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Asian ETF cross-listings 'remove frictions'
November 3, 2022--DWS's use of ICSD clearing model offers prospect of reduced costs and more choice for investors
The launch of a suite of DWS cross-listed exchange traded funds in Hong Kong and Singapore could be game changing for Asian investors, market participants say, offering the prospect of reduced costs and more choice.
The excitement in the industry does not revolve around the funds themselves- which, apart from one MSCI USA swap Ucits ETF, offer Hong Kong and Singapore investors more exposure in Asian markets albeit via Ucits ETFs-but instead over the way settlement and clearing will be handled.
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Source: ft.com
Hong Kong proposes allowing retail trade in cryptocurrencies
October 31, 2022--Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds-a move it hopes will help it rebuild its fintech hub status.
The city, which previously proposed limiting crypto trade to professional investors, has seen planned rules for digital assets heavily criticised for stifling innovation, prompting a slew of start-ups to move to other markets such as Singapore and Dubai.
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Source: reuters
Indonesia considers OPEC-style cartel for battery metals
October 30, 2022--World's largest nickel producer exploring governance structure similar to that used by oil group
Indonesia is studying the establishment of an Opec-like cartel for nickel and other key battery metals, highlighting the geopolitical confidence of nations that are rich in resources needed to make electric cars.
Bahlil Lahadalia, the country's investment minister, said Jakarta was looking at mechanisms similar to those used by Opec, the group of 13 oil-producing nations, that could be employed in the supply of metals that are central to the energy transition.
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Source: FT.com
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
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