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IMF Working paper-Policy Mix and the US Trade Balance
September 19, 2017--Summary:
The strong US policy response to the 2008-09 financial crisis raised concerns about its impact (spillovers) on other countries, with great focus on the monetary stimulus but little attention to fiscal policy, despite their combined deployment. Using a sign-restricted structural VAR approach, we study the trade spillovers of the post-crisis policy mix, by assessing the joint impact of monetary and fiscal policy.
We find that aggregate trade effects, as reflected in the trade balance, varied across time, reflecting the different timing of fiscal and monetary stimuli, with overall positive spillovers in the immediate aftermath of the crisis. At the same time, reflecting the different transmission mechanisms of monetary policy, we find that the effects differed greatly between trading partners with fixed and flexible exchange rates. In general, our results highlight (i) the importance of studying fiscal and monetary policy spillovers jointly in order to avoid attenuation bias from omitted variables; and (ii) that trading partners' exchange rate regimes are of first order importance in determining the impact of policy spillovers.
view the IMF Working paper-Policy Mix and the US Trade Balance
Source: IMF
TETFIndex.com Weekly Review-US ETF Assets Surpass 3 Trillion Dollars!
September 9, 2017--ETFs continue to shine, surpassing $3 Trillion in overall assets. After setting record flows for each of the past 3 years (2014-2016), flows in ETFs thus far in 2017 have already set the record again, with over $300 billion in flows year to date.
ETFs saw flows of $241B in 2014, $245B in 2015 and $288B in 2016. Even with these flows, ETFs still only make up 18% of the ETF & Mutual Fund Space in the US.
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Source: Toroso
ETFGI reports assets invested in ETFs and ETPs listed in Canada have increased 26.6% in 2017 to reach a new record of 107 billion US dollars at the end of August 2017
September 19, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF and ETP ecosystem, reported today that assets invested in ETFs and ETPs listed in Canada have increased 26.6% in the first 8 months of the year to reach a new record of US$107 billion at the end of August 2017, according to ETFGI's August 2017 preliminary Canadian ETF and ETP industry insights report an annual paid for research subscription service.
The Canadian ETF industry had 516 ETFs, with 636 listings, assets of US$107 Bn, from 24 providers on 2 exchanges.
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Source: ETFGI
Insurer Nationwide Enters the ETF Arena
September 19, 2017--Nationwide Mutual Insurance Co. has stepped into the exchange traded fund game, launching three smart beta ETF strategies that try to help limit the negative effects of market volatility.
The insurance giant rolled out the Nationwide Risk-Based U.S. Equity ETF (NYSEArca: RBUS),...
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Source: Nasdaq.com
Toronto Stock Exchange and TSX Venture Exchange-MiG Report-August 2017
September 19, 2017--New Listing* Count:
180 (TSXV: 84 TSX: 96)
(*Includes IPOs, CPC/SPAC IPOs, QTs, QAs, RTOs, Graduates and Other)
98 Companies + 19 CPCs + 58 ETFs + 3 Closed-End Funds + 2 SPACs
listed on TSX Venture Exchange (84) and TSX (96) YTD August 2017
view the Toronto Stock Exchange and TSX Venture Exchange-MiG Report-August 2017
Source: TMX Group
Treasury International Capital Data For July
September 18, 2017--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2017. The next release, which will report on data for August 2017, is scheduled for October 17, 2017.
The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $7.3 billion. Of this, net foreign private inflows were $6.0 billion, and net foreign official outflows were $13.3 billion.
view more Bloomberg Intelligence-If Internet Bubble's a Guide, Peak Bitcoin Favors Gold request report AdvisorShares Weekly Market Review- "You’ll Be Stone Dead In A Moment" view more
S&P Dow Jones Indices Launches S&P Target Tuition Inflation Index view more U.S. Officials Promise Revamped Derivatives Rules
Policy makers should assess whether rules governing swaps trading, clearinghouses and international coordination have achieved their purpose, and change them where necessary, the officials said. view more
Source: treasury.gov
September 18, 2017--Potential Dollar, Bitcoin Peaks Revive Old-Guard Gold's Appeal
If the apex of the internet bubble is a guide, bitcoin has peaked. In a weak dollar and
cryptocurrency environment, old-guard gold should be a primary beneficiary, especially if inflation is finally
brewing. A mean-reverting CBOE Volatility Index (VIX) would be another pillar for gold. (09/15/17)
1. This Could Be It for Bitcoin Peak, With NASDAQ 1996-2000 a Guide
Showing similar signs to the final run of the internet bubble, it's likely that cryptocurrency bitcoin has peaked. Until
the recent correction, the past four years of bitcoin gains about matched the parabolic NASDAQ Composite rally
from 1996-2000. There are few historical comparisons to cryptocurrency, but 2013-to-present bitcoin movement
is comparable over a similar duration vs. 2000's NASDAQ peak. From Bitcoin's peak on Nov. 29, 2013, it rallied
329% to Sept. 1.
Source: Mike McGlone, Bloomberg Intelligence Commodity Strategist
September 18, 2017--Highlights of the Week Ending 9/15/2017
Macro
Hurricane fallout, another missile over Japan nor ongoing sensational political news were enough to hold back markets, quite the contrary, the Dow Jones Industrial Average gained 2.16%, the S&P 500 rallied 1.56%, the NASDAQ was up 1.37% and the Russell 2000 jumped 2.27%.
Speaking of hurricane fallout, there will of course need to be a lot of rebuilding that occurs. Barron's noted the recent lift in lumber futures and the outperformance of timber ETFs. Interestingly, the cement stocks we looked at did not get a corresponding lift yet those same cement companies rallied far ahead of the market in the aftermath of Katrina in 2005.
Source: AdvisorShares
September 18, 2017--Benchmark Aims to Capture College Tuition Inflation Over Long Term
S&P Dow Jones Indices (S&P DJI), one of the world's leading index providers, today announced the launch of the S&P Target Tuition Inflation Index, a benchmark designed to capture for market participants college tuition inflation over the long term.
The S&P Target Tuition Inflation Index is comprised of existing total return indices covering U.S. inflation-linked treasury securities (TIPS), U.S. corporate bonds and a short overlay of U.S. equities.
Source: S&P Dow Jones Indices
September 18, 2017--The officials say the rules need to be revised to reflect how markets are functioning nearly a decade after the financial meltdown
Postcrisis derivatives rules should be revised to reflect how markets are functioning nearly a decade after the financial meltdown, senior Trump administration and regulatory officials told an industry gathering on Monday.
Source: Wall Street Journal
