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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
Franklin Templeton debuts three 'dynamic innovation' Lux funds in 10 countries
October 15, 2021--Three new sub-funds of the Luxembourg-domiciled Franklin Templeton Investment Funds (FTIF) range will be registered for distribution in more than 10 European countries, including Germany, Italy and Spain.
These are the Franklin Disruptive Commerce Fund, Franklin Genomic Advancements Fund and Franklin Intelligent Machines Fund.
Matthew Moberg, Portfolio Manager, Franklin Equity Group, said: "These three new strategies aim to capture powerful, multi-industry, and distinct long-term trends that we believe should have a large impact on our economy and our daily lives.
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Source: internationalinvestment.net
Largest index providers' 'stranglehold' is limiting fee cuts
October 14, 2021--FTSE Russell, MSCI and S&P indices account for more than 80% of passive European equity assets
The largest index providers have a chokehold on the market, which is keeping license costs higher for asset managers and limiting further passive fund fee cuts, according to experts.
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Source: ft.com
ECB-Euro area securities issues statistics: August 2021
October 12, 2021--The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 4.5% in July 2021 to 4.1% in August.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 2.5% in August 2021, compared with 2.4% in July.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 547.5 billion in August 2021. Redemptions amounted to EUR 526.9 billion and hence net issues to EUR 20.6 billion. The annual growth rate of outstanding debt securities issued by euro area residents decreased from 4.5% in July 2021 to 4.1% in August.
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Source: ECB
New BNP Paribas Easy ETFs on Xetra: Eurozone companies and ESG companies from the CAC 40 with reduced carbon footprint
October 12, 2021--Two new exchange-traded funds issued by BNP Paribas Easy have been tradable on Xetra and Böörse Frankfurt since Tuesday.
With the BNP Paribas Easy Low Carbon 100 Eurozone PAB UCITS ETF -C, investors invest in 100 large and medium-sized companies from developed countries in the Eurozone, selected because of the opportunities and risks associated with climate change.
Using the best-in-class approach, only the leading companies in terms of ESG criteria from each sector are considered. In line with the goals of the Paris Climate Agreement, the objective is to reduce greenhouse gases by 50 per cent and decarbonise by 7 per cent annually.
The BNP Paribas Easy CAC 40 ESG UCITS ETF gives investors access to the 40 largest French companies selected according to ESG criteria and aiming to reduce the carbon footprint compared to the baseline universe, the Euronext CAC Large 60 Index.
Both products exclude companies that violate the UN Global Compact or are involved in serious ESG-related controversies. The same applies to companies from the tobacco, weapons, and fossil fuel sectors. The weighting of a security is limited to a maximum of 10 per cent.
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Source: Xetra
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