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Solactive Collaborates with BT Funds Management (BTNZ) on a Range of International Equity Indices against which c.3 Billion NZD are to be Benchmarked
October 16, 2023--Solactive and BT Funds Management (BTNZ) have joined forces to introduce a suite of indices derived from Solactive's flagship Global Benchmark Series (GBS). Some of them incorporate a customized strategy to align with the investment manager's sustainability principles, adhering to the exclusion list of companies identified and maintained by BTNZ.
The new indices serve as benchmarks for active funds and mandates managed by five different asset managers acting on behalf of BTNZ and their members.
This collaboration represents an additional c. 3 billion NZD of assets linked to Solactive's indices, as of October 2023.
The Solactive GBS Global Markets ex Oceania Large & Mid Cap NZD Index NTR (SOGLMCZN), the Solactive GBS Developed Markets ex Oceania Large & Mid Cap NZD Index NTR (ticker: SODLMCZN), and the Solactive GBS Emerging Markets Large & Mid Cap NZD Index NTR (SEMLMCZN) provide exposure to companies in various segments of global, developed, and emerging markets respectively.
The first two exclude Australia and New Zealand from their selection, clearly separating the exposure from other strategies to further strengthen investment diversification.
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Source: Solactive AG
BIS Working Papers-To lend or not to lend: the Bank of Japan's ETF purchase program and securities lending
October 16, 2023--August 2, 2023-Summary
Focus-We study the effects of the Bank of Japan's (BOJ) ETF purchasing programme on stock returns, focusing particularly on the role of the stock lending market. In 2010, the BOJ established a programme to conduct outright purchases of various financial assets to stimulate the economy. This policy is unique as a monetary policy because equity index-tracking exchange-traded funds (ETFs) were included in those assets.
The BOJ has continuously increased its purchasing amounts and its market presence has provoked discussions on how it has affected the market's structure.
Contribution
While some previous studies show that the programme significantly affected Japanese stock prices, these arguments relied solely on demand and supply in the spot market, almost completely ignoring the role of the stock lending market. To fill this gap, this study investigates the effects of the ETF purchasing programme by focusing on both spot and stock lending markets.
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Source: bis.org
Asia Continues to Fuel Global Growth, but Economic Momentum is Slowing
October 13, 2023--The region is likely to see faster disinflation, but prospects for growth in coming years are dimming
Strong consumer spending has supported growth in Asia's three largest economies this year, but there are already signs that the region's recovery may be running out of steam.
We expect growth in Asia and the Pacific to accelerate from 3.9 percent in 2022 to 4.6 percent this year, unchanged from the projection from last April.
This is largely explained by the post-reopening recovery in China and stronger-than-expected growth in the first half of the year in Japan and India. With pandemic restrictions lifted, demand in these economies was bolstered by consumers running down savings accumulated during the pandemic, leading to notable strength in the services sector.
While Asia is still set to contribute about two-thirds of all global growth this year, it is important to note that growth is significantly lower than what was projected before the pandemic and output has been set back by a series of global shocks.
We have lowered our estimate for growth next year to 4.2 percent, from the 4.4 percent projected in April.
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Source: imf.org
AllianzGI unrattled by surge in ETF popularity in Taiwan
October 11, 2023--German manager reaffirms confidence in its actively managed mutual fund strategies
Many established global managers in Taiwan have been left on the sidelines of an explosion in appetite for exchange traded funds, which have driven the onshore market to new highs and swept up new hordes of younger investors via online channels.
But the largest foreign asset management firm in Taiwan has said it is still confident in the future of the domestic actively managed equities funds market.
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Source: ft.com
Korean degens have gone nuts for leveraged ETFs
October 10, 2023--Autocallables are so passé
Forget Mrs Watanabe and her carry trades in Turkey, Indonesia or Brazil; it turns out that South Koreans are the true trading degens of Asia.
MainFT's Song Jung-a has written a fascinating piece on how South Korean retail investors' love of leverage and volatility are now even freaking out local financial regulators.
South Korea's financial regulators have vowed to curb short-term speculation by retail investors, as their bets on tech stocks fuel fears of a market bubble.
