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CBO-Monthly Budget Review for September 2018
October 5, 2018--The federal budget deficit was $782 billion in fiscal year 2018, the Congressional Budget Office estimates, $116 billion more than the shortfall recorded in fiscal year 2017. As was the case last year, this year’s outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend.
If not for those shifts, the deficit for the year would have been $826 billion-$162 billion larger than last year's amount.
The 2018 deficit equaled an estimated 3.9 percent of gross domestic product (GDP), up from 3.5 percent in 2017. (If not for the timing shifts, the 2018 deficit would have equaled 4.1 percent of GDP.) Fiscal year 2018 was the third consecutive year in which the deficit increased as a percentage of GDP.
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Source: Congressional Budget Office (CBO)
Lipper U.S. Weekly FundFlows Insight Report: Money Market Funds Again Drive Overall Net Outflows
October 5, 2018-Lipper's fund asset groups (including both mutual funds and ETFs) saw $8.8 billion net leave their coffers for the fund-flows week ended Wednesday, October 3.
Money market funds (-$10.1 billion) led the net outflows, bettered by taxable bond funds (-$235 million) and municipal debt funds (-$44 million). Equity funds (+$1.5 billion) were the only asset group taking in net new money.
Market Overview
The Dow Jones Industrial Average and the S&P 500 Index appreciated 1.68% and 0.67%, respectively, for the fund-flows week. Trade worries eased and the markets rallied when the North American Free Trade Agreement was repackaged as a trilateral agreement between the U.S., Canada, and Mexico on Monday, October 1.
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Source: Thomson Reuters
First Trust to Launch the First Trust IPOX(R) Europe Equity Opportunities ETF
October 4, 2018--October 4, 2018--Index-tracking ETF that measures the performance of the top 100 European-domiciled IPOs
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it expects to launch a new ETF, the First Trust IPOX(R) Europe Equity Opportunities ETF (NASDAQ Global: FPXE) (the "fund"), on October 5, 2018.
The fund seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the IPOX(R) 100 Europe Index (the "index"). The index is a market-cap weighted portfolio measuring the performance of the 100 largest and typically most liquid initial public offerings ("IPOs") (including spin-offs and equity carve-outs) of companies that are economically tied to Europe, ranked quarterly by market capitalization, in the IPOX(R) Global Composite Index.
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Source: First Trust
Federal Court Finds that Virtual Currencies Are Commodities
October 3, 2018--Court Denies Defendants' Motion to Dismiss in Commodity Fraud Case Involving the Virtual Currency My Big Coin
On September 26, 2018, Senior Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts, entered an order holding that the Commodity Futures Trading Commission (CFTC) has the power to prosecute fraud involving virtual currency and denying the defendants' motion to dismiss the CFTC's amended complaint
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Source: CFTC.gov
AdvisorShares Active ETF Market Share Update-Week Ending 9/28/2018
October 2, 2018--Actively managed ETFs gained $1.03 billion last week to reach $65.8 billion in total net assets.
Invesco and Hartford led weekly AUM growth among sponsors with $464 million and $143 million gains respectively.
There was one fund launch and no fund closures this week, which held the total number of actively managed ETFs at 239.
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Source: AdvisorShares
PIMCO buys muni bond manager Gurtin
October 2, 2018--PIMCO, a part of German insurer Allianz SE (ALVG.DE), on Tuesday said it will buy municipal bond manager Gurtin, and together manage $38 billion in dedicated municipal bond assets.
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Source: Reuters
BlackRock and SSGA weigh in on debate over regulating US ETFs
September 29, 2018--Investment giants point out flaws in SEC's proposal for US rules to govern fast-growing products.
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Source: FT.com
U.S. Economy Grew at Unrevised 4.2% Pace in Second Quarter
September 28, 2018--The U.S. economy grew in the second quarter at an unrevised 4.2 percent pace, the fastest since late 2014, indicating a solid foundation for this quarter, Commerce Department data showed Thursday.
The U.S. economy grew in the second quarter at an unrevised 4.2 percent pace, the fastest since late 2014, indicating a solid foundation for this quarter, Commerce Department data showed Thursday.
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Source: Bloomberg
BNY unveils new name for $550bn asset manager after mega-merger
September 27, 2018--The business formed from the merger of Mellon Capital Management, Standish Mellon Asset Management and The Boston Company Asset Management is to be called Mellon.
After much anticipation, BNY Mellon Investment Management (BNY Mellon IM) has given its recently merged mega-boutique a new name: Mellon.
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Source: BNY Mellon
U.S. Weekly FundFlows Insight Report: Fund Investors Pause Ahead of FOMC Meeting
September 27, 2018--For the first week in three investors were net purchasers of fund assets (including those of conventional funds and ETFs), injecting a net $15.5 billion for Lipper's fund-flows week ended September 26, 2018. However, fund investors padded the coffers of only money market funds (+$16.6 billion) for the week while being net redeemers of equity funds (-$582 million), municipal bond funds (-$385 million), and taxable fixed income funds (-$177 million).
Market Wrap-Up
Investors started the fund-flows week ignoring the escalating trade-war rhetoric between the U.S. and China and focused instead on the strong economic data, pushing the Dow Jones Industrial Average and S&P 500 Index to record closes.
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Source: Thomson Reuters
