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Thomson Reuters-Monday Morning Memo: The Moment of Truth for Investors
June 4, 2018--Every now and then some market risks capitalize and lead to falling prices that hit mutual funds-and therefore their investors-with losses to their portfolios. These market events are a moment of truth for investors, since in some cases they unveil that the particular fund has been exposed to risks that might not have been anticipated by investors. One of these moments happened on Tuesday, May 29, 2018.
The spreads for Italian bonds widened when the designated prime minister resigned after he failed to build a government when his proposed finance minister was vetoed by the country's president.
With regard to their nature, these kinds of market events should be used by fund selectors and investors to validate their decisions, since they unveil whether fund managers have taken risks they shouldn't have in order to enhance the performance of their fund/funds; good performance is the main driver to generating sales for a mutual fund.
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Source: Detlef Glow, Head of EMEA Research-Thomson Reuters Lippe
Banks and brokers suffer 'dramatic' fall in commissions
June 2, 2018--Asset managers cut fees for share trading after introduction of Europe's Mifid II rules Investment banks and brokers across Europe have suffered a "dramatic" fall in the fees asset managers pay them to buy and sell shares in a sign of how the recently introduced Mifid II rules have shaken up markets.
According to research from financial technology company ITG, which looked at the trades of 172 asset managers globally, the commissions paid to brokers dropped 28 per cent in the UK ...
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Source: FT.com
ESMA publishes Q&As in relation the temporary product intervention measures
June 1, 2018--The European Securities and Markets Authority (ESMA) has today published its Questions and Answers on ESMA's temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients based on Article 40 of Regulation (EU) No 600/2014 (the Markets in Financial Instruments Regulation, MiFIR)
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Source: ESMA
Cash Market monthly report: increased trading volumes, record in gold holdings
June 1, 2018--While the trading volume on Deutsche Börse's cash markets in May with €145.8 billion was about ten percent higher than in May 2017, the gold holdings of Deutsche Börse broke through the 180-tonne mark for the first time. It currently stands at 181.8 tonnes compared to 174.2 tonnes at the start of the year.
The amount of gold held always increases when investors purchase Xetra-Gold (ISIN: DE000A0S9GB0) via the stock exchange. For each certificate exactly one gram of physical gold is deposited in the German Central Vault for Securities in Frankfurt. At the end of May, the gold price in euros reached its highest level since the start of the year and exceeded for a short time the mark of €36.00 per gram. "The uncertainty on the financial markets has considerably increased again," said Steffen Orben, managing director at Deutsche Börse Commodities GmbH, issuer of Xetra-Gold. "Demand for Xetra-Gold is directly connected to the political uncertainty in Italy and its possible consequences for the EU." Of the total trading volume of €145.8 billion on the cash markets in May, €134.1 billion was attributable to Xetra, €3.3 billion to Börse Frankfurt and €8.3 billion to Tradegate Exchange.
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Source: Deutsche Börse Cash Markets
The Spanish Exchange traded 65.9Euro billion in May, up 6.4% year-on-year
June 1, 2018--The Spanish Exchange traded €65.9 billion in Equities in May, up 0.4% from the preceding month and up 6.4% year-on-year. The number of trades in May reached 3.9 million, up 34.1% from the same month in 2017.
Trading of Financial Derivatives in May increased 21% from May 2017. There was growth in IBEX 35 Futures (28%), Mini IBEX Futures (10%), IBEX 35 Options (15.4%) and in Stock Futures (442%). The open interest in Mini IBEX Futures was up 5%, up 3% in Stock Futures and up 43% in IBEX 35 Options.
In Fixed Income, it is worth mentioning that the traded volume in May was double that corresponding to the same month last year. The volume of new issues admitted to trading on MARF reached €472 million and represents an increase of 40.9% compared to the same period the previous year.
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Source: Bolsas y Mercados Españoles
'David' takes aim at 'Goliath' Invesco in row over fund fees
June 1, 2018--Falling out between trust and manager is 'line in sand', say analysts.
A row between a small investment trust and Invesco, the giant asset manager, has "drawn a line in the sand" over high fund charges, say analysts.
Invesco Perpetual Enhanced Income, an investment trust with a £122m market cap, defied £108bn Invesco when it argued last month that the fees it paid were too high. In an unorthodox move, Invesco resigned as manager of the trust. It subsequently called for IPE chairman Donald Adamson and non-executive director Richard Williams to be replaced. Both men were central to challenging Invesco's fees.
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Source: FT.com
S&P Dow Jones Indices-Europe Dashboard
May 31, 2018--Summary
It was a month of two halves for the S&P Europe 350. It started May on the front foot courtesy of a more co-operative tone between the U.S. and China, and indications that Italy would finally have a government.
But a re-emergence of trade tensions, and a substantial increase in Italian and Spanish political risk, later weighed on the European equity benchmark. Overall, it managed to eke out a 0.25% monthly gain.
As uncertainty rose, quality-oriented S&P Europe 350 equity strategies came to the fore this month; Dividend Aristocrats and Quality led the way. Enhanced Value brought up the rear as it fell 3.48%.
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Source: S&P Dow Jones Indices
Turkey Economic Monitor: Minding the External Gap
May 31, 2018--Taking Stock
A strong policy response-on the back of fiscal buffers, a strong financial system, and favorable external conditions-enabled Turkey to recover from its shock of 2016, with growth accelerating to 7.4 percent in 2017.
Countercyclical fiscal policy and private sector credit boosted demand, and helped overcome labor market and financial sector rigidities to accelerate production. Short-term fiscal and credit measures helped avert a bigger collapse in demand and production after the economy contracted in Q3 2016. They also contributed to progress on poverty reduction.
The balance of risks in the Turkish economy since Q3-Q4 2017 has shifted from growth to stability.
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Source: World Bank
ETFGI reports ETFs and ETPs listed in Europe gathered net inflows of US$2.15 Bn during April 2018
May 31, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Europe gathered US$2.15 Bn in net inflows during April 2018, less than half of the net new assets gathered during the same month in 2017.
Year-to-date net inflows for 2018 reached US$29.55 Bn at the end of April which is less than the US$40.59 Bn in net inflows at this point last year. (All dollar values in USD unless otherwise noted.)
Highlights
Net new assets gathered by ETFs/ETPs listed in Europe were $2.15 Bn, which is less than half of the net new assets gathered in April 2017
April 2018 marked the 43rd consecutive month of net inflows into ETFs/ETPs listed in Europe
Due to market moves assets invested in ETFs/ETPs listed in Europe increased by 0.54%, or $4.45 Bn, during April, to $830.21 Bn
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Source: ETFGI
Arkera appoints Townsend Lansing to scale offering
May 31, 2018--Arkera, a new AI-powered platform that helps self-directed investors make investment decisions by connecting news content to investment products, has hired Townsend Lansing as chief commercial officer.
Lansing, who has spent a decade in the growing exchange traded fund (ETF) sector, will oversee the deployment of Arkera's ETF platform for brokers and retail investors in Europe and North America.
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Source: FTSE Global Markets
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