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Bank of England…waiting for stagflation

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9 år sedan

den

The Bank of England has kept rates on hold at its meeting today, contrary to market expectations. Sterling staged a modest rebound, albeit from multi-decade low levels against the US Dollar, as the central bank held fire on further stimulus activity. The Bank of England noted that ‘most members of the Committee expect monetary policy to be loosened in August’, preferring to wait until its August Inflation Outlook report to gauge the impact of the EU Referendum. Bank of England…waiting for stagflation

The Bank of England has kept rates on hold at its meeting today, contrary to market expectations. Sterling staged a modest rebound, albeit from multi-decade low levels against the US Dollar, as the central bank held fire on further stimulus activity. The Bank of England noted that ‘most members of the Committee expect monetary policy to be loosened in August’, preferring to wait until its August Inflation Outlook report to gauge the impact of the EU Referendum. Bank of England…waiting for stagflation

The EU referendum has made the prospect of stagflation – the combination of weak growth and inflation – an increasingly likely situation for the UK economy. Although inflation currently hovers at 0.3%, the weaker Sterling (GBP) is likely to lead, at least in the short–term, to a rise in inflation via import prices.

A historical study[1] shows that the exchange rate pass-through for the UK could see over 10% impact on the CPI from currency movements. The 10% drop in the GBP could therefore result in a 1% move higher in CPI in the UK in the following 6-12 months after the exchange rate movement. The Bank of England calculates in its May 2016 inflation report that the impact from a 10% decline (since end-2015) in GBP could push inflation higher by 1.8-2.5% by end-2018. The GBP has declined 15% since end-2015, meaning the inflationary impact is likely to be greater than previous forecasts. The central bank concludes that ‘Ultimately, monetary policy would be set in order to meet the inflation target, while also ensuring that inflation expectations remained anchored.’

We expect that the impact of the EU referendum on GBP, and in turn domestic UK inflation, could be more persistent (in contrast to the Bank of England), especially in the event that inflationary expectations become unanchored. At the moment, there has been no real evidence of rising inflationary expectations in recent weeks. 5yr-5yr forward rates for the UK remain depressed, a seemingly direct result of the EU referendum. However, with fuel and food prices set to rise in coming weeks, a rebound could occur in expectations quite rapidly.

We anticipate that GBP is likely to be under further pressure in coming months, as the uncertainty surrounding the EU Referendum begins to show up in softer economic data and rising inflationary pressure from import prices.

[1] Campa and Goldberg, Distribution margins, imported inputs, and the sensitivity of the cpi to exchange rates, NBER, 2006.

Martin Arnold, Global FX & Commodity Strategist at ETF Securities

Martin Arnold joined ETF Securities as a research analyst in 2009 and was promoted to Global FX & Commodity Strategist in 2014. Martin has a wealth of experience in strategy and economics with his most recent role formulating an FX strategy at an independent research consultancy. Martin has a strong background in macroeconomics and financial analysis – gained both at the Reserve Bank of Australia and in the private commercial banking sector – and experience covering a range of asset classes including equities and bonds. Martin holds a Bachelor of Economics from the University of New South Wales (Australia), a Master of Commerce from the University of Wollongong (Australia) and attained a Graduate Diploma of Applied Finance and Investment from the Securities Institute of Australia.

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Is Mobile Powering the Future of Gaming?

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2 timmar sedan

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16 oktober, 2025

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The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

The global gaming industry has evolved into one of the world’s most dynamic entertainment sectors, expected to generate $188.9 billion in 2024 and surpass $200 billion by 2027, outpacing film and music combined.

From arcades to smartphones, the gaming industry has continuously evolved with each technological shift. Today, mobile gaming is a major player the market, currently accounting for the largest share of global revenues. As digital platforms, cloud gaming, and eSports continue to grow, gaming is establishing itself as a core part of the global entertainment economy.

