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Japanese pension funds put record amounts into alternatives
July 5, 2019--Allocation to alternative investments, such as real estate, by Japanese pension funds is at a record high, with many intending to increase their holdings further, a survey has revealed.
The survey by JP Morgan Asset Management (JPMAM), which polled 120 Japanese pension funds, found that the average Japanese pension fund now allocates 17.1% of its portfolio to alternative investments.
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Source: ipe.com
Malaysia's Economy to See Continued Growth, But Downside Risks are Elevated
July 1, 2019--Reforms to public service will help enable future growth and shared prosperity
Malaysia's economy is expected to grow at 4.6 percent in 2019, according to the 20th edition of the World Bank's Malaysia Economic Monitor, launched today.
Given Malaysia's deep financial and trade integration with the global economy, unresolved trade tensions, heightened protectionist tendencies among major economies, a sharper-than-expected slowdown in larger economies, as well as volatility in financial and commodity markets pose risks to growth in the near term.
With an uncertain external environment and subdued business confidence, policy actions should aim to strengthen fiscal buffers, facilitate private investment and ensure adequate social protection for lower-income households, the report adds. In the medium term, bold reforms and measures are needed, particularly to boost human capital and to increase the level of public sector revenues.
view the Malaysia Economic Monitor, June 2019: Re-energizing the Public Service
Source: World Bank
Indonesia Maintains Steady Economic Growth in 2019
July 1, 2019--Maritime economy presents opportunities for greater prosperity
Coordinated and prudent macroeconomic policies have underpinned Indonesia's steady economic growth amid global volatility and a series of unusually damaging natural disasters, according to the World Bank’s June 2019 Indonesia Economic Quarterly released today.
The country's real GDP growth remained broadly stable at 5.1 percent during the first quarter of 2019. Despite global volatility, Indonesia’s economy has grown at a consistent pace with quarterly GDP growth remaining between 4.9 to 5.3 percent over the past 3.5 years.
view the June 2019 Indonesia Economic Quarterly: Oceans of Opportunity
Source: World Bank
Vietnam's economy slows down amidst heightened uncertainties
July 1, 2019--Vietnam's growth momentum moderated since the beginning of the year, but outlook remains positive, according to Taking Stock, the World Bank's bi-annual economic report on Vietnam released today.
During the reported period, the service sector performed robustly-signaling sustained buoyancy in domestic demand and especially private consumption. The public debt-to-GDP ratio declined from a peak of 63.7 percent in 2016 to an estimated 58.4 in 2018. Recent slower growth reflected the repercussions of unfavorable external factors on key economic sectors. The outbreak of African swine fever and a decline in international prices dampened agricultural outputs while weaker external demand moderated growth of the export-oriented manufacturing sector.
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Source: World Bank
China Will Scrap Securities Firm Ownership Limits by 2020, Li Says
July 1, 2019--The change brings removal of caps forward by one year
Move comes amid China's continuing trade tensions with U.S.
China said it will bring forward plans to remove foreign ownership limits on financial companies, as it speeds up efforts to open the $44 trillion industry to overseas competitors.
Full foreign ownership of securities firms, futures businesses and life insurance companies will be allowed by 2020, Premier Li Keqiang said at the World Economic Forum in Dalian on Tuesday.
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Source: Bloomberg
IMF Working paper-Anatomy of Sudden Yen Appreciations
July 1, 2019--Summary:
The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices.
On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan's efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers.
view the IMF Working paper-Anatomy of Sudden Yen Appreciations
Source: IMF
IMF Working Paper-E-commerce as a Potential New Engine for Growth in Asia
July 1, 2019--Summary:
The use of e-commerce around the world has accelerated in recent years, with Asia, led by China, spearheading the rise. Using cross-country enterprise survey data, this paper shows that firms engaged in e-commerce have higher productivity and generate a larger share of their revenues from exports than other firms.
This is particularly true in Asia, where firms have 30 percent higher productivity and generate about 50 percent more of their revenues from exports. The results presented in this paper are robust to the use of instrumental variables, which highlight possible larger effects of e-commerce on Asian productivity and exports when essential elements are in place for its effective use, such as reliable electricity, telecommunication, and transport infrastructure. Despite the rapid growth of e-commerce in recent years, gaps persist in digital infrastructure and legislation, preventing many Asian countries from fully reaping the potential benefits of e-commerce.
view the IMF Working Paper-E-commerce as a Potential New Engine for Growth in Asia
Source: IMF
VanEck launches sustainable equity ETF
June 28, 2019--VanEck has announced it has launched on the Australian Securities Exchange (ASX) its Vectors MSCI Australian Sustainable Equity exchange traded fund (ETF) (GRNV) which will offer investors exposure to a diversified portfolio of Australian companies meeting in-depth environmental, social and governance (ESG) and values-based screening criteria.
The new fund would track a new benchmark index, the MSCI Australia IMI Select SRI Screened Index, which was developed in partnership between VanEck and MSCI and leveraged MSCI's expertise in ESG research based on fossil fuel reserves, socially responsible activities, ESG performance and controversies.
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Source: moneymanagement.com.au
India's SEBI tightens rules for pledged shares, mutual funds
June 27, 2019--India's market regulator reinforced disclosure rules for when the shares in a company are pledged as collateral and tightened rules for mutual funds to try to protect minority shareholders and retail investors.
Promoters of a company-often its main investors-will have to disclose reasons for having pledged shares when combined pledges exceed 20% of the total share capital in a company or 50% of their total shareholding in the firm, the Securities and Exchange Board of India (SEBI) said in a statement on Thursday.
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Source: Zawya.com
Economic Watch: China's A-shares market set for wider global appeal
June 24, 2019--Starting from Monday, global investors who crave for a bite of China's economic growth dividends have more channels.
Nearly 1,100 companies listed on China's A-shares market became eligible for investment by certain overseas funds and other institutional investors as these shares were officially included in a widely-tracked global benchmark.
FTSE Russell, a leading global multi-asset index, data and analytics provider, Monday included China's A-shares in the FTSE Global Equity Index Series (FTSE GEIS) as a secondary emerging market.
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Source: xinhuanet.com