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China's yuan eases again, set for worst week since Nov...
June 22, 2018--China's yuan fell to its lowest in more than five months against the dollar on Friday, hit by weaker central bank guidance and continuous seasonal corporate demand for the greenback. The Chinese currency, set for its worst week since November 2016, has erased all the gains it made this year.
"The losses in the yuan against the dollar this week reflect declines in the yuan basket index, with the U.S. tariff announcement a trigger," a chief dealer at a Chinese bank said. The renminbi has lost more than 1,000 pips or about 1.6 percent from last Thursday's late night close, the day before U.S. President Donald Trump threatened to impose new tariffs on Chinese goods.
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Source: newstage.com.ng
IMF Working Papers-Monetary Policy and Inflation Dynamics in ASEAN Economies
June 21, 2018--Summary:
This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying parameters.
The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time.
view the IMF Working Papers-Monetary Policy and Inflation Dynamics in ASEAN Economies
Source: IMF
Deeper reforms in Korea will ensure more inclusive and sustainable growth
June 20, 2018--Short-term prospects for the Korean economy are good, with an uptick in world trade and fiscal policy driving growth, but productivity remains relatively low and the country faces the most rapid population ageing in the OECD area, according to a new report from the OECD.
The latest OECD Economic Survey of Korea looks at recent economic developments, as well as the challenges to ensure that the benefits are shared by all. The Survey projects growth of about 3% for the 2018-19 period, and lays out an agenda for ensuring broader-based and more inclusive growth going forward.
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Source: OECD
Australian House Price Valuation Update: What's cheap, what's expensive?
June 20, 2018--The latest Australian Bureau of Statistics Residential Property Price Report suggests house prices eased in most capital cities in the March quarter. This note provides an update on my house price valuation estimates.
It suggests that while Sydney property remains relatively overvalued, several other capital cities now appear relatively cheap. Importantly, however, overall Australian house prices are not that expensive given the current level of interest rates.
Australian House Price Valuations
According to the ABS, the nation-wide value of "established" house prices (i.e. those on their own plot of land), fell by 0.8% in the March quarter, to be up only 2.2% over the past year.
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Source: BetaShares
An Investor's Guide to Inflation
June 18, 2018--In an era of central-bank inflation targeting,what matters most is arguably not inflation,but inflationary pressures. If actual core inflation is contained through tighter monetary policy (as the US Federal Reserve is attempting to do now in the US),it means higher real policy rates and also higher real discount rates for all asset
Introduction
As we know, inflation, or the general rise in the price of goods and services over time, erodes the purchasing power of a fixed dollar amount over time. This can have a significant impact on the real returns we can expect over our investing lives: just like nominal returns and interest, inflation also has a compounding effect. This was evident during the 70s and 80s, where global shocks propelled the consumer price index (CPI) growth over 15 per cent year-on-year in this country and other developed economies.
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Source: BetaShares
InvestSMART active ETF debuts on ASX
June 18, 2018--InvestSMART's first active exchange-traded fund (ETF) has debuted on the Australian Securities Exchange (ASX).
The InvestSMART Australian Equity Income Fund (INIF), which managed to exceed its target and closed at more than $30 million of fund under management (FUM), commenced trading on the ASX at a unit price of $2.50.
It would mirror the group's existing unlisted Intelligent Investor Equity Income Portfolio, which has returned 11.5 per cent per annum since inception.
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Source: investmentcentre.moneymanagement.com.au
SET to launch "SETTHSI Index" and "SETCLMV Index" on July 2
June 15, 2018--The Stock Exchange of Thailand (SET) today announced
the upcoming launch of the two new indices named "SET THSI Index (SETTHSI)"
consisting of stocks, highly perform on environmental, social and governance
(ESG) perspective; and "SET CLMV Exposure Index (SETCLMV)" which comprises of
Thai stocks, generating revenues from Cambodia, Laos, Myanmar and Vietnam
(CLMV), allows investors to get benefit from these growing economies.
SET Senior Executive Vice President Rinjai Chakornpipat said "the launching of
these two new indices will support investors to get benefit from the CLMV
economies and sustainable stocks.
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Source: Stock Exchange of Thailand (SET)
China's retreating A-shares raise trading suspension fears
June 15, 2018--The recent retreat in Shanghai share prices, coupled with evidence of a slowdown in China's economic growth, are raising a pressing question for fund managers.
How can international investors insulate themselves against the tendency of A-share companies to suspend their shares when the going gets tough?
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Source: FT.com
Vietnam's economic prospects improve further, with GDP projected to expand by 6.8 percent in 2018
Recent growth uptick driven by favorable domestic and external conditions may gradually moderate.
June 14, 2018--Vietnam's economic growth momentum remains robust and is accompanied by broad macroeconomic stability.
Recent growth uptick driven by favorable domestic and external conditions may gradually moderate.
According to Taking Stock, the World Bank's latest economic update for Vietnam, recent growth was driven by a cyclical increase in global demand as well as a recovery in investment from FDI and private sector, and an ongoing shift of labor away from agriculture into more productive manufacturing and service sectors.
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Source: World Bank
World's largest pension fund overhauls fees for asset managers
June 14, 2018--Japan's $1.5tn state pension fund no longer wants to pay 'considerable sums regardless of investment performance'
The world's largest investor, Japan's sprawling Government Pension Investment Fund, has set out the details of its radical new fee structure for external fund managers-after concluding their performance "leaves much to be desired".
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Source: fnlondon.com