Nye guidelines for navngivning af ESG-baserede investeringsfonde. I en gennemgang af de nye EU-regler, med titlen ESMA Guidelines on ESG-related Fund Names, hedder det, at ”The Guidelines include recommendations to fund managers on the use of the following categories of terms in funds’ names. i) Transition, social and governance-related terms. “Transition”-related terms encompass any terms derived from the base word “transition.” For example, “transitioning,” “transitional,” etc., and those terms deriving from “improve,” “progress,” “evolution,” “transformation,” “net-zero,” etc. “Social”-related terms mean any words giving the investor any impression of the promotion of social characteristics. For example, “social,” “equality,” etc.“Governance”-related terms mean any words giving the investor any impression of a focus on governance. For example, “governance,” “controversies,” etc. A fund using such a term in its name should: a-ensure that 80% of its investments comply with the binding environmental and/or social characteristics (in the case of ‘Article 8’ funds) or the sustainable investment objectives (in the case of ‘Article 9’ funds), disclosed in each case in its SFDR pre-contractual disclosure annexes; and b-exclude investments in companies identified in Article 12(a)-(c) of Commission Delegated Regulation (EU) 2020/1818 of 17 July 2020 as regards minimum standards for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks (the “Minimum Standards Delegated Regulation”).”
ABNamro: Gas market update – Asian competition drives the rise in European gas prices. “European gas prices have been trending upwards since mid-February. The upward trend is being driven by a rise in Asian demand, unplanned maintenance in Norway and the US, geopolitical tensions, and signs of recovery of European industrial demand. Storage levels remain higher than average. However, the speed of building up storage remains under scrutiny. The looks set to stay tight in the coming summer months and the year ahead contract is expected to average around 35 EUR/MWh in Q2. European gas prices have reversed the downward trend that had been in place since mid-October. The European month ahead TTF price averaged 28.5 EUR/MWh since the start of 2024, reaching a low of 22.9 EUR/MWh (27.5 EUR/MWh for the year ahead contract) in February. Since then, we have seen an upward (but volatile) trend. The upward trend was fueled by a combination of supply and demand factors, such as a rise in Asian demand, unplanned maintenance in Norway and the US, along with geopolitical risks that keep the market vigilant.”
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ING: OPEC+ extends cuts. “OPEC+ members extended their additional voluntary supply cuts as expected, and the group also laid out plans to gradually ease these cuts from the fourth quarter. Action taken by members should leave the oil market in deficit for the remainder of 2024. In this article: What did OPEC+ agree? Rollover pushes the market into deficit for the remainder of 2024. What did OPEC+ agree? OPEC+ members met over the weekend to discuss production policy for the remainder of this year and 2025. It was a hybrid meeting with the wider group attending by video conference, while members making additional voluntary cuts met in person in Riyadh. The meeting coincided with Aramco’s $12bn secondary share offering on Sunday, which sold out within hours.”
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ABNamro: China – A new approach to stabilising property. “Domestic demand side remains weak, with property sector still in the doldrums. Beijing comes with new approach to break the negative feedback loop in the property sector. Upside/downside risks still ‘in balance’: property support versus new trade spats on excess supply. Macro data continue to show a divergence between strong supply and weak domestic demand, still dragged down by property sector woes. Beijing is trying something different now to break the negative feedback loop in property. At the same time, external risks are rising, as China’s overcapacity contributes to a broadening of trade spats with the West. Domestic demand remains weak, with property sector still in the doldrums. China’s April data clearly point to ongoing macroeconomic imbalances, with the supply side stronger than the (domestic) demand side and the property sector remaining the largest drag. On the supply side, industrial production growth accelerated to 6.7% yoy (March: 4.5%), and by 1.0% mom (a post-pandemic rebound high).”
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Morten W. Langer
