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China's investment in Africa: What the data really says,and the implications for Europe
July 22, 2019--China has clearly signalled to Europe that it does not shy away from involvement in Africa, historically Europe's area of influence. But the nature of China's direct investment flows to the continent will have to change if they are to prove sustainable.
Chinese president Xi Jinping visited Senegal in July last year, seeking further cooperation with the previous French colonial territory. Amid a heated debate over China's increasingly dominant role in the world, this visit-before the 2018 Forum on China-Africa Cooperation (FOCAC) in Beijing -clearly sent a signal to Europe that China does not shy away from entering what is historically Europe's area of influence, namely Africa. From China, such move is not surprising, as China-Africa relationships flourished at least half a century ago under the mantra of South-South cooperation.
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Source: bruegel.org
SSE STAR Market 50 Component Index to be Released
July 19, 2019--The Shanghai Stock Exchange (SSE) and China Securities Index Co., Ltd. (CSI) announce that they will officially release the SSE STAR Market 50 Component Index on the 11th trading day when the number of stocks and depositary receipts listed on the SSE STAR Market reaches 30. The launch of the index will reflect the overall price performance of the listed companies on the SSE STAR Market in a timely manner, further demonstrate the structure as well as the development and changes of the market, and enrich the SSE index system.
At present, internationally influential and highly recognized indexes are mainly component indexes, which can be used not only as a yardstick for measuring the overall performance of the market, but also as a necessary instrument for asset allocation, investment and risk management as well as performance evaluation.
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Source: Shanghai Stock Exchange (SSE)
Five Charts Explain Vietnam's Economic Outlook
July 17, 2019--Despite rising trade tensions and volatility in emerging economies throughout 2018, Vietnam's economy saw broad-based growth and low inflation. Government spending and debt remained in check and bank capital rules were strengthened. Current economic risks relate to geopolitics, trade policy uncertainty, and domestic reform implementation. Looking ahead to the longer term, Vietnam will face risks related to aging, climate change, and digitalization.
Extensive market-oriented and outward-looking economic policies have helped Vietnam achieve sustained and inclusive economic growth. To maintain growth and raise its quality, Vietnam needs to modernize economic institutions, especially in terms of fiscal and monetary management, and continue with market-oriented and outward-looking reforms.
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Source: IMF
IMF Working Paper-Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
July 11, 2019--Summary:
Co-movement (synchronicity) in inflation rates among a set of 13 emerging and developing countries in Asia is shown to be strongest for the food component, partly due to common rainfall shocks—a result which the paper terms the 'monsoon effect'. Economies with higher trade integration and co-movement in nominal effective exchange rates also experience greater food-inflation co-movement.
By contrast, cross-country co-movement in core inflation is weak and the aforementioned determinants have little explanatory power. suggesting a prominent role for idiosyncratic domestic factors in driving core inflation. In the context of the growing literature on the globalization of inflation. these results suggest that common weather patterns are partly responsible for any role played by a so-called ‘global factor’ among inflation rates in emerging and developing economies. in Asia at least.
view the IMF Working Paper-Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
Source: IMF
BetaShares launches Australian Government Bond ETF
July 10, 2019--BetaShares pleased to announce the latest addition to our market-leading cash and fixed income product suite, the BetaShares Australian Government Bond ETF (ASX: AGVT).
AGVT aims to track the performance of an index that provides exposure to a portfolio of high quality, income-producing bonds issued primarily by Australian federal and state governments, and with a component issued by supranationals, sovereign agencies and similar organisations
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Source: BetaShares
Taiwan Is Home to the World's Fastest-Growing ETF Market
July 10, 2019--Assets invested in the funds have increased 67% to $41 billion
Cash-rich insurers, global bond rally helped spur expansion
A surge in bond-buying from life insurers has made Taiwan's exchange-traded fund market the fastest-growing in the world.
Taiwan's insurers are snapping up ETFs domiciled locally, but comprised mostly of U.S. corporate bonds, as they seek to offset lower yields on other investments.
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Source: Bloomberg
Thailand's Growth Moderates as Global Risks Intensify
July 8, 2019--Thailand's economic growth began to moderate in early 2019 in the context of weaker global growth. The country's growth rate is projected to fall from 4.1 percent in 2018 to 3.5 percent in 2019, according to the World Bank's Thailand Economic Monitor, released today.
Exports contracted by 4 percent in the first quarter of 2019-the first quarterly contraction in three years. Private investment and household consumption continued to grow close to their three-year high, helped by low inflation, increasing employment and rising recurrent fiscal spending.
view the World Bank Thailand Economic Monitor July 2019: Harnessing Fintech for Financial Inclusion
Source: World Bank
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
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