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New Deka ETF on Xetra: Bonds from sustainable and climate-friendly companies
November 4, 2021--Since Thursday, a new exchange-traded fund issued by Deka Investments is tradable on Xetra and Böörse Frankfurt.
With the Deka MSCI EUR Corporates Climate Change ESG UCITS ETF, investors focus on fixed-income corporate bonds issued in euros with an investment grade rating. These must have a residual term of at least one year and a minimum outstanding volume of €500 million.
Only companies from developed countries that meet sustainability criteria and strive to reduce their exposure to CO2 emissions are included. Consequently, companies are excluded from the index that operate in sectors with potentially strong negative ESG impacts, that disregard the guidelines set by the United Nations Global Compact or are involved in controversies concerning ESG criteria.
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Source: Xetra
Research: UK official holdings of international reserves: October 2021
November 3, 2021--This release details movements in the international reserves of gold and assets held by the UK government.
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Source: gov.uk
The socioeconomic effects of COVID-19 on women
November 3, 2021--The pandemic has disproportionately affected women both professionally and at home. Although the gender gap in labour force participation since the onset of the pandemic hasn't worsened, policy still needs to tackle existing gender gaps, which for some EU countries are very substantive.
Following widespread vaccination campaigns, European economies are beginning to emerge from the depths of the recession caused by the COVID-19 pandemic. As billions are spent to accelerate the recovery and stabilise economic growth, it is important to highlight that not all members of society are emerging from this crisis in the same way and to understand why. The COVID-19 pandemic affected women significantly differently from men in many dimensions. Pre-existing deep rooted gender inequalities have been exacerbated so much that this pandemic has been referred to as a step backwards for gender equality.
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Source: bruegel.org
ECB-Monetary developments in the euro area: September 2021
October 27, 2021-- Annual growth rate of broad monetary aggregate M3 decreased to 7.4% in September 2021 from 7.9% in August
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 11.0% in September, unchanged from previous month
Annual growth rate of adjusted loans to households stood at 4.1% in September, compared with 4.2% in August
Annual growth rate of adjusted loans to non-financial corporations increased to 2.1% in September from 1.5% in August
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 7.4% in September 2021 from 7.9% in August, averaging 7.6% in the three months up to September.
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Source: ECB
Germany's post-pandemic current account surplus
October 22, 2021--The pandemic has increased the net lending position of the German corporate sector. By incentivising private investment, policymakers could trigger a virtuous cycle of increasing wages, decreasing corporate net lending, which would eventually lead to a reduction of the economy-wide current account surplus.
In 2019, Germany ran a current account surplus of $290 billion, the largest in the world. Germany's current account surplus is persistently large: from 2011 to 2020, it never dropped below 6% of GDP and remained above 7% for six consecutive years (from 2014 to 2019, see Figure 1). Such levels are highly unusual for a country in the western world as was pointed out back in 2018.
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Source: bruegel.org
How green funds help protect investors from climate change risks
October 22, 2021--Investment funds in Europe are more exposed to climate-sensitive economic sectors than banks, insurers and pension funds.
However, few investment fund climate-related financial risk assessments have been conducted.
We've examined the portfolios of more than 23,000 EU investment funds and reveal some relative long-term benefits of green funds.
Getting to carbon neutrality is immensely expensive. In the EU alone, reaching zero emissions by 2050 is estimated to cost $300 billion per year for the foreseeable future. Taxpayers will play a role in this, but a major part of the financing, nearly two-thirds, will need to come from private investments.
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Source: weforum.org
Bitcoin ETF rules leave UK investors out of global craze
October 21, 2021--Under-30s in survey keen to see a regulated route into cryptocurrencies
The hotly anticipated launch of a bitcoin ETF in the US leaves the UK out of step with some other major markets in maintaining its blockade on retail access to exchange-traded crypto funds.
US regulators follow Canada and European nations such as Germany and Sweden in giving the green light to exchange-traded products linked to cryptocurrencies, which supporters claim are a safer way for retail investors to access volatile crypto markets.
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Source: ft.com
Official Statistics: Forecasts for the UK economy: October 2021
October 20, 2021--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: gov.uk
Europe's Post-Pandemic Economic Challenges
October 20, 2021--Getting fiscal policy right will be harder than dealing with inflation.
Europe has met the COVID-19 pandemic with audacity and imagination and is enjoying a strong but bumpy economic recovery. It now faces two policy challenges: controlling inflation and dialing back fiscal support.
While there is considerable uncertainty about inflation, central bankers have plenty of experience dealing with it and can deploy their tools quickly and flexibly. By contrast, unwinding the emergency spending measures governments undertook to support their economies is a major, complex endeavor. If policymakers get it wrong, they risk a repeat of the tepid growth that followed the global financial crisis of 2008.
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Source: IMF.org
Better sustainability data is still needed to accelerate the low-carbon transition in capital markets
October 18, 2021--Capital reallocation towards sustainable investments is viewed as essential to Europe's low-carbon transition. The European Union has already developed global standards with its taxonomy of sustainable activities and disclosure rules applying to financial market firms.
But data on the environmental, social and governance (ESG) characteristics of companies, which are used extensively in asset management, remain a source of much frustration, and are increasingly in the regulators' spotlight.
ESG quality means many things to many investors
ESG-focused investment has been a key trend in capital markets over the past two years. Outside the United States, the share of ESG-dedicated retail funds has jumped to 13% of total assets under management (though this share is only 1.5% within the US).
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Source: bruegel.org
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