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ESMA publishes latest edition of its newsletter
August 8, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused in July on the launch of the first consultation package under the Markets in Crypto-Assets Regulation.
ESMA is seeking input-by 20 September 2023-on proposed rules for crypto-asset service providers (CASPs), related to their authorisation, identification and management of conflicts of interests and also how CASPs should address complaints. See also our dedicated page, including the timeline.
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Source: ESMA
New equity ETF by WisdomTree on Xetra: high dividend and growth focused US companies including currency hedging
July 7, 2023--Since Monday, a new exchange traded fund issued by WisdomTree is tradable on Xetra and via Börse Frankfurt.
With the WisdomTree US Quality Dividend Growth UCITS ETF- EUR Hedged investors can invest in a portfolio of 300 US companies with high dividends and the best combination of growth and quality factors.
Companies are selected based on their potential long-term income growth and their average return on equity and return on assets. The weighting is based on dividend payments in previous years. Companies that do not fulfil the ESG criteria of WisdomTree are excluded from this investment.
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Source: Xetra
UK official holdings of international reserves: July 2023
August 3, 2023--This release details movements in the international reserves of gold and assets held by the UK Government.
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Source: gov.uk
ESMA publishes data for quarterly bond liquidity assessment, the systematic internaliser calculations and the CTP calculations
August 2, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published the new quarterly liquidity assessment of bonds, the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments and the consolidated tape provider (CTP) under MiFID II and MiFIR.
Bonds quarterly liquidity assessment
ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,105 liquid bonds subject to MiFID II transparency requirements.
ESMA's liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in ESMA's Financial Instruments Transparency System (FITRS), which shall be applicable the day following publication.
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Source: ESMA
New ETFs by Fidelity on Xetra: access to government bonds in alignment with the Paris Climate Objectives and active investment in Japanese companies
August 2, 2023--Since Wednesday, two new exchange traded funds issued by Fidelity are tradable on Xetra and via Börse Frankfurt.
The Fidelity Global Government Bond Climate Aware UCITS ETF gives investors access to government bonds worldwide, which are noted in local currencies and have an investment grade rating.
The fund aims for a 14 per cent lower carbon intensity and an annual decarbonization of 7 per cent. This is a currency-hedged asset class, in which exchange rate fluctuations against the euro are minimized.
The Fidelity Sustainable Research Enhanced Japan Equity UCITS ETF pursues an active investment strategy and mainly invest in a selection of Japanese companies that have a good ESG rating. The selection of companies considers ecological and social requirements, among which are CO2 intensity, CO2 emissions, energy efficiency, water and waste management, biodiversity, product security, health, and security as well as human rights.
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Source: Xetra
ECB-Euro area bank interest rate statistics: June 2023
July 2, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 22 basis points to 4.79%; indicator for new loans to households for house purchase increased by 12 basis points to 3.70%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 20 basis points to 3.16%; interest rate for overnight deposits from corporations increased by 6 basis points to 0.55%; both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 23 basis points to 2.70%, mainly driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.23%
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Source: ECB
Euro area economic and financial developments by institutional sector: first quarter of 2023
July 27, 2023--Euro area net saving was broadly unchanged at €633 billion in four quarters to first quarter of 2023
Household debt-to-income ratio decreased to 91.3% in first quarter of 2023 from 95.5% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) declined to 70.2% in first quarter of 2023 from 75.3% one year earlier
Total euro area economy
Euro area net saving was broadly unchanged at €633 billion (5.8% of euro area net disposable income) in the four quarters to the first quarter of 2023, as compared with €632 billion in the four-quarter period ending in the fourth quarter of 2022. Euro area net non-financial investment decreased to €609 billion (5.6% of net disposable income), due to decreased investment by non-financial corporations, while net investment by households, financial corporations and general government were broadly stable (see Chart 1).
Euro area net lending to the rest of the world increased to €68 billion (from €47 billion in the previous quarter), reflecting the decreased net non-financial investment and broadly unchanged net saving.
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Source: ECB
Why European investors are rushing into some bond ETFs
July 27, 2023--First half fund flows into fixed income vehicles demonstrate investor expectations about interest rates, analysts say
The appetite for equity exposure may have faltered in Europe in the first half, but the picture is markedly different for some bonds.
While inflation-linked bond funds have admittedly failed to attract much interest, fixed-income exchange traded funds in aggregate took in €15.9bn in the second quarter, up slightly from €15.1bn in the first three months-a record level of demand.
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Source: ft.com
Eurozone interest rates reach joint record high
July 27, 2023--The European Central Bank (ECB) has raised interest rates in the eurozone once again, taking its key rate to a record high last seen in late 2000.
The bank raised the deposit rate in the 20-nation bloc for the ninth time in a row - to 3.75%, up from 3.5%.
The ECB said inflation continued to ease, but was still expected to remain "too high for too long".
On Wednesday, the US central bank raised rates to their highest level in 22 years in its bid to control prices.
In the UK, where inflation fell to 7.9% in June, the Bank of England's base rate is at 5%, At its next decision on 3 August, the Bank is widely expected to raise rates to 5.25%.
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Source: bbc.com
ECB-Monetary developments in the euro area: June 2023
July 26, 2023--Annual growth rate of broad monetary aggregate M3 decreased to 0.6% in June 2023 from 1.0% in May (revised from 1.4%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -8.0% in June, compared with -7.0% in May
Annual growth rate of adjusted loans to households decreased to 1.7% in June from 2.1% in May
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.0% in June from 4.0% in May
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 0.6% in June 2023 from 1.0% in May, averaging 1.0% in the three months up to June. 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, was -8.0% in June, compared with -7.0% in May.
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Source: ECB
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