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Market Trends: February 2021
February 3, 2021--Interest rates-gradual lift likely
Long-term bond yields lifted notably last month, with the U.S. 10-year rate rising 0.15pp to 1.07%. Australian 10-year bond yields rose 16pp to 1.13%, with the 10-year spread remaining steady at around 6pp.
Rising yields saw the Bloomberg AusBond Composite Index decline 0.4% in January, to be down 0.8% from its recent month-end peak at end-October 2020.
As evident in the charts below, there has been no material change in market expectations for cash rates in the year ahead. Based on our modelling, the recent rise in bond yields is more a case of longer-term rates moving back to be more in line with fundamentals (based on current market policy expectations) after extreme risk-off moves last year. Long-term bond yields remain below pre-COVID levels.
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Source: betashares.com.au
China and Japan expand ETF connectivity scheme
January 28, 2021--Stock exchanges in Shanghai, Shenzhen and Tokyo to explore further co-operation
China's two main stock exchanges in Shanghai and Shenzhen and the Japan Exchange have added new exchange traded funds and vowed to expand the product types included in their joint ETF Connectivity scheme, which has struggled to gain momentum after it was launched 18 months ago.
The Japan Exchange Group on Tuesday gave the green light to two new ETFs managed by Daiwa Asset Management that are set to be listed on the Tokyo Stock Exchange on April 8, according to an official announcement.
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Source: FT.com
Global X Japan launches Global X Digital Innovation Japan ETF, its first engagement with Solactive
January 27, 2021--Global X Japan, a joint venture between Global X ETFs and Daiwa Securities established in 2020, launched its new Global X Digital Innovation Japan ETF [Ticker: 2626] on January 27th, 2021, on the Tokyo Stock Exchange. This release marks Global X's first engagement with Solactive on Japanese ground after Global X, a sub-brand of Mirae Asset Global Investments, issued multiple successful ETFs tracking Solactive indices in HK, Europe, and the US.
The Global X Digital Innovation Japan ETF tracks Solactive's Digital Innovation Japan Index, which is powered by ARTIS(R), Solactive's proprietary big data and natural language processing algorithm. The index includes an ESG screening carried out by ESG data provider Minerva Analytics Ltd. The screening excludes companies not compliant with the UN Global Compact and businesses affiliated with controversial industries.
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Source: Solactive AG
Property vs. sharemarket-the age-old debate
January 27, 2021--Whilst interest rates are at record lows and are likely to remain there for several years based on Reserve Bank governor Phillip Lowe's commentary1, should you be taking advantage of the current market environment by investing in property or investing in the sharemarket?
Australia has a well-known love affair with property, and many Australians hold a firm belief that its value never goes down. In terms of investments, it's relatively straightforward and easy to understand.
However, not everyone has the minimum amount needed to place a deposit on a property and secure a mortgage. In addition, the world is going through a pandemic and, according to the RBA, prices in rental markets have recently adjusted in response to reduced demand and higher supply. Advertised rents have declined sharply since April 2020, particularly for apartments in Sydney and Melbourne2.
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Source: betashares.com.au
IMF Staff Completes 2021 Article IV Mission to Republic of Korea
January 27, 2021--The Korean economy has weathered the COVID-19 pandemic comparatively well and is projected on a preliminary basis to grow by 3.1 percent in 2021 after contracting by 1 percent in 2020.
Some additional policy accommodation would help the economy normalize faster and bring discouraged workers back to the labor market.
The Korean New Deal offers an opportune strategy to develop new growth drivers and achieve greater inclusiveness; broader product market reforms and steps to tackle remaining rigidities in the labor market will help generate greater impact.
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Source: IMF
Investors call for more clarity on Singapore ESG fund labels
January 27, 2021--Investors call for more clarity on Singapore ESG fund labels. Standardisation of some kind would help to prevent 'greenwashing', industry figures say..
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Source: FT.com
ASIC says it was hit by cyber attack
January 25, 2021--The Australian corporate regulator has become the latest high-profile victim of a cyber-attack related to the same software used to hit both the Reserve Bank of New Zealand and law firm Allens.
On Monday evening, the Australian Securities and Investments Commission said it was hit by a "cyber security incident affecting a server used by ASIC".
ASIC said it became aware of the incident on January 15 and had launched an investigation.
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Source: afr.com
Hong Kong's central bank criticises State Street over US blacklist flip-flop
January 19, 2021--Fund manager said it would continue investing in Chinese companies on sanctions list after all
Hong Kong's de facto central bank has accused State Street Global Advisors of creating "market uncertainties" with the sudden reversal of its decision to stop investing in Chinese companies on the US sanctions list via Hong Kong's largest exchange traded fund.
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Source: FT.com
IMF-People's Republic of China:2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China
January 8, 2021--Summary:
The Chinese economy continues its fast recovery from the health and economic crisis as a strong containment effort and macroeconomic and financial policy support have mitigated the crisis impact and helped the economy rebound. However, growth is still unbalanced as the recovery has relied heavily on public support while private consumption is lagging.
Rising financial vulnerabilities and the increasingly challenging external environment pose risks to the outlook. Important reforms have progressed despite the crisis, but unevenly across key areas.
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Source: IMF
Ignorance impedes growth of China ETF market, survey reveals
December 28, 2020--Only about 90 ETFs have been rolled out this year compared with 1,200 non-ETF funds
China's burgeoning exchange traded fund industry has been outshone by the explosive growth of domestic active strategies this year, with market participants blaming a persistent lack of knowledge among retail investors and weak product diversity as the key barriers to higher adoption of ETFs.
Only 91 new ETFs had been rolled out in China this year by December 8, a number that only just exceeds the 90 such product launches recorded for 2019, data provided by Morningstar show. Total assets in the onshore ETF market stood at Rmb1.06tn ($162bn).
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Source: FT.com
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