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ECB-Account of the monetary policy meeting
February 22, 2018--Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 24-25 January 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 monetary policy meeting on 13-14 December 2017, the German and the US government bond yield curves had steepened, led by long-term bond yields, after the flattening observed previously.
Both real and nominal forces seemed to have contributed to an increase in the term premium, which likely reflected, in part, changes in the expected global supply of and demand for safe bonds, as well as investors' cautious reappraisal of the risks surrounding the medium-term inflation outlook.
At the same time, inflation risk premia both in the United States and in the euro area remained in, or close to, negative territory. The marked and persistent rise in oil prices and the strong economic backdrop might have contributed to the recent repricing of inflation risk premia at the global level.
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Source: ECB
Da Vinci Capital enters European ETF business with platform and two Russia funds
February 22, 2018--One equity and one bond fund
Emerging markets specialist Da Vinci Capital Management has entered the European ETF market with the launch of ETF platform ITI Funds and two Russia funds listed on the Irish Stock Exchange (ISE).
The firm said the ETF platform launch was an extension of its skills it already has in place in emerging markets, and the two ETFs are the first in a number of ETF funds it plans to launch investing in emerging markets.
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Source: investmentweek.co.uk
SIX Swiss Exchange-New launch: primary debt capital market report
February 22, 2018--This debt capital market report provides quarterly statistics and charts concerning bonds listed on SIX Swiss Exchange.
The primary debt capital market report[pdf] contains information such as the number and volume of new bond listings on SIX Swiss Exchange, upcoming maturities, distribution of issuers (sectors and countries), average maturity and related interest rate and spread development. The report appears quarterly.
International bond market
In 2017, more than 290 bonds were newly listed on SIX Swiss Exchange, which equates to a nominal value of more than CHF 80 billion. Over a period of ten years, a total of over CHF 850 billion has been raised.
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Source: SIX Swiss Exchange
Solactive launches Industrial Robotics & Automation Index
February 22, 2018--icensed to Commerzbank for structured products
Solactive introduces the Solactive Industrial Robotics & Automation Index, a thematic index tracking companies providing robotics and automation solutions in an industrial context.
The index holds globally listed companies with a minimum market capitalization of USD 1 billion operating in sectors such as factory automation equipment, semiconductors, industrial machine parts, and programmable logic devices. The index rules only select companies with positive one-year return. In this way, the composition is tilted towards companies whose success in these areas is corroborated by their stock’s performance over the previous twelve months.
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Source: Solactive
SIX Swiss Exchange New listings
February 22, 2018--New Listings on the SIX
On 22.02.2018-PowerShares Source lists 3 bond ETFs
PIMCO Eur ST Hi Yld Corp Bond Index Source UCITS ETF EUR Ac
PIMCO Eur ST Hi Yld Corp Bond Index Source UCITS ETF EUR In
On 19.02.2018-Lyxor lists an ETF on Korea-LYXOR MSCI KOREA UCITS ETF
On 15.02.2018-PowerShares Source listed 3 bond ETFs
PowerShares Emerging Markets USD Bond UCITS ETF
PowerShares Euro Corporate Bond UCITS ETF and PowerShares USD Corporate Bond UCITS ETF
On 14.02.2018 Amundi listed4 ETFs
AMUNDI CAC 40 UCITS ETF DR-EUR (C)
AMUNDI EURO STOXX 50 UCITS ETF DR-DAILY HEDGED USD (C)
AMUNDI EURO STOXX 50 UCITS ETF DR-EUR (C) and AMUNDI EURO STOXX 50 UCITS ETF DR-USD (C)
on 14.02.2018 xtrackers listed 1 bond ETF
Xtrackers USD High Yield Corporate Bond UCITS ETF
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Source: SIX Swiss Exchange
IMF-Departmental Papers/Policy Papers-Revisiting the Economic Case for Fiscal Union in the Euro Area
February 21, 2018--Summary: The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved.
A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign "no bailout" rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
Deutsche Bank takes first step towards DWS listing
February 20, 2018--Lender plans March float for unit with €700bn in assets under management.
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Source: FT.com
Official Statistics: Forecasts for the UK economy: February 2018
February 20, 2018--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that this is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury's own views.
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Source: HM Treasury
Thomson Reuters-Monday Morning Memo: Review of the European ETF Market, January 2018
February 19, 2018--The promoters of ETFs enjoyed for January the highest monthly net inflows ever. The assets under management in the European ETF industry (€652.9 bn) increased for January, up from €632.5 bn at the end of December 2017.
The increase of €20.4 bn for January was driven by net sales (+€12.5 bn), while the performance of the underlying markets contributed €7.8 bn to the assets under management in the ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€464.3 bn) held the majority of the assets, followed by bond funds (€150.2 bn), commodity products (€19.0 bn), "other" funds (€6.6 bn), money market funds (€2.8 bn), mixed-asset funds (€0.7 bn), and alternative UCITS products (€0.4 bn).
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Source: Thomson Reuters
Euro area investment fund statistics: fourth quarter of 2017
February 19, 2018--In the fourth quarter of 2017 the outstanding amount of shares/units issued by investment funds
other than money market funds was €11,212 billion, which is €282 billion higher than in the third
quarter of 2017.
Investment funds other than money market funds increased their holdings of both equity and
debt securities issued by the rest of the world.
Holdings of equity issued by euro area residents
increased as well, albeit at a weaker pace. At the same time, holdings of debt securities issued
by euro area residents remained largely unchanged.
Equity funds registered an inflow of €58 billion in the fourth quarter of 2017, and mixed funds experienced an inflow of €45 billion.
The outstanding amount of shares/units issued by money market funds was €1,144 billion, €10 billion lower than in the third quarter of 2017.
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Source: ECB
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