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Asia Sails Into Headwinds From Rate Hikes, War, and China Slowdown
October 13,2022--Growth forecasts have been lowered for this year and next,while inflation exceeds central bank targets in most countries
Asia's strong economic rebound early this year is losing momentum,with a weaker-than-expected second quarter.
We have cut growth forecasts for Asia and the Pacific to 4 percent this year and 4.3 percent next year,which are well below the 5.5 percent average over the last two decades. Despite this,Asia remains a relative bright spot in an increasingly dimming global economy.
Waning momentum reflects three formidable headwinds,which may prove to be persistent:
A sharp tightening of financial conditions,which is raising government borrowing costs and is likely to become even more constricting,as central banks in major advanced economies continue to raise interest rates to tame the fastest inflation in decades. Rapidly depreciating currencies could further complicate policy challenges.
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Source: IMF.org
China's Transition to a Low-Carbon Economy and Climate Resilience Needs Shifts in Resources and Technologies
October 12, 2022--Climate change poses a significant threat to China's long-term prosperity. At the same time, the country is well positioned to meet its climate commitments and transition to a greener economy while meeting its development goals, according to a World Bank Group report released today.
The World Bank Group's Country Climate and Development Report (CCDR) for China analyzes the fundamental changes in energy, industry, transport, cities, and land use that would enable China to realize its national commitments to reach peak carbon emissions before 2030 and achieve carbon neutrality by 2060. The report highlights the urgency of action, because of China's large emission of greenhouse gases, the heavy exposure of China's population and economic infrastructure to climate risks, and China's critical role in global efforts to combat climate change.
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Source: worldbank.org
World Bank-South Asia Economic Focus-Coping with Shocks: Migration and the Road to Resilience Fall 2022
October 6, 2022--In short order, a series of once-in-a-lifetime shocks has hit South Asia. Elevated inflation, balance of payments pressures, a slowdown in the global economy, and monetary tightening in other countries present renewed challenges, while the scars from the COVID pandemic continue to weigh down on the economic recovery.
The region is facing a sharp inflection point around mid-2022 when growth is expected to slow, though the more services-led economies are expected to perform better. To build resilience, the region can tap into the ongoing structural changes including financial innovations and increased labor market flexibility. Labor migration, a key part of life in South Asia and an important coping mechanism, was adversely impacted during the COVID pandemic. Policies that address existing barriers and reduce the risk of migration can improve the region's resilience. This issue of the South Asia Economic Focus describes recent economic developments, analyzes the economic impact of the internal and external shocks, presents growth forecasts, provides risk scenarios, examines the impact of COVID on migration, and discusses policy recommendations.
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Source: worldbank.org
Asia's crypto craze spurs swath of fund launches
October 6, 2022--ETFs and mutual funds have hit the market despite regulatory concerns about retail access
The crypto craze among Asian investors is spurring asset managers in the region to seize opportunities to woo them over with their products despite tightening regulation, Cerulli Associates notes in a new report.
A number of cryptocurrency and blockchain-focused funds that invest in the broader universe without directly investing in cryptocurrency have been rolled out this past year in Singapore, Hong Kong and Korea, while Australia has seen the region’s first exchange traded funds with direct exposure to bitcoin and ether.
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Source: ft.com
IMF Fintech Note-Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey
September 28, 2022--Summary:
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs.
While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
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Source: IMF.org
East Asia and Pacific Sustaining Growth, Restraining Inflation, but Facing Risks Ahead
September 26, 2022--Growth in Region Buoyed by Recovery in Domestic Demand
Growth in most of developing East Asia and the Pacific rebounded in 2022 from the effects of COVID-19, while China has lost momentum because of continued measures to contain the virus, a World Bank report said on Monday.
Looking ahead, economic performance across the region could be compromised by slowing global demand, rising debt, and a reliance on short-term economic fixes to cushion against food and fuel price increases.
Growth in developing East Asia and the Pacific outside of China is forecast to accelerate to 5.3% in 2022 from 2.6% in 2021, according to the World Bank's East Asia and Pacific October 2022 Economic Update. China, which previously led recovery in the region, is projected to grow by 2.8% in 2022, a sharp deceleration from 8.1% in 2021.
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Source: WorldBank.org
Beta Shares Expands Line-up with World-First Diversified Global Royalty ETF, Tracking Solactive Index
September 21, 2022--Solactive is delighted to announce that leading Australian fund manager, BetaShares, has expanded its engagement with the German index provider by choosing the Solactive Global Royalties Index for its new BetaShares Global Royalty ETF-the world's first exchange traded fund of its kind.
The product aims to track the performance of a portfolio of global companies that earn substantial revenue through royalty income, royalty-related income, and intellectual property income.
The Solactive Global Royalties Index is a representation of firms earning royalties by licensing their intellectual property or tangible assets, or earning revenues through royalty finance or royalty streaming.
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Source: Solactive AG
Bridgewater unit ramped up bets on China Gold ETFs in Q2
September 15, 2022--The US hedge fund's Chinese subsidiary moved into the top 10 shareholders for three vehicles, interim reports reveal
US hedge fund Bridgewater Associates' China private fund unit added exposure to the three largest onshore gold exchange traded funds in the second quarter as those ETFs outperformed other risk assets.
All three All Weather China funds managed by Shanghai-based Bridgewater (China) Investment Management moved up among the top 10 shareholders into the three China gold ETFs for the first time during the quarter that ended in June, according to the funds' interim reports.
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Source: ft.com
BetaShares Australian ETF Review: August 2022: Industry in Holding Pattern As Massive Single Fund Outflow Mutes Net Flows
September 14, 2022--After growing in size in July, the Australian ETF industry remained flat in August, recording a very modest fall in assets, although the industry statistics were distorted by a particularly large outflow in a single Australian shares ETF.
Market cap
Australian Exchange Traded Funds Market Cap: $130B
Market cap increase for month: -0.2%,-$0.3B
Market cap growth for the last 12 months: 3.9%, + $4.9B
Comment: Industry AuM fell 0.2% (-$0.3B) month on month, ending August at $130B.
New money Net flows for month: +$0.6B
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Source: betashares.com.au
Trading of Hong Kong-listed ETFs via China Connect jumps by 90%
September 9, 2022--The scheme saw also trading volume growth of more than 50% for 83 mainland China-listed vehicles
Two months into the launch of the new exchange traded fund connect scheme between China and Hong Kong, southbound trading by mainland investors and trading via the northbound route for Hong Kong and foreign investors have begun to pick up.
Overall trading volumes in the four Hong Kong-listed ETFs traded by mainland investors via the ETF Connect hit HK$8.16bn ($1.04bn) in August, increasing by almost 90 per cent from the HK$4.31bn achieved in the previous month.
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Source: ft.com