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Synthetic ESG funds found to hold polluting collateral
October 19, 2022--Index trackers and ETFs run by firms including BNP Paribas and Amundi are among those with 'unexpected' holdings
Synthetic "sustainable" index-tracking and exchange traded funds run by firms including BNP Paribas and Amundi hold polluting companies as collateral, Ignites Europe has found, risking undermining investor trust.
A synthetic index fund replicates the performance of an index by using derivatives rather than investing directly in the index’s constituents. The fund holds shares that serve as collateral for the swap counterparty.
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Source: ft.com
Official Statistics: Forecasts for the UK economy: October 2022
October 19, 2022--A comparison of independent forecasts for the UK economy in October 2022.
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Source: gov.uk/g
New bond ETFs: long-term US government bonds
October 18, 2022--Invesco offers exposure to liquid U.S. government bonds with a minimum ten-year maturity, optionally currency hedged.
Two new exchange-traded funds issued by Invesco have been tradable on Xetra and via Böörse Frankfurt since Tuesday.
With the two bond ETFs, investors can participate in the performance of US dollar-denominated fixed-income US government bonds.
The underlying reference index of both ETFs exclusively comprises investment grade bonds with a residual term of at least ten years and an outstanding nominal value of at least 300 million US dollars.
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Source: boerse-frankfurt.de
European fund flows demonstrate strong shift to ETFs
October 18, 2022--Net inflows of €52bn compared with outflows of €141bn for open-ended funds mark shift to passive investment
European exchange traded funds have had net inflows this year even as open-ended mutual funds have suffered net outflows, a trend experts say is part of a long-term shift towards passive investment.
Open-ended mutual funds suffered outflows every month from February to August, while ETFs have recorded inflows every month except June and July, according to Morningstar Direct data.
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Source: ft.com
Up to 15 years of gains wiped from some gilt ETFs
October 14, 2022--Recent losses have been fuelled by the UK government's plans for a series of unfunded tax cuts
Investors have seen up to 15 years' worth of gains wiped out in some exchange traded funds amid the chaos enveloping the UK gilt market.
iShares' £1.1bn Core UK Gilts Ucits ETF (IGLT) is now trading at levels last seen in 2007, having fallen 33 per cent since late last year.
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Source: ft.com
New Equity ETFs from Amundi on Xetra: focus on sectors from S&P Developed Index Family and access to the global bond market
October 11, 2022--All sector ETFs are tradable in euros and US dollars
Since Tuesday, 21 new exchange traded funds issued by Amundi Asset Management have been tradable on Xetra and via Börse Frankfurt.
Amundi's 20 equity ETFs offer investors access to companies active in the following sectors of the S&P Developed Ex-Korea LargeMidCap Sustainability EnhancedIndex Family: consumer staples, financials, healthcare, basic materials, industrials, information technology, low carbon energy, communications, utilities, and consumer cyclicals.
The benchmark Index comprises large and mid-cap companies domiciled in developed countries excluding Korea that are allocated to the relevant industry. Sustainability criteria and environmental objectives are considered in the selection process.
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Source: Xetra
ESMA Work Programme 2023: focus on sustainability, technological change and protection of retail investors
October 10, 2022--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published its 2023 Annual Work Programme (AWP).
It sets out ESMA's priority work areas for the next year to deliver on its mission to enhance investor protection and promote stable and orderly financial markets.
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Source: ESMA
New bond ETF from iShares on Xetra: access to UK government bonds with currency hedging
October 7, 2022-A new exchange-traded fund issued by iShares has been tradable on Xetra and via the Börse Frankfurt trading venue since Friday.
The iShares Core UK Gilts UCITS ETF EUR Hedged (Dist) offers exposure to UK government bonds with a broad distribution of maturity dates and fixed coupon payments.
The underlying index only includes bonds that have an investment grade rating. There are currently 56 bonds in the benchmark index.
This is a currency-hedged share class.
Name: iShares Core UK Gilts UCITS ETF EUR Hedged (Dist)
Asset class: Fixed income ETF
ISIN: IE000BI0GCN3
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Source: Xetra
UK official holdings of international reserves: September 2022
October 5, 2022--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank on September 7-8, 2022
October 6, 2022--Held in Frankfurt am Main
Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel started by noting that the narrative in financial markets had shifted since the Governing Council's previous monetary policy meeting in July.
Initially, fears of a recession had dominated global asset prices and financial conditions had eased on the expectation that the pace of interest rate increases by central banks around the world would slow down, as a recession was perceived to do part of the job of bringing inflation back to the target level.
However, more recently the focus of investors had gradually shifted back towards a tighter monetary policy stance as inflation outcomes had continued to be higher than expected.
In this environment, there had been four key observations. First, volatility in interest rate markets remained at historically high levels, reflecting very high uncertainty regarding inflation, as well as heightened data dependence of monetary policy. Second, monetary policy normalisation in the euro area was now expected to proceed at a significantly faster pace than had been expected at the time of the Governing Council's previous monetary policy meeting. Third, the summer rally in risk assets had been halted and partly reversed by investors' reappraisal of the future path of monetary policy.
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Source: ECB
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