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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
New SPDR-ETF Launched on Xetra: Bond ETF Trades Emerging Market Government Bonds in Local Currency
June 23, 2018--Since Monday, a new exchange traded fund from State Street Global Advisors is tradable on Xetra and the Frankfurt Stock Exchange.
The SPDR Bloomberg Barclays Emerging Markets Local Bond UCITS ETF (Acc) gives investors access to liquid government bonds issued by emerging markets in their local currency.
The benchmark index contains both investment-grade bonds and bonds with a lower credit rating. The index components can have a fixed or variable interest rate.
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Source: Deutsche Börse Cash Market
Opus makes ETF debut with actively managed US small-cap ETF
July 23, 2018--Opus Capital Management has become the latest US investment advisor to enter the ETF space with the launch of the Opus Small Cap Value Plus ETF (OSCV US) on NYSE Arca.
The actively managed fund invests in a diversified portfolio of small-cap, dividend-paying US equities with strong growth potential, higher quality, and lower valuation.
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Source: etfstrategy.com
ESMA updates UCITS and AIFMD Q&As
July 23, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).
The Q&A documents include new questions and answers on:
UCITS investing in other UCITS with different investment policies;
Calculation of issuer concentration limits pursuant to Article 52 of the UCITS Directive;
Reuse of assets by a UCITS depositary under
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Source: ESMA
SIX Swiss Exchange-ETF Market Report: 2nd quarter 2018
July 23, 2018--This report provides detailed figures regarding the performance of the ETF segment of SIX.
In Q2 2018, demand on the Swiss ETF market eased, as the latest ETF Market Report[pdf] shows. As a result, trading turnover fell to CHF 25.4 billion compared to the previous quarter. Following a very strong Q1, investors were more cautious, in particular with equity ETFs.
This was also reflected in the significantly lower number of trades. As a result, 253'605 ETF tickets were generated in Q2 2018, representing a decrease of 67'957 on the record Q1 level.
Compared to the same period of the previous year however, the number of ETFs trades has increased by more than 6%. The increase in lower value trades indicates increased interest on the part of private investors.
Record growth of new ETF listings
Growth in ETFs continued. Following the listing of 106 ETFs on SIX in the first quarter, the number of tradable ETFs surged by 73 in the second quarter. In the first half of 2018, 179 new ETFs found their way into trading on the Swiss stock exchange, setting a new record.
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Source: SIX Swiss Exchange
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