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U.S. allies hit back at Washington's steel, aluminum tariff
May 30, 2018--Canada and Mexico retaliated on Thursday after Washington imposed tariffs on steel and aluminum imports while the European Union had its own reprisals ready to go, reviving investor fears of a global trade war.
Germany's Economy Minister said early on Friday the EU might look to coordinate its response with Canada and Mexico.
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Source: Reuters
Scotia global asset management launches Scotia Strategic ETF Portfolios
May 30, 2018-- Scotia(R) global asset management today announced the launch of its Scotia Strategic ETF Portfolios ("the ETF Portfolios")-an innovative suite of single asset class ETF portfolios with multi-discipline, multi-manager diversification.
The following ETF Portfolios have closed their initial offering of units and will begin trading on the Toronto Stock Exchange (TSX) when the markets open today:
Scotia Strategic Fixed Income ETF Portfolio (SFIX)
Scotia Strategic Canadian Equity ETF Portfolio (SCAD)
Scotia Strategic U.S. Equity ETF Portfolio (SUSA)
Scotia Strategic International ETF Portfolio (SINT)
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Source: Scotiabank
Despite Brief Reprieve, Active Funds Fail to Dent Indexing's Lead
May 29, 2018--If you're a long-term oriented investor, which we hope you are, then the latest SPIVA report should be worth at least a glance.
The SPIVA (S&P Indices Versus Active) scorecard tracks how professional fund managers are doing against their respective indexes. It,s referred to as a "persistence" report since such research is designed to show how dependable--or, undependable--returns are over time for stock and bond jockeys.
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Source: ifa.com
IMF-IMF Staff Country Reports-Colombia: Selected Issues
May 29, 2018--THE OUTLOOK FOR EXPORT GROWTH IN COLOMBIA1
Over the past few years, weak trading partner growth has offset the positive impact of a large real exchange rate depreciation and held back Colombian exports.
Staff analysis shows that an improved global outlook and the lagged effects of the depreciation will push export growth higher over the coming years, especially if the authorities address long-standing bottlenecks in infrastructure and reduce non-tariff barriers to trade.
A. Introduction
1. The real exchange rate has depreciated 30 percent from its peak in 2012. This chapter
sheds light on how much of a boost to exports this could represent by exploring the response of exports to fundamentals, the behavior of non-traditional exports in past large depreciations in commodity exporters, and Colombia's structural bottlenecks to international trade. Estimates
suggest that low trading partner growth has so far offset the boost to export growth from the
depreciation to a large degree.
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Source: IMF
AGF Completes Acquisition of 100% of FFCM
May 29, 2018--Strategic investment supports diversification and growth of quantitative platform
AGF Management Limited (TSX:AGF.B) today announced it successfully completed its acquisition of 100% of FFCM, LLC (FFCM) earlier this month to further strengthen their quantitative investing and ETF platform brought to market under the AGFiQ banner.
"Today, we further build on our strategic plan to diversify across the investment spectrum," said Judy Goldring, Executive Vice-President and Chief Operating Officer, AGF. "Through organic growth and acquisition we have been able to launch new platforms and develop innovative products."
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Source: AGF Management Ltd.
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows for April 2018
May 29, 2018--Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund (ETF) asset flows for April 2018. In April, investors placed $18.2 billion into U.S. equity passive funds, compared with $10.5 billion of outflows from the previous month. On the active front, investors pulled $11.4 billion, compared with $11.0 billion in March.
Morningstar estimates net flow for mutual funds by computing the change in assets not explained by the performance of the fund and net flow for ETFs by computing the change in shares outstanding.
Morningstar's report about U.S. asset flows for April 2018 is available here. Highlights from the report include:
Following two consecutive months of outflows, U.S. equity funds rebounded with estimated total inflows of $6.8 billion. Overall, trailing 12-month U.S. equity flows remain negative—to the tune of $42.6 billion, or a 0.6 percent decline.
Taxable-bond and international-equity funds remained the leading asset classes in April, with flows of $25.3 billion and $11.1 billion, respectively.
The Morningstar Categories with the highest inflows in April were large-blend, foreign large-blend, and ultrashort-bond funds, with respective inflows of $10.8 billion, $5.7 billion, and $5.6 billion. On the bottom-flowing list in April, large value saw the most outflows of $3.4 billion followed by muni national short, with outflows of $1.7 billion.
Among top U.S. fund families, Vanguard was near the top with $12.3 billion in inflows. In April however, BlackRock's iShares eclipsed that figure with $17.0 billion in inflows.
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Source: Morningstar, Inc.
AdvisorShares Active ETF Market Share Update-Week Ending 5/25/2018
May 29, 2019--Assets in actively managed ETFs added $457 million last week to reach $56.28 billion in total net assets.
One fund closed and brought the total of actively managed ETFs currently trading to 225.
PowerShares led new AUM growth with $192 million followed by ARK Investment, which realized a $71 million gain.
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Source: AdvisorShares
BMO Investments Inc. Launches Actively-Managed ETF Series, Focusing on Fixed Income Solutions
May 28, 2018--BMO Investments Inc. today announced the launch of its initial actively-managed ETF Series units for BMO Global Strategic Bond Fund, BMO Global Multi-Sector Bond Fund, BMO Core Plus Bond Fund and BMO Women in Leadership Fund.
"Building on the success of BMO's lineup of passive ETFs, we're launching the active ETF Series to give investors more options in terms of global exposure and income solutions," said Kevin Gopaul, Head of BMO Global Asset Management Canada. "With these ETF Series, we"re confident that we're staying true to the values of the traditional ETF: good liquidity, the right amount of transparency and the right pricing."
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Source: BMO Financial Group
Invesco Canada announces ETF name changes
May 28, 2018--Invesco Canada today announced name changes to its lineup of exchange-traded funds (ETFs). The investment objectives, strategies and ticker symbols remain the same.
Name changes on Invesco Canada's Trimark and PowerShares mutual funds are expected to be completed later this year.
These changes will be effective on or about July 27, 2018 and are illustrated in the following table:
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Source: Invesco Canada Ltd.
Brazil: Staff Concluding Statement of the 2018 Article IV Mission
May 25, 2018--A mild recovery supported by accommodative monetary and fiscal policies is underway. But the output gap is large, public debt is high and increasing, and, more importantly, medium-term growth prospects remain uninspiring, absent further reforms.
Against the backdrop of tightening global financial conditions, placing Brazil on a path of strong, balanced and durable growth requires an earnest pursuit of fiscal consolidation, ambitious structural reforms, and a strengthening of the financial sector architecture.
This will require strong leadership and resolve. Recent measures, notably the ceiling on federal expenditures, and reforms of the labor and subsidized credit markets are welcome and should help boost confidence, but much more is needed. Over the near term, since inflation is below target and expectations are anchored, monetary policy should remain accommodative to facilitate a durable recovery, while fiscal consolidation should accelerate.
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Source: IMF
