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Macquarie brings long-awaited ETFs to market
November 22, 2023--In a statement, MAM said the launch provides local investors with the transparency and convenience of an ETF structure and access to its global active management strategies, previously only available as unlisted managed funds.
Now available on the ASX, the Macquarie Dynamic Bond Active ETF (MQDB), the Macquarie Income Opportunities Active ETF (MQIO), and the Macquarie Walter Scott Global Equity Active ETF (MQWS) provide access to opportunities in the global fixed income and equity markets.
MQDB invests in global fixed income instruments, with a focus on quality growth through long-term investment trends. The fund is managed by MAM head of global fixed income Matthew Mulcahy, and senior portfolio managers Shaughn Wilkie and Andrew Vonthethoff.
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Source: financialstandard.com
Republic of Korea: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Korea
November 16, 2023--Summary:
Korea faced challenges from inflation, growth slowdown, and financial stress in the wake of the pandemic. Growth started to slow in mid-2022 as global demand for electronics waned and domestic demand weakened but has begun to gradually recover in recent quarters.
Headline inflation has declined from last year's peak, though core inflation has remained more persistent. Pockets of financial vulnerability have emerged, but swift policy measures have helped to stabilize financial and housing markets. Despite having increased, systemic financial risks appear to remain manageable.
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Source: imf.org
Japan's economy sinks into contraction as spending, investment decline
November 15, 2023--Japan's economy contracted at a 2.1% annual pace in July-September as consumption and investment weakened, the government said Wednesday.
Weak wage growth in the world's third-largest economy also sapped its vitality, the Cabinet Office said. In quarterly terms, the economy contracted by 0.5%.
The numbers were unexpectedly weak. Private consumption shrank an annualized 0.2%. Corporate investment decreased 2.5%. With investment and demand weakening in other major economies, "we expect GDP growth to slow from 1.7% this year to 0.5% in 2024," said Marcel Thieliant of Capital Economics.
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Source: apnews.com
Third time lucky? China's push to internationalise the renminbi
November 2, 2023--This paper analyses China's different attempts to internationalise its currency and how they have fared.
Executive summary
Western concerns that the renminbi could rival the dollar as an international currency contrast with underwhelming numbers in terms of global settlements in renminbi and with the experience of China's two main previous failed attempts to achieve renminbi internationalisation.
However, China is moving towards a more realistic plan for renminbi internationalisation, focusing on China's strengths in trade and financing.
China is now the main trading partner for a very large number of countries and has become a major creditor for a good part of the Global South. This, together with the increasingly frequent restrictions on the use of the dollar, is strengthening the renminbi.
The cross-border use of the renminbi for trade settlements and financing (Chinese banks' overseas loans denominated in renminbi and official renminbi swap lines offered by the People's Bank of China) has been on the rise since 2022, coinciding with Russia's invasion of Ukraine and the related Western sanctions.
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Source: bruegel.org
Taiwan rules on dividend ETFs will not deter investors, experts say
October 31, 2023--'Earnings equalisation mechanisms' used by managers to help artificially increase dividend payouts are under scrutiny
Regulatory pressure on Taiwanese asset managers to disclose how much capital is being used to make payouts from high-dividend exchange traded funds is unlikely to dent investor enthusiasm for the products, experts say.
In September, Taiwan's regulator announced that from November 1, managers must disclose the dividend composition of ETFs as part of a crackdown on "earnings equalisation mechanisms".
These essentially siphon off a portion of new investments in the funds to support previously targeted dividend payouts that would otherwise be diluted by the new investors.
However, fund firms are now facing scrutiny from the Financial Supervisory Commission after complaints.
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Source: ft.com
The Global Energy Transition Offers an Opportunity to Boost Growth in South Asia
October 30, 2023--Despite solid growth, South Asia faces a risky outlook, says the World Bank in its latest regional economic update, urging countries to fully capitalize on the global energy transition to help boost growth. Toward Faster, Cleaner Growth is the subject of a two-day conference organized by the BRAC Institute of Governance and Development (BIGD) and the World Bank.
Opening today, the conference is a platform for academics, experts, and researchers to discuss the opportunities and challenges the region faces in pursuing green growth.
Constrained by slowing growth and fiscal challenges, South Asia's governments have limited room to help their economies make the most of the global energy transition. The global energy transition presents an opportunity to boost productivity and investment, create jobs, cut air pollution, and reduce reliance on fuel imports. Even with limited fiscal space, countries can encourage firms to adopt more energy-efficient technologies through market-based regulations, information campaigns, broader access to finance, and the provision of reliable power grids.
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Source: worldbank.org
DOD Report Details Chinese Efforts to Build Military Power
October 20, 2023--The People's Republic of China is continuing its efforts to overturn the international rules-based order and is building an increasingly effective military to further these aims, said a senior defense official speaking on background.
Spotlight: 2023 China Military Power Report
The official gave reporters a preview of the 2023 China Military Power Report that DOD delivered to Congress today. The annual report to Congress is based on the National Defense Strategy's premise that China is the only competitor with the intent, will and capability to reshape the international order, said the official.
view the 2023 Report on Military and Security Developments Involving the People's Republic of China
Source: defense.gov
Australian ETF 'underdog' is taking on Vanguard and BlackRock
October 19, 2023--Sydney-based Betashares has recently expanded into New Zealand and the superannuation industry
Three fund firms have emerged as leaders in Australia's exchange traded fund industry, which has become one of the fastest growing in the world. Battling alongside two global ETF giants is a local "underdog" with a different origin story and challenges for ensuring longer-term growth.
Alex Vynokur, a Ukrainian national who had emigrated to Australia 15 years earlier, set up a new Sydney-based Betashares in 2009, sensing changing market trends and investor needs.
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Source: ft.com
UBS and Barclays buck trend with substantial China ETF bets
October 19, 2023--Both banks are top backers of a China-domiciled financials exchange traded funds launch
Barclays Bank and UBS have been named among the biggest investors in two newly launched exchange traded funds in China, at a time when many foreign investors continue to shun Chinese stocks.
China Asset Management, one of the country's largest public fund houses, announced on October 11 that its new ChinaAMC CSI Hong Kong Connect Mainland Financials ETF listed on the Shanghai Stock Exchange after raising Rmb209mn ($28.6mn) in initial assets.
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Source: ft.com
China's economy grows 4.9% in Q3, beating expectations but slowing from previous quarter
October 18, 2023--China's economy slowed in the summer as global demand for its exports faltered and the ailing property sector sank deeper into crisis, the government said Wednesday.
The world's second-largest economy expanded at a 4.9% annual pace in July-September, beating analysts' forecasts of about 4.5%, official data show.
But that was much slower than the 6.3% annual growth rate of the previous quarter.
The Chinese government has acted to help the economy with various policies, raising spending on building ports and other infrastructure, cutting interest rates and easing curbs on home-buying. But economists say wider reforms are needed to address long-term problems that are stifling growth.
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Source: apnews.com
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