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ESAs issue report on the extent of voluntary disclosure of principal adverse impact under the Sustainable Finance Disclosure Regulation
July 28, 2022--July 28, 2022-The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA- ESAs) published the first annual report on the extent of voluntary disclosure of principal adverse impact under the Sustainable Finance Disclosure Regulation (SFDR)-Article 18 of Regulation (EU) 2019/2088.
Based on a survey of National Competent Authorities (NCAs), the ESAs have developed a preliminary, indicative and non-exhaustive overview of good examples of best practices, and less good examples of voluntary disclosures.
Highlights:
the extent of compliance with voluntary disclosures varies significantly across respondents, but, overall, the first disclosures since the application of the SFDR are not very detailed-this is expected to change for the disclosures made for the 2022 reporting period once the SFDR Delegated Regulation applies;
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Source: ESMA
ETC Group launches BTCetc on Cboe Europe
July 28, 2022--ETC Group has its digital asset-backed securities listed on European exchanges including XETRA, Euronext, SIX, AQUIS UK and Wiener Börse.
Digital asset-backed securities provider ETC Group announced it will list its physically-backed BTCetc ETC Group Physical Bitcoin (ticker BTCE) on Cboe Europe.
Trading on regulated markets, investors can buy and sell the BTCE in the same way they would when trading conventional shares through their online broker platform or bank and with identical regulatory protections in place.
The underlying collateral is securely stored in institutional-grade custody, and investors do not require a digital wallet or related technical knowledge, the firm stated.
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Source: financefeeds.com
Euro area economic and financial developments by institutional sector: first quarter of 2022
July 27, 2022--Euro area net saving decreased to €809 billion in four quarters up to first quarter of 2022, compared with €824 billion in 2021.
Household debt-to-income ratio declined to 96.2% in first quarter of 2022 from 96.5% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 78.8% in first quarter of 2022 from 82.5% one year earlier
Total euro area economy
Euro area net saving decreased to €809 billion (8.0% of euro area net disposable income) in the four quarters to the first quarter of 2022 as compared with €824 billion in the four quarters to the previous quarter.
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Source: ECB
ECB-Monetary developments in the euro area: June 2022
July 27, 2022--Annual growth rate of broad monetary aggregate M3 stood at 5.7% in June 2022, after 5.8% in May 2022 (revised from 5.6%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 7.2% in June from 7.9% in May
Annual growth rate of adjusted loans to households stood at 4.6% in June, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 6.8% in June from 5.8% in May
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 5.7% in June 2022, after 5.8% in May, averaging 5.9% in the three months up to June.
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Source: ECB
Interlinked climate risks could ripple through euro zone, ECB study says
July 26, 2022--Climate shocks could quickly ripple through the euro zone economy as financial interlinkages amplified dangers and losses, a study by the European Central Bank and the EU's risk watchdog, the European Systemic Risk Board, said on Tuesday.
The ECB, which supervises the biggest banks in the 19-country euro zone, has for years argued that climate change is a top risk and has pushed lenders to acknowledge and reduce their exposures, but with little success so far.
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Source: reuters.com
New equity index ETFs from HSBC on Xetra: access to sustainable companies in Europe, the real estate sector, and the Chinese equity market
July 25, 2022--Three new exchange-traded funds issued by HSBC Asset Management have been tradable on Xetra and via Börse Frankfurt since Monday.
The HSBC Europe Sustainable Equity UCITS ETF gives investors the opportunity to invest in sustainable companies from European developed countries that aim to reduce carbon emissions and fossil fuel pollution.
The HSBC FTSE EPRA NAREIT Developed UCITS ETF provides diversified exposure to real estate companies and real estate investment trusts listed on developed equity markets around the world.
For investors interested in the Chinese equity market, the HSBC MSCI China UCITS ETF is available. It tracks the performance of large and mid-cap Chinese companies, which may include China's A-shares.
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Source: Xetra.com
Germany Faces Weaker Growth Amid Energy Concerns
July 22, 2022--At the start of the year, the German economy was showing signs of overcoming the problems that had capped growth in 2021. Supply bottlenecks that had hampered manufacturing were easing and services were opening up again as the country emerged from a severe winter wave of the Delta variant.
It all changed with Russia's invasion of Ukraine on February 24.
Energy prices and inflation soared, consumer confidence fell, and foreign demand for Germany's exports weakened.
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Source: imf.org
ECB raises rates for first time in decade with safety net for debtors
July 21, 2022--The European Central Bank raised its interest rates for the first time since 2011 on Thursday and unveiled a new bond-buying programme to keep borrowing costs in check for the euro zone's most indebted countries.
The ECB raised its deposit rate by 50 basis points to zero, or twice as much as it had indicated after its previous meeting, in an effort to curb record-high inflation in the euro zone.
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Source: reuters.com
Living Up to Potential in the Wake of Adverse Shocks: PART 1-Inclusive Growth-Tested Again
July 21, 2022--The world has been hit by two destabilizing shocks in quick succession. The COVID-19 pandemic induced the sharpest peacetime recession in the European Union (EU) in 2020, reversing recent progress in rising living standards and leaving deep economic scars among the vulnerable populations. The economic recovery was robust, with most of the EU member economies recovering to pre-pandemic levels in 2021
With strong growth prospects, the resumption of income convergence was in sight. Then, in February 2022, the Russia- Ukraine war began, and the global impact of the war has been substantial. Part 1 of this report discusses the trends in inclusive growth in the EU over the past year with a focus on the following four regions: Northern Europe, Western Europe, Southern Europe and Central and Southeast Europe. Depending on data availability, it also zooms in on a set of selected countries: Romania, Bulgaria, Croatia and Poland. Part 1 of this report also discusses short-term prospects, highlighting the key risks to the outlook.
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Source: worldbank.org
ESMA proposes key risk indicators for retail investors
July 20, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes an article on the development of key retail risk indicators (RRIs) for the EU single market. The proposed RRIs highlight risks around:
inexperienced investors;
use of digital tools by younger investors; and
pikes in overall trading during periods of market stress.
This development of RRIs is based on the new mandate ESMA recently received in this regard. ESMA is building on existing consumer analysis and indicators from the Trends, Risks and Vulnerabilities Reports to propose a conceptual framework that:
defines key terms;
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Source: esma.europa.eu
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