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Source: ft.com
World Bank Expects Solid Growth but Risky Outlook for South Asia
October 3, 2023--South Asia is expected to grow by 5.8% this year-higher than any other developing country region in the world, but slower than its pre-pandemic pace and not fast enough to meet its development goals, says the World Bank in its twice-a-year regional outlook.
Released today, the latest South Asia Development Update, Toward Faster, Cleaner Growth forecasts growth to slow to 5.6% in 2024 and 2025, as post-pandemic rebounds fade and a combination of monetary tightening, fiscal consolidation, and reduced global demand weigh on economic activity.
Growth prospects are subject to downside risks, including due to fragile fiscal positions. Government debt in South Asian countries averaged 86% of GDP in 2022, increasing the risks of defaults, raising borrowing costs, and diverting credit away from the private sector.
Growth prospects are subject to downside risks, including due to fragile fiscal positions. Government debt in South Asian countries averaged 86% of GDP in 2022, increasing the risks of defaults, raising borrowing costs, and diverting credit away from the private sector. The region could also be affected by a further slowdown in China's economic growth and natural disasters made more frequent and intense by climate change.
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Source: worldbank.org
India's Growth to Remain Resilient Despite Global Challenges
October 3, 2023--India continues to show resilience against the backdrop of a challenging global environment, according to World Bank's latest India Development Update (IDU).
The IDU, the Bank's flagship half yearly report on the Indian economy, observes that despite significant global challenges, India was one of the fastest-growing major economies in FY22/23 at 7.2%.
India's growth rate was the second highest among G20 countries and almost twice the average for emerging market economies.
This resilience was underpinned by robust domestic demand, strong public infrastructure investment and a strengthening financial sector. Bank credit growth increased to 15.8% in the first quarter of FY23/24 compared with 13.3% in the first quarter of FY22/23.
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Source: worldbank.org
Chinese ETFs tracking new CSI 2000 index underperform in IPOs
October 2, 2023--In a recent development, eight Chinese Exchange-Traded Funds (ETFs) tracking the newly launched CSI 2000 index have shown disappointing performance. Despite the anticipation that the index would stimulate domestic equities, these ETFs managed to raise an average of RMB574 million ($78.5 million) each in their initial public offerings (IPOs), falling short of the RMB668 million September average for all ETFs.
Leading the pack were China Universal Asset Management, E Fund, and Guotai Asset Management with RMB1.2 billion, RMB812 million, and RMB600 million, respectively. However, Huatai-PineBridge, Harvest Fund Management, and GF Fund Management lagged behind. Other underperformers included China Asset Management, China Southern Fund Management, and Fullgoal Asset Management.
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Source: investing.com
East Asia and Pacific: Sustained Growth, Momentum Slowing
October 1, 2023--Improving external conditions to benefit region in 2024
Growth in developing East Asia and Pacific is projected to remain strong at 5% in 2023 but will ease in the second half of 2023 and is forecast to be 4.5% during 2024, the World Bank said on Sunday in its semi-annual economic outlook for the region.
According to the World Bank's East Asia and Pacific October 2023 Economic Update, regional growth this year is higher than average growth projected for all other emerging market and developing economies but lower than previously projected. Growth in China in 2023 is projected to be 5.1% and in the region excluding China to be 4.6%. Growth among Pacific Island Countries is expected to be 5.2%.
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Source: worldbank.org
Indxx Licenses Cybersecurity Index to Global X ETFs Australia for an Exchange Traded Fund
September 13, 2023--Indxx is pleased to announce the licensing of their Indxx Cybersecurity Index to Global X ETFs Australia as the underlying benchmark for the Global X Cybersecurity ETF (Ticker: BUGG) which began trading today on the Australian Securities Exchange (ASX).
This marks the fifth product tracking the index, with the other funds listed in the United States, Europe, Canada, and South Korea.
The Indxx Cybersecurity Index seeks to provide exposure to companies involved in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices. The theme comprises of companies in some, but not limited to these industries: Packaged Software, Aerospace & Defense, Wireless Communications, Computer Communications and Information Technology Services.
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Source: Indxx
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