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Euro area securities issues statistics: December 2020
February 10, 2021-The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 1.3% in December 2020, compared with 1.2% in November.
Debt securities
New issuances of debt securities by euro area residents totalled EUR 543.6 billion in December 2020. Redemptions amounted to EUR 621.7 billion and hence net redemptions to EUR 78.1 billion. The annual growth rate of outstanding debt securities issued by euro area residents was 7.6% in December 2020, compared with 7.5% in November.
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Source: ECB
Valerie Baudson Will Replace Yves Perrier as CEO of Amundi as of May 2021
February 10, 2021--Perrier has been appointed Chairman of the board of directors, taking over Xavier Musca's current position
"This change in governance will ensure a smooth transition and the continuity of Amundi's development"
The changes will take place following the next Amundi general meeting on 10 May 2021
During the presentation of its annual results, Amundi announced that Valérie Baudson will replace Yves Perrier as CEO of the company. Meanwhile, Perrier has been appointed Chairman of the board of directors.
According to Europe's biggest asset manager, this change in leadership will take place next May 10, when Perrier will formally step down. "After 14 years as head of Amundi, Yves Perrier has wished to hand over the general management responsibility".
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Source: fundssociety.com
New L&G ETF on Xetra: hydrogen companies worldwide
February 10, 2021--A new exchange traded fund issued by Legal & General Investment Management has been tradable on Xetra and Börse Frankfurt since Wednesday.
The L&G Hydrogen Economy UCITS ETF- Acc enables investors to invest in companies in the hydrogen industry worldwide. The use of hydrogen technology enables reduction of fossil fuels in the long term and thus provide an opportunity for clean and sustainable energy.
Companies along the entire value chain, from hydrogen production to hydrogen use, are considered. This includes producers and subcontractors, suppliers and distribution networks, storage units and end users, such as manufacturers of fuel cells and providers of mobility solutions based on hydrogen propulsion.
Excluded are companies with significant business activities in the areas of thermal coal or weapons, as well as those that are not in line with the principles of the UN Global Compact.
Name: L&G Hydrogen Economy UCITS ETF - Acc
Asset class: Equity ETF
ISIN: ISIE00BMYDM794
Ongoing charges: 0.49 per cent
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Source: Deutsche Börse
IMF Staff Country Report-Russian Federation: 2020 Article IV Consultation
February 9, 2021--Summary:
Russia entered the crisis with low potential growth but strong macroeconomic policy frameworks and significant buffers. Policy space allowed the authorities to mount a sizeable public health and countercyclical response to the crisis, which has helped limit the economic downturn.
Nevertheless, the crisis is likely to leave some long-term scars.
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Source: IMF
European Union cohesion project characteristics and regional economic growth
February 4, 2021--A new approach, which estimates 'unexplained economic growth', provides insights into the types of European Union cohesion projects that produce better economic results for regions.
Due to problems with existing methodologies that aim to identify the causal impact of European Union cohesion policy on economic growth, we adopted a novel methodology. We first estimated 'unexplained economic growth' by controlling for the influence of various region-specific factors, and then analysed its relationship with about two dozen characteristics specific to projects carried out in various regions in the context of EU cohesion policy.
We found that the best-performing regions have on average projects with longer durations, more inter-regional focus, lower national co-financing, more national (as opposed to regional and local) management, higher proportions of private or non-profit participants among the beneficiaries (as opposed to public-sector beneficiaries) and higher levels of funding from the Cohesion Fund. No clear patterns emerged concerning the sector of intervention.
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Source: bruegel.org
ESMA updates Q&As on MiFID II and MiFIR market structures topics
February 3, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today updated its Questions and Answers (Q&As) regarding market structures issues under MiFID II and MiFIR.
The Q&As provide clarification on:
The classification of DEA trades; and
Matched Principal Trading by investment firms.
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Source: ESMA
Euro zone fourth-quarter GDP falls less than expected, another fall seen in first quarter
February 2, 2021--The euro zone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed on Tuesday, but it is heading for another, probably steeper decline in the first quarter of this year.
The European Union's statistics office Eurostat said that according to its preliminary flash estimate, gross domestic product in the 19 countries sharing the euro fell by 0.7% quarter-on-quarter, for a 5.1% year-on-year decline.
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Source: reuters.com
The geopolitics of the European Green Deal
February 2, 2021--The Green Deal will redefine Europe's global policy priorities; as such, it is a foreign policy development with profound geopolitical consequences
The European Green Deal is a plan to decarbonise the EU economy by 2050, revolutionise the EU's energy system, profoundly transform the economy and inspire efforts to combat climate change.
But the plan will also have profound geopolitical repercussions. The Green Deal will affect geopolitics through its impact on the EU energy balance and global markets; on oil and gas-producing countries in the EU neighbourhood; on European energy security; and on global trade patterns, notably via the carbon border adjustment mechanism. At least some of these changes are likely to impact partner countries adversely.
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Source: bruegel.org
London to Resume Trading Swiss Shares After Losing EU Billions
February 2, 2021--About 200 Swiss stocks will be reintroduced to London venues
Move by U.K. risks complicating bid for EU equivalence
The City of London can tout a rare benefit of Brexit this week, when Swiss shares such as Novartis AG and Nestle SA are expected to be readmitted to trading in London.
The return comes after an 18-month hiatus triggered by Switzerland protecting its markets in a stand-off with the European Union. The U.K. is looking to embrace other partners after jettisoning ties with the world's biggest trading bloc.
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Source: bloomberg.com
IMF-Sweden-Staff Concluding Statement of the 2021 Article IV Mission
February 2, 2021--The Swedish economy entered the COVID-19 pandemic on a solid footing and with substantial buffers created through prudent fiscal and financial management. Although the pandemic hit the economy hard, the recession was moderated by strong support measures and structural features of the economy, which has a high share of jobs that can be performed remotely, a relatively small hospitality sector, and a large export sector.
The less stringent containment strategy at the beginning of the pandemic seems to have altered the timing of the economic fallout, which intensified towards the middle of the year. While the fiscal stance is appropriate, there is scope for additional support if the recovery or inflation expectations falter, and for recalibration of the support measures, including by adapting their design to further facilitate structural transformation. The Riksbank should also stand ready to complement fiscal support as needed. It is also important to enhance monitoring of household and private sector balance sheets in order to inform the authorities' management of the buildup of risks. Over the medium term, the strive for inclusive growth can be strengthened by advancing structural reforms and increasing growth-enhancing and green spending to meet health and demographic challenges.
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Source: IMF
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