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Asia's biggest market for ESG debt hit by 'greenwashing' concerns
August 16, 2020--Asia's fastest-growing market for debt billed as "socially responsible" has drawn criticism after data showed the vast majority of this funding has been raised for jobs and housing rather than the environment.
South Korea has for several years been one of the world's hottest markets for debt raised according to environmental, social and governance principles. Banks, industrial groups and the government have repeatedly touted the benefits to society from the Won64.7tn ($54.7bn) in ESG notes issued since May 2018.
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Source: technocodex.com
SGX expands Asian equity derivatives, to launch 13 futures in August, September
August 12, 2020--THE Singapore Exchange (SGX) on Tuesday said it is "significantly expanding" its pan-Asia shelf of benchmark equity derivatives, with a series of Asia ex-Japan and emerging markets Asia regional and single country futures.
These are based on net total return (NTR) and...
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Source: businesstimes.com
World Bank-China Economic Update-July 2020
July 29, 2020-- COVID SHOCK
Conditions in China and the rest of the world have changed dramatically over the last six months. The COVID-19 pandemic has taken a severe human toll, caused the deepest global recession in eight decades, and inflicted enormous damage on jobs and welfare worldwide.
FORECAST
For China our baseline forecast envisions a sharp slowdown of growth to 1.6 percent this year, which would mark the slowest expansion since 1976. While supply side constraints have eased and economic activity has started to rebound, domestic and external demand remain fragile and restrain the pace of recovery, despite the swift measures taken to contain the economic fallout.
IMPACT
Even as economic activity rebounds, the shock is likely to leave the economy scarred. The pace of poverty reduction is expected to slow, reflecting labor dislocation and slower growth in household incomes. Our projections show that without additional policy measures, 8-20 million fewer people are projected to escape poverty in 2020, compared to the pre-pandemic scenario. Self-employed workers and those in less secure, informal jobs, particularly migrant workers, are being especially hard hit.
view the Leaning Forward-COVID-19 and China's Reform Agenda
Source: World Bank
China's Doing Business Success: Drivers of Reform and Opportunities for the Future
July 23, 2020--Main findings:
Over the past two years, China has moved from 78th position in Doing Business 2018 to 31st position in Doing Business 2020 and was included among the Top 10 fastest global reformers for two years in a row.
China's reforms covered most of the ten Doing Business indicators, from starting a business to resolving insolvency.
In some areas, such as enforcing contracts or getting electricity, China is now close to or at the forefront of the global best practice.
There were six key drivers of China's success, including high-level leadership and ownership of the reform agenda, local policy experimentation, national and international knowledge sharing, strong enforcement of the reform agenda and accountability for results, robust private sector participation and intensive use of e-government services.
view the China's Doing Business Success: Drivers of Reform and Opportunities for the Future report
Source: World Bank
Student files first climate change lawsuit against Australian govt
July 22, 2020--A 23-year-old student has filed a lawsuit against Australia's government alleging it has failed to disclose climate change-related risks to investors in the country’s sovereign bonds, in the first such action against the Australian government.
According to the litigation filed on Wednesday, Kathleen O'Donnell claims investors who buy Australian government bonds should be made aware of the risks the country faces due to climate change that might make it difficult for Australia to pay back its debt.
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Source: reuters.com
Vanguard venture with Ant Group lures 200000 Chinese clients
July 19, 2020--Pennsylvania-based asset manager plans to multiply customers by offering low-cost financial advice.
Vanguard's joint venture in China with Ant Group has acquired 200,000 clients in the first 100 days since the launch of an investment advisory...
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Source: FT.com
China's gold market in June: demand stabilised; gold ETF market expanded
July 17, 2020--Summary
Supported by the low rate environment and concerns for global economic growth, gold prices rose for the fourth consecutive month in June. While the LBMA Gold Price AM in US dollars reached the highest level in eight years during the month, the Shanghai Gold Benchmark PM (SHAUPM) in renminbi (RMB) set a new record at 399yuan/gram1
Accommodative fiscal and monetary policies continued to drive China's economic revival in June, but in turn the nation's money supply grew rapidly
Au(T+D) and gold-backed ETFs have grabbed Chinese investors' attention during the first half:
Au(T+D)'s daily trading volumes averaged US$5bn in H1, a 72% rise y-o-y
Chinese gold-backed ETF holdings have increased by 21% so far this year
Gold withdrawals from the Shanghai Gold Exchange (SGE) saw a marginal rebound in June as China's gold demand as a whole slowly recovers. Despite m-o-m upticks, the volume of gold leaving the SGE’s vaults in the first half was still significantly lower than H1 2019, due to supressed gold demand amid a higher gold price and consumers' lower budgets for discretionary items
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Source: gold.org
Indonesia Economic Prospects, July 2020: The long road to recovery
July 16, 2020--Key findings:
In line with significantly weaker domestic and external demand due to the COVID-19 pandemic-related lockdowns and travel restrictions, Indonesia's real GDP growth slumped from 5.0 percent yoy in Q4 2019 to 3.0 percent in Q1 2020, the lowest quarterly growth since 2001.
On the production side, there was broad-based slowdown across the sectors; manufacturing, construction and low value-added sectors saw near halving in their sectoral growth rates from Q4 2019. In contrast, growth of modern, knowledge-intensive services sectors, including digital, financial, education and health services accelerated.
view the Indonesia Economic Prospects, July 2020: The long road to recovery
Source: World Bank
BetaShares Australian ETF Review-Half Year 2020-Australian Equities Dominate Flows & Short Exposures Dominate Trading
July 15, 2020--In what will go down as one of the most volatile periods in sharemarket history, Australian investors turned to exchange traded products in record numbers in the first half of 2020.
Due to falls in asset values, the industry's funds under management had a more muted increase of 6% for the half to end the financial year at $65.8B-a touch below the $66B record figure achieved at the end of January 2020.
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Source: betashares.com.au
China says its economy grew 3.2% in the second quarter this year, rebounding from coronavirus
July 15, 2020-China reported that the country's economy grew by 3.2% in the second quarter of the year, compared to a year ago.
Economists polled by Reuters expected gross domestic product to have grown modestly at 2.5% in the April to June quarter.
China reported that the country's GDP grew by 3.2% in the second quarter of this year, compared to a year ago-beating analysts' expectations and rebounding from the first quarter's contraction.
It comes as lockdowns to contain the coronavirus outbreak in China eased, and as Beijing rolled out stimulus measures to prop up its economy.
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Source: cnbc.com
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