S7P Dow Jones Indices-Index Dashboard: Europe-continued

May 31, 2019--Declining global growth expectations and an escalation in trade wars sent equity markets into reverse gear this month. The S&P Europe 350 dropped 5%, giving up all of April’s gains and moving into the red for Q2. It's not all bad: the European benchmark can still boast of a 12% year-to-date total return.
While, all the 11 sectors declined there was a clear divergence between defensive and trade-sensitive sectors. Materials led the way down, dropping 8%, while the Health Care and Utilities sectors outperformed;both limiting losses to less than a percentage point.

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Source: S&P Dow Jones Indices

Europe ETP News
ESMA publishes report on the licencing of FinTech firms across Europe
June 12, 2019--The European Securities and Markets Authority (ESMA), the EU's securities markets' regulator, today publishes a report on the status of licencing regimes of FinTech firms across the European Union (EU).
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ESMA updates its Q&As relating to the Prospectus Regulation
July 12, 2019--The European Securities and Markets Authority (ESMA) has today included twenty-five new Q&As relating to Regulation (EU) 2017/1129 (the 'Prospectus Regulation').
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ECB-Account of the monetary policy meeting
Of the Governing Council of the European Central Bank, held in Vilnius on Wednesday and Thursday, 5-6 June 2019 July 11, 2019--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments.
Since the Governing Council's previous monetary policy meeting on 9-10 April 2019, US trade negotiations with both China and Mexico had progressively deteriorated, negatively impacting global equity markets and pushing equity risk premia higher.
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ESMA updates its Q&As regarding the Benchmark Regulation
July 11, 2019--The European Securities and Markets Authority (ESMA) has issued today an update of its Question and Answers (Q&As) on the European Benchmarks Regulation (BMR).
The new Q&As provide clarification on the following issues:
the commodity benchmark definition; and
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Bank of England warns no-deal Brexit could trigger economic shock
July 11, 2019--Governor says EU firms might also face lending crisis by being cut off from banks in London.
The Bank of England has warned that a no-deal Brexit could trigger a material shock to the UK economy while causing widespread disruption for EU companies by cutting them off from London-based banks.
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ESMA updates Q&AS on MiFID II and MiFIR investor protection and intermediaries
July 11, 2019--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).
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New Lyxor ETF on Xetra: Focus on Emerging Markets
July 10, 2019--A new Exchange Traded Fund from Lyxor International Asset Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Lyxor MSCI Emerging Markets Ex China UCITS ETF offers a global investment in the performance of listed companies in emerging markets, excluding the Republic of China.
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European Commission-Summer 2019 Economic Forecast: Growth clouded by external factors
July 10, 2019--The European economy is set for its seventh consecutive year of growth in 2019, with all Member States' economies due to expand. Growth in the euro area was stronger than expected in the first quarter of the year due to a number of temporary factors such as mild winter conditions and a rebound in car sales.
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New Amundi ETC on Xetra: Commodity investment in physical gold
July 9, 2019--Since Tuesday a new Exchange Traded Commodity (ETC) of Amundi is tradable via Xetra and Börse Frankfurt.
The ETC gives investors the opportunity to participate in the performance of gold. The price development is based on the spot gold price of the London Metal Exchange (LME) less accruing fees.
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Debt-laden Italy seizes moment to borrow more 50-year funds
July 8, 2019--Italy's Treasury has hired investment banks to help sell more of its 50-year bonds to institutional investors, seizing on improved market confidence after the government avoided European Union disciplinary action for excessive debt.
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Monday Morning Memo: Why Asset Managers Should Have an ETF Strategy
July 8, 2019--By looking at annual flow numbers and assets under management, it is clear that exchange-traded funds (ETFs) are more than just a trend.
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Bitcoin Cash ETP Lists on Leading Swiss Stock Exchange
July 6, 2019--Cryptocurrency tracking instruments traded on established equity exchanges allow institutional and retail investors to gain exposure to digital assets.
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Kazakhstan's Astana International Exchange lists first exchange-traded fund
July 4, 2019--ITI Funds became the first provider to list an exchange-traded fund (ETF) on Kazakhstan's Astana International Exchange (AIX) on July 3.
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Half-year report: Xetra-Gold achieves new record for gold holdings and assets under custody
July 3, 2019--Growth of around 13 tonnes year-to-date / Europe's largest gold security with physical deposit
The gold holdings of the exchange-traded Xetra-Gold bearer bond (ISIN: DE000A0S9GB0) rose to a new record of 194.3 tonnes as of 30 June.
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Monetary developments in the euro area: May 2019
July 1, 2019--Monetary developments in the euro area: May 2019
Annual growth rate of broad monetary aggregate M3 stood at 4.8% in May 2019, after 4.7% in April 2019
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 7.2% in May from 7.4% in April
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Monday Morning Memo: Don't Panic About Illiquid Holdings in Mutual Funds
July 1, 2019-The closure of the Woodford Income Fund has led to wide discussion about illiquid holdings in mutual funds. As a result of this discussion, asset managers have come under pressure as investors have begun to sell positions in funds in which they have identified illiquid holdings.
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Cash markets achieve turnover of 116.0 billion euros in June
July 1, 2019--Deutsche Börse's cash markets generated a turnover of €116.0 billion in June (previous year: €153.6 billion).

