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BlackRock Global ETP Landscape-April 2018
May 11, 2018--Summary
Global ETP flows in April were fueled by Fixed Income
April industry flows of $35.4bn doubled in comparison to $17.7bn in March as flows into Fixed Income funds
accelerated and U.S. equity flows turned positive after two
months of outflows
Global fixed income flows during April reached $17.3bn -a ten-month high-
diversified across U.S. Treasuries with 6.6bn, investment grade corporate with
$3.2bn and broad multi-sector funds with $3.0bn
U.S. equities added $6.9bn compared to the redemption activity of ($7.1bn) from last month amid a strong U.S. earnings season
Gold flows scaled to $2.9bn-the highest since July 2016-indicating demand for
perceived safe-haven categories alongside the U.S. Treasury flows mentioned above
IMF Regional Economic Outlook Update: Middle East and Central Asia
May 11, 2018-- Summary
Growth is improving in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region and was stronger than expected last year in the Caucasus and Central Asia (CCA) region. However, the regions are not fully benefitting from the stronger global outlook.
In MENAP, the fragile recovery requires further reforms that will help diversify economies, create jobs, and secure resilience.
Meanwhile, the growth momentum in the CCA is temporary, which is why action is needed now to spur private-sector development, so that the region avoids a new reality of low growth.
view the IMF Regional Economic Outlook Update: Middle East and Central Asia
DECPG Global Weekl
May 11, 2018--TAKING STOCK
U.S. inflation rose less than expected in April; consumer confidence held steady in May
Bank of England kept interest rates on hold; Euro Area investor sentiment fell to a 15-month low
Japan's household spending fell for a second consecutive month in March
China's consumer price inflation slowed in April; producer price inflation picked up; export growth rebounded
Crude oil prices rose
U.S. inflation rose less than expected in April; consumer confidence held steady in May. The headline consumer price index (CPI) rose 2.5 percent (y/y) in April, slightly up from 2.4 percent in March, as rising energy costs were partly offset by a moderation in health care prices.
Investment Update: Using gold to hedge emerging market risk
May 10, 2018--Over the long run, economic growth is a key driver of gold demand, especially in emerging market countries where there is high affinity for gold as jewellery and investment. At the same time, gold tends to perform well in period of crisis.
Having a strategic position in gold helps improve EM portfolio performance as it can be used to:
capture EM upside through gold's link to rising incomes
protect against systemic risks, which reduce portfolio volatility and losses- producing gains in some systemic sell-offs
hedge foreign-exchange risk at a lower cost than traditional currency hedges
IMF Working Papers-Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions
May 9, 2018--Fiscal stimulus was widely advocated during the global crisis, a period characterized by monetary policy constrained by the effective lower bound (ELB) in many countries, in part because of expected positive spillovers.
Standard New Keynesian models predict the cross-border transmission of fiscal shocks is stronger when monetary policy is constrained in recipients. However, the empirical evidence is scarce. This paper bridges this gap by looking at the impact of fiscal shocks in systemic (source) economies on output and demand components in a large group of (recipient) countries, under different monetary policy conditions. Empirical results are compared to simulations with a state-of-the-art estimated open-economy New Keynesian model. Our results corroborate model predictions, finding larger spillovers when recipients are at the ELB, driven by stronger responses of investment and consumption relative to normal times.
ETF Securities Weekly Flows Analysis: Gold ETPs took the lions share of flows amidst the ongoing risk-off environment
May 9, 2018--Gold ETP inflows surged to their highest level at US$62.8mn in 25 weeks after a tepid jobs report.
Gold ETPs took the lions share of flows after a tepid jobs report and ongoing trade tensions.
World Gold Council-Gold-backed ETFs had their strongest inflows since early 2017
May 9, 2018--Global gold-backed ETFs holdings added 72.2 tonnes(t) to 2,481t in April. This is the strongest month of net inflows in more than a year.
Growth in global holdings was led by significant North American and European inflows and supported by a small increase in Asia.
ETF inflows were steady throughout the month even though the gold price retraced early gains, finishing April 1% down, after reaching an intra-day high of approximately US$1,360/oz mid-month.
World Bank-Europe and Central Asia Economic Update, May 2018: Cryptocurrencies and Blockchain
May 8, 2018--With growth in Europe and Central Asia likely at its peak, this report addresses two questions. How well is the region prepared for an expected slowdown? How well has the economic upswing been used to adjust to the digital revolution? The report specifically focuses on cryptocurrency and blockchain activities in the region.
view the World Bank Europe and Central Asia Economic Update, May 2018: Cryptocurrencies and Blockchain
SPDR Blog- April ETF Flows: Will Markets' Sideways Climb Persist?
May 7, 2018--Rock climbing is a physically and mentally demanding sport that tests one's strength, endurance, agility and mental control. Such a complex and high-risk activity makes technique critical. The rock's façade may require the climber to move sideways or backwards before advancing to find better footing and form a strong base before pivoting to the next move.
Markets climbed sideways in April, struggling to find their footing and searching for the next catalyst to propel them further up the mountain. Global equities bounced around all month, finishing with a gain of less than 1%, while bonds posted a 0.74% loss. The yield on the 10-year US Treasury Note broke past 3% but ended the month lower.
DECPG Global Weekly
May 4, 2018--TAKING STOCK
U.S. non-farm job growth rebounded in April; Federal Reserve kept interest rates on hold
Euro Area GDP growth slowed in 18Q1; inflation decelerated in April
Japan's consumer sentiment worsened in April
China's manufacturing PMIs were broadly steady in April
EMDE currencies and stocks fell in April
U.S. non-farm job growth rebounded in April; Federal Reserve kept interest rates on hold. U.S. non-farm payrolls expanded by 164,000 in April, somewhat below expectations, while March numbers were revised up to 135,000 from an earlier estimate of 103,000. The unemployment rate fell to 3.9 percent in April after staying at 4.1 percent for six straight months. Meanwhile, average hourly earnings for private-sector workers rose 2.6 percent (y/y), the same pace as in March.
