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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
BetaShares Market Trends: February 2019
February 5, 2019--Major Asset Classes-global equities storm back
Global equities returned a strong 7.3% in local currency terms during January, unwinding their 7.2% slump in December. The return in $A terms, however, was a more muted 4.5% reflecting a rebound in the Australian dollar over the month.
Several factors supported the equity rebound, though the most important was likely an easing in US interest rate fears as the Federal Reserve turned more "dovish". Indeed, after having raised rates four times in 2018, the Fed now says it can be more "patient" in raising rates further, and the market has largely priced out the risk of further policy tightening this year.
Other supportive factors were ongoing good economic growth indicators in the US economy, a solid start to the Q4 US earnings reporting season and encouraging signs that the US and China will conclude some form of a trade deal in coming months.
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Source: BetaShares
Promising start
February 4, 2019--Week in Review
Global equities posted further gains last week on the back of very dovish Fed commentary, capping off what's been a promising start to the year so far. Indeed, global equities returned 7.3% in local currency terms in January after posting a loss of 7.2% in December.
Australian equities returned 3.9% with solid gains across most sectors apart from financials, with the latter still being weighed down by slowing credit growth and fears of what may emanate from today's release of the Hayne Royal Commission findings.
More broadly global equities are benefiting from several positive developments since the dark days of late last year. For starters, the US Fed has been obviously shell shocked by the market rout last year (partly caused by it's own clumsy statements) and appears likely to hold rates steady at least for a few more months. Australian equities returned 3.9% with solid gains across most sectors apart from financials, with the latter still being weighed down by slowing credit growth and fears of what may emanate from today's release of the Hayne Royal Commission findings.
More broadly global equities are benefiting from several positive developments since the dark days of late last year. For starters, the US Fed has been obviously shell shocked by the market rout last year (partly caused by it's own clumsy statements) and appears likely to hold rates steady at least for a few more months.
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Source: BetaShares
China mulls combination of QFII, RQFII schemes to boost foreign investment
January 31, 2019--China's securities watchdog unveiled draft rules that will combine two existing schemes for foreign investors and expand the scope of investments.
The China Securities Regulatory Commission (CSRC) said in a statement that it has begun to consult public opinion on the new rules that will combine the Qualified Foreign Institutional Investors (QFII) program and the RMB Qualified Foreign Institutional Investors (RQFII) program.
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Source: xinhuanet.com
BetaShares Australian ETF Review-2018 in Review
January 31, 2019--Shaken, not stirred!
Despite dramatic sharemarket volatility throughout 2018, the Global ETF industry recorded significant growth over the year, reaching its 2nd highest level of net inflows ($US516B) and maintaining the positive growth trend.
The Australian ETF industry ended the year with funds under management (FuM) of ˜$41B-just shy of the record $42B, achieved in September. Read on for the key stats and figures for the year in ETFs.
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Source: BetaShares
In Asia, a More Electronified Market Feels the Impact of MiFID II
January 31, 2019--Executive Summary:
Although a tumultuous 2018 ended up being an overall positive year for most leading Asian equity brokers, owing to an active first half, the industry enters 2019 facing profound questions about how changes in regulations and market structure will affect the traditional institutional brokerage business model.
Methodology
Between July and September 2018, Greenwich Associates conducted interviews with 231 Asian equity fund managers and analysts and 104 buy-side trading desks at institutions based in Asia. Interview topics included overall market trends, compensation and broker relationships.
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Source: Greenwich Associates
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