NEWSLETTER of September 4, 2026

The following content has been added at finexpert:

Amundi
GLOBAL INVESTMENT VIEWS – AUGUST 2026
Amundi identifies a rotation away from crowded US technology positions towards defensives, financials, industrials and other parts of the AI value chain, including infrastructure, power and applications. The institute remains mildly pro-risk but argues that elevated rates, ambitious earnings expectations and thinner liquidity leave little room for disappointment. It is constructive on European equities, where valuations are less demanding and Germany's reform and infrastructure packages should provide support, and prefers EU investment-grade credit to its US equivalent. In euro-area fixed income, Amundi expects pressure on long maturities from higher issuance and favours curve-steepening positions, while stressing diversification, balance-sheet strength and issuer selection across portfolios. >more

PwC
IPO WATCH EMEA H1 2026
European IPO proceeds increased by 76% year on year to EUR 7.2 billion in the first half of 2026, with issuance broadening across sectors and exchanges during the second quarter. The EUR 3.3 billion CSG flotation in Amsterdam was Europe's largest IPO since 2022, while two German defence-related listings were also among the largest transactions. Issuers increasingly used extensive pre-marketing, shorter bookbuilding periods, fixed-price structures and cornerstone investors to reduce execution risk. PwC sees a strong pipeline for the second half of 2026 and early 2027, although geopolitical tensions, inflation and competition from potential US mega-IPOs may keep listing windows episodic. >more

Oaklins
M&A MARKET REPORT GERMANY – H1 2026
German M&A activity recovered markedly in the first half of 2026, with 1,490 transactions involving German buyers or targets, 15% more than in the prior-year period. Cross-border activity drove the rebound: acquisitions of German companies by foreign buyers increased by 38.5%, while domestic transactions rose by 3.6%. Financial investors completed 522 deals and retained a 35% market share. TMT remained the most active sector, but investor interest shifted towards industrial machinery, energy and other asset-intensive businesses as AI changed the perceived resilience of software models. Oaklins expects full-year activity to exceed 2025, while higher financing costs, energy exposure and geopolitical risks increase selectivity and due-diligence requirements. >more

European Central Bank
THE EURO AREA BANK LENDING SURVEY – 2ND QUARTER 2026
According to the July 2026 bank lending survey (BLS), euro area banks reported a moderate net tightening of credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the second quarter of 2026. Banks also reported a net tightening of credit standards for both loans to households for house purchase and consumer credit and other lending to households. For firms, the net tightening was lower than banks’ expectations in the previous round. Perceived risks to the economic outlook and banks’ lower risk tolerance remained the main factors contributing to the tightening, as banks remain highly attentive to risks related to geopolitical and energy developments. Banks also reported a net tightening of credit standards for housing loans and consumer credit. >more

INSTITUTIONAL OWNERSHIP OVERSTATES VOTING POWER: THE ALLOCATION OF VOTING AUTHORITY
Alon Brav, and Tao Li
2026
Institutional ownership is commonly used to assess corporate governance influence, yet voting rights are often allocated through adviser-client relationships. We study how reported ownership translates into realized voting by reporting institutions and construct voting utilization, the fraction of reported ownership voted by the institution. Even among institutions that vote, the average institution votes 77 percent of its reported shares, and utilization varies substantially across institutions and firms. Advisers' stated allocation of voting authority strongly predicts which institutions vote. The largest institutional blockholders’ reported holdings overstate their realized voting control, implying that voting power is more diffuse than ownership suggests. >more

MANAGING MUTUAL FUNDS WITH DIFFERENT MANDATES: EVIDENCE FROM ESG AND NON-ESG SIBLING FUNDS
Shangchen Li, Hongxun Ruan, Sheridan Titman, and Haotian Xiang
2026
We study mutual funds with different mandates but common managers. We develop a simple model where managers acquire information on a limited investment universe, from which they select stocks for different funds. The model indicates that non-ESG funds select more and better-performing high ESG stocks when comanaged with an ESG sibling, and ESG funds choose better low-ESG stocks. Overall, when ESG funds' flow-performance sensitivity is large, they outperform their non-ESG siblings. Our tests on a sample of comanaged funds are consistent with the model. Further evidence indicates that managers arrange trades and allocate IPOs to further enhance ESG fund performance. >more