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IMF Working Papers-Demographics and the Natural Rate of Interest in Japan
February 15, 2019--Summary:
Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy.
This paper uses a semi-structural model to estimate the impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on the natural rate by lowering trend potential growth. We also find that the negative impact has been increasing over time amid stronger demographic headwinds. These findings highlight the importance of boosting potential growth to offset the negative demographic impact and lift the natural rate in Japan.
view the IMF Working Papers-Demographics and the Natural Rate of Interest in Japan
Source: IMF
ICICI Pru Bharat 22 ETF AOP opens on February 14
February 14, 2019--This AOP is a part of the Government of India's overall disinvestment program announced earlier by the DIPAM, Ministry of Finance, using the ETF route.
ICICI Prudential Mutual Fund has announced the additional offering period (AOP) of ICICI Pru MF Bharat 22 ETF.
This AOP is a part of the Government of India's overall disinvestment program announced earlier by the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, using the ETF route.
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Source: The Economic Times of India
China's NDRC to reassess bonds as defaults surge in the country
February 14, 2019--China's National Development and Reform Commission (NDRC) which also oversees bond issuances by the country's largest state-owned enterprises and some large property companies has now launched a countrywide campaign to inspect corporate bonds and reassess their risks as more companies run into debt repayment difficulties.
The NDRC and provincial level authorities under it will be inspecting corporate bonds under their duration, size of their liabilities, use of proceeds and progress of the projects funded by their bond proceeds in order to determine the health of these bonds.
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Source: chinaknowledge.com
Sebi looks to make margin rules stricter for derivatives trade
February 13, 2019--The collection of exposure margins from clients was made compulsory last year
The Securities and Exchange Board of India (Sebi) is planning to tighten risk management practices in equity derivatives and stocks in the runup to the general elections.
The market regulator is likely to tighten margin rules for futures and options trades and restrict introduction of strike prices in options intra-day as it looks to curb wild speculation by traders, said three people privy to the development.
It is also planning to bring more stocks under its surveillance schemes, they...
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Source: The Economic Times of India
Japan's economy returns to growth despite trade war worries
February 13, 2019--Annualised growth at 1.4% in last quarter of 2018 is in line with forecasts.
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Source: FT.com
BetaShares Australian ETF Review-January 2019
February 13, 2019--Industry starts the year on a new record high! In a month that is typically quiet for the Australian ETF industry, the industry started off the year strongly, reaching a fresh record high of $42.5B total industry FuM at month end. The industry's total market cap increased by ˜4.3% ($1.7B)-the second largest monthly on record.
With markets rebounding the industry growth was assisted by price increases, which accounted for 60% of the monthly move- the remaining ˜40% being as a result of net inflows of ˜$700m.
International equities continued to be the largest category for inflows, along with continued strong flows into bonds. It was however telling that, at a sub-category level, it was actually Australian Bond exposures that received the highest amount of inflows, with Floating Rate Bond Exposures (via QPON), leading the way in that category. Read on for more analysis of the month in ETFs.
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Source: BetaShares
China launches countrywide bonds health check as default wave looms
January 13, 2019--China's National Development and Reform Commission, which oversees bond issuance by its biggest state-owned enterprises as well as some large property companies, has launched a countrywide inspection campaign to better assess risks, as more companies run into trouble repaying their debt amid a slowing economy.
According to a notice published on its website on Wednesday, provincial level authorities under the NDRC will inspect corporate bonds under duration and check the size of their liabilities, the use of proceeds and progress of projects funded by these proceeds.
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Source: .scmp.com
ASX Investment Products Monthly Update-January 2019
February 11, 2019--January 2019 saw an increase in Assets Under Management in all Investment Product categories. Assets under Management in ETPs (up 4.3%), mFunds (up 2.9%), LICs (up 2.9%), AREITs (up 5.3%) and Infrastructure Funds (up 3.9%) on a month on month basis.
Total Assets under Management of all Investment Products increased by 4.5% over the month of January 2019, from $276.67bn to $288.99bn.
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Source: ASX
RBA to cut rates
February 11, 2019--Week in Review
Global stocks were largely flat last week, with the main "new news" being concerns over progress in US-China trade talks-following President Trump's revelation that the two leaders won't meet again in person ahead of the March 2 "deadline" for a deal to be done or new tariffs would be imposed.
The US earnings season continued to progress well enough, though there's increasing focus on a weakening earnings outlook for 2019. Elsewhere, Germany reported another month of weak industrial production, adding to the pall over the European economic outlook.
In Australia, the major event was the shift to a neutral policy bias from the RBA, following global growth concerns and a run of weaker local economic data (such as building approvals and business confidence). For the record, I also shifted my call from the RBA being on hold "for the foreseeable future" to an expectation of two rates cuts by early 2020-with the first potentially as early as August.
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Source: BetaShares
China GDP growth tipped to slow to 6% in Q1: state-run paper
February 10, 2019---China's economic growth could slow to the weakest level on record in the first quarter, according to a state-run newspaper.
"It is not difficult to determine that this year our country's economy will continue to bear pressure, with a conservative estimate for full-year cumulative growth of about 6.3 per cent and the possibility that growth for the present quarter could reach 6 per cent," according to a front-page commentary on Monday in the Economic Information Daily, a newspaper run by China's official Xinhua news agency.
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Source: FT.com