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ECB-Meeting of 20-21 July 2022
August 26, 2022--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2022
1. Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel reviewed the latest financial market developments, noting that the narrative had shifted since the Governing Council's previous monetary policy meeting in early June 2022.
Weaker than expected incoming data on the global economy and concerns about disruptions to gas supplies, in combination with further higher than expected inflation outcomes, had turned investors’ focus towards a possible "stagflationary" scenario. In this environment, the volatility of short-term interest rate expectations stood at a historical high.
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Source: ECB
ECB-Monetary developments in the euro area: July 2022
August 26, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 5.5% in July 2022 from 5.7% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 6.7% in July from 7.2% in June
Annual growth rate of adjusted loans to households stood at 4.5% in July, compared with 4.6% in June
Annual growth rate of adjusted loans to non-financial corporations increased to 7.7% in July from 6.9% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 5.5% in July 2022 from 5.7% in June, averaging 5.7% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 6.7% in July from 7.2% in June.
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Source: ECB
Inflation: why it's very unlikely to get back below 2% for years to come
August 26, 2022--The UK and the Eurozone have seen record inflation rises, with UK prices rising 10.1% in July.
Central banks, most economists, and commentators attributed rising prices to logistic bottlenecks and production constraints due to COVID-19 lockdowns.
In this piece, two economists argue that today's inflation has its roots in the 2008 financial crisis and is set to say persistently above 2% for years to come.
Inflation in the UK and eurozone is still getting worse. UK prices rose a whopping 10.1% in July compared to a year earlier, while those in the eurozone went up 8.9% - breaking longstanding records in both places. Contrast this with the equivalent data from the US a few days earlier, where the 8.5% rate was lower than the previous month and below market expectations.
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Source: weforum.org
Official Statistics: Forecasts for the UK economy: August 2022
August 25, 2022--A comparison of independent forecasts for the UK economy in August 2022.
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Source: gov.uk
New equity ETF from Amundi on Xetra: broadly diversified exposure to climate-friendly companies
August 23, 2022--A new exchange-traded fund issued by Amundi Asset Management has been tradable on Xetra and via Börse Frankfurt since Tuesday.
The Amundi MSCI ACWI SRI PAB UCITS ETF DR-USD (A) gives investors access to a broadly diversified global portfolio of large and mid-cap companies.
According to the best-in-class approach, only companies with an outstanding ESG rating compared to their industry are selected. Companies whose products have a negative impact on the environment and social structures are excluded.
In addition, the benchmark MSCI ACWI SRI Filtered PAB aims to meet the minimum requirements of the EU benchmark regulation based on the Paris Climate Agreement.
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Source: Xetra
New Equity ETF from UBS on Xetra: access to Eurozone companies using value strategy
August 22, 2022--A new exchange-traded fund issued by UBS Global Asset Management has been tradable on Xetra and via Börse Frankfurt since Monday.
The UBS (Lux) Fund Solutions- MSCI EMU Value UCITS ETF (EUR) A-acc gives investors access to the performance of mid- and large-cap companies from eurozone countries across a range of sectors.
The ETF applies the value strategy. According to the strategy, only companies are selected that are currently classified as undervalued on the basis of fundamental data and therefore have the potential to increase in price. The selection is made according to fundamental indicators such as the price-to-book ratio, the price-to-earnings ratio, and the dividend yield.
Name: UBS (Lux) Fund Solutions-MSCI EMU Value UCITS ETF (EUR) A-acc
Asset class: Equity ETF
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Source: Xetra
New Equity ETFs from Ossiam on Xetra: access to companies in line with the Paris Climate Agreement
August 22, 2022--August 22, 2022--Since Monday, eight new exchange-traded funds issued by Ossiam have been tradable on Xetra and via Börse Frankfurt.
Seven of the Ossiam ETFs offer investors access to climate-friendly ETFs that are in line with the Paris Climate Agreement. The climate-neutral approach aims to mitigate climate risks and take advantage of growth opportunities that arise from the transition to a low-carbon economy.
In selecting companies, the aim is to halve the carbon intensity compared to the standard index and to achieve further annual CO2 reductions of 7 per cent.
The ETFs track the Bloomberg PAB (Paris Aligned Benchmark) Large & Mid Cap index family with a focus on Japan, Canada, the USA and the regions Asia Pacific excluding Japan, Eurozone and Europe excluding Eurozone. A currency-hedged share class is also available for investors interested in the Japanese market.
The Ossiam Barclays Quantic Global E NR-UCITS 1c (EUR) gives investors access to global companies from developed countries around the world, selected on the basis of the quantitative investment strategy (Quanti). Every second months, 70 equity companies with the highest Quanti signals are selected, 70 per cent from North America and 30 per cent from other countries.
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Source: Xetra
New equity ETFs from Vanguard on Xetra: diversified exposure to sustainable companies from Europe and North America
Augsut 18, 2022--Four new exchange-traded funds issued by Vanguard have been tradable on Xetra and via Börse Frankfurt since Thursday.
The Vanguard ESG Developed Europe All Cap UCITS ETF (EUR) offers investors diversified exposure to a wide range of companies from industrialised countries in Europe.
To be included in the benchmark FTSE Developed Europe All Cap Choice Index, companies must meet certain sustainability criteria and not be involved in controversial business sectors or non-renewable energy.
The Vanguard ESG North America All Cap UCITS ETF (USD) tracks the FTSE North America All Cap Choice Index. It gives investors access to over 1,600 Canadian and US companies of varying market capitalisation. Only companies that comply with ESG criteria are included. Again, companies related to controversial business sectors or non-renewable energies are excluded.
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Source: Xetra
Official Statistics: Forecasts for the UK economy: August 2022
August 18, 2022--A comparison of independent forecasts for the UK economy in August 2022
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Source: gov.uk
Vanguard adds two funds to ESG ETF range
August 18, 2022-- Bringing total in ESG passive range to eight in UK
Vanguard has unveiled two more funds for its "building block" suite of ESG ETFs over a year after launching any new products for its green passive range.
The Vanguard ESG Developed Europe All Cap Ucits ETF and the Vanguard ESG North America All Cap Ucits ETF are listed on the London Stock Exchange.
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Source: esgclarity.com