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Report On Foreign Portfolio Holdings Of U.S. Securities
April 30, 2018--The final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2017 were released today on the Treasury website. The survey was undertaken jointly by Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will cover holdings at the end of June 2018; preliminary data are expected to be released by February 28, 2019.
Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held at year-end 2017, are currently being processed. Preliminary results are expected to be reported by August 31, 2018.
The survey measured the value of foreign portfolio holdings of U.S. securities as of June 30, 2017, to be $18,409 billion, with $7,189 billion held in U.S. equities, $10,290 billion in U.S. long-term debt securities [/1] (of which $1,262 billion are holdings of asset-backed securities (ABS) [/2] and $9,028 billion are holdings of non-ABS securities), and $930 billion held in U.S. short-term debt securities.
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Source: treasury.gov
CFTC.gov Commitments of Traders Reports Update
April 27, 2018--The current reports for the week of April 27, 2018 are now available.
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Source: CFTC.gov
Toronto Stock Exchange Shuts Down Early on TMX Market Issues
April 27, 2018--TMX Group Ltd. was forced to shut down the Toronto Stock Exchange and its derivatives market early after the owner of Canada's largest bourses experienced technical problems for most of the afternoon. Trading is expected to resume Monday.
Trading stopped at 1:39 p.m., and the exchange operator later said on Twitter that the bourse won't re-open for the day. Fewer than 575 million Canadian shares traded Friday, the slowest session since July 24, according to data compiled by Bloomberg.
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Source: Bloomberg
State Street Global Advisors Announces Index Changes for Two Fixed Income SPDR ETFs
April 27, 2018--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced changes to the target benchmarks of the SPDR(R) Portfolio Short Term Treasury ETF (Symbol: SPTS) and SPDR Bloomberg Barclays Intermediate Term Treasury ETF (ITE).
The funds' names, ticker symbols and annual expense ratios remain unchanged and no action is required by shareholders.
"With these changes, our suite of Treasury bond SPDR ETFs will offer more precise exposure to various segments of the US Treasury market," said Noel Archard, global head of product for State Street Global Advisors' SPDR ETF business.
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Source: State Street Corporation
Aberdeen Standard Investments Broadens U.S. Business With Addition Of ETF Securities U.S.
April 27, 2018--Aberdeen Standard Investments (ASI) today announced that it has acquired the U.S. business of specialist commodity Exchange Traded Product (ETP) provider ETF Securities.
The in-fill acquisition, for an undisclosed amount, further broadens ASI's suite of investment capabilities with the addition of a range of commodity-based Exchange Traded Funds (ETFs). It also provides the platform and expertise to enable ASI to grow its existing Smart Beta capability by launching strategies within an ETF vehicle structure. This means ASI is now able to offer investment solutions across all vehicle types, strengthening its ability to meet the evolving, bespoke needs of clients.
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Source: Aberdeen Standard Investments
Renaissance Capital-Scheduled U.S. IPOs this week
April 27, 2018--Scheduled U.S. IPOs-Week of 04/30/18
Construction Partners (ROAD)-Dothan, AL
Deal Size: $180 mil Exchange: Nasdaq
Lead Underwriter: Baird
Vertically-integrated provider of road construction and paving in the Southeast.
Carbon Black (CBLK)-Waltham, MA
Deal Size: $128 mil Exchange: Nasdaq
Lead Underwriter: Morgan Stanley
Provides endpoint security software to large enterprises.
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IPO Index Performance
The Renaissance IPO Index has returned 2.0% so far this year,
compared to -0.2% for the S&P 500.
IPOUSA
There have been 56 IPOs priced so far this year, a +24% change from last year.
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Source: Renaissance Capital
CFTC.gov Swaps Report Update
April 25, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
CBO An Overview of The Budget and Economic Outlook: 2018 to 2028
April 26, 2018--Summary
If current laws governing taxes and spending generally remained unchanged, the federal budget deficit would grow substantially over the next few years, CBO projects, with accumulating deficits driving debt held by the public to nearly 100 percent of GDP by 2028.
That amount would be far greater than the debt in any year since just after World War II.
In CBO's projections, real GDP growth is relatively strong this year and next, as recent changes in fiscal policy add to existing momentum. Between 2018 and 2028, real GDP expands at an average annual rate of 1.9 percent: Productivity growth returns to nearly its average over the past 25 years and recent changes in fiscal policy boost incentives to work, save, and invest; nonetheless, economic growth is held down by slower growth of the labor force.
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Source: Congressional Budget Office (CBO)
U.S. Weekly FundFlows Insight Report: Fund Flows Remain Positive for the Week in Spite of Market Declines and Rising Yields
April 26, 2018--For the second week in three investors were net purchasers of fund assets (including those of conventional funds and ETFs), injecting a little more than $8.0 billion.
In spite of market declines and rising yields, fund investors were net purchasers of equity funds (+$3.5 billion), money market funds (+$3.3 billion), taxable bond funds (+$0.9 billion), and municipal bond funds (+$229 million) for the fund-flows week ended April 25, 2018.
Market Wrap-Up
Despite a strong beginning to the Q1 2018 earnings season, the markets declined in four of the five trading days of the fund-flows week as the ten-year U.S. Treasury yield rose to its highest level since December 2013. For the fund-flows week the NASDAQ Composite Price Only Index (-4.00%) witnessed the largest decline of the broad-based indices, bettered by the Dow Jones Industrial Average Price Only Index (-2.68%) and the S&P 500 Price Only Index (-2.56%). Overseas, the Shanghai Composite Price Only Index (+0.30%) posted the only plus-side return for the week after the Chinese government announced deeper economic and market reforms late in the flows week.
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Source: Thomson Reuters
Investors See Largest Ever Decline in Fund Fee
April 26, 2018--Investors paid lower fund expenses in 2017 than ever before. Our study of U.S. open-end mutual funds and exchange-traded funds found the asset-weighted average expense ratio across funds was 0.52% in 2017, an 8% decline from 2016.
This is the largest year-over-year decline we have recorded since we began tracking the trend in asset-weighted average fees in 2000. Consequently, we estimate that investors saved roughly $4 billion in fund expenses last year (see Appendix for details). This fee decline is a big positive for investors because fees compound over time and diminish returns.
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Source: Morningstar
