Can the global recovery be sustained even as the pandemic rages?-continued

July 16, 2020--The global economy is showing signs of recovery from the economic crisis caused by COVID-19, though the spread of the coronavirus is accelerating in some countries. In this circumstance, policymakers must weigh up the trade-offs involved in dealing with the pandemic while easing lock downs and sustaining economic activity. Differences in age structures, urbanisation rates and other factors will inform decision making in different countries.
The incidence of new cases of COVID-19 might be declining in Wuhan, Bergamo, Madrid, and New York-at different times the epicentres of the disease-but many experts believe that these are still the early days of the pandemic.

At this writing, cases are growing at the exponential rate of 1.5% a day, implying a further doubling of cases by late August. The reproduction rate has fallen to well below 1 in China and the Western Pacific, across Europe and in the north-eastern United States, which if sustained (a big if) points to the eventual extinction of the virus in those regions.

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Europe ETP News
EU financial regulators assess risks to the financial sector after the outbreak of COVID-19 and call for enhanced cooperation
September 22, 2020--The three European Supervisory Authorities (EBA, EIOPA and ESMA -ESAs) have issued their first joint risk assessment Report of the financial sector since the outbreak of the COVID-19 pandemic. The Report highlights how the pandemic has led to further amplified profitability concerns across the board and heightened liquidity challenges in segments of the investment fund sector.
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Forecasts for the UK economy: September 2020
September 20, 2020--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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LSE Chooses Euronext, Italian Banks for Milan Bourse Talks
September 18, 2020-- London Stock Exchange Group Plc is in exclusive talks to sell Borsa Italiana to Euronext NV and two Italian institutions, as the government in Rome moves closer to repatriating ownership of its main equity-trading venue.
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ECB-Euro area monthly balance of payments: July 2020
September 18, 2020--In July 2020 the current account of the euro area recorded a surplus of €17 billion, compared with a surplus of €21 billion in June 2020.[1]
In the 12-month period to July 2020, the current account recorded a surplus of €259 billion (2.2% of euro area GDP), compared with a surplus of €304 billion (2.6% of euro area GDP) in the 12 months to July 2019.
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ECB relaxes bank leverage regulation in attempt to boost economy
September 17, 2020--The European Central Bank has relaxed regulations on eurozone banks, freeing up as much as €73bn of capital in an attempt to boost lending and prevent the economic crisis triggered by the coronavirus pandemic from turning into a credit crunch.
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Emerging Europe and the capital markets union
September 17, 2020--The European Union's capital markets union (CMU) plan is in urgent need of a revamp. Because of Brexit, EU capital markets and supervision need to become more integrated. The ongoing deep recession increases the need for equity finance mobilised by capital markets.
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Amundi closes 11 France-domiciled ETFs
September 15, 2020--Amundi has closed 11 France-domiciled exchange traded funds, further concentrating its business in Luxembourg and away from its home market.
The ETFs, which had €110m in assets under management at the end of June, were closed by Europe’s largest listed fund manager in August.
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Financing the European Union: New Context, New Responses
September 11, 2020-With the European Union for the first time taking on debt to help finance the economic recovery from the coronavirus, new resources are needed to fund the EU budget. Various ideas have been floated-including a digital tax and a financial transactions tax-but the most appropriate new resource would be revenues from the EU emissions trading system, which could provide enough funding to repay the EU's coronavirus borrowing.
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ECB-Euro area securities issues statistics: July 2020
September 10, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 7.3% in July 2020, compared with 7.2% in June.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.1% in July 2020, compared with 0.0% in June.
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Investors see lower net returns from potential closet index funds
September 9, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a Working Paper on Closet Indexing Indicators and Investor Outcomes.
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New Tabula ETF on Xetra: US and European investment grade credit default swaps
September 9, 2020--Since Wednesday, a new Exchange Traded Fund issued by Tabula is tradable on Xetra and Börse Frankfurt.
The Tabula Global IG Credit Curve Steepener UCITS ETF (EUR) Acc gives investors the opportunity to invest in credit default swaps with investment grade rating from Europe (iTraxx Index) and the USA (CDX IG Index).
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Climate finance: an agenda for EU coordination with emerging markets