Mobile gaming is leading this transformation, currently accounting for the majority of industry revenues and 40% of all global app downloads. With 5G adoption and 90% smartphone penetration expected by 2030, billions of new players will join the market, making gaming more accessible than ever.

However, the rollout of 5G also carries risks, uneven global infrastructure buildout, high capital costs for carriers, and potential fragmentation across networks could delay or limit the full realization of these benefits.

Source: Vantage Market Research, 2023; Pelham Smithers, 2020

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IMPORTANT INFORMATION

This is marketing communication. Please refer to the prospectus of the UCITS and to the KID/KIID before making any final investment decisions. These documents are available in English and the KIDs/KIIDs in local languages and can be obtained free of charge at www.vaneck.com, from VanEck Asset Management B.V. (the “Management Company”) or, where applicable, from the relevant appointed facility agent for your country.

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Fyra nya börshandlade fonder från JP Morgan

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3 timmar sedan

den

16 oktober, 2025

Av

JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från Nasdaq 100 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

JPM US Hedged Equity Laddered Overlay Active UCITS ETF förvaltas aktivt och investerar i en portfölj av aktier från S&P 500 med en overlay-strategi. Denna strategi implementeras genom köp- och säljoptioner, med positioner som innehas under en period av tre månader. ETFen finns i både ackumulerande och utdelande andelsklasser.

nxtAssets ripple direct ETP ger enkel tillgång till utvecklingen av kryptovalutan Ripple (XRP). ETPen är fysiskt säkerställd av de underliggande kryptovalutorna. Handel är möjlig antingen i euro eller amerikanska dollar.

WisdomTree Physical Stellar Lumens ger enkel tillgång till utvecklingen av kryptovalutan Stellar. ETPen är fysiskt säkerställd av de underliggande kryptovalutorna.

NamnISIN
Kortnamn		AvgiftUtdelnings-
policy
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000JIPY1U8
HEQQ (EUR)		0,50%Ackumulerande
JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE0006UQKVQ0
HEQD (EUR)		0,50%Utdelande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (acc)IE000VAZZYM3
HEOL (EUR)		0,50%Ackumulerande
JPM US Hedged Equity Laddered Overlay Active UCITS ETF – USD (dist)IE000K4JG8P9
HEDL (EUR)		0,50%Utdelande
nxtAssets ripple direct ETPDE000NXTA034
NXTX (EUR)
NTXY (USD)		1,00% 
WisdomTree Physical Stellar LumensGB00BN7K9C82
WXLM (EUR)		0,50% 

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 595 ETFer, 203 ETCer och 282 ETNer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 25 miljarder euro är Xetra den ledande handelsplatsen för ETFer och ETPer i Europa.

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AIFS ETF en satsning på infrastruktur för artificiell intelligens

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4 timmar sedan

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16 oktober, 2025

Av

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) med ISIN IE000X59ZHE2, försöker spåra STOXX Global AI Infrastructure-index. STOXX Global AI Infrastructure-index spårar prestanda för företag över hela världen som är engagerade inom området AI-infrastruktur. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,35 % p.a. iShares AI Infrastructure UCITS ETF USD (Acc) är den enda ETF som följer STOXX Global AI Infrastructure-index. ETFen replikerar det underliggande indexets prestanda genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen ackumuleras och återinvesteras.

Denna ETF lanserades den 5 december 2024 och har sin hemvist i Irland.

Investeringsmål

Fonden strävar efter att uppnå avkastning på din investering, genom en kombination av kapitaltillväxt och inkomst på fondens tillgångar, vilket återspeglar avkastningen från STOXX Global AI Infrastructure Index, fondens jämförelseindex (”Index”).

Handla AINS ETF

iShares AI Infrastructure UCITS ETF USD (Acc) (AIFS ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Euronext Amsterdam.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
Euronext AmsterdamUSDAINF
Borsa ItalianaEURAINF
Euronext ParisEURAINF
XETRAEURAIFS

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AAPLAPPLE INCInformationsteknologi4,72US0378331005USD
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