€106.3 billion were attributable to Xetra (previous year: €142.1 billion), bringing the average daily volume to €5.6 billion.

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New Xetra EnLight service allows cleared RFQ block trading
July 1, 2019--CCP clearing reduces settlement and counterparty risks/available for all equities, ETFs and ETPs on Xetra/leading Market Makers welcome introduction
On Xetra, Europe's leading market for ETFs and German equities, a new functionality was introduced today that allows block trading outside the order book through an RFQ (Request for Quote) workflow.
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Swiss government triggers countermeasures in EU bourse battle
June 27, 2019--Switzerland on Thursday triggered measures to counter the European Commission's refusal to extend recognition to Swiss stock markets, plunging the two sides deeper into a standoff over a stalled partnership treaty.
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Amun lists a unique crypto basket tracker on SIX Swiss Exchange
June 27, 2019--Amun AG, a Swiss fintech aiming to facilitate access to crypto-asset investments, is excited to announce the launch of the Amun Bitwise Select 10 large cap crypto ETP (exchange traded product) listed today on the SIX Swiss Exchange, and based on the Bitwise 10 Select Large Cap Crypto Index.
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New on Xetra: Emerging Market ETF by Franklin Templeton on the Indian Equity Market
June 26, 2019--A new Franklin Templeton Exchange Traded Fund has been tradable on Xetra and Börse Frankfurt since Wednesday.
The Franklin FTSE India UCITS ETF offers an investment in the performance of the Indian emerging market on the basis of the FTSE India 30/18 Capped Index, which tracks the large and mid cap stocks, weighted by market capitalisation.
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New VanEck ETF on Xetra: Video Gaming and eSports as passive investment product for the first time in Europe
June 26, 2019--A new VanEck Vectors Exchange Traded Fund has been tradable on Xetra and the Börse Frankfurt since Wednesday.
With the VanEck Vector Video Gaming and eSports UCITS ETF, investors can participate in the performance of the global video gaming and eSports segment for the first time in Europe.
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New iShares ETF on Xetra: Investment in the Chinese Stock Market
June 25, 2019--A new iShares ETF is tradable on Xetra and Börse Frankfurt since Tuesday.
The iShares MSCI China UCITS ETF offers an investment in the performance of high and mid cap companies of the Chinese stock Market.
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Redefining Europe's economic sovereignty
June 25, 2019--This Policy Contribution delves into the position of the EU in the current global order. China and the United States increasingly trying to gain geopolitical advantage using their economic might. The authors examine the specific problems that China and the US pose for European economic sovereignty, and consider how the EU and its member states can better protect European economic sovereignty.
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Tabula brings five ETFs to BX Swiss
June 24, 2019--Tabula Investment Management has entered the Swiss market by launching five ETFs on the BX Swiss exchange, giving investors access to products targeting credit, high yield credit and volatility risk premia.
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STOXX wins multi-billion landmark deal with four German pension funds for sustainable, climate-friendly global index solutions
June 24, 2019--STOXX Ltd., the operator of Deutsche Boerse Group's index business and a global provider of innovative and tradable index concepts, has won a request for proposal to license four low-carbon sustainability indices to the pension funds of four states in Germany: Baden-Wuerttemberg, Brandenburg, Hesse, and North Rhine-Westphalia.
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Monday Morning Memo: European Fund-Flow Trends-Bonds Weathered the Storm in May
June 24, 2019--The negative fund-flows trend in Europe continued in May. As a consequence, May was the thirteenth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
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IMF Country Report-Switzerland: Selected Issues
A. Introduction
1. With Switzerland being a globally integrated small open economy, major international currencies and their associated monetary policies likely provide important reference points for the Swiss franc and the operation of Swiss monetary policy.
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UK equity income funds suffer 18.4bn pounds of net outflows
June 23, 2019--The funds often invest in sectors such as energy, pharma and consumer goods, industries perceived as reliable in returning profits to shareholders.
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New Vanguard ETFs on Xetra: Global Bonds
June 21, 2019--Since Thursday two new Exchange Traded Funds from Vanguard are tradable via Xetra and Börse Frankfurt.
The Vanguard Global Aggregate Bond UCITS ETFs offer an investment in the performance of global government and corporate bonds with a maturity of at least one year.
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Swiss-EU bourse battle breaks out over stalled treaty
June 21, 2019--Investors in the European Union and Switzerland will lose direct access to each others' stock exchanges from July 1 in an escalating row over a stalled partnership treaty.
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ESMA Agrees Position Limits Under MIFID II
June 20, 2019--The European Securities and Markets Authority (ESMA) has published today three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
