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ECB-Account of the monetary policy meeting of the Governing Council of the European Central Bank on September 7-8, 2022
October 6, 2022--Held in Frankfurt am Main
Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel started by noting that the narrative in financial markets had shifted since the Governing Council's previous monetary policy meeting in July.
Initially, fears of a recession had dominated global asset prices and financial conditions had eased on the expectation that the pace of interest rate increases by central banks around the world would slow down, as a recession was perceived to do part of the job of bringing inflation back to the target level.
However, more recently the focus of investors had gradually shifted back towards a tighter monetary policy stance as inflation outcomes had continued to be higher than expected.
In this environment, there had been four key observations. First, volatility in interest rate markets remained at historically high levels, reflecting very high uncertainty regarding inflation, as well as heightened data dependence of monetary policy. Second, monetary policy normalisation in the euro area was now expected to proceed at a significantly faster pace than had been expected at the time of the Governing Council's previous monetary policy meeting. Third, the summer rally in risk assets had been halted and partly reversed by investors' reappraisal of the future path of monetary policy.
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Source: ECB
Russian Invasion of Ukraine Impedes Post-Pandemic Economic Recovery in Emerging Europe and Central Asia
October 4, 2022--The ongoing war in Ukraine has dimmed prospects of a post-pandemic economic recovery for emerging and developing economies in the Europe and Central Asia region, says the World Bank's Economic Update for the region, released today.
Economic activity will remain deeply depressed through next year, with minimal growth of 0.3% expected in 2023, as energy price shocks continue to impact the region.
So far, however, the region has weathered the storm of Russia's invasion of Ukraine better than previously forecast. Regional output is now expected to contract by 0.2% this year, reflecting above expectation growth in some of the region's largest economies and the prudent extension of pandemic-era stimulus programs by some governments.
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Source: worldbank.org
New active ETF from AXA IM on Xetra: companies with a focus on mitigating climate change
September 30, 2022--A new actively managed Exchange Traded Fund issued by AXA Investment Managers has been tradable on Xetra and via the trading venue Börse Frankfurt since Thursday.
The AXA IM ACT Climate Equity UCITS ETF gives investors access to a globally diversified portfolio of companies whose products and services offer solutions to mitigate climate change.
The investment manager combines qualitative and quantitative analysis to select companies with attractive fundamentals.
The fund strives to promote the United Nations Sustainable Development Goals (SDGs) with a focus on climate protection and affordable and clean energy.
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Source: Xetra
Expansion of 21Shares' crypto ETN offering on Xetra: access to the low'cost Ethereum Core ETP
September 30, 2022--A new crypto ETN issued by 21Shares has been tradable on Xetra and via Börse Frankfurt since Thursday.
The 21Shares Ethereum Core ETP offers investors low-cost exposure to the cryptocurrency Ethereum. The ETN is physically backed, allowing the issuer to lend the underlying cryptocurrency to ensure low management fees.
Any lending transactions are secured and monitored daily. The issuer accepts USD/USDC and Ethereum as collateral for the lending transactions.
21Shares is thus expanding its range of crypto ETNs to 23 products. Name Asset class ISIN Ongoing charges Crypto currency 21Shares Ethereum Core ETP (CETH) ETN CH1209763130 0.21 per cent Ethereum The crypto ETN segment now comprises 90 products from thirteen providers on a total of 20 individual cryptocurrencies as well as on nine crypto indices. All crypto-ETNs tradable on Xetra are physically collateralised and listed on the Regulated Market of the Frankfurt Stock Exchange.
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Source: Xetra
New equity ETFs from BNP Paribas Easy on Xetra: preserving biodiversity and sustainable companies worldwide
September 30, 2022--Two new exchange traded funds issued by BNP Paribas Easy have been tradable on Xetra and via Börse Frankfurt since Thursday.
The BNP Paribas Easy ESG Eurozone Biodiversity Leaders PAB UCITS ETF invests in European companies that offer biodiversity solutions and aim to reduce their exposure to coal and fossil fuels. Selection is based on a best-in-class approach, evaluating and selecting leading companies in each sector based on their ESG practices.
In addition, the ETF is guided by the achievement of the Paris Climate Agreement targets.
The BNP Paribas Easy MSCI World ESG Filtered Min TE UCITS ETF gives investors access to sustainable large and mid-cap companies from around the world. The selection is based on the best-in-universe approach. Companies that operate in sectors with high negative ESG impacts, violate the principles of the UN Global Compact or are involved in serious ESG-related controversies are not considered.
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Source: Xetra
Euro zone inflation hits record high 10%, raising pressure on ECB
September 30, 2022--Summary:
Underlying inflation also surges
ECB expected to raise rates by 75 bps in Oct
Inflation peak may be months away
Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.
Price growth in the 19 countries sharing the euro accelerated from August's 9.1%, data from Eurostat showed on Friday, beating expectations for a reading of 9.7%, with some euro zone members experiencing the fastest price growth since the time of the Korean War 70 years ago.
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Source: reuters.com
ESAs propose disclosures for fossil gas and nuclear energy investments
September 30, 2022--The three European Supervisory Authorities (EBAh EIOPA and ESMA -ESAs) have today delivered to the European Commission (EC) their Final Report with draft Regulatory Technical Standards (RTS) regarding the disclosure of financial products' exposure to investments in fossil gas and nuclear energy activities under the Sustainable Finance Disclosure Regulation (SFDR).
In the amending final draft RTS, the ESAs propose to add specific disclosures to provide transparency about investments in taxonomy-aligned gas and nuclear economic activities. These disclosures, which are in line with the definitions in the Complementary Climate Delegated Act, will help investors make informed decisions.
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Source: ESMA
Active fund strategies bear brunt of outflows in Europe
September 29, 2022--Passively managed inflows have masked the extent of damage to the industry as a whole
Active asset managers are bearing the brunt of negative sentiment with outflows from open-ended funds surpassing €150bn in the year to the end of August, while passively managed inflows have helped mask the extent of the damage.
Markets have undergone a wide sell-off since the start of the year as the Ukraine war, rising interest rates, inflation and a looming recession spooked investors.
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Source: FT.com
ESMA reminds firms of the impact of inflation in the context of investment services to retail clients
September 27, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes a statement reminding firms to consider inflation and inflation risk when applying relevant MiFID II requirements in the interest of investor protection.
Over the past months inflation rates have risen in the EU, as in the rest of the world, and this growth in inflation has impacted households both in their daily lives and in their investments and investment decisions.
ESMA notes that from an investor protection perspective, this trend poses a risk for retail investors, as some of them will not fully appreciate the link between inflation and financial markets and may not fully understand how considerations on inflation should be factored in when they make saving and investment decisions.
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Source: ESMA
ECB-Monetary developments in the euro area: August 2022
September 27, 2022--September 27, 2022-- Annual growth rate of broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July (revised from 5.5%)
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, stood at 6.8% in August, unchanged from previous month
Annual growth rate of adjusted loans to households stood at 4.5% in August, unchanged from previous month
Annual growth rate of adjusted loans to non-financial corporations increased to 8.7% in August from 7.6% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 6.1% in August 2022 from 5.7% in July, averaging 5.8% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 6.8% in August, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 4.6% in August from 3.3% in July. The annual growth rate of marketable instruments (M3-M2) increased to 2.6% in August from 0.7% in July.
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Source: ECB
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