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Lyxor Insights-Hawks everywhere you look
July 10, 2017--There was a prompt
u-turn in sentiment last week as the
prospect of global monetary normalisation took centre stage
Having happily contemplated reassuringly
weak inflation prints for a number of
weeks, investors were perturbed by more hawkish updates from the Fed and the ECB. Minutes from both meetings suggest balance sheet reduction and QE tapering threaten the status quo.
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Source: Lyxor
ESMA updates Q&A on MiFID II implementation
July 7, 2017--The European Securities and Markets Authority (ESMA) has today updated its Question and Answers (Q&As) regarding the implementation of the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II. It provides responses to questions posed by the general public and market participants in relation to the practical application of MiFID II and MiFIR on:
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Source: ESMA
ESMA consults on the evaluation of the short-selling regulation
July 7, 2017--The European Securities and Markets Authority (ESMA) issues today a public consultation regarding its future technical advice to the European Commission (EC) on the Short-Selling Regulation (SSR).
ESMA publishes this consultation paper to seek the views of market participants on the three main elements of its advice to the EC:
the scope and functioning of the exemption for market making activities;
the procedure for imposing a short term ban on short-...
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Source: ESMA
IMF Country report-Germany: Selected Issues
July 7, 2017--THE PROFITABILITY OF GERMAN FIRMS: LOCATION VERSUS OWNERSHIP1
Over the past two decades, German
firms have expanded their production outside of Germany through mergers and acquisitions as well as greenfield investments.
Most of this foreign direct investment has taken place in Europe, including through the building of supply chains in Central Eastern and Southeastern Europe. In the context of a relatively lackluster domestic investment, persistently large corporate savings, as
well as only moderate wage growth despite a positive output gap at the current juncture, this paper addresses three simple questions: Have
foreign activities in the rest of Europe been more profitable than domestic activities? Does this
difference depend on the economic sector? Has the difference changed over the past ten years?
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Source: IMF
FCA publishes final rules to make those in the banking sector more accountable
July 7, 2017--The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have today published the final rules confirming the approach to improving individual accountability in the banking sector.
The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules.
Today's publication follows joint FCA-PRA final rules on variable remuneration (e.g. bonuses) in banks, building societies, and PRA-designated investment firms, which were released in June.
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Source: fca.org.uk
db x-trackers Spanish Equity UCITS ETF (DR) launched on Xetra
July 7, 2017--ETF provides access to largest Spanish stock corporations in "distributing" and "accumulating" form
Two new equity index ETFs issued by Deutsche Asset Management have been
tradable via Xetra and Börse Frankfurt since Friday. The new ETFs enable
investors to participate in the performance of large Spanish stock
corporations. The reference index comprises 40 companies from the 60 most
frequently traded equities, selected for being the highest valued on the basis
of free float market capitalisation.
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Source: Deutsche Börse Cash Market
BlackRock rolls out two equity income ETFs on LSE
July 6, 2017--BlackRock has expanded the iShares equity income ETF range with two fund launches on the London Stock Exchange, offering investors access to portfolios of global and European companies that generate consistent dividends.
The newly launched ETFs are the iShares MSCI World Quality Dividend UCITS ETF (WQDV) and the iShares MSCI Europe Quality Dividend UCITS ETF (EQDV).
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Source: etfstrategy.co.uk
ESMA proposes simplifications for prospectuses
July 6, 2017--The European Securities and Markets Authority (ESMA) is publishing three Consultation Papers (CP) on the Prospectus Regulation.
The Prospectus Regulation, in the context of the Capital Markets Union action plan, aims to make it easier and cheaper for companies, and in particular smaller companies, to access capital and improve prospectus accessibility for investors.
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Source: ESMA
ECB-Account of the monetary policy meeting
Governing Council of the European Central Bank, held in Tallinn on Wednesday and Thursday, 7-8 June 2017
July 6, 2017--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Yield curves in the US and German bond markets had flattened quite materially, by around 40 basis points and 30 basis points respectively, since about mid-March. Interestingly, this period of flattening on both sides of the Atlantic had coincided with a general strengthening of global growth momentum.
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Source: ECB
ETF Barometer-June 2017
July 6, 2017--European ETF market flows continued their sustained upward trend
in June. Net New Assets (NNA) over the month totalled EUR8.5bn
Total ETF Assets under Management are up 12% vs. the end of 2016, reaching
EUR578bn and including a positive market impact of 2%. For the first time
since September 2016, Fixed Income ETFs generated more NNA than Equity
ETFs.
Equity ETF inflows pulled back at EUR4bn. Export-driven countries and sectors were sold off in Europe as the euro surged. In this context, European equity ETF inflows decreased substantially at EUR860M. US equity ETFs generated EUR392M of NNA, despite mixed macroeconomic news flow. Global ETFs inflows also slowed, to EUR634M. Asia Pacific equity ETFs recorded much higher inflows of EUR866M due to perceived valuation opportunities. Emerging market equity ETFs sustained inflows of EUR1.4bn. Once again, these flows were almost exclusively focused on broad-based ETFs, rather than single countries. Smart beta ETF inflows amounted to EUR584M. Income-generating ETF flows were back in positive territory with EUR181M of inflows, but value ETFs experienced a slowdown at EUR294M.
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Source: Lyxor
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