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New research by BETTER FINANCE on the Correlation between Costs and Performance of EU Retail Equity Funds without a doubt establishes a negative correlation between returns and fees
June 20, 2019--Common knowledge has it that if you want to beat the market, you need to turn to highly active management...at a price.
As part of its #FundResearch series, BETTER FINANCE decided to put this notion to the test and take a closer look at the main factors impacting fund performance and the ability to deliver above-market returns, with a special focus on costs.
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Vanguard launches aggregate bond ETF in Europe
June 20, 2019--Vanguard has launched a new fixed income ETF in Europe which provides broad and diversified exposure to investment grade bonds across multiple sectors and segments from both developed and emerging market issuers.
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Unscheduled adjustment in SDAX
June 19, 2019--Hapag-Lloyd AG to be deleted from the index, DMG MORI AG to be added
On Wednesday, Deutsche Börse announced an unscheduled change to SDAX. The free float of Hapag-Lloyd AG has decreased from 10.59 per cent to 8.72 per cent.
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Deutsche Bank seeks to shed risky assets as part of overhaul: sources
June 19, 2019--Deutsche Bank is aiming to cut up to a quarter of its riskiest assets in the next few years, people familiar with the matter said, shedding more light on how the German lender is trying to overhaul its business and revive profitability.
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Forecasts for the UK economy: June 2019
June 19, 2019--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that this is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury's own views.
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Invesco expands ETF range with three ESG products
June 19, 2019--'Passive holdings still making an active difference'
The new ETFs will track indices where stock weightings are determined by each company's ESG score, rather than size alone.
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Vanguard trades blows in fund fee war with M&G.
June 19, 2019-Cut-throat competition escalates in UK investment market.
The fee for the Vanguard Global Balanced fund, which holds a mix of equities and bonds, has also been cut from 60bp to 48bp.
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Deutsche Bank reportedly plans revamp with 50EURO B "bad bank"
June 17, 2019--Deutsche Bank plans to place some €50 billion in assets, comprised mostly of long-dated derivatives, into a "bad bank" and slash its non-EU equity and rates trading, sources say.
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Uncertainty over output gap and structural-balance estimates remains elevated
June 17, 2019--The EU fiscal framework strongly relies on the structural budget balance indicator, which aims to measure the 'underlying' position of the budget. But this indicator is not observed, only estimations can be made. This post shows that estimates of the European Commission, the IMF, the OECD and national governments widely differ from each other and all estimates are subject to very large annual revisions.
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Making the Euro Area More Resilient Before the Next Recession Hits
June 17, 2019--Growth in the euro area rebounded earlier this year, but it remains fragile, while risks have increased. Now is a good time for euro area economies to strengthen their ability to weather any future economic difficulties.
A new IMF staff paper looks at the resilience of euro area countries and finds that they have had more frequent and severe recessions than other advanced economies over the past 20 years.
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ESMA Publishes 2018 Annual Report
June 17, 2019--The European Securities and Markets Authority (ESMA) has published its Annual Report, which reviews its achievements against its 2018 priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union.
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Monday Morning Memo: Review of the European ETF Market, May 2019
June 17, 2019--The promoters of ETFs in Europe enjoyed net inflows for May. Despite these, the assets under management in the European ETF industry decreased due to the negative performance of the underlying markets. In more detail, the assets under management in the European ETF industry decreased from €746.7 bn as of April 30, 2019, to €721.6 bn at the end of May.
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New SPDR ETFs on Xetra: US government bonds and smart beta investment each with currency hedging
June 17, 2019--Since Monday two new Exchange Traded Funds issued by State Street Global Advisors are tradable via Xetra and Börse Frankfurt.
The SPDR S&P U.S. Dividend Aristocrats EUR Hdg UCITS ETF (Dist) allows investors to participate in the performance of US shares with high dividend payments. The Smart-Beta-ETF weights these shares based on the respective income levels and is tradable as a distributing and currency-hedged share class.
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Ireland: Selected Issues
Ireland's personal income tax has undergone significant changes in the last fifteen years. From reductions during the boom, through introduction during the crisis of an additional tax-the Universal Social Charge that broadened the tax base and increased revenues-, to tax reductions with tax base narrowing in the recent recovery years.
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