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IMF Working Papers-Determinants of U.S. Business Investment
June 15, 2018--Summary:
U.S. business investment has taken a serious toll during the global financial crisis and also in the recovery phase investment did not pick up as expected. What is surprising is that the alleged investment slowdown happened at a time of record corporate profits and retained earnings, highly supportive financial conditions, improved sentiment, rising equity valuations, and strong labor markets-factors established in supporting business investment.
Applying accelerator models and Bayesian Model Averaging, this paper discusses the extent to which U.S. business investment has been unusual. Results suggest that cautious expectations of future aggregate demand growth explain most of the weakness in investment, and that the oil and gas sector accounts for a considerable portion of the investment slump. Consequently, the behavior of U.S. business investment in recent years has not been unusual once these factors are taken into account. Also, there is very little evidence for uncertainty holding back investment, or that firms' financial measures "crowded out"capital expenditure.
view the IMF Working Papers-Determinants of U.S. Business Investment
Source: IMF
Purpose Investments Inc. Announces Fund Name Changes and Confirms ETF Conversions
June 15, 2018-Purpose Investments Inc. ("Purpose") is pleased to announce that Australian Banc Income Fund (TSX:AUI.UN) and Redwood Floating Rate Income Fund (TSX:ISL.UN) (formerly Voya Floating Rate Senior Loan Fund) (each a "Fund" and together, the "Funds") have changed their names and lowered their management fees, effective June 14, 2018, and will change their trading symbols, effective June 18, 2018.
Units of each Fund are currently listed and trade on the Toronto Stock Exchange (the "TSX"), as indicated in the table below.
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Source: Purpose Investments
Crypto Coins Surge as SEC Spares Ether From Securities Rules
June 14, 2018--Statement eases concerns that regulators would crack down
Digital currency rises as much as 12 percent on announcement
Ether investors got a reprieve Thursday when a top U.S. regulator said transactions involving the token aren't subject to federal securities rules, ending months of speculation that had weighed on the second-most valuable digital currency. Ether and other coins surged on the news.
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Source: Bloomberg
IMF-United States of America: Staff Concluding Statement of the 2018 Article IV Mission
June 14, 2018--The Macroeconomic Outlook
The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions.
These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment. However, despite good near-term prospects, a number of vulnerabilities are being built-up for the medium-term.
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Source: IMF
Canadian securities regulators seek second round of input on proposed business conduct rules for derivatives dealers and advisers
June 14, 2018--The Canadian Securities Administrators (CSA) today published a notice and second request for comment (the Notice) on Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 CP Derivatives: Business Conduct (collectively, the Proposed Instrument).
The Proposed Instrument establishes a business conduct regime for regulating dealers and advisers in over-the-counter (OTC) derivatives in Canada.
The Proposed Instrument was originally published for comment on April 4, 2017 (the first consultation).
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Source: Canadian Securities Administrators
Amplify ETFs Launches the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI)
June 14, 2018--Amplify ETFs Launches the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI)
Rotates Between High Quality Growth Stocks and Fixed Income
Amplify ETFs announces the launch of the Amplify EASI Tactical Growth ETF (NYSE Arca: EASI), an index-based ETF that seeks to participate in the upside of high quality growth companies during upward trending equity markets while tactically rotating to fixed income in downward trending equity markets. EASI seeks investment results that generally correspond to the EASI Tactical Growth Index (the "Index").
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Source: Amplify ETFs
Is Your Alpha Big Enough to Cover Its Taxes? A Quarter-Century Retrospective
June 14, 2018--Investors and their advisors must be alert to managing both pre-tax and after-tax alpha in order for investors to realize the highest possible return from their taxable portfolios.
Increasingly, the opportunities to accomplish both goals are within reach of investors through, for example, tax-advantaged smart beta strategies and tax-efficient vehicles such as ETFs.
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Source: Research Affiliates
U.S. Weekly FundFlows Insight Report: Despite a Fed Rate Hike, Investors Are Net Purchasers of Taxable and Tax-Exempt Fixed Income Funds and ETFs for the Week
June 14, 2018--For the first week in eight investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing a little more than $26.3 billion for Thomson Reuters Lipper's fund-flows week ended June 13, 2018.
As a result of general caution ahead of the G-7 summit, central bank meetings, and the Singapore summit scheduled for the week, fund investors were net redeemers of equity funds (-$9.7 billion) and, perhaps surprisingly, money market funds (-$18.1 billion). Despite the interest rate hike by the Federal Reserve Board, taxable bond funds (+$1.0 billion) were net recipients of investor assets, followed by municipal bond funds (+$450 million).
Market Wrap-Up
During the flows week investors were reserved ahead of the G-7 summit, the upcoming central bank meetings, and the much-anticipated meeting between President Donald Trump and North Korean leader Kim Jong Un scheduled during the week.
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Source: Thomson Reuters
The Forum at ETF Research Center-June 2018
June 13, 2018--The ETF Analyzer, Sector SPDR Edition for June 2018 is ready for download. This monthly publication has succinct one-page reports on each of the 10 Select Sector SPDR ETFs in three easy-to-read sections: Investment Summary, Fundamentals, and Composition.
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Source: AltaVista Research
AdvisorShares Active ETF Market Share Update-Week Ending 6/8/2018
June 13, 2018--Assets in actively managed ETFs added $733 million last week to reach $57.16 billion in total net assets.
JP Morgan led new AUM growth with $319 million followed by ARK Investment, which gained $151 million. Six funds launched last week to lift the total of actively managed ETFs currently trading to 232.
At the strategy level, Short Term Bond recognized the largest inflows with $292 million, followed by Global Equity with a $173 million gain.
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Source: AdvisorShares