September 9, 2020-Addressing the challenge of financing the low-carbon transition will require substantial investment in the European Union and in emerging and developing economies. Sustainable finance frameworks have proliferated in advanced and emerging markets but fragmentation of financial flows due to different classification systems and standards for green financial instruments is a real risk.
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New UBS ETF on Xetra: Currency-hedged sustainable corporate bonds worldwide
September 8, 2020--Since Tuesday, a new Exchange Traded Fund issued by UBS Global Asset Management has been tradable on Xetra and Börse Frankfurt.
The UBS ETF- Bloomberg Barclays MSCI Global Liquid Corporates Sustainable UCITS ETF (hedged to EUR) A-acc enables investors to participate in the performance of fixed income corporate bonds with an investment grade rating.
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EU restarts probe into London Stock Exchange-Refinitiv merger
September 8, 2020--The European Commission has restarted an investigation into the $27bn (£s;20bn) merger between the London Stock Exchange Group and information provider Refinitiv, with a result expected by 16 December.
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ESMA Newsletter-No. 16
September 7, 2020--During July and August, ESMA has launched an assessment of the German financial reporting system following the Wirecard collapse, published the results of its third EU- wide CCP stress test and proposed members for its CCP directorate.
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Economists stick to Brexit forecasts despite no-deal rhetoric
September 7, 2020--Economists stuck to their forecasts on Monday that Britain and the European Union would agree some sort of post-Brexit trade deal, taking the view that London is likely toughening its rhetoric in a bid to pressure Brussels into a compromise.
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ESMA Provides for the Option to Apply the Annual Transparency Calculations for Non-equity Instruments From 21 September
September 7, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today decided that trading venues and investment firms may postpone, for operational reasons, the application of the annual transparency calculations for non-equity instruments other than bonds to 21 September 2020.
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ESMA confirms Securitisation Regulation requirements entry into force on 23 September 2020
September 4, 2020--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation will come into force on 23 September 2020.
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Rize ETF grows product suite with double launch
September 3, 220--Sustainable food and digital education
Rize ETF has added two thematic products to its range, doubling its existing offering with the addition of sustainable food and digital education ETFs.
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State Street launches new SPDR world value ETF
September 3, 2020--State Street Global Advisors has further expanded its SPDR ETF range with a global value fund, which represents high value exposure companies while attempting to avoid 'value traps'.
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ESMA sees high risk of decoupling of financial market performance and underlying economic activity
September 2, 2020--The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its second Trends, Risks and Vulnerabilities (TRV) Report of 2020. A webinar open to the public will be held on 9 September to present the report.
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Europe's inflation plunge to raise red flags at ECB
September 1, 2020--Euro zone inflation turned negative last month for the first time since May 2016, raising chances that the European Central Bank will have to inject yet more stimulus to generate price growth which has undershot its target for over seven years.
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Vienna Stock Exchange Admits First Bitcoin Product (ETP) On Its Official Regulated Market
September 1, 2020--The 21Shares Bitcoin & Ethereum Product list on the official ‘Regulated’ Market of the Vienna Stock Exchange
Wiener Börse, the Vienna Stock Exchange, becomes the 3rd exchange venue globally to admit a Bitcoin Product on its official "regulated" market segment.
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Active funds fail to outperform passive rivals despite Covid-19 opportunity
September 1, 2020--Research shows only 44% of active UK large-cap equity funds outdid passive peers in first 6 months.
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ECB-Monetary developments in the euro area: July 2020
August 27, 2020--Annual growth rate of broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, increased to 13.5% in July from 12.6% in June
Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month
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US short-termism on ESG investing will hurt growth
August 27, 2020--In Europe, the regulatory pressure on environmental, social and governance issues is strong and growing stronger, from new rules on reporting such data and integrating it into investment decisions to required disclosure of ESG risk analysis.
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Direxion Launches Connected Consumer ETF
August 25, 2020--First ETF to Meet Demand for Exposure to Worldwide Shift to Online and Virtual Activities
Building upon the success of the Direxion Work From Home ETF (WFH), which recently surpassed $90 million in assets under management since launching on June 25, 2020, Direxion announced today the launch of the Direxion Connected Consumer ETF (Ticker: CCON).
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