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Frexit less likely but domestic challenges

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8 år sedan

den

24 april, 2017

gradually as we get closer to the second round of the presidential elections and the Parliamentary elections. Frexit less likely but domestic challenges

Market’s participants welcomed the lead of Macron in the first round of the French presidential elections. The euro jumped 1.3% and French equities are up 4% led by French banks. We believe the excessively high OAT-Bund yield spreads will continue to tighten gradually as we get closer to the second round of the presidential elections and the Parliamentary elections. Frexit less likely but domestic challenges

As predicted by the recent opinion polls, Macron (Centrist) and Le Pen (Far-right) won the first round with Macron ahead. The election boasts a participation rate estimated at around 77%. Macron won with almost 23.8% of the votes while Le Pen gathered 21.5%. Fillon and the Republicans were defeated with 19.9%, while far-left Mélanchon lost with 19.6%. The centrist Macron gathered 23.8%, while the Right/Far right together gathered 47.4% and the Left/Far left gathered 27.6% as of Sunday 23 April. Despite the fact that the majority of the votes went to the right-wing parties, Republicans’ leaders have already called to vote for Macron at the second round as did President Holland leading the Socialist party, increasing the chance for Macron to win the election. The probability of Macron winning the elections now stands at 62% according to the latest polls. According to Ipsos, 48% of Fillon’s voters will vote for Macron in the second round as well as 62% of Melanchon’s voters and 79% of Socialist Hamon’s voters. Only a minority of far-Left Melanchon’s voters (9%) – sensible to the protectionist economic programme of the far-Right – indicated to switch their votes to Le Pen’s, and only 33% of voters of Fillon – sensible to the security programme of the far-Right – are likely to vote for Le Pen in the second round.

Market’s participants welcomed the news. The French OAT- German Bund yield spreads tighten by 16bps as market’s pricing as Macron winning the elections looks likely with many French political leaders now supporting him in an effort to block the Far-right Le Pen. The euro jumped by 1.26% this morning against the US dollar to 1.0863 and French CAC stocks gained 4% and French banks climbed by 8% in average in the early session, while defensive assets dropped. Gold price declined 1% to US$1271 this morning, while 10-yr Treasury yields rose from 14bps to 2.3%.

After the second round of the presidential elections, the next decisive step for France will be to elect the Parliament in a month and a half from now. While it is almost certain that Marine Le Pen will not get a majority, it is still unclear how Macron will without the help of both the Socialist and Republicans groups. The uncertainty around the ability of Macron to gain a majority of seats in the Parliament to pass on his reforms will likely continue to weigh on the French-German government bond spreads in the next six weeks.

Morgane Delledonne, Fixed Income Strategist at ETF Securities

Morgane Delledonne joined ETF Securities as Fixed Income Strategist in 2016. Morgane has an extensive experience in Monetary policy, Fixed Income Markets and Macroeconomics gained at the French Treasury’s Office in Washington DC and most recently in her role as Macroeconomist and Strategist at Pictet&Cie in Geneva. Morgane holds a Bachelor of Applied Mathematics from the University of Nice Sophia Antipolis (France), a Master of Economics and Finance Engineering and a Master of Economic Diagnosis from the University of Paris Dauphine (France).

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A slice of Bitcoin gives a big portfolio boost

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3 timmar sedan

den

14 juli, 2025

Redaktionen

Many investors wonder: If I add Bitcoin to my portfolio, what difference will it make? To answer these questions, we analyzed data to see how even a small Bitcoin allocation can impact your overall investment returns and risk.

It’s Crypto Week. Keep an eye on these bills

This week, the US House of Representatives will host “Crypto Week,” a focused effort to create clearer rules for digital assets. If these new laws pass, they could help investors feel more confident about entering the crypto market. The historic Crypto Week will likely benefit crypto lending projects like Aave, which has recently exceeded $45 billion in total value locked. Take a closer look at what’s on Congress’s agenda and why it matters for the future of crypto.

