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Wall Street bids a not-so-fond farewell to exchange traded notes
September 10, 2020--Exchange traded notes, the smaller and often unloved cousins of the bigger and broader $6tn exchange traded fund industry, seem to be dying out-and few lament their passing.
The assets of ETNs peaked at almost $30bn in 2015, following strong growth in the 2000s, but currently stand at just $8.6bn, according to Morningstar data. Analysts say the instruments' complexity and risky features have made them increasingly unpopular both with investors and some of the banks that sponsor them.
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Source: technocodex.com
New Research: FINRA Foundation Explores Risky Financial Behaviors by Senior Investors
September 10, 2020-Study Suggests Overconfidence in Financial Knowledge May Lead to Excessive Financial Risk Taking Among Older Investors
America's older investors, many facing diminished financial knowledge and overconfidence in their ability to make sound investment decisions, may engage in more risky financial behaviors as they continue to age, according to new research from the FINRA Investor Education Foundation (FINRA Foundation), in collaboration with researchers from Duke University and Rush University Medical Center.
The study,Does Overconfidence Increase Financial Risk Taking in Older Age?, suggests that, among senior investors, overconfidence in one’s financial knowledge may contribute to risky financial behavior.
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ource: FINRA
Roboadvisers make slow progress gaining ground with investors
September 9, 2020--Many large asset managers have shelled out time and money to develop robo-advisers. But, while assets invested in them are growing, only a small proportion of investors actually use such digital services, according to a report by data and analytics firm Hearts & Wallets.
Just 8 per cent of US households report having money in such services, which typically rely on portfolios made of ETFs, the report says. The company produced its report based on a survey of 5,641 households in July 2019.
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Source: technocodex.com
CFTC's Climate-Related Market Risk Subcommittee Releases Report
September 8, 2020--The Commodity Futures Trading Commission's Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee (MRAC) today released a report entitled Managing Climate Risk in the U.S. Financial System. The Climate Subcommittee voted unanimously 34-0 to adopt the report.
CFTC Commissioner Rostin Behnam, sponsor of the MRAC, noted: "Today would not be possible without the dedication and devotion of the Climate Subcommittee members. They spent tireless hours drafting an incredibly thorough report that has far exceeded expectations. I want to personally thank them for their work on this groundbreaking effort during unprecedented times.
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Source: CFTC.gov
CBO-Monthly Budget Review for August 2020
September 8, 2020--The federal budget deficit in August 2020 was $198 billion, CBO estimates, $3 billion less than the deficit in August of last year. However, that comparison is distorted by shifts in the timing of certain payments.
The cumulative federal budget deficit for the first 11 months of fiscal year 2020 was $3.0 trillion, CBO estimates, $1.9 trillion more than the deficit recorded for the same period last year.
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Source: CBO(Congressional Budget Office)
Fall 2020-IPO Market:Tech Unicorns Leap Through the IPO Window
September 4, 2020--The US IPO market roared back to life this summer, and recent filings signal a very active fall. 2020 is now on track to surpass last year by deal count and proceeds, with the biggest IPO market by capital raised since 2014.
The IPO window is wide open,as tech multiples near historic highs and recent offerings boast strong returns. 2020 IPOs average a 36% first-day pop, and the Renaissance IPO Index has returned more than 50% year-to-date. September and October look to be especially active, as companies attempt to go public ahead of the upcoming US election. As of September 4, there were 84US IPOs publicly on file, 54of which have submitted a new or updated filing since June 1. New filings hit a more than 10-year record for July and August combined. AlthoughPalantir and Asana have both filed for direct listings, the rest are pursuing traditional IPOs.
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Source: Renaissance Capital LLC
Fed could ramp up corporate debt purchases if volatility persists -Citi
September 4, 2020--The Federal Reserve may ramp up its purchases of corporate bonds if stocks and corporate debt markets weaken further, following a sharpest stock sell-off, analysts at Citigroup said in a report.
Investors dumped high-flying technology stocks on Thursday and Friday, while investment-grade corporate bond spreads widened one basis point to 135 basis points, based on the ICE BofA U.S. Corporate Index.
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Source: reuters.com
BlackRock's iShares debuts ETF investing in Kuwait
September 3, 2020--BlackRock's iShares brought to Cboe Global Markets an exchange-traded fund giving investors exposure to Kuwaiti companies.
The iShares MSCI Kuwait ETF is designed to replicate the performance of the MSCI All Kuwait Select Size Liquidity Capped Index.
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Source: smartbrief
JPMorgan Dethrones Pimco With the Biggest Actively Managed ETF
September 3,2020--JPST overtakes MINT after $3.7 billion of inflows in 2020
Active funds still a small part of the $4.9 trillion market.
There's a new king of actively managed exchange-traded funds.
The JPMorgan Ultra-Short Income ETF, ticker JPST, surpassed the long-reigning PIMCO Enhanced Short Maturity Active ETF, ticker MINT, as the largest active fund in the $4.9 trillion market. JPST has surged to $13.94 billion in assets after launching in May 2017, overtaking the $13.88 billion MINT, which debuted in November 2009.
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Source: bloomberg.com
U.S. Trade Deficit Widest Since 2008 in July as Imports Outpaced Exports
September 3, 2020--The U.S. trade deficit widened in July as Americans' appetite for foreign-made goods bounced back while exports rose more modestly.
The foreign-trade gap in goods and services expanded 19% from the prior month to a seasonally adjusted $63.56 billion in July, the Commerce Department said Thursday
That was the largest monthly trade deficit since July 2008, during the 2007-2009 recession.
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Source: wsj.com
