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IMF Working Paper-Monetary Policy Communication and Financial Markets in India
October 28, 2022--Summary:
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across advanced and emerging market economies. The Reserve Bank of India's implementation of a flexible inflation targeting framework since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as forward guidance on policy rates and, asset purchases, increasing the predictability of monetary policy.
A review of the recent innovations of monetary policy communications during the initial waves of the pandemic suggests forward guidance likely played a key role in moderating uncertainty and supporting some asset prices. We also find that the relationship between monetary policy surprises and yields for government and corporate securities across all maturities are positive and statistically significant. The results support an important role for monetary policy communication in guiding market expectations about the monetary policy stance, including the likely path of policy interest rates.
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Source: IMF.org
Asia and the World Face Growing Risks From Economic Fragmentation
October 27, 2022--Policymakers must act decisively to avoid the harm from fraying ties, and ensure trade remains an engine of growth
Geopolitical tensions have raised the prospect that strategic competition and national security concerns may trump the shared economic benefits of global trade.
Interdependencies between economies mean that such a prospect would be very costly, especially for Asia. For example, about half of the imports in the United States and a third in Europe come from Asia. And, in turn, Asian countries account for almost half of global demand for key commodities.
In our latest Regional Economic Outlook for Asia and the Pacific, we document worrying early signs of fragmentation and provide evidence of the potential consequences of dissolving global trade links.
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Source: IMF
UOB Asset Management launches Singapore-China feeder ETF
October 25, 2022--Fund offers investors access to Shenzhen-listed Ping An ChiNext ETF
UOB Asset Management has teamed up with its Chinese joint venture partner Ping An Fund Management to roll out the first master-feeder exchange traded fund operating between the Singapore and Shenzhen stock exchanges.
The launch comes amid persistent volatility and plunging valuations in the China A-shares market this year, as a result of China's strict zero-Covid policy and regulatory clampdowns in technology, property and other sectors.
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Source: ft.com
First Trust Exchange-Traded Fund VIII files with the SEC-FT Cboe Vest U.S. Equity Deep Buffer ETF-October
October 24, 2022--First Trust Exchange-Traded Fund VIII has filed a Form 497K-Summary Prospectus with the SEC for the FT Cboe Vest U.S. Equity Deep Buffer ETF-October.
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Source: SEC.gov
China Q3 GDP growth tops forecasts but meaningful rebound elusive
October 24, 2022--China's Q3 GDP growth quickens as expected, beating forcast
September sees better-than-expected industrial activity
Exports momentum fades, imports reflect sluggish demand
Persistent COVID curbs, property weakness major drags
China's economy rebounded at a faster-than-anticipated clip in the third quarter, but a more robust revival in the longer term will be challenged by persistent COVID-19 curbs, a prolonged property slump and global recession risks.
Helped by a raft of government measures, the world's second-biggest economy expanded 3.9% in July-September from a year earlier, official data showed on Monday, outstripping the 3.4% pace forecast in a Reuters poll and faster than the 0.4% growth in the second quarter.
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Source: reuters.com
Hong Kong Stocks Poised for 13-Year Low as Growth Woes Bite
October 19, 2022--Hong Kong stocks dropped, putting the benchmark on course for its lowest close since 2009, as Chief Executive John Lee's maiden policy speech underwhelmed amid ongoing concerns about China's Covid Zero policy.
The Hang Seng Index slid as much as 2.6%, driven by losses in tech shares including Alibaba Group Holding Ltd. and Meituan. The measure, down 31% this year, is already one of the world’s worst-performing equity gauges during the period as China's growth slowdown and global headwinds from rising inflation and higher interest rates take a toll.
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Source: bnnbloomberg.ca
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
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