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European Semester 2018 Spring Package: Commission issues recommendations for Member States to achieve sustainable, inclusive and long-term growth
May 23, 2018--The European Commission presents today the 2018 country-specific recommendations (CSRs), setting out its economic policy guidance for Member States for the next 12 to 18 months.
Europe's economy is growing at its fastest pace in a decade, with record employment, recovering investment and improved public finances. According to the Commission's 2018 Spring forecast, growth in the next two years will slow slightly but remain robust.
The current favourable conditions should be used to make Europe's economies and societies stronger and more resilient. The country-specific recommendations proposed today build on the progress already made in recent years and aim to capitalise on the positive economic outlook to guide Member States to take further action.
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Source: European Commission
IMF-Russian Federation: Staff Concluding Statement of the 2018 Article IV Mission
May 23, 2018--The Russian economy is recovering from a two-year recession. Over the past few years, the authorities have implemented a strong macroeconomic policy framework, which has reduced uncertainty and helped weather external shocks.
However, Russia's convergence to advanced economy income levels has stalled and its weight in the global economy is shrinking. A wide range of structural issues remains unaddressed and that is where the authorities need to focus in order to accelerate growth. Last year's high-profile failure of several large private banks underscores the importance of completing the cleanup of the banking system. Those failures have expanded the state's footprint in the sector, raising questions about the adequacy of financial statements and underscoring the need to strengthen supervision further. The fiscal rule has helped to anchor the fiscal path and shield the economy from disruptive swings in oil prices.P>view more
Source: IMF
LSE April 2018 ETP Monthly Report
May 22, 2018--Listings
22 new ETFs were listed on LSE in April, making a total of 151 new ETPs listings in 2018.
There are now 1043 ETFs (available as 1,545 lines through multi-currency offerings) and 487 other ETPs (available as 579 lines) on our London market.
iShares listed the iShares US Fallen Angels High Yield Corp Bond UCITS ETF, which reflects the return of the Bloomberg Barclays US High Yield Fallen Angel 3% Capped Bond Index. iShares also added 15 new share classes to their ETF offerings.
Xtrackers introduced 3 dividend focused smart beta ETFs:
Xtrackers Morningstar US Quality Dividend UCITS ETF
Xtrackers MSCI World High Dividend Yield UCITS ETF
Xtrackers Morningstar Global Quality Dividend UCITS ETF
First Trust launched Europe's first blockchain ETF, the First Trust Indxx Innovative Transaction & Process UCITS ETF, which enables exposure to companies that are actively investing resources into products or services that use blockchain technology.
VanEck brought the VanEck Vectors Global Mining UCITS ETF which tracks the EMIX Global Mining Constrained Weights Index.
view the LSE April 2018 ETP Monthly Report
Source: London Stock Exchange Group
Flow Traders releases April 2018 ETP market statistics
May 21, 2018--Flow Traders N.V. ("Flow Traders") (Euronext: FLOW), today releases the monthly ETP (Exchange Traded Products) market statistics for April 2018. This refers to general market observations only.
In April 2018, the total Global ETP Assets under Management (AuM) rose to US$ 4,887 bn from US$ 4,825 bn in March 2018 (+1.3% month-on-month, source: BlackRock ETP Landscape April 2018).
That translates into a total Global ETP AuM in euro terms of €4,045 bn in April 2018 versus
€3,923 bn in March 2018, with an EUR/USD FX rate of 1.2082 (rate end April 2018).
The average VIX for the month of April 2018 reached 18.27 (versus 19.02 in March 2018), with an intraday low of 15.25 (versus 14.64 as a low in March 2018) and an intraday high of 23.62 (versus 24.87 in March 2018) (Source: Bloomberg).
The data presented for EMEA includes market statistics relating to off-exchange traded flows, split into flows traded Off-rderbook on exchanges and flows traded via Multilateral Trading Facilities (MTFs) like Tradeweb and Bloomberg RfQ. The data presented for EMEA excludes flows traded via Systematic Internalisers.
