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The week inflation became entrenched
March 8, 2022--The events that have unfolded since 24 February have solved one dispute: inflation is no longer temporary.
There are four reasons to expect sustained inflationary pressures and one mitigating factor.
The obvious one is energy prices, with both crude oil and gas prices jumping to very high levels at the start of the war in Ukraine.
With sanctions now imposed, the European Union will need to reduce gas imports from Russia. Some of it will have to be dealt with by reducing demand for gas altogether and some by diverting demand elsewhere.
To the extent that this cannot happen in the next 12 months or so the EU remains dependent on Russia, in which case it is inevitable that gas becomes a tool for retaliation. For as long as these sanctions are in place, the EU will be vulnerable and face a correspondingly heavy energy bill.
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Source: bruegel.org
New ETF from FlexShares on Xetra: access to listed private equity companies
March 7, 2022--Since Monday, a new exchange-traded fund issued by FlexShares is tradable on Xetra and via Börse Frankfurt.
The FlexShares Listed Private Equity UCITS ETF gives investors the opportunity to invest in a selection of around 100 listed securities that offer exposure to the best companies in the private equity industry, according to Foxberry.
The primary business purpose of these companies must be private equity, i.e. investments in companies, leveraged or management buyouts.
Dividend income is reinvested.
Name: FlexShares Listed Private Equity UCITS ETF
Asset class: Equity ETF
ISIN: IE0008ZGI5C1
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Source: Xetra
War in Europe: the financial front
March 7, 2022--Russia is reeling from massive financial sanctions, while Ukraine's financial system is battered but remains functional, and the EU and global financial systems have rather easily absorbed the initial shock.
Financial sanctions against Russia since its invasion of Ukraine began on 24 February have included three main planks. First, sanctions against named Russian individuals have expanded dramatically.
Second, a series of sanctions has been imposed on individual Russian banks. These include- but are far from limited to- the much-hyped ability of the European Union to require disconnection of individual Russian banks from SWIFT, the international interbank messaging system which is based in Belgium and thus under EU jurisdiction. Third, the Bank of Russia, the country's central bank, has been blocked from using its international reserves in a number of jurisdictions. Critically, these include the United States, the EU, United Kingdom, Canada, Japan, Australia and Switzerland- in other words, all the world's core reserve-currency jurisdictions bar China (China's share of the world's aggregate central bank foreign reserves remains in the low single digits, even though its share of the Bank of Russia’s reserves is significantly higher).
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Source: bruegel.org
Research: UK official holdings of international reserves: February 2022
March 3, 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
DWS Launches Two Net Zero ETFs Tracking Solactive ISS ESG Net Zero Pathway Index Series
March 3, 2022--ESG has been gaining momentum in the last years, and investors have been increasingly considering aligning their decisions with those values. Solactive is now pleased to announce that DWS has launched two net-zero ETFs tracking Solactive ISS ESG Net Zero Pathway Index Series offering core exposure to eurozone and developed market equities.
The Xtrackers EMU Net Zero Pathway Paris Aligned UCITS ETF and the Xtrackers World Net Zero Pathway Paris Aligned UCITS ETF seek to track, respectively, the Solactive ISS ESG Developed Markets Eurozone Net Zero Pathway Index and the Solactive ISS ESG Developed Markets Net Zero Pathway Index, which constitute the series.
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Source: Solactive AG
ESMA publishes latest edition of its newsletter
March 3, 2022-The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its February edition of the Spotlight on Markets Newsletter.
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Source: ESMA
Climate Change in Europe and Central Asia
February 28, 2022--Europe and Central Asia-Vulnerability to Climate Change
The Europe and Central Asia region faces increasing vulnerability to climate change, as warmer temperatures and more volatile weather patterns disrupt ecosystems and increase the frequency of extreme droughts, floods, heat waves, and forest fires. The poorest countries and most vulnerable households are likely to face the worst impacts of climate change, through lost livelihoods and environmental degradation.
While the financial cost of protecting and strengthening the resilience of countries in the region to the impacts of climate change is substantial, it is far outweighed by the cost of inaction or delayed investments. If no action is taken, economic damages from droughts and floods in Central Asia are projected to be up to 1.3% of GDP per annum, while crop yields are expected to decrease by 30% by 2050, leading to around 5.1 million internal climate migrants by that time.
Even European Union countries will experience large impacts-without adaptation more than 400,000 jobs are expected to be lost annually by 2050, with the overall cost of climate-related extreme weather reaching €170 billion by the end of the century.
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Source: worldbank.org
ECB-Monetary developments in the euro area: January 2022
February 25, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 6.4% in January 2022 from 6.9% in December
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 9.0% in January from 9.8% in December.
Annual growth rate of adjusted loans to households stood at 4.3% in January, compared with 4.2% in December
Annual growth rate of adjusted loans to non-financial corporations stood at 4.4% in January, compared with 4.3% in December
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Source: ecb.europa.eu
Global and Domestic Challenges Weigh on Outlook for Turkish Economy in 2022
February 25, 2022--Turkey's economy is likely to expand at a much slower pace this year as rising domestic macroeconomic and financial challenges moderate growth in 2022 following an unexpectedly strong economic growth in 2021, says the latest edition of the World Bank's Turkey Economic Monitor report, released today.
Frequent changes in the monetary policy setting, epitomized by a series of interest rate cuts since last September, sent the Lira dropping to historic lows and inflation soaring to record highs. While exports boomed in 2021, these challenges have eroded real incomes for the poorer households. The COVID-19 pandemic added to the problem, and negatively impacted poverty reduction.
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Source: worldbank.org
New Active ETF from First Trust on Xetra: global companies with sustainability focus and capital strength
February 23, 2022--Since Wednesday, a new Active ETF issued by First Trust is tradable on Xetra and Börse Frankfurt.
The First Trust Global Capital Strength ESG Leaders UCITS ETF offers investors the opportunity to participate in the performance of companies from the MSCI ESG Index through an active investment strategy.
Using the "capital strength method", around 50 large and medium-sized companies from industrialised and emerging countries are selected that have good capitalisation and strong balance sheets. In addition, the companies have a high ESG performance relative to comparable companies.
The main constituents are companies from the industrial, financial, and healthcare sectors as well as the consumer staples sector.
Companies that do business in alcohol, tobacco, gambling, nuclear energy, and weapons are excluded.
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Source: Xetra
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