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China's Power Giants Prepare for World's Biggest Carbon Market
June 11, 2020--Crucial data on historical emissions needs to be resubmitted
Nation is racing to meet launch deadline amid pandemic delays
China's state-owned power giants have been asked to prepare reports on historical emissions that officials will use to set up the world's largest carbon market, according to people familiar with the request.
The China Electricity Council has asked firms for submissions by July, said the people, who asked not to be identified because the information isn't public. The council will use the data to help determine the number of carbon allowances power generators can vie for when the market launches.
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Source: bloomberg.com
CSOP Asset Management licenses Solactive Gold 1-Day Rolling Futures Index for 2x leveraged Gold ETP
June 9, 2020--For Millenniums, Gold has acted as a reliable store of value. Its unique color and properties have made it an ideal candidate in the creation of earlier standardized forms of money.
Unlike Fiat currencies in times of economic distress, and just like the precious metal itself, Gold's value does not corrode. In the context of capital markets, this has led Gold to become an important safe-haven asset, protecting investors during inflationary and deflationary periods, as well as acting as a crucial portfolio diversifier. Now, as markets are again experiencing turbulences during the Covid-19 crisis, demand for the precious metal also increased significantly, resulting in a solid positive return year to date. In order to enable investors to benefit from this price movement, CSOP Asset Management licensed the Solactive Gold 1-Day Rolling Futures Index for their 2x leveraged Gold ETP. The ETP caters to different types of investors, allowing them to, e.g., tactically hedge or diversify their portfolios.
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Source: Solactive AG
UPDATE 2-Japan's economy braces for worst postwar slump despite capex gains in Q1 GDP
June 8, 2020--Revised Q1 GDP annualised -2.2% vs preliminary -3.4%
Capex revised up but private consumption slumps
Economy seen to mark deep slump in Q2
Japan's economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.
A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally.
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Source: Reuters
SGX reports market statistics for May 2020
June 8, 2020--SDAV rises as reopening of economies lifts sentiment in equity markets
Derivatives gain amid increased portfolio demand in FX, commodities
Singapore Exchange (SGX) today released its market statistics for May 2020. The reopening of economies around the world lifted sentiment in equity markets, even as the COVID-19 pandemic continue to cloud the outlook for global growth.
The exchange's derivatives franchise gained amid increased portfolio demand in foreign exchange (FX) and commodities.
Securities daily average value (SDAV) on SGX rose 37% year-on-year (y-o-y) in May to S$1.51 billion, while total securities market turnover value climbed 17% y-o-y to S$27.2 billion. The market turnover value of exchange-traded funds (ETF) jumped 73% y-o-y to S$302 million, as the SPDR(R) Straits Times Index ETF traded nearly three times higher y-o-y at S$88 million on the back of S$57 million in net inflows during the month. The increases in market turnover, as well as reduced volatility, were driven in part by optimism from economic stimulus as more countries emerge from lockdown.
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Source: Singapore Exchange (SGX)
Greater disclosure to open doors for China green investors
June 5, 2020--Chinese stock exchanges set to bolster ESG reporting guidelines to attract foreign interest
When East Capital invests in a Chinese company, the asset manager runs through a checklist of 60 questions designed to gauge the target's environmental, social and governance (ESG) credentials.
But for Karine Hirn, co-founder and chief sustainability officer of the emerging markets-focused group, the ability to compare companies is still limited by a familiar issue in China: data.
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Source: FT.com
Currency war: Chinese government ramps up trials for digital currency to rival the dollar
June 3, 2020--The Chinese government is running trials for a new official digital currency which analysts say could challenge Bitcoin and the dollar.
This digital currency is being referred to as the "digital Yuan", but it's also known as the Digital Currency Electronic Payment (DCEP) system.
The new system will be different from using an online bank or debit card in that it does not necessarily require any link to paper money to work, and would be operated from one central bank rather than multiple.
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Source: express.co.uk
Reading tea leaves from China's two sessions: Large monetary and fiscal stimulus and still no growth guarantee
May 25, 2020--The announcement of a large stimulus without a growth target indicates that China's recovery is far from complete.
It was hard to think of a more important gathering than last week's 'Two Sessions', during which Chinese political leaders were to guide all of us as to the way ahead for the Chinese economy. While this yearly event is always important, this year's was crucial.
2020 marks the end of two key cycles of economic planning: the current Five-Year Plan, and the end of the 10-year period during which the country aimed at doubling its income, which is the operational target to measure President's Xi Great Rejuvenation plan. Expectations were running all the higher that the Chinese economy is reeling from unprecedented levels of uncertainties due to coronavirus epidemic-including delaying the event itself-compounded by the fact that China had shown a rather hesitant approach to stimulus since January.
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Source: bruegel.org
Fidelity International applies to set up China mutual fund unit
May 19, 2020--Fidelity International, the U.S. asset management giant, said on Tuesday it has applied to set up a wholly owned mutual fund unit in China, taking a major step toward tapping the country's retail fund market.
Fidelity submitted the application to China's securities regulator after Beijing scrapped foreign ownership caps in the mutual fund sector on April 1.
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Source: Reuters
Australian companies head to stock market in biggest rush .
May 3, 2020--Australian companies head to stock market in biggest rush since '09.
Companies lean heavily on equity in effort to dent blow from coronavirus.
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Source: FT.com
BetaShares-Look out below: U.S. and Australian earnings update
April 29, 2020--Along with global markets, Australian equities have enjoyed a rebound in recent weeks even as the earnings outlook has deteriorated. This note provides an outlook on both U.S. and local earnings and market valuations, and attempts to gauge the extent to which the 'bad news' is already priced in.
A mighty market rebound
As seen in the table below, equity markets have enjoyed a solid rebound following the heavy decline over February to late March. After a peak-to-trough decline of 34%, the S&P 500 has since rebounded by almost 30%-leaving a net decline since the peak of around 15%. In this time, however, forward earnings estimates have declined by almost 20%, meaning the market's price-to-forward earnings ratio (PE ratio) has in fact edged higher to around 20. At the recent market low, the S&P was trading at a PE ratio of 13.8.
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Source: BetsShares
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