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Monetary developments in the euro area: November 2019
January 3, 2010--Annual growth rate of broad monetary aggregate M3 stood at 5.6% in November 2019, after 5.7% in October 2019 (revised from 5.6%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 8.3% in November, compared with 8.4% in October
Annual growth rate of adjusted loans to households stood at 3.5% in November, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations decreased to 3.4% in November from 3.8% in October
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Source: ECB
IMF Staff Country Report-Turkey: Selected Issues
December 26, 2019--1. Turkey's economy has grown rapidly over the past decade, mainly by increasing inputs. With an average annual real growth of around 5½ percent over the last 10 years, Turkey has been one of the fastest growing economies in G20 and other larger emerging markets. However, growth has become more unbalanced. Strong post-2009 output growth has been largely due to increased capital accumulation, driven by construction investment activities and financed, in large part externally, and by rapid credit growth.
Labor inputs also contributed positively to growth, supported by a pick-up in female labor force participation-but its contribution appears to have leveled off in recent years. Over the same period, the high investment rate (greater than the neo-classical golden rule benchmark would suggest), together with high inflation and elevated private sector and external debt, point to past over-investment.1
view the IMF Staff Country Report-Turkey: Selected Issues
Source: IMF
European fixed-income investors demanding fee cuts
December 23, 2019-European fixed-income investors are pushing for fee cuts from active managers whose performance is suffering.
For this state of affairs, money managers can thank central banks that constructed the persistent low-interest-rate environment as they are finding outperformance is nearly impossible to show when €5.3 trillion ($5.86 trillion), or 50.7%, of European government bonds and 28.3% of euro-denominated investment-grade corporate bonds have negative yields.
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Source: Pensions & Investments
ESMA: EU Issuers Need To Improve Their Disclosure Of Alternative Performance Measures
December 20, 2019--The European Securities and Markets Authority (ESMA) has published a report on European Union (EU) issuers' use of Alternative Performance Measures (APMs) and their compliance with ESMA's APM Guidelines.
ESMA's assessment of issuers' compliance with the APM Guidelines shows that there is significant room for improvement as only a minority of issuers comply with all principles of the Guidelines in their:
annual earnings results;
management reports; and/or
prospectuses.
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Source: ESMA
Saga launches its cryptocurrency as Libra waits in the wings
December 18, 2019--December 18, 2019--Last week brought the launch of a new digital currency called Saga that has portrayed itself as the academic's answer to the cryptocurrency craze.
Saga first emerged in early 2018, but it has changed quite a lot since then. Many of those changes are telling when it comes to analysing the increasingly hostile regulatory climate for digital currencies, particularly so-called stablecoins that aim to rival more traditional currencies.
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Source: businesstelegraph.co.uk
European Commission-Sustainable finance: Commission welcomes deal on an EU-wide classification system for sustainable investments
December 17, 2019--The European Commission has welcomed today's political agreement between the European Parliament and the Council on the creation of the world's first-ever "green list"-a classification system for sustainable economic activities, or taxonomy.
This will create a common language that investors can use everywhere when investing in projects and economic activities that have a substantial positive impact on the climate and the environment.
It will help scale up private and public investments to finance the transition to a climate-neutral and green economy, redirecting capital to economic activities and projects that are truly sustainable. This political agreement underlines the EU's commitment to implementing the Paris Agreement and reach climate-neutrality by 2050.
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Source: European Commission
ECB-Euro area securities issues statistics: October 2019
December 11, 2019--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 2.9% in October 2019, compared with 3.1% in September.
For the outstanding amount of listed shares issued by euro area residents, the annual rate of change was -0.2% in October 2019, compared with -0.1% in September.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 681.5 billion in October 2019. Redemptions amounted to EUR 749.3 billion and net redemptions to EUR 67.7 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 2.9% in October 2019, compared with 3.1% in September.
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Source: ECB
Non-performing loans' legacy versus secondary markets
December 10, 2019-Eleven years since the start of Europe's financial crisis, and the legacy of non-performing loans in the EU, though much smaller, is still a live issue for some member states.
No doubt success has been achieved as the asset quality of banks in the EU area has improved reaching 3% as of June 2019 (EBA Risk Dashboard-Q2 2019), compared with its peak of approximately 7.5% in 2012 (EBF).
The total stock of NPLs held by the banks reduced to EUR 636bn as of June 2019 (EBA Risk Dashboard-Q2 2019). This success has been mainly down to three developments:
Progress, as marked in Fourth Progress Report on the reduction of NPLs and further risk reduction in the Banking Union, on the Council of the EU's action plan including focus of the European Commission, European Central Bank, European Systemic Risk Board and European Banking Authority on the reduction of non-performing loans.
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Source: bruegel.org
New J.P. Morgan ETF on Xetra: Risk-weighted Emerging Market Government and Quasi-Government Bonds
December 10, 2019--A new J.P. Morgan Exchange Traded Fund has been tradable on Xetra and Börse Frankfurt since Tuesday.
The JPMorgan ETFs (Ireland) ICAV-Emerging Markets Sovereign Bond UCITS ETF-USD (acc) allows investors to participate in the performance of emerging market government and quasi-government bonds denominated in US dollars.
Issuers that are 100 per cent collateralised or owned by the national government are considered quasi-governmental.
The benchmark index is the J.P. Morgan Emerging Markets Risk-Aware Bond Index.view more
Source: Deutsche Börse Cash Markets
Eurex enhances European ETF ecosystem with new product
December 9, 2019--First exchange to offer EUR fixed income ETF options
Eurex-part of Deutsche Börse Group-will extend its pioneering role in ETF derivatives. To further support the financial industry in hedging their portfolios, Europe's leading derivatives exchange will be the first to launch EUR-denominated fixed income ETF options on 9 December.
The two underlying ETFs-iShares EUR High Yield Corporate Bond ETF (IHYG LN) and iShares Core EUR Corporate Bond ETF (IEAC LN)-are among the largest corporate bond ETFs in Europe. Options on these UCITS-compliant ETFs offer investors further optionality to hedge or gain exposure to European investment grade and high yield credit indexes.
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Source: Deutsche Börse Group
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