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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.
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Source: IMF
Two new active ETFs issued by Franklin Templeton on Xetra: Investment grade bonds in euros or US dollars
June 26, 2018--Two active ETFs issued by Franklin Templeton are tradable on Xetra and Börse Frankfurt as of Tuesday.
The Franklin Liberty Euro Short Maturity UCITS ETF enables investors to participate in the performance of euro-denominated bonds with short maturities.
The ETF is actively managed and invests in both government and corporate bonds with fixed or variable coupons that have an investment grade rating or are considered equivalent by investment management. The ETF can also invest up to 20 percent of its net assets in non-investment grade bonds.
The Franklin Liberty USD Investment Grade Corporate Bond UCITS ETF enables investment in investment grade bonds denominated in US dollars and issued by US or other foreign companies.
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Source: Deutsche Börse Cash Market
New Xtrackers ETF on Xetra: 600 European companies with currency hedging
June 26, 2018--A new exchange traded fund issued by DWS is tradable on Xetra and Börse Frankfurt as of Tuesday.
This equity ETF allows investors to participate in the performance of the STOXX 600 Index, which comprises shares from 600 large, mid and small cap companies from western Europe.
Index components are weighted based on their relative size, with a maximum of 20 percent. The ETF uses a hedging strategy to minimise the exchange rate risk between the base currency of the index components and the euro.
Name: Xtrackers Stoxx Europe 600 UCITS ETF 2C-EUR Hedged
Asset class: equity ETF
ISIN: LU1772333404
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Source: Deutsche Börse Cash Market
European Commission-Annual report on Trade and Investment Barriers
June 26, 2018--The Commission eliminated in 2017 the highest number ever of trade barriers faced by EU companies doing business abroad
The annual report on Trade and Investment Barriers, released today, shows that the European Commission has eliminated the highest number ever of trade barriers faced by EU companies doing business abroad. European exporters reported a major increase in protectionism in 2017.
The report highlights that thanks to the EU's enhanced Market Access Strategy, 45 obstacles were lifted fully or in part in 2017-more than twice as many as in 2016. The barriers removed spanned across 13 key EU export and investment sectors, including aircraft, automotive, ceramics, ICT & electronics, machinery, pharma, medical devices, textiles, leather, agri-food, steel, paper, and services.
view the European Commission report on Trade and Investment Barriers
Source: Europa
State Street Global Advisors appoints Marcus Miholic
June 25, 2018--State Street Global Advisors SPDR has appointed Marcus Miholich as head of capital markets for Europe, the Middle East, and Africa (EMEA), and Asia-Pacific (APAC).
Based in London, Miholich will report to Tim Coyne, global head of capital markets for the global SPDR business.
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Source: assetservicingtimes.com
European Fund-Flow Trends: May 2018-A grim month for long-term mutual funds
June 25, 2018--European investors pulled back from long-term mutual funds as the market environment and the general sentiment turned negative. As a consequence, May was the first 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 (+€2.5 bn), followed by commodity funds (+€1.4 bn) and alternative UCITS funds (+€1.4 bn) as well as real estate funds (+€0.4 bn), while net flows to “other” funds (-€0.8 bn), equity funds (-€7.4 bn) and bond funds (-€15.9 bn) were negative.
These fund flows added up to overall net outflows of €18.5 bn into long-term investment funds for May. ETFs contributed €1.6 bn to these flows.
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Source: Detlef Glow, Thomson Reuters
Invesco launches European bond ETF
June 25, 2018--Invesco has launched a fixed income ETF giving access to debt issued by European banks.
The fund will track the performance of additional tier one (AT1) capital bonds issued by European banks.
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Source: FTadviser.com
ESMA clarifies CCPs' liquidity risk assessment under EMIR
June 22, 2018--The European Securities and Markets Authority (ESMA) has published today an opinion which sets out how central counterparties (CCPs) in the EU should consider in their internal risk models the liquidity risk posed by all entities towards which the CCP has a liquidity exposure, such as liquidity providers.
The opinion, published under the European Markets Infrastructure Regulation (EMIR), outlines how CCPs should assess liquidity risk, and by so doing promotes convergent risk management practices and risk control across EU.
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Source: ESMA
People-Trading Places: Vanguard, Credit Suisse, Russell and more...
June 22, 2018--Comings and goings in the City and beyond in the week of June 18
Vanguard hires Italy head Asset manager Vanguard has appointed Simone Rosti as head of Italy.
In this newly created position, Rosti will be based in London. He joins from UBS Asset Management where he was head of passive and ETF sales for Europe.
Credit Suisse hires from Deutsche Bank Swiss bank Credit Suisse has hired Anders Mattsson as managing director and head of northern and western Europe.
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Source: fnlondon.com
IMF Euro Area: Staff Concluding Statement of the 2018 Article IV Mission
June 21, 2018--The euro area expansion, while still vigorous, is slowing to a more moderate pace. But global and domestic risks are rising, including escalating trade tensions, policy complacency among member states, and political shocks. Rebuilding fiscal buffers and addressing structural issues to improve resilience and build support for euro area reforms is now even more urgent.
At the same time, completing the banking union and advancing the capital markets union is necessary to foster greater private sector risk sharing. And adding a central fiscal capacity would strengthen the currency union's ability to cope with shocks. Architecture reforms should go hand-in-hand with further efforts to reduce both fiscal and financial sector risks.
Euro area growth appears to be leveling off from the very high levels of late last year. Growth is projected to remain above potential in 2018 and the output gap is expected to close. However, underlying inflation remains subdued. And despite declining unemployment, wage growth has remained muted.
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Source: IMF
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