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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
BNP Paribas prepares first Irish ETF launches
January 17, 2023--French fund house apes rivals in seeking to tap into Dublin's preferential tax status
BNP Paribas Asset Management is preparing to launch its first Ireland-domiciled exchange traded funds, shortly after domestic rival Amundi started offering Dublin-registered ETFs.
The asset management arm of French lender BNP Paribas said the fund house was currently awaiting approval from the Irish regulator, the Central Bank of Ireland, for its first locally domiciled ETFs.
BNP Paribas AM said it hoped to receive approval from the Irish watchdog "fairly soon".
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Source: ft.com
ESMA and NCAs to look at marketing of financial products
January 16, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II disclosure rules with regard to marketing communications across the European Union (EU).
The CSA will be conducted over the course of 2023.
ESMA is aware of the key role that marketing communications and advertisements can play in determining consumer behaviour and influencing investment decisions and is therefore launching this exercise to assess the application by investment firms and credit institutions of the MiFID II requirements on marketing communications.
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Source: SEC.gov
Sweden finds Europe's largest deposit of rare earth metals, which could become 'more important than oil and gas'
January 12, 2023--Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.
CEO Jan Moström said it was good news for Europe, which imports 99% of its rare earth elements from China.
In 2022, European Commission President Ursula von der Leyen said rare earth elements would "soon be more important than oil and gas."
State-owned Swedish mining company LKAB said it has found what it believes to be Europe's largest known deposit of rare earth elements.
Located in Kiruna, in the far north of Sweden, the company said Thursday that the store contained more than one million metric tons of rare earth oxides.
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Source: cnbc.com
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