By entering your details below, you confirm that you are a professional client within the meaning of MiFID II, and that you accept to receive timely and relevant email correspondence from Lyxor ETF, with the option of opting out at any time.
All personal data are collected in compliance with applicable laws and regulations and the Lyxor privacy policy. For more information about how we process your data, please refer to the terms and conditions of our website https://www.lyxoretf.com. You have a right of opposition, at any time and free of charge, to the use of your personal data for the purpose of direct marketing purposes or communicated to third parties for that purpose. You may exercise this right by sending your request to the data protection officer at the following email address: [email protected].

Dealing with
Europe’s differences

Will 2019 be the year the “dream” dies?

European assets are pricing in very little economic growth, and have been trading far lower than their US peers. Sentiment could easily reverse should risks recede. Until now though, the catalysts for change have been catatonic as the region’s differences have deepened.

However, long awaited clarity on Brexit, a resolution to the rupture with Rome, and an easing of trade tensions could spur a re-rating. With so much at stake, it’s time to cut through the noise and give you a rare view from inside the establishment on the future of the European dream.

We asked Societe Generale Chairman, Lorenzo Bini Smaghi, formerly “Italy’s man at the ECB”, to tell us where he believes the region goes next and whether it’s finally time for less Europe, not more Europe.
1. Is it time for less Europe, not more Europe?
Brexit, populism and a growing North-South divide have thrown the future of the euro project into doubt. EU members are either clamouring for “more” or “less” Europe and forthcoming European Parliament elections could have serious implications. Is the “dream” finally over?
ETFs to consider
UCITS ETF
Exposure
AUM (MS)
TER
Top 50 eurozone blue-chips
€105m
0.07%
Broad eurozone blue-chips
€397m
0.07%
EMU large and mid-caps
€413m
0.12%
Broad European large and mid-caps
€1.5bn
0.07%
European large and mid-caps
€1.8bn
0.25%
The views expressed in this video are those of Lorenzo Bini Smaghi, and not those of Societe Generale or Lyxor International Asset Management. The views expressed by Lorenzo Bini Smaghi are not intended to be taken as investment recommendations or product recommendations. The ETFs to consider were selected by Lyxor International Asset Management.All of our investment recommendations are recorded here, while you’ll find the key risks associated with each product here.  TER and AUM correct as at 16/01/2019.

2. What can politicians & policymakers do to address populist concerns?
Support for the EU is relatively low and the political landscape is shifting away from traditional centrist parties towards new (often more extreme) solutions. Europe’s migrant crisis, economic stagnation and a turning against globalisation have fanned the flames. Can the rifts be resolved?
ETFs to consider
UCITS ETF
Exposure
AUM (MS)
TER
Eurozone stocks with reduced risk
€49m
0.20%
European stocks with reduced risk
€54m
0.20%
European stocks selected for quality and dividend yield
€34m
0.45%
European high dividend payers
€143m
0.30%
Eurozone government bonds with the highest credit ratings
€599m
0.165%
The views expressed in this video are those of Lorenzo Bini Smaghi, and not those of Societe Generale or Lyxor International Asset Management. The views expressed by Lorenzo Bini Smaghi are not intended to be taken as investment recommendations or product recommendations. The ETFs to consider were selected by Lyxor International Asset Management.All of our investment recommendations are recorded here, while you’ll find the key risks associated with each product here.  TER and AUM correct as at 16/01/2019.

3. How would you spur the growth that would entice non-European investors?
Labour market constraints, new regulations and trade tensions have weighed on growth, while political uncertainty has weighed on business sentiment and hindered corporate investments. Non-European investors have fled the region in their droves. How do we bring them back?
ETFs to consider
UCITS ETF
Exposure
AUM (MS)
TER
EMU Small Caps
€214m
0.40%
German mid caps
€42m
0.20%
French large caps
€4.1bn
0.25%
French mid caps
€42m
0.50%
The views expressed in this video are those of Lorenzo Bini Smaghi, and not those of Societe Generale or Lyxor International Asset Management. The views expressed by Lorenzo Bini Smaghi are not intended to be taken as investment recommendations or product recommendations. The ETFs to consider were selected by Lyxor International Asset Management.All of our investment recommendations are recorded here, while you’ll find the key risks associated with each product here.  TER and AUM correct as at 16/01/2019.

