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Investors face $647bn China banking blind spot
June 5, 2019--Delays by rural and city banks in reporting results signal potential bad-debt build-up
A $647bn blind spot in financial reporting by China's city and rural commercial banks is fuelling investor concerns that more of the country's lenders face government intervention or collapse in the wake of the state takeover of Baoshang Bank.
Baoshang was one of 19 banks with a combined Rmb4.47tn ($647bn) in assets that have yet to publish 2018 financial results, according to a list compiled by Barclays.
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Source: FT.com
IMF Staff Completes 2019 Article IV Mission to China
June 5, 2019--China's economic growth stabilized in early 2019 and is expected to moderate to 6.2 percent and 6.0 percent in 2019 and 2020, respectively.
Uncertainty around trade tensions remains high and risks are tilted to the downside.
China and its international partners should work constructively to address shortcomings in the trading system and enable a system that can more readily adapt to economic changes in the international environment. China can play an important role and would benefit from further opening up and other structural reforms that enhance competition.
Progress on structural reforms has led to a further opening up of the economy and a greater role for market forces. To boost productivity and promote longer-term growth, further efforts are needed to reform state-owned enterprises (SOEs), open up the service sector, and modernize policy frameworks.
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Source: IMF
BetaShares-Market Trends: June 2019
June 5, 2019--Key Market Trends
A resumption of US-China trade tensions saw global equities pull back in May, with the MSCI All-Country World Index declining by 5.7% in local currency terms. As seen in the chart below, this continues the broadly choppy performance of equity markets since early 2018, reflecting the interaction of slowing global growth and trade fears, yet subdued inflation and an increasingly benign interest rate environment.
Indeed, bond yields continued to trend lower in May, while the "safe-haven" $US remained firm. Commodity price performance also remained choppy, with May's risk-off sentiment helping gold prices, but not oil prices.
Asset Class Performance-Aussie equities withstand global sell-off
In unhedged Australian dollar terms, global equities declined by a somewhat smaller 4.2% in May, reflecting strength in global currencies versus the Australian dollar. Contrary to the global sell-off, however, Australian equities produced a feisty 1.7% gain, which was similar to the gains by "safer-haven" asset classes like Australian bonds and gold.
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Source: BetaShares
The 'seven' ceiling: China's yuan in trade talks
June 3, 2019--Investors and the public have been looking at the renminbi with caution after the Trump administration threatened to increase duties on countries that intervene in the markets to devalue/undervalue their currency relative to the dollar. The fear is that China could weaponise its currency following the further increase in tariffs imposed by the United States in early May.
What is the likelihood of this happening and what would be the consequences for the existing tensions with the United States, as well as for the global economy?
The renminbi has been depreciating since June and is currently hovering around 7 yuan per US dollar. The current value, the lowest since December last year, raised some eyebrows as it could signal currency manipulation.
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Source: bruegel.org
Domestic Demand is Key to Sustaining Growth in China Amid High Uncertainty: World Bank Report
May 31, 2019--China's economic growth has so far remained resilient in the face of high global uncertainty. GDP growth was 6.4 percent year on year in the fourth quarter of 2018 and in the first quarter of 2019, compared to 6.8 percent in the first half of 2018. Growth is projected at 6.2 percent for 2019 and 6.1 percent for 2020.
In an external environment that has become less favorable due to slowing global growth and rising trade tensions, China's economy will need to rely increasingly on domestic demand to sustain rapid growth, according to Managing Higher Uncertainty, the May 2019 edition of the World Bank's China Economic Update released today.
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view the World Bank China Economic Update-May 2019
Source: World Bank
ASIC updates information for businesses on ICOs and crypto-assets
May 30, 2019--ASIC has released new information to help businesses involved with initial coin offerings (ICOs) and crypto-assets to consider their legal obligations and satisfy themselves they are operating lawfully.
ASIC has updated Information Sheet 225 Initial coin offerings and crypto-assets (INFO 225) based on our recent experiences with ICOs and crypto-assets, which indicate that ICOs and crypto-assets will often be financial products or involve financial products that are regulated under the Corporations Act.
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Source: ASIC
HKEX Welcomes its First Listing of Two-Time Inverse Product
May 28, 2019--Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome today (Tuesday) its first listing of a two-time Inverse Product, the CSOP Hang Seng Index Daily (-2x) Inverse Product (stock code: 7500).
An Inverse Product, also known as an Inverse Exchange Traded Fund (ETF), is designed to provide daily investment results of up to 200 per cent of the inverse performance of its underlying benchmark, before fees and expenses. The increase in the leverage multiple on Inverse Products to a maximum of negative two times from negative one time will allow investors to potentially capture higher returns during a market decline.
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Source: Hong Kong Exchanges and Clearing Limited (HKEX)
NSE launches new brand identity for Nifty indices
May 28, 2019--The National Stock Exchange (NSE) on Tuesday announced the launch of a new brand identity for Nifty indices.
The new brand logo emphasises on the letter 'N' and an upward rising graph, signifying growth and momentum, capturing a new direction for the Indian capital markets.
"Nifty indices, more particularly the Nifty 50 index, has become synonymous with equity markets and reflected the growth story of Indian equity markets."
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Source: business-standard.com
eInvest launches Australia's first actively managed ESG ETF
May 23, 2019--eInvest, a distributor of exchange traded managed fund solutions, has launched Australia’s first actively managed ESG exchange traded fund (ETF).
The new fund, eInvest Future Impact Small Caps Fund (IMPQ) is also Australia's first Small Cap Active ESG ETF and is managed by affiliate, Perennial Value Management.
The fund aims to provide long-term capital growth by investing in Australian and New Zealand small and mid cap stocks that contribute positively and sustainably to society and the environment.
The founding belief of this new strategy is that investors in environmental, social and governance (ESG) portfolios should not have to sacrifice their financial objectives in order to achieve an ESG impact.
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Source: eInvest
Sebi allows mutual funds in exchange traded commodity derivatives-The mutual fund schemes cannot invest in physical goods except in "gold" through ETFs
May 22, 2019--The Securities and Exchange Board of India (Sebi) on Tuesday allowed mutual funds to participate in exchange-traded commodity derivatives (ETCD). However, the regulator has decided to keep away MFs from trading in derivatives of sensitive commodities.
The mutual fund schemes cannot invest in physical goods except in 'gold' through ETFs.
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Source: economictimes.indiatimes.com
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