldn't offset the negative performance of the underlying markets, which led to decreased assets under management in the European ETF industry.
In more detail, the assets under management in the European ETF industry decreased from €679.6 bn as of September 30, 2018, to €657.1 bn at the end of October. The decrease of €22.4 bn for October was driven by the performance of the underlying markets (-€23.2 bn), while net sales contributed inflows of €0.7 bn to assets under management in the European ETF segment.
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Source: Detlef Glow, Head of EMEA Research, Lipper
Switzerland Approves to First Crypto Exchange Traded Product
While all eyes are still glued to the Securities and Exchange Commission in the United States to give a verdict on the first Bitcoin ETF, the Swiss regulators have just raced ahead. According to the latest updates coming from Switzerland, the main stock exchange has given a green light to the world's first exchange-traded product tracking multiple cryptocurrencies.
Swiss take the lead in the Bitcoin ETF/ETP race
As the BTC prices hit the lowest point for the year, Swiss regulators took the opportunity to bring some cheer to the market as they announced the world's first cryptocurrency-based exchange-traded product. The Amun Crypto ETP, which will start trading next week on the SIX exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies.
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Source: coingape.com
ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
November 14, 2018--MiFID-Secondary Markets
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The new Q&As provide clarification on the following topics:
Making data available free of charge 15 minutes after publication (amendment to an existing Q&A);
Obligations applicable to systematic internalisers in non-TOTV instruments;
Definition of RFQ systems;
Pre-trade transparency in RFQ systems;
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Source: ESMA
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