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Source: Flow Traders
Latest from Lyxor: Are changes afoot?
May 21, 2018--This week, dollar strength and the prospects for higher US rates weighed on US and emerging markets as well as metals. They did however provide some support to eurozone and Japanese equities. Investors now seem less concerned over the trajectory of China's economy and its possible trade war with the US.
They now expect to see a slight bounce in global growth in Q2, mainly driven by developed markets (and particularly the US) rather than emerging economies. They see oil prices, US inflation, and economic data keeping the Fed to its hiking path but other central banks to stay their hand as their economies falter.
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Source: Lyxor
Thomson Reuters-Monday Morning Memo: Review of the European ETF Market, April 2018
May 21, 2018--The promoters of ETFs in Europe enjoyed net inflows for April, and the assets under management in the European ETF industry increased, up to €651.9 bn at the end of April.
With regard to the overall number of products, it was not surprising that equity funds (€465.7 bn) held the majority of the assets, followed by bond funds (€155.2 bn), commodity products (€20.0 bn), “other” funds (€6.6 bn), money market funds (€3.5 bn), mixed-asset funds (€0.7 bn), and alternative UCITS products (€0.3 bn).
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Source: Thomson Reuters
FCA Automated investment services-our expectations
May 21, 2018--Our reviews
The first review looked at 7 firms offering automated online discretionary investment management (ODIM).
This is where the client has given the firm responsibility to invest on the client's behalf, within parameters agreed with the client, on an ongoing basis. At the time these firms represented over half of the firms in this particular market.
The second review looked at 3 firms providing retail investment advice exclusively through automated channels (auto advice), where customers do not interact with human financial advisers. The advice is given on a one-off basis (when the customer first engages with the firm). At the time of the review, these firms were the early entrants to this developing market. We plan to review further firms in this market later in this financial year.
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Source: Financial Conduct Authority (FCA)
Deutsche Borse decides rule changes for MDAX, SDAX and TecDAX indices
May 18, 2018--Removal of tech and classic classifications
Expansion of MDAX to 60 stocks and SDAX to 70
New methodology effective in index calculation from 24 September 2018
Deutsche Börse announced rule changes to the inclusion of companies in the MDAX, SDAX and TecDAX indices on Friday, 18 May 2018.
The tech and classic sectoral separation in the indices will be eliminated. By ending the previous separation into classic and tech segments, tech companies will also be included in the MDAX and SDAX in future. Further, DAX companies that are in the technology sectors can now also be included in the TecDAX index.
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Source: Deutsche Börse Group
ETF Money Monitor-May 2018-ETFs flows pause for breath
May 18, 2018--European ETF Market flows slowed again in April. Net New Assets (NNA) fell to €660m from the €1.3bn we saw in March. In a reversal from March, fixed income ETFs attracted most of the inflows (€1.4bn) while equity ETFs recorded their first negative month since May 2016 (-€1.5bn).
Commodities enjoyed a strong month (€677m) as the reflation trade took hold but smart beta remained out of favor at -€587m.
Equity ETFs suffered significant outflows in April, but US ETFs still enjoyed positive, albeit slower, inflows. Japan and Global markets both suffered outflows but Eurozone equity ETFs bore the brunt of the sell-off at -€2.9bn.
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Source: Lyxor
Solactive launches L&G Gender in Leadership UK Index used as the underlying index for GIRL
May 17, 2018--Underlying L&G Future World Gender in Leadership UK Index
Solactive is pleased to announce the release of the Solactive L&G Gender in Leadership UK Index used as the basis for the L&G Future World Gender in Leadership UK Index Fund ("GIRL"), the first gender-oriented fund to exclusively focus on UK-listed companies.
This launch is the result of collaboration between Solactive and Legal & General Investment Management (LGIM), which combines LGIM’s proprietary scoring system-the L&G Gender Diversity Score -with Solactive's expertise in the development of thematic indices. With this new launch, Solactive further expands its range of gender-based indices by exclusively covering the UK equity market for the first time.
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Source: Solactive AG
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