4. Where do you think the ECB will go post QE and who could replace Mario Draghi?
The ECB may have confirmed the end of QE, but it can’t remove all support. Slow growth and low inflation have proven stubbornly resistant to stimulus and that first rate hike seems ever more distant. Mario Draghi’s successor will have their hands full. Where does the ECB go next?
ETFs to consider
UCITS ETF
Exposure
AUM (MS)
TER
Proxy to breakeven rate of inflation
€1bn
0.25%
EUR variable rate corporate bonds
€1.1bn
0.15%
Eurozone government bonds with the highest credit ratings
€599m
0.165%
The views expressed in this video are those of Lorenzo Bini Smaghi, and not those of Societe Generale or Lyxor International Asset Management. The views expressed by Lorenzo Bini Smaghi are not intended to be taken as investment recommendations or product recommendations. The ETFs to consider were selected by Lyxor International Asset Management.All of our investment recommendations are recorded here, while you’ll find the key risks associated with each product here.  TER and AUM correct as at 16/01/2019.
5. How will you be investing in Europe in 2019?
Lorenzo Bini Smaghi reveals his preferences on European assets. In what he believes may be a year of slow growth and uncertainty, he shares his views in the medium to long term. With a preference for equities, Lorenzo still highlights the need for caution going forward. Where do the opportunities lie?
ETFs to consider
UCITS ETF
Exposure
AUM (MS)
TER
Eurozone stocks with reduced risk
€49m
0.20%
European stocks with reduced risk
€54m
0.20%
European stocks selected for quality and dividend yield
€34m
0.45%
European healthcare companies
€292m
0.30%
European utilities
€36m
0.30%
The views expressed in this video are those of Lorenzo Bini Smaghi, and not those of Societe Generale or Lyxor International Asset Management. The views expressed by Lorenzo Bini Smaghi are not intended to be taken as investment recommendations or product recommendations. The ETFs to consider were selected by Lyxor International Asset Management.All of our investment recommendations are recorded here, while you’ll find the key risks associated with each product here.  TER and AUM correct as at 16/01/2019.

Our guide to Europe’s differences

Our guide to Europe’s deepening differences aims to help you take control of your investments, your way.

In it you will find a summary of the themes at play, a key chart to have in mind and the main events to look out for. You’ll also find some ETFs to consider using along the way.

European equity spotlight

Our Spotlight was designed to guide you through the complexities of European equity indices, covering broad, country, sector and thematic exposures from every angle.

It also examines fund flows, and reveals which investment vehicle to choose in which market.

Our European equity range explained

Investing in Europe
This short video tells you everything you need to know about our 45+ European equity ETFs.

Our European equity range explained


Investing in Europe
This short video tells you everything you need to know about our 45+ European equity ETFs.
ETF pathfinder
Our interactive tool could help you pick the right path through our 45+ European equity ETFs.

Our US equity range explained

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Our US equity range explained

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By entering your details below, you confirm that you are a professional client within the meaning of MiFID II, and that you would like to receive timely and relevant email correspondence from Lyxor ETF, with the option of opting out at any time.
By entering your details below, you confirm that you are a professional client within the meaning of MiFID II, and that you accept to receive timely and relevant email correspondence from Lyxor ETF, with the option of opting out at any time.
All personal data are collected in compliance with applicable laws and regulations and the Lyxor privacy policy. For more information about how we process your data, please refer to the terms and conditions of our website https://www.lyxoretf.com. You have a right of opposition, at any time and free of charge, to the use of your personal data for the purpose of direct marketing purposes or communicated to third parties for that purpose. You may exercise this right by sending your request to the data protection officer at the following email address: [email protected].