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ECB-Meeting of 14-15 December 2022
January 19, 2023--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 14-15 December 2022
1. Review of financial, economic and monetary developments and policy options-
Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 26-27 October 2022 the narrative in financial markets had shifted from inflation concerns to expectations that central banks worldwide would slow down, halt and ultimately reverse interest rate hikes.
The data on the US consumer price index (CPI) for October, interpreted as an early sign of an easing of inflation pressures, had prompted a market repricing of policy rate expectations for the United States. This had been further reinforced by the US CPI inflation figures for November, which had again surprised on the downside. The resulting rebound in investor risk appetite had led to a broad-based easing of global financial conditions, showing up in lower nominal and real yields, tighter credit spreads and buoyant equity markets in the euro area – all of which worked against the ECB’s intention to withdraw monetary policy accommodation.
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Source: ECB
Official Statistics: Forecasts for the UK economy: January 2023
January 18, 2023--A comparison of independent forecasts for the UK economy in January 2023.
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Source: gov.uk
ESMA publishes latest edition of its newsletter
January 18, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused on the launch of the new visual identity.
ESMA is all about fostering the effectiveness and stability of EU markets, and enhancing the protection of retail investors, both through strengthened supervision. The design of the new logo shines in the context of the ESMA Strategy 2023-28.
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Source: ESMA
BNP Paribas prepares first Irish ETF launches
January 17, 2023--French fund house apes rivals in seeking to tap into Dublin's preferential tax status
BNP Paribas Asset Management is preparing to launch its first Ireland-domiciled exchange traded funds, shortly after domestic rival Amundi started offering Dublin-registered ETFs.
The asset management arm of French lender BNP Paribas said the fund house was currently awaiting approval from the Irish regulator, the Central Bank of Ireland, for its first locally domiciled ETFs.
BNP Paribas AM said it hoped to receive approval from the Irish watchdog "fairly soon".
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Source: ft.com
ESMA and NCAs to look at marketing of financial products
January 16, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications across the European Union (EU).
The CSA will be conducted over the course of 2023.
ESMA is aware of the key role that marketing communications and advertisements can play in determining consumer behaviour and influencing investment decisions and is therefore launching this exercise to assess the application by investment firms and credit institutions of the MiFID II requirements on marketing communications.
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Source: SEC.gov
Sweden finds Europe's largest deposit of rare earth metals, which could become 'more important than oil and gas'
January 12, 2023--Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.
CEO Jan Moström said it was good news for Europe, which imports 99% of its rare earth elements from China.
In 2022, European Commission President Ursula von der Leyen said rare earth elements would "soon be more important than oil and gas."
State-owned Swedish mining company LKAB said it has found what it believes to be Europe's largest known deposit of rare earth elements.
Located in Kiruna, in the far north of Sweden, the company said Thursday that the store contained more than one million metric tons of rare earth oxides.
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Source: cnbc.com
New thematic ETF from iShares on Xetra: access to metaverse companies worldwide
January 9, 2023--A new exchange traded fund issued by iShares has been tradable on Xetra and via Börse Frankfurt since Monday.
With the iShares Metaverse UCITS ETF, investors can participate in the trend of the development of the Metaverse. The index consists of companies worldwide that are significantly involved in the provision of products and services for the Metaverse.
The metaverse is a concept that aims to simulate the real world or imagine a world beyond the real one by integrating digital and physical interactions for an immersive experience. Metaverse technology areas include virtual reality, 3D image modelling, avatar, graphics processors, blockchain and non-fungible tokens.
Companies that do not meet ESG criteria or are involved in controversial business sectors such as controversial weapons, tobacco, nuclear power or thermal coal are excluded.
Name: iShares Metaverse UCITS ETF USD (Acc)
Asset class: Equity ETF
ISIN: IE000RN58M26
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Source: Xetra
ECB-Euro area bank interest rate statistics: November 2022
January 4, 2023--Composite cost-of-borrowing indicator for new loans to corporations increased by 37 basis points to 3.09%, driven by interest rate effect; indicator for new loans to households for house purchase increased by 21 basis points to 2.88%, driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations increased by 56 basis points to 1.52%, mainly driven by interest rate effect; interest rate for overnight deposits from corporations increased by 7 basis points to 0.15%, driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from households increased by 28 basis points to 1.26%, mainly driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.05%
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Source: ECB
ECB-Monetary developments in the euro area: November 2022
December 29, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 4.8% in November 2022 from 5.1% in October
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 2.4% in November from 3.8% in October
Annual growth rate of adjusted loans to households stood at 4.1% in November, compared with 4.2% in October
Annual growth rate of adjusted loans to non-financial corporations decreased to 8.4% in November from 8.9% in October
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 4.8% in November 2022 from 5.1% in October, averaging 5.4% in the three months up to November. 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 2.4% in November from 3.8% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 12.0% in November from 9.9% in October. The annual growth rate of marketable instruments (M3-M2) increased to 8.5% in November from 2.9% in October.
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Source: ECB
ESMA publishes technical standards on cross-border activities under the UCITS Directive and the AIFMD
December 21, 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today published a final report specifying the information to be provided, and the templates to be used, to inform competent authorities of the cross-border marketing and management of investment funds and the cross-border provision of services by fund managers.
Under the UCITS Directive and the AIFMD, ESMA is empowered to draft optional Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for the notifications of cross-border activities. The purpose of the draft ITS and RTS is to facilitate the process for notifying cross-border marketing and management activities in relation to UCITS and AIFs, as well the cross-border provisions of services by fund managers, by standardising the content and the format of the information to be provided by management companies, UCITS and AIFMs
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Source: ESMA
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