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ECB-Monetary developments in the euro area: December 2022
January 27, 2023-Annual growth rate of broad monetary aggregate M3 decreased to 4.1% in December 2022 from 4.8% in November
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 0.6% in December from 2.4% in November
Annual growth rate of adjusted loans to households decreased to 3.8% in December from 4.1% in November
Annual growth rate of adjusted loans to non-financial corporations decreased to 6.3% in December from 8.3% in November
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 4.1% in December 2022 from 4.8% in November, averaging 4.7% in the three months up to December.
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Source: ECB
New Equity ETF from Amundi on Xetra: access to largest Swiss equity companies
January 27, 2023--A new exchange-traded fund issued by Amundi Asset Management has been tradable on Xetra and via the trading venue Börse Frankfurt since Friday.
The Amundi MSCI Switzerland UCITS ETF gives investors the opportunity to track the performance of a portfolio consisting of the largest and highest-turnover companies on the Swiss equity market.
The underlying index is currently composed of 43 companies such as Nestle, Roche Holding and Novartis, which together account for 85 per cent of the Swiss market capitalisation. The largest sectors include healthcare (35 per cent), consumer staples (24 per cent) and financial services (16 per cent). The base currency of the fund is the Swiss franc.
Name: Amundi MSCI Switzerland UCITS ETF-CHF
Asset class: Equity ETF
ISIN: LU1681044993
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Source: Xetra
ESMA publishes data for the quarterly liquidity assessment of bonds
January 27, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has published its new quarterly liquidity assessment of bonds. Due to a technical error, the data was published earlier than the usual publication date (1 February 2023). This does not have any impact on the application date.
The transparency requirements for bonds deemed liquid will apply from 16 February 2023 to 15 May 2023.
For this period, there are currently 1,010 liquid bonds subject to MiFID II transparency requirements.
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Source: ESMA
Carbon Policy Surprises and Stock Returns: Signals from Financial Markets
January 27, 2023--Summary:
Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon policies on stock returns.
After extracting the surprise component of regulatory actions, we show that events resulting in higher carbon prices lead to negative abnormal returns which increase with a firm's carbon intensity. This negative relationship is even stronger for firms in sectors which do not participate in the EU ETS suggesting that investors price in transition risk stemming from the shift towards a low-carbon economy. We conclude that policies which increase carbon prices are effective in raising the cost of capital for emission-intensive firms.
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Source: IMF.org
ECB-Euro area economic and financial developments by institutional sector: third quarter of 2022
January 27, 2023--Euro area net saving decreased to €678 billion in four quarters up to third quarter of 2022, compared with €731 billion one quarter earlier
Household debt-to-income ratio declined to 94.7% in third quarter of 2022 from 96.0% one year earlier
Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 77.6% in third quarter of 2022 from 79.4% one year earlier
Total euro area economy
Euro area net saving decreased to €678 billion (6.5% of euro area net disposable income) in the four quarters to the third quarter of 2022, as compared with €731 billion one quarter earlier. Euro area net non-financial investment increased to €667 billion (6.4% of net disposable income), as investment by all four main sectors of the economy, namely households, general government, and non-financial and financial corporations, increased.
Euro area net lending to the rest of the world decreased to €39 billion (from €214 billion in the previous quarter), as net saving decreased and non-financial investment increased.
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Source: ECB
DWS unveils seven UN Sustainable Development Goal ETFs
January 20, 2023-DWS has unveiled seven ETFs targeting the United Nationals Sustainable Development Goals.
The firm said it was the first asset manager to offer ETFs that target individual goals within the SDGs, with six targeting specific goals and the seventh tracking a combination of all SDGs.
The seven ETFs are: Xtrackers MSCI Global SDG 3 Good Health UCITS ETF, Xtrackers MSCI Global SDG 6 Clean Water & Sanitation UCITS ETF, Xtrackers MSCI Global SDG 7 Affordable & Clean Energy UCITS ETF, Xtrackers MSCI Global SDG 9 Industry, Innovation & Infrastructure UCITS ETF, Xtrackers MSCI Global SDG 11 Sustainable Cities UCITS ETF, Xtrackers MSCI Global SDG 12 Circular Economy UCITS ETF and the more general Xtrackers MSCI Global SDGs UCITS ETF.
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Source: investmentweek.co.uk
AXA IM appoints Olivier Paquier as Global Head of ETF Sales
January 19, 2023--AXA IM reinforces its ETF distribution value chain with the appointment of Olivier Paquier as Global Head of ETF Sales.
AXA IM global ETF platform is now centred around three pillars within AXA IM to accelerate the growth of its global ETF business.
AXA IM ETF platform hits €1 billion1 in assets under management.
Following the launch of its ETF platform last September2 , AXA IM continues its journey to build a significant ETF business and grow its footprint on this market.
Olivier Paquier is appointed Global Head of ETF Sales, effective immediately. Olivier has extensive experience in ETF sales from State Street as Head of SPDR ETF distribution in France, Monaco, Spain and Portugal, and then within J.P. Morgan Asset Management where he built their successful active ETF business in EMEA3 . In his missions within AXA IM, he will be supported by an ETF business manager and 9 salespeople worldwide who will extend their expertise of selling the AXA IM product range with ETF instruments. Olivier reports to Nicolas-Louis Guille-Biel, Global Head of ETF & Product strategy.
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Source: .axa-im.com
ECB-Meeting of 14-15 December 2022
January 19, 2023--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 14-15 December 2022
1. Review of financial, economic and monetary developments and policy options-
Financial market developments
Ms Schnabel noted that since the Governing Council's previous monetary policy meeting on 26-27 October 2022 the narrative in financial markets had shifted from inflation concerns to expectations that central banks worldwide would slow down, halt and ultimately reverse interest rate hikes.
The data on the US consumer price index (CPI) for October, interpreted as an early sign of an easing of inflation pressures, had prompted a market repricing of policy rate expectations for the United States. This had been further reinforced by the US CPI inflation figures for November, which had again surprised on the downside. The resulting rebound in investor risk appetite had led to a broad-based easing of global financial conditions, showing up in lower nominal and real yields, tighter credit spreads and buoyant equity markets in the euro area – all of which worked against the ECB’s intention to withdraw monetary policy accommodation.
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Source: ECB
Official Statistics: Forecasts for the UK economy: January 2023
January 18, 2023--A comparison of independent forecasts for the UK economy in January 2023.
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Source: gov.uk
ESMA publishes latest edition of its newsletter
January 18, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its latest edition of its Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focused on the launch of the new visual identity.
ESMA is all about fostering the effectiveness and stability of EU markets, and enhancing the protection of retail investors, both through strengthened supervision. The design of the new logo shines in the context of the ESMA Strategy 2023-28.
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Source: ESMA
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