Global ETF News Older than One Year
Managing Debt Vulnerabilities in Low-Income and Developing Countries
March 22, 2018--Government debt in some of the world's poorest countries is rising to risky levels, a new IMF report shows. The report looks at economic developments and prospects among the world's low-income countries, which account for a fifth of the world's population but only four percent of global output.
The report focuses not only on the rise in government debt, but also on the shift in the composition of creditors. And, because of this shift, it also focuses on the importance of official creditors working together to find ways to ensure efficient coordination in the event of future debt restructurings.
Source: IMF
Euronext Announces Appointments in Euronext London and in Its US Activities
March 22, 2018--Today, Euronext (Paris:ENX) (Amsterdam:ENX) (Brussels:ENX), the leading pan-European exchange in the Eurozone with more than 1,300 listed issuers, announces that the Supervisory Board has approved unanimously the following appointments:
Paul Humphrey, Head of Fixed Income, Rates and FX (FICC), is appointed in addition to his current position and subject to regulatory approvals, interim CEO of Euronext London, interim Head of Global Sales, and interim member of the Managing Board of Euronext N.V., in replacement of Lee Hodgkinson who is leaving on 30 March 20181. Euronext is in the process of actively searching for Lee Hodgkinson,s permanent replacement.
Source: Euronext
EDHEC-Risk Institute Newsletter-March 2018 Issue
March 21, 2018--The Factor Investing across Asset Classes-Risk factors, defined as systematic underlying sources of risk that impact a large set of securities, have long been used in investment practice for analysing risk and performance of actively or passively managed portfolios.
More recently, a new approach has emerged, where factors have a more explicit role in the investment process...
Smart Beta and Beyond: Maximising the Benefits of Factor Investing, by Lionel Martellini and Vincent Milhau
Factor investing is an investment paradigm under which an investor decides how much to allocate to various factors, as opposed to various securities or asset classes. Its popularity has been growing since the turn of the millennium, especially after the recognition in 2008 that multiple asset classes can experience severe losses at the same time despite their apparent differences...
Source: EDHEC-Risk Institute
Commodity Monthly Monitor-Potential trade wars sour otherwise strong fundamentals Mar/Apr 2018
March 21, 2018--Summary
Commodities gave back the gains from the prior month. Industrial metals led the losses, falling by 5.3%. With the Trump Administration imposing tariffs on steel and aluminium imports, the threat of a tit-for-tat trade war has sent jitters into the base metals markets.
However, judging by global purchasing managers indices, economic growth appears to be on a strong footing in both manufacturing and service sectors. That bodes well for commodity demand. Although an upgrade in the Federal Reserve's assessment of the US economy is likely to be US Dollar positive, which could constrain commodity prices in US Dollar terms.At its May meeting, the Organization for Petroleum Exporting Countries (OPEC), will have to think carefully about its messaging for lifting the curbs on its production, which we expect will happen sometime in 2019. They will be keen to emphasise that avoiding a build-up of oil inventory will continue to be their goal.
Source: ETF Securities
Emerging market equity funds make record start to year
March 20, 2018--Active fund managers grab half of inflows as ETFs lose their iron grip.
Inflows into global equity ETPs led by robotics rose to their highest level in 8 weeks.
Silver ETPs attracted the lion's share of inflows, worth US$54.5mn,
marking its highest level of inflows since September 2017. The main catalyst
has been the political tensions emanating between the UK and Russia over the poison attack on a former Russian spy in England. Britain has imposed sanctions on Russia
and in retaliation Russia intends to expel British diplomats. The US, France and Germany have also shown their support for the UK and hold Russia responsible for the
poison attack. Added to that, the frequent shake-up of the Trump Administration,
which last week saw the dismissal of secretary of state Rex Tillerson owing to differences over foreign policy issues, have raised concerns over protectionist US policies.
Source: etfsecurities.com
IMF Working Papers-Leverage-A Broader View
From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy. view the IMF Working Papers-Leverage-A Broader View
Source: IMF
Global upswing should be used to implement structural reforms to boost incomes and well-being-for the longer term and for all
Going for Growth 2018 assesses what the country-specific reform priorities are and how policy measures can be packaged together to boost long-term growth, improve competitiveness and productivity, create jobs and ensure a more inclusive and sustainable economy.
This year’s edition reveals that governments continue prioritising employment and social protection reforms, which are important for achieving greater inclusiveness and a more balanced distribution of income, and that these actions have delivered results. view the OECD Going for Growth 2018 Executive Summary
Source: OECD
Goldman Sachs reveals gender pay gap
Its mean average pay gap for hourly pay was 55.5%, and 72.2% for bonuses.
The bank said this reflected an imbalance between men and women in senior roles, adding it was "committed to promoting diversity and inclusion".
Source: BBC
DECPG Global Weekly
The core CPI, which excludes energy and food prices, was steady at 1.8 percent (y/y), in line with expectations (Figure 1). Retail sales edged down 0.1 percent (m/m) in February, falling for the third consecutive month. Industrial production rose 1 percent (m/m) in February, following a revised 0.3 percent drop in January. Manufacturing output rose 1.2 percent, led by an increase in the production of motor vehicles and parts, and mining output increased 4.3 percent in February, owing to gains in oil and gas extractions.
Euro Area employment growth softened; industrial production fell; and inflation slowed.
Source: World Bank
Safe haven currency seekers drove inflows into long yen ETPs to its highest level on record.
March 19, 2018--Summary:
Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks.
March 19, 2018--Governments must implement comprehensive structural reform programmes to sustain stronger, greener and more inclusive growth that will extend beyond the current cyclical upswing, according to the OECD's annual Going for Growth report.
March 16, 2018--Goldman Sachs has reported a median UK gender pay gap at its international business of 36.4% for hourly pay and a median bonus gap of 67.7%.
March 16, 2018--Taking Stock
U.S. consumer price inflation rose in February; retail sales weakened; industrial production rebounded. The U.S. headline consumer price index (CPI) rose 2.2 percent (y/y) in February, up from 2.1 percent in January, reflecting a slight increase in energy prices.
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