Turning stocks into tokens? Why it’s cool, but complicated

Crypto keeps evolving, and one clear use case is tokenization, turning real-world assets like property, investment funds, or stocks into digital tokens on the blockchain. Tokenized stocks are grabbing headlines right now as they let you trade company shares anytime, anywhere, making investing easier and faster. But it’s still early days, and there are challenges ahead. Explore how stock tokenization works and what’s holding it back.

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.

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LYOR ETF är en aktiv satsning på ”over night lån”

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4 timmar sedan

den

14 juli, 2025

Redaktionen

Lyxor Smart Overnight Return UCITS ETF C-EUR (LYOR ETF) med ISIN LU1190417599, är en aktivt förvaltad börshandlad fond. Denna ETF strävar efter att uppnå kortsiktig avkastning med låg volatilitet genom att investera i en portfölj av finansiella instrument och återköpsavtal.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,10 % p.a. Lyxor Smart Overnight Return UCITS ETF C-EUR är den billigaste och största ETF som följer Lyxor Smart Overnight Return-index. ETFen replikerar resultatet för det underliggande indexet syntetiskt med en swap.

Lyxor Smart Overnight Return UCITS ETF C-EUR är en mycket stor ETF med tillgångar på 1 565 miljoner GBP under förvaltning. Denna ETF lanserades den 2 mars 2015 och har sin hemvist i Luxemburg.

Investeringsmål

Lyxor Smart Overnight Return – UCITS ETF C-EUR är en UCITS-kompatibel börshandlad fond som syftar till att uppnå kortsiktig avkastning högre än Euro Short-Term Rate (€STR) med extremt låg volatilitet. Fonden är aktivt förvaltad och investerar i en diversifierad portfölj av finansiella instrument och återköpsavtal, i en miljö med strikt risk- och likviditetsövervakning. €STR återspeglar grossistkostnaderna för euro utan säkerhet över natten för banker i euroområdet. €STR beräknas och publiceras av ECB.

Handla LYOR ETF

Lyxor Smart Overnight Return UCITS ETF C-EUR (LYOR ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och London Stock Exchange.

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

Börs	Valuta	Kortnamn
XETRA	EUR	LYOR
gettex	EUR	LYXW
Borsa Italiana	EUR	SMART
Euronext Paris	EUR	CSH2

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WisdomTree noterar hävstångsprodukter på Xetra

Publicerad

5 timmar sedan

den

14 juli, 2025

Redaktionen

WisdomTree Magnificent 7 3x Daily Leveraged ETP och WisdomTree Magnificent 7 3x Daily Short ETP erbjuder en trippelhävstångsinvestering i ”Magnificent 7” amerikanska blue-chip-aktier. De syftar till att tredubbla den dagliga utvecklingen för WisdomTree U.S. Bluechip Select Index. Båda ETNerna är fullt säkerställda skuldebrev.

WisdomTree PHLX Semiconductor 3x Daily Leveraged ETP och WisdomTree PHLX Semiconductor 3x Daily Short ETP ger en trippel daglig hävstångsexponering, lång respektive kort, mot de 30 största börsnoterade företagen i USA som huvudsakligen är involverade i design, distribution, tillverkning och försäljning av halvledare. Båda ETNerna är fullt säkerställda skuldebrev.

Namn	ISIN Kortnamn*	Avgift	Utdelnings- policy
WisdomTree Magnificent 7 3x Daily Leveraged ETP	XS3091654114 M73L (EUR)	0,75%	Ackumulerande
WisdomTree Magnificent 7 3x Daily Short ETP	XS3091657307 M73S (EUR)	0,75%	Ackumulerande
WisdomTree PHLX Semiconductor 3x Daily Leveraged ETP	XS3091657729 3SEM (EUR)	0,75%	Ackumulerande
WisdomTree PLHX Semiconductor 3x Daily Short ETP	XS3091646797 3SES (EUR)	0,75%	Ackumulerande

Produktutbudet inom Deutsche Börses ETF- och ETP-segment omfattar för närvarande totalt 2 484 ETFer, 202 ETCer och 265 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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