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Germany's Whole Yield Curve Dives Below 0% for the First Time
August 2, 2019--Nation becomes the largest economy to have all negative yields
Trump's threat of new tariffs has fueled the latest rally
German 30-year bonds rallied to send yields across the whole of its debt market below 0% for the first time after President Donald Trump ratcheted up the U.S. trade war with China.
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Source: Bloomberg
IMF Staff Country Report-Russian Federation: Selected Issues
August 2, 2019--FURTHER IMPROVING FISCAL TRANSPARENCY IN RUSSIA TO RAISE GOVERNMENT EFFICIENCY AND REDUCE VULNERABILITIES TO CORRUPTION1
Fiscal transparency has acquired a central role in IMF surveillance since the wave of crises that struck
emerging markets in the late 1990s. Budget openness is important because it increases investor confidence, facilitates the efficient allocation of resources by the public sector, and reduces opportunities
for corruption.
Cross-country evidence from European countries confirms that fiscal transparency is broadly and robustly correlated with better outcomes, including lower borrowing costs, higher efficiency of public investment and revenue collection, and improved corruption perceptions. Russia scores relatively well on fiscal transparency and has made significant progress in improving its practices over the last
5 years. However, there remains room for further improvement. Fiscal statistics should be compiled by an
independent statistics agency and expanded to include sub-soil assets, public private partnerships, and
pension liabilities.
view the IMF Staff Country Report-Russian Federation: Selected Issues
Source: IMF
MiFID II: ESMA makes new bond liquidity data available
August 1, 2019--The European Securities and Markets Authority (ESMA) has started today to make available new data for bonds subject to the pre-and post-trade requirements of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) through its data register.
ESMA has started today to make available the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 594 liquid bonds subject to MiFID II transparency requirements.
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Source: ESMA
The Coming Clash Between Climate and Trade
August 1, 2019--The new leaders of the European Union, who have relentlessly championed open markets, will, ironically, likely trigger a conflict between climate preservation and free trade. But this clash is unavoidable, and how Europe and the world manage it will help to determine the fate of globalisation, if not that of the climate.
The incoming president of the European Commission, Ursula von der Leyen, has laid out a highly ambitious climate agenda. In her first 100 days in office, she intends to propose a European Green Deal, as well as legislation that would commit the European Union to becoming carbon neutral by 2050. Her immediate priority will be to step up efforts to reduce the EU’s greenhouse-gas emissions, with the aggressive new goal of halving them (relative to 1990 levels) by 2030. The issue now is how to make this huge transition politically and economically sustainable.
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Source: bruegel.org
Cash markets achieve turnover of 124.8 billion euros in July
August 1, 2019--Deutsche Börse's cash markets generated a turnover of €124.8 billion in July (previous year: €124.3 billion). Of the €124.8 billion, €112.1 billion were attributable to Xetra (previous year: €113.6 billion), bringing the average daily Xetra trading volume to €4.9 billion.
Trading volume on Börse Frankfurt was €2.9 billion (previous year: €2.9 billion) and on Tradegate Exchange €9.9 billion (previous year: €7.8 billion). By type of asset class, shares accounted for around €111.4 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €11.7 billion. Turnover in bonds was €0.5 billion, in certificates €1.1 billion and in funds €0.2 billion. The DAX and TecDAX stock with the highest turnover on Xetra in July was SAP SE with €6.1 billion. Commerzbank AG led the MDAX equities with €918 million, while Aixtron SE led the SDAX equity index with €339 million. In the ETF segment, the iShares Core DAX UCITS ETF generated the largest volume with €877 million.
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Source: Deutsche Börse Group
STOXX ESG Factor Indices licensed to UniCredit
July 30, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has licensed two indices to UniCredit: the EURO iSTOXX(R) ESG-X & Ex Nuclear Power Multi Factor Index and the EURO STOXX(R) ESG-X & Ex Nuclear Power Minimum Variance Unconstrained Index.
UniCredit is launching two exchange-traded funds (ETFs) on these indices today, which are listed in Frankfurt. The underlying indices are part of the Eurozone's first index family combining a factor strategy with environmental, social and governance (ESG) screens.
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Source: Deutsche Börse Group
New iShares ETF on Xetra: Access to Chinese bond market
July 30, 2019--A new iShares Exchange Traded Fund has been available for trading on Xetra and Börse Frankfurt since Tuesday.
The iShares China CNY Bond UCITS ETF USD (Dist) offers an investment in bonds issued by the Ministry of Finance of the People's Republic of China and Chinese banks.
Defaulted bonds are excluded. The yield is distributed.
Name:iShares China CNY Bond UCITS ETF USD (Dist)
Asset class: Bond ETF
ISIN: IE00BYPC1H27
Ongoing charges: 0.35 per cent
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Source: Deutsche Börse Cash Market
New Unicredit ETFs on Xetra: Combination of Strategy and Sustainability
July 30, 2019--Since Tuesday two new Exchange Traded Funds of UniCredit are tradable via Xetra and Börse Frankfurt.
With the two ETFs, investors can participate in the performance of companies from the EURO STOXX Index that meet sustainability criteria. The reference indexes use the ESG exclusion criteria of the data provider Sustainalytics, which are based on the principles of the United Nations Global Compact on human rights, labour rights, the environment, business ethics and anti-corruption.
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Source: Deutsche Börse Group
Europe's Mifid rules help to pump up the volume
July 29, 2019--Exchange Traded Funds have finally moved centre stage
The European market for exchange traded funds is still adjusting to a transformative event that could come to be seen as the making of it: the...
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Source FT.com
Mutual funds' liquidity problems highlight ETF advantages
July 29, 2019--Suspension of Woodford's £3.5bn fund has investors scouting for liquid alternatives
The crisis surrounding Britain's best-known stockpicker, Neil Woodford, has highlighted a concern individual investors had given very little regard to until now -the liquidity of their investment funds.
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Source: FT.com
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