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Treasury International Capital Data For May
July 17, 2018--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for May 2018. The next release, which will report on data for June 2018, is scheduled for August 15, 2018.
The sum total in May of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $69.9 billion.
Of this, net foreign private inflows were $58.8 billion, and net foreign official inflows were $11.1 billion.
Foreign residents increased their holdings of long-term U.S. securities in May; net purchases were $20.3 billion. Net purchases by private foreign investors were $31.3 billion, while net sales by foreign official institutions were $10.9 billion.
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Source: Treasury.gov
BNY Mellon DR Index Monthly Performance-June 2018
July 17, 2018--The BNY Mellon DR Index Monthly Performance for June 2018 report is now available.
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Source: BNY Mellon
Global X Funds Expands Suite of Dividend ETFs with Quality Dividend Offering
July 17, 2018--QDIV will be the first Quality Dividend ETF based on the S&P 500
Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today announced the listing of the Global X S&P 500(R) Quality Dividend ETF (CBOE: QDIV).
QDIV tracks the S&P 500(R) Quality High Dividend Index. The index portfolio consists of no fewer than 50 stocks from the S&P 500(R), selecting companies that are within the top 200 of the index universe both by a quality score and by indicated annual dividend yield. Each company's quality score is derived from its return-on-equity, accruals ratio, and financial leverage ratio.
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Source: Global X
Global X Funds Expands Suite of Dividend ETFs with Quality Dividend Offering
July 17, 2018--QDIV will be the first Quality Dividend ETF based on the S&P 500
Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today announced the listing of the Global X S&P 500(R) Quality Dividend ETF (CBOE: QDIV).
QDIV tracks the S&P 500(R) Quality High Dividend Index. The index portfolio consists of no fewer than 50 stocks from the S&P 500(R), selecting companies that are within the top 200 of the index universe both by a quality score and by indicated annual dividend yield. Each company's quality score is derived from its return-on-equity, accruals ratio, and financial leverage ratio.
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Source: Global X Funds
IMF Staff Country Reports -Canada: Selected Issues
July 16, 2018--TAXING BUSINESS IN A CHANGING WORLD1
This paper reviews, and suggests possible improvements to, Canada's system of business
taxation-focusing particularly on the implications of wider developments in the global tax
environment.
Section 1 provides an overview of current arrangements,2 and identifies some sources of
concern. Section 2 describes and considers the likely impact on Canada of recent developments in, and
pressures on, the international tax order, including the landmark reform (known as the Tax Cuts and Jobs Act, TCJA) in the United States.
Section 3 sets out some options for reform.
A. Taking Stock
This section reviews core features of the taxation of business income in Canada.
Revenue and Rates
1. Revenue from the corporate income tax (CIT) in Canada3 is relatively high. While fluctuating
quite widely, revenue from the CIT (federal, provincial and in the territories) has consistently accounted
for a larger share of GDP in Canada than in most other G7 countries (Figure 1). It generates around 10
percent of total tax revenue, also above the G7 average. For the provinces, their CIT accounts for about
15 percent of their total own-source revenue.
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Source: IMF
CFTC Issues Customer Advisory on Digital Tokens
July 16, 2018--New Guidance Alerts Customers to Use Caution and Research before Purchasing Virtual Coins or Tokens
The Commodity Futures Trading Commission (CFTC) today issued a Customer Advisory warning customers to use caution and do extensive research before purchasing virtual coins or tokens, including those that are self-described as "utility coins," or "consumption coins."
This is the fourth advisory about virtual currencies the CFTC has issued to give customers a greater understanding of virtual currencies.
"This advisory is part of the CFTC's education and outreach efforts to help educate and inform market participants, who, given the pace of technology-driven change, will increasingly come in contact with new financial products and services," said Erica Elliott Richardson, Director of the Office of Public Affairs and Office of Customer Education and Outreach.
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Source: CFTC.gov
AdvisorShares Active ETF Market Share Update-Week Ending 7/13/2018
July 16, 2018--Assets in actively managed ETFs added $1.10 billion last week to reach $59.83 billion in total net assets.
iShares led new AUM growth with $530 million followed by ARK Investment, which gained $115 million. There were three funds that launched and no closures, which lifted the total of actively managed ETFs currently trading to 235.
At the strategy level, Short Term Bond continued to lead with $77 million, followed by Global Equity with $135 million.
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Source: AlphaBaskets
CFTC.gov Commitments of Traders Reports Update
July 13, 2018--The current reports for the week of July 13, 2018 are now available.
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Source: CFTC.gov
Investment Perspective -The Trade War End Game
July 12, 2018--President Trump's election platform "Make America Great Again" included protecting jobs and building businesses in the United States. To that end, U.S. Treasury Secretary Steven Mnuchin, Secretary of Commerce Wilbur Ross and the Director of Trade and Industrial Policy Peter Navarro have been working to normalize trade with our global trading partners.
The focus is on normalizing unfair trade practices with China and Germany, but this also includes Canada and Mexico. China exported roughly $525 billion worth of goods to the United States last year and imported only $135 billion. President Trump is seeking to narrow that gap.
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Source: Winthrop Capital Management
U.S. Weekly FundFlows Insight Report: Despite a Market Rally During the Week, Investors Are Net Redeemers of Equity Funds
July 12, 2018--For the first week in five investors were net purchasers of overall fund assets (including those of conventional funds and ETFs), injecting a little less than $23.4 billion for Thomson Reuters Lipper's fund-flows week ended July 11, 2018. However, despite strong economic news reported during the week, fund investors were net redeemers of equity funds (-$1.8 billion), while trade concerns drove investor assets into money market funds (+$21.3 billion), taxable bond funds (+$3.3 billion), and municipal bond funds (+$651 million).
Market Wrap-Up
During the flows week investors were generally optimistic ahead of the beginning of the Q2 2018 earnings reporting season, pushing the U.S. broad-based indices into the plus-column for four of the five trading days, but fund investors remained cautious.
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Source: Thomson Reuters
