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HSBC's Vanguard-style ETFs open door to potential wave of imitators
April 28, 2023--Launch in Ireland of four funds will be first to take advantage of rule change allowing umbrella structure
The impending launch in Europe of a quartet of exchange traded funds could pave the way for a rapid expansion of Vanguard-style umbrella structures offering both ETFs and mutual funds.
The May launches from HSBC Asset Management will come in the same month that Vanguard loses its nationwide patent for the same structure in the US, potentially opening the floodgates to a range of imitators there- if regulators do not intervene.
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Source: ft.com
Euro area economic and financial developments by institutional sector: fourth quarter of 2022
April 27, 2023--Euro area net saving decreased to €626 billion in 2022, compared with €668 billion in the four quarter period ending on the third quarter of 2022
Household debt-to-income ratio declined to 93.1% in fourth quarter of 2022 from 95.8% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 74.7% in fourth quarter of 2022 from 79.0% one year earlier
Total euro area economy[1]
Euro area net saving decreased to €626 billion (5.9% of euro area net disposable income) in 2022 compared with €668 billion in the four quarter period ending on the third quarter of 2022. Euro area net non-financial investment was broadly unchanged at €661 billion (6.3% of net disposable income), reflecting stable net investment by all euro area sectors.
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Source: ECB
New equity ETF from Xtrackers on Xetra: access to companies from Scandinavia in line with the Paris Climate Agreement
April 26, 2023--Since Wednesday, a new exchange-traded fund issued by Xtrackers has been tradable on Xetra and via Börse Frankfurt.
The Xtrackers Nordic Net Zero Pathway Paris Aligned UCITS ETF gives investors the opportunity to invest in a portfolio of Scandinavian companies whose selection and weighting is in line with EU Paris-aligned Benchmark (EU PAB) standards. The weighting of a company is limited to 9 per cent.
Companies that do not meet certain ESG criteria, do not have a sufficient ESG rating, participate in controversial business areas or violate the United Nations Sustainable Development Goals are not taken into account.
Name: Xtrackers Nordic Net Zero Pathway Paris Aligned
Asset class: Equity ETF
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Source: Xetra
DWS and Galaxy Enter Strategic Alliance to Develop Digital Asset Management Solutions in Europe
April 26, 2023--DWS and Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy"), a financial services and investment management innovator in the digital asset and blockchain technology sector, have entered into a strategic alliance with the aim of initially developing a comprehensive suite of exchange-traded products (ETPs) on certain digital assets in Europe.
The strategic allies plan to also subsequently explore other digital asset solutions.
As the digital asset market continues to mature, DWS and Galaxy's asset management unit will work together to provide European investors access to the USD ~1 trillion digital assets market through cost effective investment solutions that are easy to access via traditional brokerage accounts. For DWS, this alliance fulfils a key priority to develop comprehensive digital solutions, unlocking investor access to the growing blockchain and digital assets universe. DWS will be Galaxy's exclusive ally for cryptocurrency ETPs in the European market. This alliance is expected to significantly enhance Galaxy's international distribution capabilities by deepening access to European investors who are keen to participate in the digital assets market.
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Source: DWS
Official Statistics: Forecasts for the UK economy: April 2023
April 26, 2023--A comparison of independent forecasts for the UK economy in April 2023.
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Source: gov.uk
New active ETFs from Invesco on Xetra: focus on European government bonds with ESG profile
April 25, 2023--Since Tuesday, two new exchange-traded funds issued by Invesco have been tradable on Xetra and via Börse Frankfurt.
The Invesco EUR Government and Related Green Transition UCITS ETF is an actively managed fund that invests primarily in euro-denominated government bonds and government-related bonds issued by European issuers from developed countries with an investment grade rating in order to achieve its investment objective.
Emerging market issuers are only taken into account if they are domiciled in the eurozone.
The bonds are selected in compliance with ESG factors and country-specific criteria with regard to labour and international human rights principles. In addition, the fund aims to maximise exposure to green bonds with a minimum of 20 per cent.
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Source: Xetra
New Active ETF from Franklin Templeton on Xetra: access to the global bond market for short-term euro-denominated bonds
April 25, 2023--Since Tuesday, a new exchange-traded fund issued by Franklin Templeton has been tradable on Xetra and via Börse Frankfurt.
The Franklin Euro Short Maturity UCITS ETF (Acc) is an actively managed fund that provides investors with access to the global bond market for short-term euro-denominated bonds. The broadly diversified portfolio consists of government and corporate bonds as well as other asset-backed securities with fixed and variable interest rates.
The focus is on bonds that have an investment grade rating.
The selection of debt instruments pays particular attention to the sustainability of the bonds and to ensuring that both companies and countries make a positive contribution to the transition to a low-carbon economy.
Name: Franklin Euro Short Maturity UCITS ETF (Acc)
Asset class: Active ETF
ISIN: IE000STIHQB2
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Source: Xetra
ESAs call for vigilance in the face of mounting financial risks
April 25, 2023--The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.
The second half of 2022 witnessed a worsening of the macro environment due to high inflation and tighter financial conditions, and the economic outlook remains uncertain. Although recent growth forecasts no longer point to a deep recession and inflation is showing signs of moderation, price growth may remain elevated for longer than previously expected. Recent market pressure on banks following the collapse of a few midsize banks in the United States and the emergency merger of the distressed Credit Suisse with the Union Bank of Switzerland (UBS) highlighted continued high market uncertainty, the sensitivity of the European financial system to exogenous shocks and potential risks related to the end of over a decade of very low interest rates.
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Source: ESMA
New crypto ETN from ETC Group on Xetra: access to 20 leading digital assets
April 24, 2023--Since Monday, a new crypto ETN issued by ETC Group has been tradable on Xetra and via Börse Frankfurt.
The ETC Group MSCI Digital Assets Select 20 ETP gives investors access to the performance of a portfolio of 20 world-leading digital assets by market capitalisation. These are based on blockchain technology or can support smart contracts. Currently, these are, for example, Bitcoin, Ethereum or Ripple.
The proportion of a single value is limited to a maximum of 30 per cent. So-called stablecoins, privacy coins and meme coins are not included in the index.
The ETC can be traded either in euros or US dollars using the individual symbol.
Name: ETC Group MSCI Digital Assets Select 20 ETP
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Source: Xetra
IMF Working Paper-European Housing Markets at a Turning Point-Risks, Household and Bank Vulnerabilities, and Policy Options
March 24, 2023--Summary:
European housing markets are at a turning point as the cost-of-living crisis has eroded real incomes and the surge in interest rates has made borrowers more vulnerable to financial distress.
This paper aims to (i) shed light on the risks in European housing markets, (ii) quantify household vulnerabilties, (iii) assess banking sector implications and (iv) examine policies' effectiveness using simulations based on microdata from the Household Finance and Consumption Survey (HFCS) and EU statistics on income and living conditions (EU-SILC).
Under the baseline IMF macroeconomic forecast, the share of households that could struggle to meet basic expenses could rise by 10 pps reaching a third of all households by end 2023. Under an adverse scenario, 45 percent of households could be financially stretched, representing over 40 percent of mortgage debt and 45 percent of consumer debt. The impact on the banking sector seems contained under the baseline forecast, though there are pockets of vulnerability. A 20 percent house price correction could deplete CET1 capital by 100-300 basis points. Fiscal measures, such as subsidies to the bottom income tercile, could save 7 percent of households from financial distress at an estimated cost of 0.8 percent of GDP.
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Source: imf.org
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