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Austria: 2022 Article IV Consultation-Press Release; Staff Report
September 2, 2022--Summary:
Austria is highly vulnerable to spillovers from the war in Ukraine given its high dependence on energy imports from Russia, deep integration into global value chains, and large banking exposures.
After high growth in the first half of 2022, growth is projected to fall sharply through 2023 due to impact of the war and the related energy crisis. Over the medium term, annual growth is projected to stabilize around 1¾ percent. However, output will remain below the pre-crisis trend. Uncertainty is extraordinarily high with significant downside risks.
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Source: IMF.org
New equity index ETFs from Xtrackers on Xetra: climate-friendly investments according to EU PAB standards with focus on Europe, Japan, and the USA
September 1, 2022--Since Thursday, three new exchange-traded funds issued by Xtrackers have been tradable on Xetra and via Börse Frankfurt.
The three new ETFs offer investors access to companies from the Solactive ISS ESG Net Zero Pathway index family.
The benchmark indices focus on large and medium-sized companies, which are selected and weighted according to their contribution to compliance with the EU Paris-aligned Benchmark (EU PAB) standards and the net zero economy.
The aim of EU PAB indices is to redistribute capital towards a low-carbon and climate-resilient global economy. Compared to the main index, the aim is to achieve a 50 per cent reduction in greenhouse gas emissions in the first year and a 7 per cent annual reduction thereafter.
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Source: Xetra
Russian war adds uncertainty and volatility to EU financial markets
September 1, 2022--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today publishes the second Trends, Risks and Vulnerabilities (TRV) Report of 2022. The Russian war on Ukraine against a backdrop of already-increasing inflation has profoundly impacted the risk environment of EU financial markets, with overall risks to ESMA's remit remaining at its highest level.
In the first half of 2022 financial markets saw faltering recoveries, increasing volatility and likelihood of market corrections. Separately, crypto-markets saw large falls in value and the collapse of an algorithmic stablecoin, highlighting again the very high-risk nature of the sector.
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Source: ESMA
ECB-Meeting of 20-21 July 2022
August 26, 2022--Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 20-21 July 2022
1. Review of financial, economic and monetary developments and policy options-Financial market developments
Ms Schnabel reviewed the latest financial market developments, noting that the narrative had shifted since the Governing Council's previous monetary policy meeting in early June 2022.
Weaker than expected incoming data on the global economy and concerns about disruptions to gas supplies, in combination with further higher than expected inflation outcomes, had turned investors’ focus towards a possible "stagflationary" scenario. In this environment, the volatility of short-term interest rate expectations stood at a historical high.
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Source: ECB
ECB-Monetary developments in the euro area: July 2022
August 26, 2022--Annual growth rate of broad monetary aggregate M3 decreased to 5.5% in July 2022 from 5.7% in June
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 6.7% in July from 7.2% in June
Annual growth rate of adjusted loans to households stood at 4.5% in July, compared with 4.6% in June
Annual growth rate of adjusted loans to non-financial corporations increased to 7.7% in July from 6.9% in June
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 5.5% in July 2022 from 5.7% in June, averaging 5.7% in the three months up to July. 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, decreased to 6.7% in July from 7.2% in June.
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Source: ECB
Inflation: why it's very unlikely to get back below 2% for years to come
August 26, 2022--The UK and the Eurozone have seen record inflation rises, with UK prices rising 10.1% in July.
Central banks, most economists, and commentators attributed rising prices to logistic bottlenecks and production constraints due to COVID-19 lockdowns.
In this piece, two economists argue that today's inflation has its roots in the 2008 financial crisis and is set to say persistently above 2% for years to come.
Inflation in the UK and eurozone is still getting worse. UK prices rose a whopping 10.1% in July compared to a year earlier, while those in the eurozone went up 8.9% - breaking longstanding records in both places. Contrast this with the equivalent data from the US a few days earlier, where the 8.5% rate was lower than the previous month and below market expectations.
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Source: weforum.org
Official Statistics: Forecasts for the UK economy: August 2022
August 25, 2022--A comparison of independent forecasts for the UK economy in August 2022.
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Source: gov.uk
New equity ETF from Amundi on Xetra: broadly diversified exposure to climate-friendly companies
August 23, 2022--A new exchange-traded fund issued by Amundi Asset Management has been tradable on Xetra and via Börse Frankfurt since Tuesday.
The Amundi MSCI ACWI SRI PAB UCITS ETF DR-USD (A) gives investors access to a broadly diversified global portfolio of large and mid-cap companies.
According to the best-in-class approach, only companies with an outstanding ESG rating compared to their industry are selected. Companies whose products have a negative impact on the environment and social structures are excluded.
In addition, the benchmark MSCI ACWI SRI Filtered PAB aims to meet the minimum requirements of the EU benchmark regulation based on the Paris Climate Agreement.
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Source: Xetra
New Equity ETF from UBS on Xetra: access to Eurozone companies using value strategy
August 22, 2022--A new exchange-traded fund issued by UBS Global Asset Management has been tradable on Xetra and via Börse Frankfurt since Monday.
The UBS (Lux) Fund Solutions- MSCI EMU Value UCITS ETF (EUR) A-acc gives investors access to the performance of mid- and large-cap companies from eurozone countries across a range of sectors.
The ETF applies the value strategy. According to the strategy, only companies are selected that are currently classified as undervalued on the basis of fundamental data and therefore have the potential to increase in price. The selection is made according to fundamental indicators such as the price-to-book ratio, the price-to-earnings ratio, and the dividend yield.
Name: UBS (Lux) Fund Solutions-MSCI EMU Value UCITS ETF (EUR) A-acc
Asset class: Equity ETF
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Source: Xetra
New Equity ETFs from Ossiam on Xetra: access to companies in line with the Paris Climate Agreement
August 22, 2022--August 22, 2022--Since Monday, eight new exchange-traded funds issued by Ossiam have been tradable on Xetra and via Börse Frankfurt.
Seven of the Ossiam ETFs offer investors access to climate-friendly ETFs that are in line with the Paris Climate Agreement. The climate-neutral approach aims to mitigate climate risks and take advantage of growth opportunities that arise from the transition to a low-carbon economy.
In selecting companies, the aim is to halve the carbon intensity compared to the standard index and to achieve further annual CO2 reductions of 7 per cent.
The ETFs track the Bloomberg PAB (Paris Aligned Benchmark) Large & Mid Cap index family with a focus on Japan, Canada, the USA and the regions Asia Pacific excluding Japan, Eurozone and Europe excluding Eurozone. A currency-hedged share class is also available for investors interested in the Japanese market.
The Ossiam Barclays Quantic Global E NR-UCITS 1c (EUR) gives investors access to global companies from developed countries around the world, selected on the basis of the quantitative investment strategy (Quanti). Every second months, 70 equity companies with the highest Quanti signals are selected, 70 per cent from North America and 30 per cent from other countries.
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Source: Xetra
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