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ECB-Account of the monetary policy meeting-25-26 October 2017
November 23, 2017--Account of the monetary policy meeting of the Governing Council of the European Central Bank, held in Frankfurt am Main on Wednesday and Thursday, 25-26 October 2017
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 6-7 September 2017 a positive underlying tone had persisted in financial markets. Two main factors seemed to have driven cross-asset price correlations: first, the return of the "reflation trade" that had pushed long-term interest rates, equities and the US dollar broadly higher; and, second, the euro area had been shielded to some extent from the upward pressure on yields, mainly owing to expectations of continued ECB monetary policy accommodation.
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Source: ECB
Asset Manager Launches Europe's First Bitcoin Mutual Fund
November 22, 2017--A French asset manager has announced the launch of Europe's first mutual fund centered around bitcoin.
Announced today, Tobam's alternative investment fund perhaps represents the latest bid to attract institutional investors to cryptocurrencies (though, as in the case with similar financial instruments, investors wouldn't be holding bitcoin directly).
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Source: coindesk.com
New Fidelity International smart beta ETF launched on Xetra
November 22, 2017--A new exchange traded fund (ETF) issued by Fidelity International has been tradable on Xetra and Bö'rse Frankfurt since Wednesday. The new smart beta ETF enables investors to participate in the performance of stock corporations from the US characterised by high dividend yields and high quality.
The quality of a company is measured using various fundamental data, such as stable profits and cash flows. The ETF minimises the exchange rate risk between the US dollar and the euro.
Name: Fidelity US Quality Income UCITS ETF-EUR Hedged
Asset class: equity index
ETF ISIN: IE00BYV1Y969
Ongoing charges p.a.: 0.35
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Source: Deutsche Börse Cash Market
Deutsche Bank strategist tells investors to avoid bitcoin
November 22, 2017--Deutsche Bank (DBKGn.DE) has joined the ranks of those warning about the virtual currency bitcoin as an investment.
"I would simply not recommend this to the everyday investor," Ulrich Stephan, chief strategist at Germany's largest lender, said on Wednesday.
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Source: Reuters
European Semester Autumn Package: Striving for sustainable and inclusive growth
November 22, 2017--Commission sets out EU's economic and social priorities for the year ahead, gives policy recommendation for the euro area and completes the assessment of euro area Member States' Draft Budgetary Plans.
The 2018 European Semester cycle of economic, fiscal and social policy coordination starts against the backdrop of robust economic activity in the euro area and the EU, record high employment levels and unemployment rates declining towards pre-crisis levels. As all Member States contribute to this strong growth momentum, the priority now is to make sure that this lasts and brings benefits to all members of our societies. Alongside responsible fiscal policies, the pursuit of structural reforms should focus on creating the conditions to boost investment further and to increase real wage growth to support domestic demand.
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Source: European Commission
ESMA updates Q&A on MAR
November 21, 2017--The European Securities and Markets Authority (ESMA) has updated its Questions & Answers (Q&A) document regarding the implementation of the Market Abuse Regulation (MAR).
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. Today's Q&As include two new answers on managers' transactions, addressing in particular trading during "closed periods" by persons...
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Source: ESMA
SSGA hires Nordic head of SPDR ETFs
November 21, 2017--State Street Global Advisors (SSGA) has appointed Marcus Miholich as its head of Standard & Poors depositary receipt (SPDR) exchange-traded funds (ETFs) for the Nordic region.
Based in London, Miholich will be responsible for evaluating the investment objectives of SSGA's Nordic client base. He will report to Rory Tobin, global co-head of SPDR ETFs at SSGA.
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Source: assetservicingtimes.com
European Commission-Reports of the Expert group on corporate bond markets
November 21, 2017--These reports present 22 recommendations to foster the development of corporate bonds in Europe. They were published by the Commission Expert group on corporate bond markets in November 2017.
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view the European Commission-Report: Improving European corporate bond markets
Source: European Commission
Xetra trading celebrates 20th anniversary
November 20, 2017--Introduction of fully-electronic trading revolutionised exchange trading/Launched on 28 November 1997 with 109 equities
Xetra trading on the Frankfurt Stock Exchange is 20 years old; trading was launched at 8.30 a.m. on "X-day", 28 November 1997.
This was the first time that shares in Germany were traded via a fully-electronic system with buy and sell orders in the order book automatically executed, bringing about a fundamental change in securities trading in the following years.
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Source: Deutsche Börse Cash Market
Thomson Reuters Monday Morning Memo: Review of the European ETF Market, October 2017
November 20, 2017--The promoters of ETFs enjoyed net inflows for October. The assets under management in the European ETF industry (€621.9 bn) increased for October, up from €600.9 bn at the end of September. The increase of €20.9 bn for October was mainly driven by the performance of the underlying markets (+€14.4 bn), while net sales contributed €6.6 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 (€441.4 bn) held the majority of the assets, followed by bond funds (€151.3 bn), commodity products (€18.0 bn), "other" funds (€6.7 bn), money market funds (€3.5 bn), mixed-asset funds (€0.6 bn), and alternative UCITS products (€0.4 bn).
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lipper
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